MeritValue

PAMT CORP

PAMTdata completeness 100%17 fiscal years on file
The thesis, from the filings

PAMT CORP earns about 4% on invested capital, and has bought back 7% of its shares over 5 years. The applicable estimate puts fair value near $9 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$707.1M1$946.9M2$810.8M3$714.6M3$598.1M3
Net income$76.5M4$90.7M5$18.4M6−$31.8M6−$52.6M6
Operating cash flow$101.7M7$168.8M8$114.6M9$59M9$17.3M9
Capital expenditure$19.1M10$64M11$34.1M12$140.8M12$40.7M12
Free cash flow (derived)$82.6M7$104.9M8$80.5M9−$81.7M9−$23.4M9
Total debt$444.6M13$528.6M14$523.4M15$651.2M16$667.7M16
Cash & equivalents$18.5M17$74.1M18$100.6M19$68.1M20$35.2M20
Diluted shares22.9M22.4M22.2M21.9M21.2M

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
$99.24
your share of equity
Profit it earned you last year
−$24.8
Free cash flow it threw off
−$11.04
Debt you’d be carrying
$314.84

10 shares is a claim on $99.24 of net worth that earned you −$24.8 and generated −$11.04 of cash last year, against $314.84 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
4% avg · 5y
FY21 13%FY22 13%FY23 3%FY24 -3%FY25 -5%

It earned an average 4% 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
−7% shares · 5y

Share count is down 7% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 50% 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
$9
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$18.4M
  • growthAssumed0.0%
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 2021-12-31 · accession 0001437749-24-007638 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001437749-25-007273 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001437749-26-007960 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001437749-24-007638 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001437749-25-007273 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001437749-26-007960 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001437749-24-007638 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001437749-25-007273 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001437749-26-007960 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001437749-24-007638 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001437749-25-007273 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001437749-26-007960 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001437749-23-006150 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-12-31 · accession 0001437749-24-007638 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-12-31 · accession 0001437749-25-007273 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-12-31 · accession 0001437749-26-007960 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-12-31 · accession 0001437749-23-006150 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001437749-24-007638 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001437749-25-007273 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001437749-26-007960 (CashAndCashEquivalentsAtCarryingValue)