MeritValue

TABLE TRAC INC

TBTCdata completeness 88%16 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

TABLE TRAC INC earns about 46% on invested capital, far above its ~9% cost of capital, but has diluted owners by 2% over 5 years — a real edge showing up in the numbers. The estimate methods put fair value between $3.61 and $9.09 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$6.97M1$11.1M2$9.49M3$11.2M4$11M4
Net income$1.71M5$1.62M6$1.61M7$1.58M8$1.63M8
Operating cash flow$2.8M9−$63,87810$394,94011$2.02M12$1.81M12
Capital expenditure—$013$39,42214$129,07515$31,11415
Free cash flow (derived)—−$63,87810$355,51811$1.89M12$1.78M12
Total debt—————
Cash & equivalents$4.95M16$4.79M17$3.49M18$2.26M19$8.24M19
Diluted shares4.6M4.6M4.6M4.6M4.7M

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
$27.52
your share of equity
Profit it earned you last year
$3.49
Free cash flow it threw off
$3.8
Debt you’d be carrying
—

10 shares is a claim on $27.52 of net worth that earned you $3.49 and generated $3.8 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
46% avg · 5y
FY21 108%FY22 47%FY23 25%FY24 17%FY25 35%

It earned about 46% 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
+2% shares · 5y

Share count is up 2% 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 $3.61 and $9.09 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
$9.09
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth5.0%
  • fcfBase$1.78M
DCF · Growth Exit 5Y
$8.52
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth5.0%
  • fcfBase$1.78M
Earnings Power Value
$3.61
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$1.62M
  • growthAssumed0.0%
Graham Number
$4.66
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 years5.0%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $8.52
The three cases
Bear0.0%$7.2
Base5.0%$8.52
Bull10.0%$10.09

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

Default growth 5.0%= 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 0001437749-23-007994 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001437749-24-010085 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001437749-25-008353 (Revenues)
  4. 10-K · period ending 2024-12-31 · accession 0001437749-26-009488 (Revenues)
  5. 10-K · period ending 2021-12-31 · accession 0001437749-23-007994 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001437749-24-010085 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001437749-25-008353 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001437749-26-009488 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001437749-23-007994 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001437749-24-010085 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001437749-25-008353 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001437749-26-009488 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2022-12-31 · accession 0001437749-24-010085 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2023-12-31 · accession 0001437749-25-008353 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2024-12-31 · accession 0001437749-26-009488 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2021-12-31 · accession 0001437749-23-007994 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2022-12-31 · accession 0001437749-24-010085 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-12-31 · accession 0001437749-25-008353 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-12-31 · accession 0001437749-26-009488 (CashAndCashEquivalentsAtCarryingValue)