MeritValue

Saker Aviation Services, Inc.

SKASdata completeness 88%16 fiscal years on file
The thesis, from the filings

Saker Aviation Services, Inc. earns about 51% on invested capital, and has bought back 3% of its shares over 5 years. The applicable estimate puts fair value near $12.95 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$2.4M1$7.6M2$8.84M3$9.17M4$1.27M4
Net income$726,1845$1.25M6$2.45M7$1.25M8−$1.09M8
Operating cash flow$813,7519$1.71M10$3.34M11−$599,58012−$604,14712
Capital expenditure$81,54413$15,68514$22,99215$68,14816$6,14516
Free cash flow (derived)$732,2079$1.7M10$3.32M11−$667,72812−$610,29212
Total debt—————
Cash & equivalents$1.65M17$5.98M18$6.93M19$5.3M20$4.63M20
Diluted shares1.0M987,149989,6861.0M997,869

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
$87.46
your share of equity
Profit it earned you last year
−$10.92
Free cash flow it threw off
−$6.12
Debt you’d be carrying
—

10 shares is a claim on $87.46 of net worth that earned you −$10.92 and generated −$6.12 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
51% avg · 5y
FY21 22%FY22 —FY23 176%FY24 29%FY25 -21%

It earned an average 51% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−3% shares · 5y

Share count is down 3% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

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
$12.95
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$1.25M
  • growthAssumed0.0%
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001437749-23-010425 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001437749-24-010272 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001437749-25-012074 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001437749-26-010711 (RevenueFromContractWithCustomerIncludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001437749-23-010425 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001437749-24-010272 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001437749-25-012074 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001437749-26-010711 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001437749-23-010425 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001437749-24-010272 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001437749-25-012074 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001437749-26-010711 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001437749-23-010425 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001437749-24-010272 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001437749-25-012074 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001437749-26-010711 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001437749-23-010425 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  18. 10-K · period ending 2022-12-31 · accession 0001437749-24-010272 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  19. 10-K · period ending 2023-12-31 · accession 0001437749-25-012074 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  20. 10-K · period ending 2024-12-31 · accession 0001437749-26-010711 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)