MeritValue

Global Self Storage, Inc.

SELFdata completeness 75%10 fiscal years on file

Data notes: no data for concept 'capex'; no data for concept 'totalDebt'; no data for concept 'incomeTaxExpense'; no data for concept 'pretaxIncome'

The thesis, from the filings

Global Self Storage, Inc. earns about 5% on equity, but has diluted owners by 12% over 5 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $1.96 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$10.5M1$11.9M2$12.2M3$12.5M4$12.7M4
Net income$3.28M5$2.06M6$2.94M7$2.12M8$2.04M8
Operating cash flow$3.64M9$4.8M10$4.52M11$4.33M12$4.47M12
Capital expenditure—————
Free cash flow (derived)—————
Total debt—————
Cash & equivalents$2.9M13$6.36M14$6.92M15$7.18M16$7.36M16
Diluted shares10.0M10.9M11.1M11.1M11.2M

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
$41.46
your share of equity
Profit it earned you last year
$1.82
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $41.46 of net worth that earned you $1.82 last year.

iii. Is this a good business?
Moat signal · return on equity
5% avg · 5y
FY21 7%FY22 4%FY23 6%FY24 4%FY25 4%

It earned an average 5% 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
+12% shares · 5y

Share count is up 12% over 5 years — owners have been diluted. Worth asking what they got for it.

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 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Earnings Power Value
$1.96
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$2.12M
  • growthAssumed0.0%
Graham Number
$4.1
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 0000950170-23-010358 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-24-036393 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0000950170-25-045186 (Revenues)
  4. 10-K · period ending 2024-12-31 · accession 0001193125-26-124051 (Revenues)
  5. 10-K · period ending 2021-12-31 · accession 0000950170-23-010358 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0000950170-24-036393 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0000950170-25-045186 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001193125-26-124051 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0000950170-23-010358 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0000950170-24-036393 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0000950170-25-045186 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001193125-26-124051 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0000950170-23-010358 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2022-12-31 · accession 0000950170-24-036393 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-12-31 · accession 0000950170-25-045186 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2024-12-31 · accession 0001193125-26-124051 (CashAndCashEquivalentsAtCarryingValue)