MeritValue

NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/

NRUCdata completeness 88%17 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'realEstateImpairment'; no data for concept 'dividendsPaid'; no data for concept 'epsDiluted'

The thesis, from the filings

NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/ earns about 18% on equity. 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 2022FY 2023FY 2024FY 2025FY 2026
Revenue—————
Net income$795.8M1$501.5M2$553.3M3$139.7M3$262.1M3
Operating cash flow$250.8M4$337.8M5$320.6M6$207.5M6$310.5M6
Capital expenditure$17.7M7$7.72M8$6.15M9$4.7M9$1.76M9
Free cash flow (derived)$233.1M4$330.1M5$314.5M6$202.8M6$308.8M6
Total debt$26.5B10$28.5B11$30.2B12$32.3B13$33.5B13
Cash & equivalents$153.6M14$198.9M15$280.1M16$134.7M17$248.8M17
Diluted shares00000

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

0
iii. Is this a good business?
Moat signal · return on equity
18% avg · 5y
FY22 38%FY23 20%FY24 18%FY25 5%FY26 8%

It earned an average 18% 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
— shares · 5y

Total debt has risen 26% 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 v0.5.0
DCF · Growth Exit 10Y
not applicable
no diluted share count — cannot compute per-share value
DCF · Growth Exit 5Y
not applicable
no diluted share count — cannot compute per-share value
Earnings Power Value
not applicable
no diluted share count
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 2022-05-31 · accession 0000070502-24-000045 (NetIncomeLoss)
  2. 10-K · period ending 2023-05-31 · accession 0000070502-25-000211 (NetIncomeLoss)
  3. 10-K · period ending 2024-05-31 · accession 0000070502-26-000511 (NetIncomeLoss)
  4. 10-K · period ending 2022-05-31 · accession 0000070502-24-000045 (NetCashProvidedByUsedInOperatingActivities)
  5. 10-K · period ending 2023-05-31 · accession 0000070502-25-000211 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2024-05-31 · accession 0000070502-26-000511 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2022-05-31 · accession 0000070502-24-000045 (PaymentsToAcquireProductiveAssets)
  8. 10-K · period ending 2023-05-31 · accession 0000070502-25-000211 (PaymentsToAcquireProductiveAssets)
  9. 10-K · period ending 2024-05-31 · accession 0000070502-26-000511 (PaymentsToAcquireProductiveAssets)
  10. 10-K · period ending 2022-05-31 · accession 0000070502-23-000030 (LongTermDebt)
  11. 10-K · period ending 2023-05-31 · accession 0000070502-24-000045 (LongTermDebt)
  12. 10-K · period ending 2024-05-31 · accession 0000070502-25-000211 (LongTermDebt)
  13. 10-K · period ending 2025-05-31 · accession 0000070502-26-000511 (LongTermDebt)
  14. 10-K · period ending 2022-05-31 · accession 0000070502-23-000030 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-05-31 · accession 0000070502-24-000045 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2024-05-31 · accession 0000070502-25-000211 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2025-05-31 · accession 0000070502-26-000511 (CashAndCashEquivalentsAtCarryingValue)