MeritValue

Sachem Capital Corp.

SACHdata completeness 63%10 fiscal years on file

Data notes: no data for concept 'pretaxIncome'

The thesis, from the filings

Sachem Capital Corp. earns about 1% on equity, below its ~9% cost of capital, but has diluted owners by 78% over 5 years — no moat visible in the numbers. The estimate methods put fair value between $2.94 and $4.98 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$30.4M1$52.3M2$64.7M3$57.5M3—
Net income$13.3M4$20.9M5$15.9M6−$39.6M7$6.31M7
Operating cash flow$27.8M8$13.1M9$21.9M10$12.9M11$2.66M11
Capital expenditure$822,32212$1.58M12———
Free cash flow (derived)$27M8$11.6M9———
Total debt—$288.4M13$288.4M14$230.2M15—
Cash & equivalents$41.9M16$23.7M17$12.6M18$18.1M19$10.9M19
Diluted shares26.3M37.7M44.2M47.4M46.9M

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
$37.31
your share of equity
Profit it earned you last year
$1.35
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $37.31 of net worth that earned you $1.35 last year.

iii. Is this a good business?
Moat signal · return on equity
1% avg · 5y
FY21 7%FY22 10%FY23 7%FY24 -22%FY25 4%

It earned about 1% on equity against a ~9% cost of capital — below the cost of funding. The numbers show no moat.

seeing a moat in the numbers →
Management signal · capital allocation
+78% shares · 5y

Share count is up 78% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 20% — 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

The 3 estimate methods that apply put fair value between $2.94 and $4.98 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
$4.98
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth5.0%
  • fcfBase$11.6M
DCF · Growth Exit 5Y
$4.61
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth5.0%
  • fcfBase$11.6M
Earnings Power Value
$2.94
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$13.3M
  • growthAssumed0.0%
Graham Number
$1.83
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 $4.61
The three cases
Bear0.0%$3.76
Base5.0%$4.61
Bull10.0%$5.63

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 2021-12-31 · accession 0001410578-23-000507 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001410578-24-000381 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001410578-25-000587 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0001410578-23-000507 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001410578-24-000381 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001410578-25-000587 (NetIncomeLoss)
  7. 10-K · period ending 2024-12-31 · accession 0001682220-26-000014 (NetIncomeLoss)
  8. 10-K · period ending 2021-12-31 · accession 0001410578-23-000507 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2022-12-31 · accession 0001410578-24-000381 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-12-31 · accession 0001410578-25-000587 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-12-31 · accession 0001682220-26-000014 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2021-12-31 · accession 0001410578-23-000507 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-12-31 · accession 0001410578-23-000507 (LongTermDebt)
  14. 10-K · period ending 2023-12-31 · accession 0001410578-24-000381 (LongTermDebt)
  15. 10-K · period ending 2024-12-31 · accession 0001410578-25-000587 (LongTermDebt)
  16. 10-K · period ending 2021-12-31 · accession 0001410578-23-000507 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2022-12-31 · accession 0001410578-24-000381 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-12-31 · accession 0001410578-25-000587 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-12-31 · accession 0001682220-26-000014 (CashAndCashEquivalentsAtCarryingValue)