MeritValue

Nuvera Communications, Inc.

NUVRdata completeness 88%17 fiscal years on file
The thesis, from the filings

Nuvera Communications, Inc. earns about 2% on invested capital, but has diluted owners by 5% over 5 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $0.62 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$53.2M1$53.1M2$52.3M3$52.7M4$53.5M4
Net income$12.3M5$7.2M6−$3.21M7−$4.43M8$327,6698
Operating cash flow$20.8M9$26.5M10$19M11$19M12$19.2M12
Capital expenditure$19M13$38M14$55.5M15$53.8M16$33.2M16
Free cash flow (derived)$1.77M9−$11.5M10−$36.6M11−$34.8M12−$14.1M12
Total debt$99.9M17$157.1M18$245.8M19$281.9M20$288.2M20
Cash & equivalents$2.31M21$310,55621$1.26M21——
Diluted shares5.2M5.1M5.2M5.3M5.5M

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
$172.59
your share of equity
Profit it earned you last year
$0.6
Free cash flow it threw off
−$25.66
Debt you’d be carrying
$526.1

10 shares is a claim on $172.59 of net worth that earned you $0.6 and generated −$25.66 of cash last year, against $526.1 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
2% avg · 5y
FY21 7%FY22 4%FY23 1%FY24 -1%FY25 0%

It earned an average 2% 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
+5% shares · 5y

Share count is up 5% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 189% 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
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
$0.62
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$327,669
  • growthAssumed0.0%
Graham Number
$4.83
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K/A · period ending 2021-12-31 · accession 0001513162-23-000056 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K/A · period ending 2022-12-31 · accession 0001513162-24-000033 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001437749-25-007871 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001437749-26-008309 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K/A · period ending 2021-12-31 · accession 0001513162-23-000056 (NetIncomeLoss)
  6. 10-K/A · period ending 2022-12-31 · accession 0001513162-24-000033 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001437749-25-007871 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001437749-26-008309 (NetIncomeLoss)
  9. 10-K/A · period ending 2021-12-31 · accession 0001513162-23-000056 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K/A · period ending 2022-12-31 · accession 0001513162-24-000033 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001437749-25-007871 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001437749-26-008309 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K/A · period ending 2021-12-31 · accession 0001513162-23-000056 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K/A · period ending 2022-12-31 · accession 0001513162-24-000033 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001437749-25-007871 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001437749-26-008309 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K/A · period ending 2021-12-31 · accession 0001513162-23-000056 (LongTermDebtNoncurrent)
  18. 10-K/A · period ending 2022-12-31 · accession 0001513162-24-000033 (LongTermDebtNoncurrent)
  19. 10-K · period ending 2023-12-31 · accession 0001437749-25-007871 (LongTermDebtNoncurrent)
  20. 10-K · period ending 2024-12-31 · accession 0001437749-26-008309 (LongTermDebtNoncurrent)
  21. 10-K/A · period ending 2021-12-31 · accession 0001513162-24-000033 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)