MeritValue

PROCYON CORP

PCYNdata completeness 75%14 fiscal years on file
The thesis, from the filings

PROCYON CORP earns about 3% on invested capital, and has bought back 2% 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 2020FY 2021FY 2022FY 2023FY 2024
Revenue$4.33M1$4.72M2$4.84M3$4.69M4$4.98M4
Net income$111,6585$694,3496−$209,7907−$50,2458−$341,1408
Operating cash flow$198,7729$279,50010−$383,48211$145,46612−$61,25112
Capital expenditure$23,04413$65,16614$82,64415$180,13816$63,91216
Free cash flow (derived)$175,7289$214,33410−$466,12611−$34,67212−$125,16312
Total debt—————
Cash & equivalents—————
Diluted shares8.3M8.3M8.1M8.1M8.1M

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
$2.82
your share of equity
Profit it earned you last year
−$0.42
Free cash flow it threw off
−$0.15
Debt you’d be carrying
—

10 shares is a claim on $2.82 of net worth that earned you −$0.42 and generated −$0.15 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
3% avg · 5y
FY20 5%FY21 24%FY22 -7%FY23 -2%FY24 -6%

It earned an average 3% 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
−2% shares · 5y

Share count is down 2% 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
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/A · period ending 2020-06-30 · accession 0001437749-21-026526 (Revenues)
  2. 10-K · period ending 2021-06-30 · accession 0001437749-22-023194 (Revenues)
  3. 10-K · period ending 2022-06-30 · accession 0001437749-23-027045 (Revenues)
  4. 10-K · period ending 2023-06-30 · accession 0001437749-24-032155 (Revenues)
  5. 10-K/A · period ending 2020-06-30 · accession 0001437749-21-026526 (NetIncomeLoss)
  6. 10-K · period ending 2021-06-30 · accession 0001437749-22-023194 (NetIncomeLoss)
  7. 10-K · period ending 2022-06-30 · accession 0001437749-23-027045 (NetIncomeLoss)
  8. 10-K · period ending 2023-06-30 · accession 0001437749-24-032155 (NetIncomeLoss)
  9. 10-K/A · period ending 2020-06-30 · accession 0001437749-21-026526 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-06-30 · accession 0001437749-22-023194 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2022-06-30 · accession 0001437749-23-027045 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2023-06-30 · accession 0001437749-24-032155 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K/A · period ending 2020-06-30 · accession 0001437749-21-026526 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2021-06-30 · accession 0001437749-22-023194 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2022-06-30 · accession 0001437749-23-027045 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2023-06-30 · accession 0001437749-24-032155 (PaymentsToAcquirePropertyPlantAndEquipment)