MeritValue

UTG INC

UTGNdata completeness 75%16 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

UTG INC earns about 16% on invested capital, with a roughly flat share count. The applicable estimate puts fair value near $56.11 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$35.6M1$69.7M2$26.3M3$84.9M4$42.3M4
Net income$9.66M5$34.3M6$2.66M7$50M8$17.1M8
Operating cash flow−$12.5M9−$5.33M10−$9.79M11−$1.57M12−$6.52M12
Capital expenditure—————
Free cash flow (derived)—————
Total debt—————
Cash & equivalents$30.8M13$45.3M14$41.2M15$45.3M16$30.5M16
Diluted shares3.2M3.2M3.2M3.2M3.2M

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
$736.3
your share of equity
Profit it earned you last year
$54.15
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $736.3 of net worth that earned you $54.15 last year.

iii. Is this a good business?
Moat signal · return on invested capital
16% avg · 5y
FY21 9%FY22 31%FY23 2%FY24 29%FY25 9%

It earned an average 16% 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.

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
$56.11
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$17.1M
  • growthAssumed0.0%
Graham Number
$94.76
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000832480-23-000013 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001140361-24-016714 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0000832480-25-000006 (Revenues)
  4. 10-K · period ending 2024-12-31 · accession 0000832480-26-000011 (Revenues)
  5. 10-K · period ending 2021-12-31 · accession 0000832480-23-000013 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001140361-24-016714 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0000832480-25-000006 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0000832480-26-000011 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0000832480-23-000013 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001140361-24-016714 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0000832480-25-000006 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0000832480-26-000011 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0000832480-23-000013 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2022-12-31 · accession 0001140361-24-016714 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-12-31 · accession 0000832480-25-000006 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2024-12-31 · accession 0000832480-26-000011 (CashAndCashEquivalentsAtCarryingValue)