MeritValue

GEORGE RISK INDUSTRIES, INC.

RSKIAdata completeness 88%11 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

GEORGE RISK INDUSTRIES, INC. earns about 15% on invested capital, comfortably above its ~9% cost of capital, with a roughly flat share count — a real edge showing up in the numbers. The estimate methods put fair value between $15.03 and $33.34 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$18.5M1$20.7M2$20M3$21.8M4$22.5M4
Net income$10.8M5$3.57M6$4.76M7$7.56M8$7.13M8
Operating cash flow$3.79M9$1.97M10$2.84M11$6.01M12$4.31M12
Capital expenditure$517,00013$390,00014$548,00015$378,00016$396,00016
Free cash flow (derived)$3.28M9$1.58M10$2.29M11$5.63M12$3.91M12
Total debt—————
Cash & equivalents$7.33M17$6.08M18$4.94M19$7.11M20$6.47M20
Diluted shares5.0M5.0M5.0M4.9M4.9M

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
$115.65
your share of equity
Profit it earned you last year
$14.51
Free cash flow it threw off
$7.95
Debt you’d be carrying
—

10 shares is a claim on $115.65 of net worth that earned you $14.51 and generated $7.95 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
15% avg · 5y
FY21 26%FY22 8%FY23 10%FY24 16%FY25 14%

It earned about 15% on invested capital against a ~9% cost of capital — comfortably above the cost of funding, a moderate advantage.

seeing a moat in the numbers →
Management signal · capital allocation
−1% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback.

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 $15.03 and $33.34 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
$33.34
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth14.7%
  • fcfBase$3.91M
DCF · Growth Exit 5Y
$22.42
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth14.7%
  • fcfBase$3.91M
Earnings Power Value
$15.03
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$7.13M
  • growthAssumed0.0%
Graham Number
$19.42
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 years14.7%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $22.42
The three cases
Bear0.0%$12.68
Base14.7%$22.42
Bull19.7%$26.99

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

Default growth 14.7%= 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 2021-04-30 · accession 0001493152-22-022508 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-04-30 · accession 0001493152-23-026094 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-04-30 · accession 0001493152-24-029743 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-04-30 · accession 0001641172-25-023170 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-04-30 · accession 0001493152-22-022508 (NetIncomeLoss)
  6. 10-K · period ending 2022-04-30 · accession 0001493152-23-026094 (NetIncomeLoss)
  7. 10-K · period ending 2023-04-30 · accession 0001493152-24-029743 (NetIncomeLoss)
  8. 10-K · period ending 2024-04-30 · accession 0001641172-25-023170 (NetIncomeLoss)
  9. 10-K · period ending 2021-04-30 · accession 0001493152-22-022508 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-04-30 · accession 0001493152-23-026094 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-04-30 · accession 0001493152-24-029743 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-04-30 · accession 0001641172-25-023170 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-04-30 · accession 0001493152-22-022508 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-04-30 · accession 0001493152-23-026094 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-04-30 · accession 0001493152-24-029743 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-04-30 · accession 0001641172-25-023170 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-04-30 · accession 0001493152-22-022508 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-04-30 · accession 0001493152-23-026094 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-04-30 · accession 0001493152-24-029743 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-04-30 · accession 0001641172-25-023170 (CashAndCashEquivalentsAtCarryingValue)