MeritValue

SUPERIOR GROUP OF COMPANIES, INC.

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

SUPERIOR GROUP OF COMPANIES, INC. earns about 3% on invested capital, below its ~9% cost of capital, and has bought back 5% of its shares over 5 years — no moat visible in the numbers. The estimate methods put fair value between $5.93 and $25.72 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$537M1$578.8M2$543.3M3$565.7M4$566.2M4
Net income$29.4M5−$32M6$8.77M7$12M8$7M8
Operating cash flow$17.1M9−$2.6M10$78.9M11$33.4M12$19.7M12
Capital expenditure$17.7M13$11M14$4.96M15$4.44M16$3.95M16
Free cash flow (derived)−$616,0009−$13.6M10$74M11$29M12$15.8M12
Total debt$232.9M17$311.4M18$187.9M19$172.7M20$187.7M20
Cash & equivalents$8.94M21$17.7M22$19.9M23$18.8M24$23.7M24
Diluted shares16.1M15.8M16.2M16.5M15.3M

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
$125.84
your share of equity
Profit it earned you last year
$4.57
Free cash flow it threw off
$10.29
Debt you’d be carrying
$122.52

10 shares is a claim on $125.84 of net worth that earned you $4.57 and generated $10.29 of cash last year, against $122.52 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
3% avg · 5y
FY21 7%FY22 -5%FY23 5%FY24 5%FY25 3%

It earned about 3% on invested capital 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
−5% shares · 5y

Share count is down 5% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 19% — 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 $5.93 and $25.72 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
$25.72
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth5.0%
  • fcfBase$29M
DCF · Growth Exit 5Y
$22.87
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth5.0%
  • fcfBase$29M
Earnings Power Value
$5.93
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$8.77M
  • growthAssumed0.0%
Graham Number
$11.41
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 $22.87
The three cases
Bear0.0%$16.33
Base5.0%$22.87
Bull10.0%$30.7

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 0001437749-23-007261 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001437749-24-007685 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001437749-25-007055 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001437749-26-006653 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001437749-23-007261 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001437749-24-007685 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001437749-25-007055 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001437749-26-006653 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001437749-23-007261 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001437749-24-007685 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001437749-25-007055 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001437749-26-006653 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001437749-23-007261 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001437749-24-007685 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001437749-25-007055 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001437749-26-006653 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001437749-23-007261 (LongTermDebtNoncurrent)
  18. 10-K · period ending 2022-12-31 · accession 0001437749-24-007685 (LongTermDebtNoncurrent)
  19. 10-K · period ending 2023-12-31 · accession 0001437749-25-007055 (LongTermDebtNoncurrent)
  20. 10-K · period ending 2024-12-31 · accession 0001437749-26-006653 (LongTermDebtNoncurrent)
  21. 10-K · period ending 2021-12-31 · accession 0001437749-23-007261 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2022-12-31 · accession 0001437749-24-007685 (CashAndCashEquivalentsAtCarryingValue)
  23. 10-K · period ending 2023-12-31 · accession 0001437749-25-007055 (CashAndCashEquivalentsAtCarryingValue)
  24. 10-K · period ending 2024-12-31 · accession 0001437749-26-006653 (CashAndCashEquivalentsAtCarryingValue)