MeritValue

UTAH MEDICAL PRODUCTS INC

UTMDdata completeness 100%17 fiscal years on file
The thesis, from the filings

UTAH MEDICAL PRODUCTS INC earns about 39% on invested capital, far above its ~9% cost of capital, and has bought back 11% of its shares over 5 years — the marks of a durable business run for its owners. The estimate methods put fair value between $47.3 and $90.86 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$49.1M1$52.3M2$50.2M3$40.9M3$38.5M3
Net income$14.8M4$16.5M5$16.6M6$13.9M6$11.3M6
Operating cash flow$21.2M7$21.1M8$22.3M9$14.8M9$14.7M9
Capital expenditure$552,00010$809,00011$639,00012$230,00012$371,00012
Free cash flow (derived)$20.7M7$20.3M8$21.6M9$14.6M9$14.3M9
Total debt$013$014$015$016$016
Cash & equivalents$61M17$75.1M18$92.9M19$83M20$85.8M20
Diluted shares3.7M3.6M3.6M3.5M3.2M

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
$368.11
your share of equity
Profit it earned you last year
$34.83
Free cash flow it threw off
$44.2
Debt you’d be carrying
$0

10 shares is a claim on $368.11 of net worth that earned you $34.83 and generated $44.2 of cash last year, against $0 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
39% avg · 5y
FY21 32%FY22 42%FY23 47%FY24 40%FY25 34%

It earned about 39% 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
−11% shares · 5y

Share count is down 11% 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 $47.3 and $90.86 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
$86.01
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$14.6M
DCF · Growth Exit 5Y
$90.86
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$14.6M
Earnings Power Value
$47.3
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$14.8M
  • growthAssumed0.0%
Graham Number
$53.69
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 years0.0%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $90.86
The three cases
Bear0.0%$90.86
Base0.0%$90.86
Bull5.0%$106.44

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

Default growth 0.0%= 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 0001811884-24-000009 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001096906-25-000308 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001096906-26-000395 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001811884-24-000009 (ProfitLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001096906-25-000308 (ProfitLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001096906-26-000395 (ProfitLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001811884-24-000009 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001096906-25-000308 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001096906-26-000395 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001811884-24-000009 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001096906-25-000308 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001096906-26-000395 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K/A · period ending 2021-12-31 · accession 0001811884-23-000008 (LongTermDebt)
  14. 10-K · period ending 2022-12-31 · accession 0001811884-24-000009 (LongTermDebt)
  15. 10-K · period ending 2023-12-31 · accession 0001096906-25-000308 (LongTermDebt)
  16. 10-K · period ending 2024-12-31 · accession 0001096906-26-000395 (LongTermDebt)
  17. 10-K/A · period ending 2021-12-31 · accession 0001811884-23-000008 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001811884-24-000009 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001096906-25-000308 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001096906-26-000395 (CashAndCashEquivalentsAtCarryingValue)