MeritValue

SOUTH DAKOTA SOYBEAN PROCESSORS LLC

SDSYAdata completeness 100%17 fiscal years on file
The thesis, from the filings

SOUTH DAKOTA SOYBEAN PROCESSORS LLC earns about 20% on equity, with a roughly flat share count. The applicable estimate puts fair value near $9.54 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$590.2M1$721.5M2$703.1M3$554.4M3$503.8M3
Net income$28M4$67.5M5$70.4M6$20.3M6$17.7M6
Operating cash flow$18M7$27.4M8$128.9M9$58.4M9−$38.9M9
Capital expenditure$13.4M10$7.75M11$104.3M12$175.7M12$202.2M12
Free cash flow (derived)$4.57M7$19.7M8$24.6M9−$117.3M9−$241.1M9
Total debt$33.8M13$17.7M14$015$135.9M16$505.6M16
Cash & equivalents$833,73817$866,69918$72.9M19$39.6M20$8.35M20
Diluted shares30.4M30.4M30.4M30.4M30.4M

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
$112.2
your share of equity
Profit it earned you last year
$5.83
Free cash flow it threw off
−$79.27
Debt you’d be carrying
$166.26

10 shares is a claim on $112.2 of net worth that earned you $5.83 and generated −$79.27 of cash last year, against $166.26 of debt.

iii. Is this a good business?
Moat signal · return on equity
20% avg · 5y
FY21 25%FY22 41%FY23 24%FY24 6%FY25 5%

It earned an average 20% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−0% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback. Total debt has risen 1396% over the same window.

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
$9.54
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$28M
  • growthAssumed0.0%
Graham Number
$12.1
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 0001163609-24-000004 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001163609-25-000010 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001163609-26-000010 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001163609-24-000004 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001163609-25-000010 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001163609-26-000010 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001163609-24-000004 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001163609-25-000010 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001163609-26-000010 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001163609-24-000004 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001163609-25-000010 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001163609-26-000010 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001163609-23-000017 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-12-31 · accession 0001163609-24-000004 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-12-31 · accession 0001163609-25-000010 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-12-31 · accession 0001163609-26-000010 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-12-31 · accession 0001163609-23-000017 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001163609-24-000004 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001163609-25-000010 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001163609-26-000010 (CashAndCashEquivalentsAtCarryingValue)