MeritValue

MasterCraft Boat Holdings, Inc.

MCFTdata completeness 100%12 fiscal years on file
The thesis, from the filings

MasterCraft Boat Holdings, Inc. earns about 23% on invested capital, far above its ~9% cost of capital, and has bought back 13% of its shares over 5 years — the marks of a durable business run for its owners. The estimate methods put fair value between $22.85 and $35.22 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$466M1$641.6M2$609.9M3$322.4M3$284.2M3
Net income$56.2M4$58.2M5$68.9M6$7.8M6$7.04M6
Operating cash flow$68.5M7$73.3M8$134.2M9$12.5M9$35.6M9
Capital expenditure$25.2M10$12.3M11$24.6M12$10.5M12$9.2M12
Free cash flow (derived)$43.3M7$61M8$109.6M9$1.97M9$26.4M9
Total debt$186.3M13$113.1M14$107.4M15$98.5M16$016
Cash & equivalents$39.3M17$34.2M18$19.8M19$7.39M20$28.9M20
Diluted shares19.0M18.6M17.8M17.0M16.5M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$110.97
your share of equity
Profit it earned you last year
$4.26
Free cash flow it threw off
$15.97
Debt you’d be carrying
$0

10 shares is a claim on $110.97 of net worth that earned you $4.26 and generated $15.97 of cash last year, against $0 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
23% avg · 5y
FY21 24%FY22 40%FY23 34%FY24 9%FY25 8%

It earned about 23% on invested capital, year after year, against a ~9% cost of capital — the footprint of real pricing power. Competition usually drags returns like this back down; here it hasn't.

seeing a moat in the numbers →
Management signal · capital allocation
−13% shares · 5y

Share count is down 13% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 100% — deleveraging.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

The 3 estimate methods that apply put fair value between $22.85 and $35.22 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.

DCF · Growth Exit 10Y
$22.85
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$26.4M
DCF · Growth Exit 5Y
$24.57
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$26.4M
Earnings Power Value
$35.22
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$56.2M
  • growthAssumed0.0%
Graham Number
$10.36
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

v. The price question — last, on purpose
Is today’s price fair?
See live price ↗
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years0.0%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $24.57
The three cases
Bear0.0%$24.57
Base0.0%$24.57
Bull5.0%$30.09

Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.

Default growth 0.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2021-06-30 · accession 0000950170-23-045222 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-06-30 · accession 0000950170-24-102002 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-06-30 · accession 0000950170-25-111682 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-06-30 · accession 0000950170-23-045222 (NetIncomeLoss)
  5. 10-K · period ending 2022-06-30 · accession 0000950170-24-102002 (NetIncomeLoss)
  6. 10-K · period ending 2023-06-30 · accession 0000950170-25-111682 (NetIncomeLoss)
  7. 10-K · period ending 2021-06-30 · accession 0000950170-23-045222 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-06-30 · accession 0000950170-24-102002 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-06-30 · accession 0000950170-25-111682 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-06-30 · accession 0000950170-23-045222 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-06-30 · accession 0000950170-24-102002 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-06-30 · accession 0000950170-25-111682 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-06-30 · accession 0001564590-22-031335 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-06-30 · accession 0000950170-23-045222 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-06-30 · accession 0000950170-24-102002 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-06-30 · accession 0000950170-25-111682 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-06-30 · accession 0001564590-22-031335 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-06-30 · accession 0000950170-23-045222 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-06-30 · accession 0000950170-24-102002 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-06-30 · accession 0000950170-25-111682 (CashAndCashEquivalentsAtCarryingValue)