MeritValue

TX Rail Products, Inc.

TXRPdata completeness 88%15 fiscal years on file
i. The business — what you’d actually own
FigureFY 2015FY 2016FY 2017FY 2018FY 2019
Revenue$3.11M1$2.13M2$3.01M3$3.84M4$3.93M4
Net income−$372,5095−$678,7196−$124,5067−$55,2008$42,4448
Operating cash flow−$253,6269−$82,16510$258,04011−$5,28112−$64,33112
Capital expenditure$4,14913————
Free cash flow (derived)−$257,7759————
Total debt—$662,11214$606,00515$549,05016$494,37016
Cash & equivalents$61,56417$3,06218$40,34519$36,60919$17,09819
Diluted shares48.1M48.1M48.1M48.1M48.1M

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
−$0.41
your share of equity
Profit it earned you last year
$0.01
Free cash flow it threw off
—
Debt you’d be carrying
$0.1

10 shares is a claim on −$0.41 of net worth that earned you $0.01 last year, against $0.1 of debt.

iii. Is this a good business?
Moat signal · return on equity
— avg · 5y

Not enough data in the filings for a return-on-capital reading.

seeing a moat in the numbers →
Management signal · capital allocation
−0% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback. Total debt has fallen 25% — deleveraging.

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 2 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 2 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 2015-09-30 · accession 0001571049-16-020683 (SalesRevenueNet)
  2. 10-K · period ending 2016-09-30 · accession 0001437749-17-020734 (SalesRevenueNet)
  3. 10-K · period ending 2017-09-30 · accession 0001437749-18-022245 (Revenues)
  4. 10-K · period ending 2018-09-30 · accession 0001437749-19-024029 (RevenueFromContractWithCustomerIncludingAssessedTax)
  5. 10-K · period ending 2015-09-30 · accession 0001571049-16-020683 (NetIncomeLoss)
  6. 10-K · period ending 2016-09-30 · accession 0001437749-17-020734 (NetIncomeLoss)
  7. 10-K · period ending 2017-09-30 · accession 0001437749-18-022245 (NetIncomeLoss)
  8. 10-K · period ending 2018-09-30 · accession 0001437749-19-024029 (NetIncomeLoss)
  9. 10-K · period ending 2015-09-30 · accession 0001571049-16-020683 (NetCashProvidedByUsedInOperatingActivitiesContinuingOperations)
  10. 10-K · period ending 2016-09-30 · accession 0001437749-17-020734 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2017-09-30 · accession 0001437749-18-022245 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2018-09-30 · accession 0001437749-19-024029 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2015-09-30 · accession 0001571049-16-020683 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2016-09-30 · accession 0001437749-17-020734 (LongTermDebtCurrent)
  15. 10-K · period ending 2017-09-30 · accession 0001437749-18-022245 (LongTermDebtCurrent)
  16. 10-K · period ending 2018-09-30 · accession 0001437749-19-024029 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2015-09-30 · accession 0001437749-17-020734 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2016-09-30 · accession 0001437749-18-022245 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2017-09-30 · accession 0001437749-19-024029 (CashAndCashEquivalentsAtCarryingValue)