MeritValue

MacKenzie Realty Capital, Inc.

MKZRdata completeness 88%6 fiscal years on file

Data notes: no data for concept 'capex'

The thesis, from the filings

MacKenzie Realty Capital, Inc. earns about -13% on equity, and has bought back 88% 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 2020FY 2022FY 2023FY 2024FY 2025
Revenue—$10.4M1$15.1M2$15.7M3$22.1M3
Net income−$11.7M4$4.28M5−$3.69M6−$11.2M7−$24M7
Operating cash flow−$1.73M8$4.62M9−$6.62M10−$595,51711−$1.69M11
Capital expenditure—————
Free cash flow (derived)—————
Total debt—$19.6M12—$117.3M13$135.3M14
Cash & equivalents$8.96M15$7.4M16$17.2M17$11.9M18$3.79M18
Diluted shares12.2M13.3M13.3M1.3M1.5M

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
$408.56
your share of equity
Profit it earned you last year
−$163.61
Free cash flow it threw off
—
Debt you’d be carrying
$923.75

10 shares is a claim on $408.56 of net worth that earned you −$163.61 last year, against $923.75 of debt.

iii. Is this a good business?
Moat signal · return on equity
-13% avg · 5y
FY20 —FY22 4%FY23 -4%FY24 -14%FY25 -40%

It earned an average -13% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−88% shares · 5y

Share count is down 88% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 590% over the same window.

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
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
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 2022-06-30 · accession 0001140361-23-045708 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-06-30 · accession 0001140361-24-042226 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-06-30 · accession 0001140361-25-036540 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K/A · period ending 2020-06-30 · accession 0001140361-21-038993 (ProfitLoss)
  5. 10-K · period ending 2022-06-30 · accession 0001140361-23-045708 (ProfitLoss)
  6. 10-K · period ending 2023-06-30 · accession 0001140361-24-042226 (ProfitLoss)
  7. 10-K · period ending 2024-06-30 · accession 0001140361-25-036540 (ProfitLoss)
  8. 10-K/A · period ending 2020-06-30 · accession 0001140361-21-038993 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2022-06-30 · accession 0001140361-23-045708 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-06-30 · accession 0001140361-24-042226 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-06-30 · accession 0001140361-25-036540 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2022-06-30 · accession 0001140361-22-034979 (LongTermDebt)
  13. 10-K · period ending 2024-06-30 · accession 0001140361-24-042226 (LongTermDebt)
  14. 10-K · period ending 2025-06-30 · accession 0001140361-25-036540 (LongTermDebt)
  15. 10-K/A · period ending 2020-06-30 · accession 0001140361-21-038993 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2022-06-30 · accession 0001140361-23-045708 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2023-06-30 · accession 0001140361-24-042226 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2024-06-30 · accession 0001140361-25-036540 (CashAndCashEquivalentsAtCarryingValue)