MeritValue

NVE CORP /NEW/

NVECdata completeness 88%17 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'interestExpense'

The thesis, from the filings

NVE CORP /NEW/ earns about 29% on invested capital, far above its ~9% cost of capital, with a roughly flat share count — a real edge showing up in the numbers. The estimate methods put fair value between $32.55 and $49.25 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$1.12M1$1.06M2$586,1163$1.24M4$1.11M4
Net income$14.5M5$22.7M6$17.1M7$15.1M8$15.2M8
Operating cash flow$12.5M9$19.1M10$18.2M11$14.3M12$16.7M12
Capital expenditure$484,57913$935,79114$16,73115$1.26M16$2.19M16
Free cash flow (derived)$12M9$18.2M10$18.2M11$13.1M12$14.5M12
Total debt—————
Cash & equivalents$10.4M17$1.67M18$10.3M19$8.04M20$1.71M20
Diluted shares4.8M4.8M4.8M4.8M4.8M

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
$120.37
your share of equity
Profit it earned you last year
$31.41
Free cash flow it threw off
$29.9
Debt you’d be carrying
—

10 shares is a claim on $120.37 of net worth that earned you $31.41 and generated $29.9 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
29% avg · 5y
FY22 27%FY23 35%FY24 31%FY25 28%FY26 27%

It earned about 29% on invested capital, year after year, against a ~9% cost of capital — the footprint of real pricing power. Competition usually drags returns like this back down; here it hasn't.

seeing a moat in the numbers →
Management signal · capital allocation
+0% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback.

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

The 3 estimate methods that apply put fair value between $32.55 and $49.25 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.

DCF · Growth Exit 10Y
$49.25
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth2.8%
  • fcfBase$14.5M
DCF · Growth Exit 5Y
$48.72
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth2.8%
  • fcfBase$14.5M
Earnings Power Value
$32.55
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$15.2M
  • growthAssumed0.0%
Graham Number
$29.16
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

v. The price question — last, on purpose
Is today’s price fair?
See live price ↗
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years2.8%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $48.72
The three cases
Bear0.0%$43.07
Base2.8%$48.72
Bull7.8%$60.18

Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.

Default growth 2.8%= 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.

Sources — the receipts
  1. 10-K · period ending 2022-03-31 · accession 0001376474-23-000283 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2023-03-31 · accession 0001376474-24-000214 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2024-03-31 · accession 0001376474-25-000437 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2025-03-31 · accession 0001376474-26-000348 (RevenueFromContractWithCustomerIncludingAssessedTax)
  5. 10-K · period ending 2022-03-31 · accession 0001376474-23-000283 (NetIncomeLoss)
  6. 10-K · period ending 2023-03-31 · accession 0001376474-24-000214 (NetIncomeLoss)
  7. 10-K · period ending 2024-03-31 · accession 0001376474-25-000437 (NetIncomeLoss)
  8. 10-K · period ending 2025-03-31 · accession 0001376474-26-000348 (NetIncomeLoss)
  9. 10-K · period ending 2022-03-31 · accession 0001376474-23-000283 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-03-31 · accession 0001376474-24-000214 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-03-31 · accession 0001376474-25-000437 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2025-03-31 · accession 0001376474-26-000348 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2022-03-31 · accession 0001376474-23-000283 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2023-03-31 · accession 0001376474-24-000214 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2024-03-31 · accession 0001376474-25-000437 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2025-03-31 · accession 0001376474-26-000348 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2022-03-31 · accession 0001376474-23-000283 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-03-31 · accession 0001376474-24-000214 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-03-31 · accession 0001376474-25-000437 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2025-03-31 · accession 0001376474-26-000348 (CashAndCashEquivalentsAtCarryingValue)