MeritValue

Track Group, Inc.

TRCKdata completeness 75%17 fiscal years on file
The thesis, from the filings

Track Group, Inc. earns about -1% on invested capital, with a roughly flat share count. 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$37M2$34.5M3$36.9M4$35.2M4
Net income$3.44M5−$7.39M6−$3.39M7−$3.08M8−$1.88M8
Operating cash flow$4.82M9$802,96110$3.88M11$4.91M12$4.32M12
Capital expenditure—————
Free cash flow (derived)—————
Total debt$88M13$86.9M14$86.2M15$85.3M16$85.4M16
Cash & equivalents—————
Diluted shares12.0M11.6M11.9M11.9M11.9M

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
−$9.73
your share of equity
Profit it earned you last year
−$1.59
Free cash flow it threw off
—
Debt you’d be carrying
$72.02

10 shares is a claim on −$9.73 of net worth that earned you −$1.59 last year, against $72.02 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-1% avg · 5y
FY21 6%FY22 -4%FY23 -1%FY24 -4%FY25 -2%

It earned an average -1% 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
−1% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback. Total debt has held roughly steady.

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
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
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 2021-09-30 · accession 0001851734-22-000738 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2022-09-30 · accession 0001437749-23-034962 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2023-09-30 · accession 0001437749-24-038259 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2024-09-30 · accession 0001437749-25-038377 (RevenueFromContractWithCustomerIncludingAssessedTax)
  5. 10-K · period ending 2021-09-30 · accession 0001851734-22-000738 (NetIncomeLoss)
  6. 10-K · period ending 2022-09-30 · accession 0001437749-23-034962 (NetIncomeLoss)
  7. 10-K · period ending 2023-09-30 · accession 0001437749-24-038259 (NetIncomeLoss)
  8. 10-K · period ending 2024-09-30 · accession 0001437749-25-038377 (NetIncomeLoss)
  9. 10-K · period ending 2021-09-30 · accession 0001851734-22-000738 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-09-30 · accession 0001437749-23-034962 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-09-30 · accession 0001437749-24-038259 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-09-30 · accession 0001437749-25-038377 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-09-30 · accession 0001851734-22-000738 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-09-30 · accession 0001437749-23-034962 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-09-30 · accession 0001437749-24-038259 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-09-30 · accession 0001437749-25-038377 (LongTermDebtNoncurrent)