MeritValue

SLR Investment Corp.

SLRCdata completeness 63%6 fiscal years on file

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

The thesis, from the filings

The applicable estimate puts fair value near $14.51 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—————
Net income$59.6M1$18.3M2$76.4M3$95.8M3$92.5M3
Operating cash flow−$135.1M4$91.1M5−$76.9M6$309.3M6−$72M6
Capital expenditure—————
Free cash flow (derived)—————
Total debt$812M7$1.09B8$1.18B9$1.03B10$1.15B10
Cash & equivalents$322.9M11$428.3M12$344.2M12$414.3M12$364.3M12
Diluted shares42.3M51.7M54.6M54.6M54.6M

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
—
your share of equity
Profit it earned you last year
$16.96
Free cash flow it threw off
—
Debt you’d be carrying
$210.13

10 shares of this business that earned you $16.96 last year, against $210.13 of debt.

iii. Is this a good business?
Moat signal · return on equity
— avg · 5y

Not enough data in the filings for a return-on-capital reading.

seeing a moat in the numbers →
Management signal · capital allocation
+29% shares · 5y

Share count is up 29% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 41% 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
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
$14.51
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$76.4M
  • growthAssumed0.0%
Graham Number
not applicable
book value / share count 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 0001193125-24-047930 (NetIncomeLoss)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-25-026605 (NetIncomeLoss)
  3. 10-K · period ending 2023-12-31 · accession 0001193125-26-066979 (NetIncomeLoss)
  4. 10-K · period ending 2021-12-31 · accession 0001193125-24-047930 (NetCashProvidedByUsedInOperatingActivities)
  5. 10-K · period ending 2022-12-31 · accession 0000950170-25-026605 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2023-12-31 · accession 0001193125-26-066979 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2021-12-31 · accession 0001193125-23-053980 (LongTermDebt)
  8. 10-K · period ending 2022-12-31 · accession 0001193125-24-047930 (LongTermDebt)
  9. 10-K · period ending 2023-12-31 · accession 0000950170-25-026605 (LongTermDebt)
  10. 10-K · period ending 2024-12-31 · accession 0001193125-26-066979 (LongTermDebt)
  11. 10-K · period ending 2021-12-31 · accession 0000950170-25-026605 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  12. 10-K · period ending 2022-12-31 · accession 0001193125-26-066979 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)