MeritValue

TAYLOR DEVICES, INC.

TAYDdata completeness 88%16 fiscal years on file

Data notes: no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'realEstateImpairment'; no data for concept 'dividendsPaid'

The thesis, from the filings

TAYLOR DEVICES, INC. earns about 14% on invested capital, comfortably above its ~9% cost of capital, but has diluted owners by 23% over 5 years — a real edge showing up in the numbers. The estimate methods put fair value between $19.16 and $20.38 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 2022FY 2023FY 2024FY 2025FY 2026
Revenue$30.9M1$40.2M2$44.6M3$46.3M4$41.6M4
Net income$2.24M5$6.29M6$9M7$9.41M8$8.56M8
Operating cash flow$3.31M9$7.71M10$13.2M11$7.47M12$7.02M12
Capital expenditure$1.39M13$3.36M14$1.15M15$2.6M16$2.14M16
Free cash flow (derived)$1.92M9$4.35M10$12.1M11$4.87M12$4.89M12
Total debt—————
Cash & equivalents$22.5M17$3.58M18$2.83M19$1.19M20$904,82320
Diluted shares3.5M4.1M4.2M4.2M4.3M

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
$169.59
your share of equity
Profit it earned you last year
$19.94
Free cash flow it threw off
$11.38
Debt you’d be carrying
—

10 shares is a claim on $169.59 of net worth that earned you $19.94 and generated $11.38 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
14% avg · 5y
FY22 11%FY23 14%FY24 19%FY25 15%FY26 12%

It earned about 14% 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
+23% shares · 5y

Share count is up 23% 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 v0.5.0

The 3 estimate methods that apply put fair value between $19.16 and $20.38 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
$20.08
assumptions (10)
  • riskFreeRate4.8%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth4.0%
  • fcfBase$4.89M
DCF · Growth Exit 5Y
$19.16
assumptions (10)
  • riskFreeRate4.8%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth4.0%
  • fcfBase$4.89M
Earnings Power Value
$20.38
assumptions (8)
  • riskFreeRate4.8%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$8.56M
  • growthAssumed0.0%
Graham Number
$31.62
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 years4.0%
Discount rate (WACC)9.06%
Terminal growth2.5%
At your growth, a share is worth $19.16
The three cases
Bear0.0%$16.16
Base4.0%$19.16
Bull9.0%$23.6

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

Default growth 4.0%= 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 2022-05-31 · accession 0001376474-23-000411 (Revenues)
  2. 10-K · period ending 2023-05-31 · accession 0001376474-24-000456 (Revenues)
  3. 10-K · period ending 2024-05-31 · accession 0001376474-25-000751 (Revenues)
  4. 10-K · period ending 2025-05-31 · accession 0001376474-26-000567 (Revenues)
  5. 10-K · period ending 2022-05-31 · accession 0001376474-23-000411 (NetIncomeLoss)
  6. 10-K · period ending 2023-05-31 · accession 0001376474-24-000456 (NetIncomeLoss)
  7. 10-K · period ending 2024-05-31 · accession 0001376474-25-000751 (NetIncomeLoss)
  8. 10-K · period ending 2025-05-31 · accession 0001376474-26-000567 (NetIncomeLoss)
  9. 10-K · period ending 2022-05-31 · accession 0001376474-23-000411 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-05-31 · accession 0001376474-24-000456 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-05-31 · accession 0001376474-25-000751 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2025-05-31 · accession 0001376474-26-000567 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2022-05-31 · accession 0001376474-23-000411 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2023-05-31 · accession 0001376474-24-000456 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2024-05-31 · accession 0001376474-25-000751 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2025-05-31 · accession 0001376474-26-000567 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2022-05-31 · accession 0001376474-23-000411 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-05-31 · accession 0001376474-24-000456 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-05-31 · accession 0001376474-25-000751 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2025-05-31 · accession 0001376474-26-000567 (CashAndCashEquivalentsAtCarryingValue)