MeritValue

MEXCO ENERGY CORP

MXCdata completeness 75%17 fiscal years on file

Data notes: no data for concept 'capex'

The thesis, from the filings

MEXCO ENERGY CORP earns about 17% on invested capital, and has bought back 4% of its shares over 5 years. The applicable estimate puts fair value near $8.53 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 2022FY 2023FY 2024FY 2025FY 2026
Revenue$6.59M1$9.56M2$6.6M3$7.14M4$6.56M4
Net income$2.86M5$4.66M6$1.34M7$1.71M8$1.31M8
Operating cash flow$3.74M9$6.52M10$4.43M11$4.27M12$3.78M12
Capital expenditure—————
Free cash flow (derived)—————
Total debt—————
Cash & equivalents$1.37M13$2.24M14$2.47M15$1.75M16$2.78M16
Diluted shares2.2M2.2M2.2M2.1M2.1M

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
$96.07
your share of equity
Profit it earned you last year
$6.28
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $96.07 of net worth that earned you $6.28 last year.

iii. Is this a good business?
Moat signal · return on invested capital
17% avg · 5y
FY22 27%FY23 32%FY24 9%FY25 10%FY26 8%

It earned an average 17% 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
−4% shares · 5y

Share count is down 4% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

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
$8.53
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$1.71M
  • growthAssumed0.0%
Graham Number
$11.67
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2022-03-31 · accession 0001493152-23-022509 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-03-31 · accession 0001493152-24-025472 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-03-31 · accession 0001641172-25-016966 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2025-03-31 · accession 0001493152-26-030386 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2022-03-31 · accession 0001493152-23-022509 (NetIncomeLoss)
  6. 10-K · period ending 2023-03-31 · accession 0001493152-24-025472 (NetIncomeLoss)
  7. 10-K · period ending 2024-03-31 · accession 0001641172-25-016966 (NetIncomeLoss)
  8. 10-K · period ending 2025-03-31 · accession 0001493152-26-030386 (NetIncomeLoss)
  9. 10-K · period ending 2022-03-31 · accession 0001493152-23-022509 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-03-31 · accession 0001493152-24-025472 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-03-31 · accession 0001641172-25-016966 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2025-03-31 · accession 0001493152-26-030386 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2022-03-31 · accession 0001493152-23-022509 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2023-03-31 · accession 0001493152-24-025472 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2024-03-31 · accession 0001641172-25-016966 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2025-03-31 · accession 0001493152-26-030386 (CashAndCashEquivalentsAtCarryingValue)