MeritValue

ReposiTrak, Inc.

TRAKdata completeness 75%16 fiscal years on file
The thesis, from the filings

ReposiTrak, Inc. earns about 14% on invested capital, comfortably above its ~9% cost of capital, and has bought back 3% of its shares over 5 years — the marks of a durable business run for its owners. The estimate methods put fair value between $3.03 and $20.86 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$21M1$18M2$19.1M3$20.5M4$22.6M4
Net income$4.12M5$4M6$5.59M7$5.96M8$6.98M8
Operating cash flow$5.4M9$6.1M10$8.86M11$6.96M12$8.42M12
Capital expenditure$147,14013$50,82314$133,94415$73,31716$15,96516
Free cash flow (derived)$5.25M9$6.05M10$8.73M11$6.89M12$8.4M12
Total debt$017————
Cash & equivalents$24.1M18————
Diluted shares19.8M19.4M18.8M18.9M19.1M

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
$25.87
your share of equity
Profit it earned you last year
$3.65
Free cash flow it threw off
$4.39
Debt you’d be carrying
—

10 shares is a claim on $25.87 of net worth that earned you $3.65 and generated $4.39 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
14% avg · 5y
FY21 20%FY22 9%FY23 12%FY24 13%FY25 14%

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
−3% shares · 5y

Share count is down 3% 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

The 3 estimate methods that apply put fair value between $3.03 and $20.86 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
$20.86
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth16.9%
  • fcfBase$8.4M
DCF · Growth Exit 5Y
$12.71
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth16.9%
  • fcfBase$8.4M
Earnings Power Value
$3.03
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$5.59M
  • growthAssumed0.0%
Graham Number
$4.51
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 years16.9%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $12.71
The three cases
Bear0.0%$6.27
Base16.9%$12.71
Bull20.0%$14.32

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

Default growth 16.9%= 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 2021-06-30 · accession 0001851734-22-000574 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2022-06-30 · accession 0001437749-23-027054 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2023-06-30 · accession 0001437749-24-030271 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2024-06-30 · accession 0001437749-25-030050 (RevenueFromContractWithCustomerIncludingAssessedTax)
  5. 10-K · period ending 2021-06-30 · accession 0001851734-22-000574 (NetIncomeLoss)
  6. 10-K · period ending 2022-06-30 · accession 0001437749-23-027054 (NetIncomeLoss)
  7. 10-K · period ending 2023-06-30 · accession 0001437749-24-030271 (NetIncomeLoss)
  8. 10-K · period ending 2024-06-30 · accession 0001437749-25-030050 (NetIncomeLoss)
  9. 10-K · period ending 2021-06-30 · accession 0001851734-22-000574 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-06-30 · accession 0001437749-23-027054 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-06-30 · accession 0001437749-24-030271 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-06-30 · accession 0001437749-25-030050 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-06-30 · accession 0001851734-22-000574 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-06-30 · accession 0001437749-23-027054 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-06-30 · accession 0001437749-24-030271 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-06-30 · accession 0001437749-25-030050 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-06-30 · accession 0001654954-21-010502 (DebtCurrent)
  18. 10-K · period ending 2021-06-30 · accession 0001654954-21-010502 (CashAndCashEquivalentsAtCarryingValue)