MeritValue

STANDARD PREMIUM FINANCE HOLDINGS, INC.

SPFXdata completeness 88%6 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

STANDARD PREMIUM FINANCE HOLDINGS, INC. earns about 52% on invested capital, far above its ~9% cost of capital, but has diluted owners by 44% over 5 years — a real edge showing up in the numbers. The estimate methods put fair value between $2.17 and $33.33 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$7.66M1$8.16M2$9.72M3$12.1M4$12.5M4
Net income$876,3235$806,1316$532,4027$979,9938$1.21M8
Operating cash flow$2.07M9$1.62M10$2.68M11$1.84M12$2.88M12
Capital expenditure$36,92913$48,74714$62,71815$71,72716$33,41616
Free cash flow (derived)$2.03M9$1.58M10$2.62M11$1.77M12$2.85M12
Total debt—————
Cash & equivalents$20,98717$421,21118$45,23919$1,71619$10,97019
Diluted shares2.9M3.4M3.3M4.1M4.2M

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
$20.18
your share of equity
Profit it earned you last year
$2.9
Free cash flow it threw off
$6.8
Debt you’d be carrying
—

10 shares is a claim on $20.18 of net worth that earned you $2.9 and generated $6.8 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
52% avg · 5y
FY21 48%FY22 48%FY23 53%FY24 58%FY25 51%

It earned about 52% on invested capital, year after year, against a ~9% cost of capital — the footprint of real pricing power. Competition usually drags returns like this back down; here it hasn't.

seeing a moat in the numbers →
Management signal · capital allocation
+44% shares · 5y

Share count is up 44% 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

The 3 estimate methods that apply put fair value between $2.17 and $33.33 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
$33.33
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth18.5%
  • fcfBase$2.62M
DCF · Growth Exit 5Y
$19.23
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth18.5%
  • fcfBase$2.62M
Earnings Power Value
$2.17
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$876,323
  • growthAssumed0.0%
Graham Number
$3.63
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 years18.5%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $19.23
The three cases
Bear0.0%$8.94
Base18.5%$19.23
Bull20.0%$20.39

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

Default growth 18.5%= 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 0001553350-23-000172 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001079973-24-000379 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001079973-25-000367 (Revenues)
  4. 10-K · period ending 2024-12-31 · accession 0001079973-26-000349 (Revenues)
  5. 10-K · period ending 2021-12-31 · accession 0001553350-23-000172 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001079973-24-000379 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001079973-25-000367 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001079973-26-000349 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001553350-23-000172 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001079973-24-000379 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001079973-25-000367 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001079973-26-000349 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001553350-23-000172 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001079973-24-000379 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001079973-25-000367 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001079973-26-000349 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001079973-24-000379 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  18. 10-K · period ending 2022-12-31 · accession 0001079973-25-000367 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  19. 10-K · period ending 2023-12-31 · accession 0001079973-26-000349 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)