MeritValue

PRIMEENERGY RESOURCES CORP

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

PRIMEENERGY RESOURCES CORP earns about 20% on invested capital, and has bought back 12% of its shares over 5 years. The applicable estimate puts fair value near $120.22 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$72.5M1$157.1M2$132.8M3$237.8M4$189.1M4
Net income$2.1M5$48.7M5$28.1M6$55.4M7$26.3M7
Operating cash flow$28.6M8$33.1M9$109M10$115.9M11$96.7M11
Capital expenditure———$119.2M12$76M12
Free cash flow (derived)———−$3.33M11$20.8M11
Total debt$36M13$11M14$015$4M16$016
Cash & equivalents$10.3M17$26.5M18$11.1M19$2.55M20$7.43M20
Diluted shares2.7M2.7M2.6M2.5M2.4M

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
$890.37
your share of equity
Profit it earned you last year
$108.62
Free cash flow it threw off
$85.78
Debt you’d be carrying
$0

10 shares is a claim on $890.37 of net worth that earned you $108.62 and generated $85.78 of cash last year, against $0 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
20% avg · 5y
FY21 2%FY22 39%FY23 19%FY24 27%FY25 13%

It earned an average 20% 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 100% — 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
only 2 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 2 years of FCF (need ≥3) — model not applicable
Earnings Power Value
$120.22
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$28.1M
  • growthAssumed0.0%
Graham Number
$147.5
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001193125-23-103128 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001437749-24-011958 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001437749-25-012086 (Revenues)
  4. 10-K · period ending 2024-12-31 · accession 0001437749-26-012531 (Revenues)
  5. 10-K · period ending 2021-12-31 · accession 0001193125-23-103128 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001437749-25-012086 (ProfitLoss)
  7. 10-K · period ending 2024-12-31 · accession 0001437749-26-012531 (ProfitLoss)
  8. 10-K · period ending 2021-12-31 · accession 0001193125-23-103128 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2022-12-31 · accession 0001437749-24-011958 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-12-31 · accession 0001437749-25-012086 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-12-31 · accession 0001437749-26-012531 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001437749-26-012531 (PaymentsToAcquireProductiveAssets)
  13. 10-K · period ending 2021-12-31 · accession 0001193125-23-103128 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-12-31 · accession 0001437749-24-011958 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-12-31 · accession 0001437749-25-012086 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-12-31 · accession 0001437749-26-012531 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-12-31 · accession 0001193125-23-103128 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001437749-24-011958 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001437749-25-012086 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001437749-26-012531 (CashAndCashEquivalentsAtCarryingValue)