MeritValue

SECURITY NATIONAL FINANCIAL CORP

SNFCAdata completeness 88%17 fiscal years on file
The thesis, from the filings

SECURITY NATIONAL FINANCIAL CORP earns about 13% on invested capital, comfortably above its ~9% cost of capital, but has diluted owners by 16% over 5 years — a real edge showing up in the numbers. The estimate methods put fair value between $11.84 and $33.6 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$470.7M1$389.7M2$318.5M3$334.5M4$344.6M4
Net income$39.5M5$25.7M6$14.5M7$29.1M8$32.2M8
Operating cash flow$144.6M9$130.5M10$53.9M11$57.3M12$45.5M12
Capital expenditure$5.22M13$1.6M14$1.11M15$2.47M16$1.69M16
Free cash flow (derived)$139.4M9$128.9M10$52.8M11$54.8M12$43.8M12
Total debt$280.3M17————
Cash & equivalents$131.4M18$120.9M19$126.9M20$140.5M21$102.3M21
Diluted shares22.0M23.0M23.8M25.2M25.5M

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
$161.03
your share of equity
Profit it earned you last year
$12.62
Free cash flow it threw off
$17.21
Debt you’d be carrying
—

10 shares is a claim on $161.03 of net worth that earned you $12.62 and generated $17.21 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
13% avg · 5y
FY21 10%FY22 18%FY23 10%FY24 13%FY25 12%

It earned about 13% on invested capital against a ~9% cost of capital — comfortably above the cost of funding, a moderate advantage.

seeing a moat in the numbers →
Management signal · capital allocation
+16% shares · 5y

Share count is up 16% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has held roughly steady.

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 $11.84 and $33.6 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
$31.37
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$52.8M
DCF · Growth Exit 5Y
$33.6
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$52.8M
Earnings Power Value
$11.84
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$29.1M
  • growthAssumed0.0%
Graham Number
$21.37
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 years0.0%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $33.6
The three cases
Bear0.0%$33.6
Base0.0%$33.6
Bull5.0%$40.76

Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.

Default growth 0.0%= 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 0001493152-23-009956 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001493152-24-011903 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001641172-25-001508 (Revenues)
  4. 10-K · period ending 2024-12-31 · accession 0001493152-26-010228 (Revenues)
  5. 10-K · period ending 2021-12-31 · accession 0001493152-23-009956 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001493152-24-011903 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001641172-25-001508 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001493152-26-010228 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001493152-23-009956 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001493152-24-011903 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001641172-25-001508 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001493152-26-010228 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001493152-23-009956 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001493152-24-011903 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001641172-25-001508 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001493152-26-010228 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001493152-22-008236 (LongTermDebt)
  18. 10-K · period ending 2021-12-31 · accession 0001493152-23-009956 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2022-12-31 · accession 0001493152-24-011903 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2023-12-31 · accession 0001641172-25-001508 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2024-12-31 · accession 0001493152-26-010228 (CashAndCashEquivalentsAtCarryingValue)