MeritValue

Medalist Diversified, Inc.

MDRRdata completeness 100%8 fiscal years on file
The thesis, from the filings

Medalist Diversified, Inc. earns about 6% on invested capital, and has bought back 90% of its shares over 5 years. The cash-flow models don't apply cleanly here — the ledger says why below.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$11.5M1$11.1M2$10.3M3$9.74M4$10.4M4
Net income−$4.36M5−$4.77M6−$4.57M6$27,5247−$2.39M7
Operating cash flow$832,6138$1.19M9$104,01310$1.8M11$1.53M11
Capital expenditure$536,68512$1.02M13$1.48M14$902,39715$1.45M15
Free cash flow (derived)$295,9288$175,3229−$1.38M10$893,74011$76,99311
Total debt$62.1M16—$61.4M17—$51.4M18
Cash & equivalents$4.37M19$3.92M20$2.23M21$4.78M22$2.63M22
Diluted shares13.1M2.1M1.1M1.1M1.3M

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
$74.92
your share of equity
Profit it earned you last year
−$18.98
Free cash flow it threw off
$0.61
Debt you’d be carrying
$408.19

10 shares is a claim on $74.92 of net worth that earned you −$18.98 and generated $0.61 of cash last year, against $408.19 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
6% avg · 5y
FY21 1%FY22 -8%FY23 -1%FY24 36%FY25 1%

It earned an average 6% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−90% shares · 5y

Share count is down 90% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 17% — 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
DCF · Growth Exit 10Y
not applicable
negative equity value — refusing to publish per-share figure
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$76,993
DCF · Growth Exit 5Y
not applicable
negative equity value — refusing to publish per-share figure
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$76,993
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001558370-23-003472 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001558370-24-002614 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001558370-25-001807 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001104659-26-022253 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001558370-23-003472 (NetIncomeLoss)
  6. 10-K/A · period ending 2022-12-31 · accession 0001558370-25-005708 (NetIncomeLoss)
  7. 10-K · period ending 2024-12-31 · accession 0001104659-26-022253 (NetIncomeLoss)
  8. 10-K · period ending 2021-12-31 · accession 0001558370-23-003472 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2022-12-31 · accession 0001558370-24-002614 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-12-31 · accession 0001558370-25-001807 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-12-31 · accession 0001104659-26-022253 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2021-12-31 · accession 0001558370-23-003472 (PaymentsForCapitalImprovements)
  13. 10-K · period ending 2022-12-31 · accession 0001558370-24-002614 (PaymentsForCapitalImprovements)
  14. 10-K · period ending 2023-12-31 · accession 0001558370-25-001807 (PaymentsForCapitalImprovements)
  15. 10-K · period ending 2024-12-31 · accession 0001104659-26-022253 (PaymentsForCapitalImprovements)
  16. 10-K · period ending 2021-12-31 · accession 0001410578-22-000383 (LongTermDebt)
  17. 10-K · period ending 2023-12-31 · accession 0001558370-24-002614 (LongTermDebt)
  18. 10-K · period ending 2025-12-31 · accession 0001104659-26-022253 (LongTermDebt)
  19. 10-K · period ending 2021-12-31 · accession 0001558370-23-003472 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2022-12-31 · accession 0001558370-24-002614 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2023-12-31 · accession 0001558370-25-001807 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2024-12-31 · accession 0001104659-26-022253 (CashAndCashEquivalentsAtCarryingValue)