MeritValue

Stran & Company, Inc.

SWAGdata completeness 88%6 fiscal years on file
The thesis, from the filings

Stran & Company, Inc. earns about -5% on invested capital, and has bought back 12% of its shares over 5 years. The cash-flow models don't apply cleanly here — the ledger says why below.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$39.7M1$57.9M2$76M3$82.7M4$116.2M4
Net income$235,2405−$3.5M6−$385,0007−$4.14M8−$747,0008
Operating cash flow−$5.29M9−$2M10−$2.55M11$2.76M12−$4.67M12
Capital expenditure$388,94813$626,00014$999,00015$601,00016$823,00016
Free cash flow (derived)−$5.68M9−$2.63M10−$3.55M11$2.16M12−$5.5M12
Total debt—————
Cash & equivalents$32.2M17$15.3M17$8.06M18$9.36M19$6.75M19
Diluted shares21.0M19.2M18.5M18.6M18.5M

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
$16.52
your share of equity
Profit it earned you last year
−$0.4
Free cash flow it threw off
−$2.98
Debt you’d be carrying
—

10 shares is a claim on $16.52 of net worth that earned you −$0.4 and generated −$2.98 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-5% avg · 5y
FY21 3%FY22 -12%FY23 1%FY24 -15%FY25 -2%

It earned an average -5% 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
−12% shares · 5y

Share count is down 12% 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
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
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 0001213900-23-024610 (Revenues)
  2. 10-K/A · period ending 2022-12-31 · accession 0001213900-25-005516 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001213900-25-031596 (Revenues)
  4. 10-K · period ending 2024-12-31 · accession 0001213900-26-034104 (Revenues)
  5. 10-K · period ending 2021-12-31 · accession 0001213900-23-024610 (NetIncomeLoss)
  6. 10-K/A · period ending 2022-12-31 · accession 0001213900-25-005516 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001213900-25-031596 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001213900-26-034104 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001213900-23-024610 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K/A · period ending 2022-12-31 · accession 0001213900-25-005516 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001213900-25-031596 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001213900-26-034104 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001213900-23-024610 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K/A · period ending 2022-12-31 · accession 0001213900-25-005516 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001213900-25-031596 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001213900-26-034104 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001213900-23-024610 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-12-31 · accession 0001213900-26-034104 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  19. 10-K · period ending 2024-12-31 · accession 0001213900-26-034104 (CashAndCashEquivalentsAtCarryingValue)