Mastech Digital, Inc.
MHHdata completeness 88%17 fiscal years on fileMastech Digital, Inc. earns about 4% on invested capital, below its ~9% cost of capital, with a roughly flat share count — no moat visible in the numbers. The estimate methods put fair value between $2.95 and $15.92 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | $222M1 | $242.2M2 | $201.1M3 | $198.9M3 | $191.4M3 |
| Net income | $12.2M4 | $8.71M5 | −$7.14M6 | $3.4M6 | $609,0006 |
| Operating cash flow | $5.22M7 | $12.6M8 | $16M9 | $7.19M9 | $11.1M9 |
| Capital expenditure | $1.9M10 | $835,00011 | $335,00012 | $941,00012 | $376,00012 |
| Free cash flow (derived) | $3.32M7 | $11.8M8 | $15.6M9 | $6.25M9 | $10.8M9 |
| Total debt | $13.1M13 | $1.1M13 | $014 | — | — |
| Cash & equivalents | $6.62M15 | $7.06M16 | $21.1M17 | $27.7M18 | $36.5M18 |
| Diluted shares | 12.0M | 12.1M | 11.6M | 12.0M | 11.9M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $74.73 of net worth that earned you $0.51 and generated $9 of cash last year.
It earned about 4% on invested capital against a ~9% cost of capital — below the cost of funding. The numbers show no moat.
seeing a moat in the numbers →Share count is roughly flat over 5 years — little dilution, little buyback. 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.
The 3 estimate methods that apply put fair value between $2.95 and $15.92 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth0.0%
- fcfBase$10.8M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth0.0%
- fcfBase$10.8M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$3.4M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $15.92 |
| Base | 0.0% | $15.92 |
| Bull | 5.0% | $19.03 |
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.
- 10-K · period ending 2021-12-31 · accession 0001193125-23-079936 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2022-12-31 · accession 0001193125-25-054447 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2023-12-31 · accession 0001193125-26-112845 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2021-12-31 · accession 0001193125-24-068609 (NetIncomeLoss)
- 10-K · period ending 2022-12-31 · accession 0001193125-25-054447 (NetIncomeLoss)
- 10-K · period ending 2023-12-31 · accession 0001193125-26-112845 (NetIncomeLoss)
- 10-K · period ending 2021-12-31 · accession 0001193125-24-068609 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2022-12-31 · accession 0001193125-25-054447 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-12-31 · accession 0001193125-26-112845 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2021-12-31 · accession 0001193125-24-068609 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2022-12-31 · accession 0001193125-25-054447 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2023-12-31 · accession 0001193125-26-112845 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2021-12-31 · accession 0001193125-23-079936 (LongTermDebtNoncurrent)
- 10-K · period ending 2023-12-31 · accession 0001193125-24-068609 (LongTermDebtCurrent)
- 10-K · period ending 2021-12-31 · accession 0001193125-23-079936 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2022-12-31 · accession 0001193125-24-068609 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2023-12-31 · accession 0001193125-25-054447 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2024-12-31 · accession 0001193125-26-112845 (CashAndCashEquivalentsAtCarryingValue)