MeritValue

PCS Edventures!, Inc.

PCSVdata completeness 100%10 fiscal years on file
The thesis, from the filings

PCS Edventures!, Inc. earns about 26% on invested capital, far above its ~9% cost of capital, and has bought back 87% of its shares over 5 years — the marks of a durable business run for its owners. The estimate methods put fair value between $0.99 and $2.12 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 2016FY 2023FY 2024FY 2025FY 2026
Revenue$3.34M1$7M2$9.09M3$7.42M4$6.35M4
Net income−$434,0535$2.78M6$4.44M7$946,8658$253,1828
Operating cash flow−$382,5769$1.34M10$975,68011$2.52M12$96,44012
Capital expenditure$3,31113$19,49514$23,69615$79,81416$18,73016
Free cash flow (derived)−$385,8879$1.32M10$951,98411$2.44M12$77,71012
Total debt————$017
Cash & equivalents$54,35718$442,65719$1.33M20$3.22M21$2.67M21
Diluted shares75.2M125.1M125.1M10.3M9.9M

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
$7.76
your share of equity
Profit it earned you last year
$0.26
Free cash flow it threw off
$0.08
Debt you’d be carrying
$0

10 shares is a claim on $7.76 of net worth that earned you $0.26 and generated $0.08 of cash last year, against $0 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
26% avg · 5y
FY16 —FY23 29%FY24 47%FY25 22%FY26 7%

It earned about 26% 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
−87% shares · 5y

Share count is down 87% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

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 $0.99 and $2.12 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
$2.12
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth5.0%
  • fcfBase$951,984
DCF · Growth Exit 5Y
$1.97
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth5.0%
  • fcfBase$951,984
Earnings Power Value
$0.99
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$946,865
  • growthAssumed0.0%
Graham Number
$0.72
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 years5.0%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $1.97
The three cases
Bear0.0%$1.64
Base5.0%$1.97
Bull10.0%$2.37

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

Default growth 5.0%= 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 2016-03-31 · accession 0001493152-16-011009 (Revenues)
  2. 10-K · period ending 2023-03-31 · accession 0001493152-24-025592 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-03-31 · accession 0001641172-25-017076 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2025-03-31 · accession 0001493152-26-030242 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2016-03-31 · accession 0001493152-16-011009 (NetIncomeLoss)
  6. 10-K · period ending 2023-03-31 · accession 0001493152-24-025592 (NetIncomeLoss)
  7. 10-K · period ending 2024-03-31 · accession 0001641172-25-017076 (NetIncomeLoss)
  8. 10-K · period ending 2025-03-31 · accession 0001493152-26-030242 (NetIncomeLoss)
  9. 10-K · period ending 2016-03-31 · accession 0001493152-16-011009 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-03-31 · accession 0001493152-24-025592 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-03-31 · accession 0001641172-25-017076 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2025-03-31 · accession 0001493152-26-030242 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2016-03-31 · accession 0001493152-16-011009 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2023-03-31 · accession 0001493152-24-025592 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2024-03-31 · accession 0001641172-25-017076 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2025-03-31 · accession 0001493152-26-030242 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2026-03-31 · accession 0001493152-26-030242 (DebtCurrent)
  18. 10-K · period ending 2016-03-31 · accession 0001493152-16-011009 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-03-31 · accession 0001493152-24-025592 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-03-31 · accession 0001641172-25-017076 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2025-03-31 · accession 0001493152-26-030242 (CashAndCashEquivalentsAtCarryingValue)