MeritValue

OLD MARKET CAPITAL Corp

OMCCdata completeness 100%16 fiscal years on file
The thesis, from the filings

OLD MARKET CAPITAL Corp earns about -8% on invested capital, and has bought back 12% 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 2021FY 2022FY 2023FY 2024FY 2025
Revenue$56M1$49.8M2$44.3M2$03$9.37M3
Net income$8.35M4$3M5−$34.1M6−$20.8M7−$5.15M7
Operating cash flow$14.4M8$3.49M9−$2.18M10$1.83M11−$1.9M11
Capital expenditure$615,00012$1.31M13$59,00014$015$8.42M15
Free cash flow (derived)$13.8M8$2.18M9−$2.24M10$1.83M11−$10.3M11
Total debt$89.4M16$58.1M17$28.9M17$018$759,00018
Cash & equivalents$33M19$4.78M20$454,00021$19M21$24.5M21
Diluted shares7.6M7.6M7.3M7.3M6.7M

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
$79.36
your share of equity
Profit it earned you last year
−$7.69
Free cash flow it threw off
−$15.41
Debt you’d be carrying
$1.13

10 shares is a claim on $79.36 of net worth that earned you −$7.69 and generated −$15.41 of cash last year, against $1.13 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-8% avg · 5y
FY21 8%FY22 4%FY23 -21%FY24 -10%FY25 -22%

It earned an average -8% 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
−12% shares · 5y

Share count is down 12% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 99% — deleveraging.

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
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 2021-03-31 · accession 0000950170-22-012061 (Revenues)
  2. 10-K · period ending 2022-03-31 · accession 0000950170-23-030037 (Revenues)
  3. 10-K · period ending 2024-03-31 · accession 0000950170-25-091151 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-03-31 · accession 0000950170-22-012061 (NetIncomeLoss)
  5. 10-K · period ending 2022-03-31 · accession 0000950170-23-030037 (NetIncomeLoss)
  6. 10-K · period ending 2023-03-31 · accession 0000950170-24-079650 (NetIncomeLoss)
  7. 10-K · period ending 2024-03-31 · accession 0000950170-25-091151 (NetIncomeLoss)
  8. 10-K · period ending 2021-03-31 · accession 0000950170-22-012061 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2022-03-31 · accession 0000950170-23-030037 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-03-31 · accession 0000950170-24-079650 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-03-31 · accession 0000950170-25-091151 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2021-03-31 · accession 0000950170-22-012061 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-03-31 · accession 0000950170-23-030037 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2023-03-31 · accession 0000950170-24-079650 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2024-03-31 · accession 0000950170-25-091151 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2021-03-31 · accession 0000950170-22-012061 (LongTermDebt)
  17. 10-K · period ending 2022-03-31 · accession 0000950170-23-030037 (LongTermDebt)
  18. 10-K · period ending 2024-03-31 · accession 0000950170-25-091151 (LongTermDebt)
  19. 10-K · period ending 2021-03-31 · accession 0000950170-23-030037 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  20. 10-K · period ending 2022-03-31 · accession 0000950170-24-079650 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  21. 10-K · period ending 2023-03-31 · accession 0000950170-25-091151 (CashAndCashEquivalentsAtCarryingValue)