MeritValue

Marygold Companies, Inc.

MGLDdata completeness 88%15 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

Marygold Companies, Inc. earns about 6% on invested capital, but has diluted owners by 11% over 5 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $0.28 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$39.9M1$37.8M2$34.9M3$32.8M4$30.2M4
Net income$5.85M5$1.15M6$1.17M7−$4.07M8−$5.82M8
Operating cash flow$7.22M9−$580,30010$1.85M11−$1.91M12−$3.32M12
Capital expenditure——$95,00013$54,00014$54,00014
Free cash flow (derived)——$1.76M11−$1.97M12−$3.37M12
Total debt—————
Cash & equivalents$16.1M15$12.9M16$8.16M17$5.46M18$5.01M18
Diluted shares37.4M39.0M40.4M40.4M41.7M

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
$5.51
your share of equity
Profit it earned you last year
−$1.4
Free cash flow it threw off
−$0.81
Debt you’d be carrying
—

10 shares is a claim on $5.51 of net worth that earned you −$1.4 and generated −$0.81 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
6% avg · 5y
FY21 64%FY22 7%FY23 5%FY24 -20%FY25 -27%

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
+11% shares · 5y

Share count is up 11% over 5 years — owners have been diluted. Worth asking what they got for it.

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
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
$0.28
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$1.15M
  • growthAssumed0.0%
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 2021-06-30 · accession 0001437749-21-022532 (Revenues)
  2. 10-K · period ending 2022-06-30 · accession 0001437749-23-026697 (Revenues)
  3. 10-K · period ending 2023-06-30 · accession 0001493152-24-037019 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2024-06-30 · accession 0001493152-25-014286 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-06-30 · accession 0001437749-22-023190 (NetIncomeLoss)
  6. 10-K · period ending 2022-06-30 · accession 0001437749-23-026697 (NetIncomeLoss)
  7. 10-K · period ending 2023-06-30 · accession 0001493152-24-037019 (NetIncomeLoss)
  8. 10-K · period ending 2024-06-30 · accession 0001493152-25-014286 (NetIncomeLoss)
  9. 10-K · period ending 2021-06-30 · accession 0001437749-22-023190 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-06-30 · accession 0001437749-23-026697 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-06-30 · accession 0001493152-24-037019 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-06-30 · accession 0001493152-25-014286 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2023-06-30 · accession 0001493152-24-037019 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2024-06-30 · accession 0001493152-25-014286 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2021-06-30 · accession 0001437749-22-023190 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2022-06-30 · accession 0001437749-23-026697 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2023-06-30 · accession 0001493152-24-037019 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2024-06-30 · accession 0001493152-25-014286 (CashAndCashEquivalentsAtCarryingValue)