VASO Corp
VASOdata completeness 75%16 fiscal years on fileData notes: no data for concept 'interestExpense'
VASO Corp earns about 70% on invested capital, far above its ~9% cost of capital, with a roughly flat share count — a real edge showing up in the numbers. The estimate methods put fair value between $0.28 and $1.01 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | $75.6M1 | $79.3M2 | $81M3 | $86.8M4 | $89.1M4 |
| Net income | $6.1M5 | $11.3M6 | $4.81M7 | $951,0008 | $1.57M8 |
| Operating cash flow | $7.82M9 | $14.4M10 | $5.3M11 | $3.28M12 | $9.27M12 |
| Capital expenditure | $415,00013 | $566,00013 | — | — | — |
| Free cash flow (derived) | $7.4M9 | $13.9M10 | — | — | — |
| Total debt | $31,00014 | $24,00014 | — | — | — |
| Cash & equivalents | $6.03M15 | $11.8M15 | $11.3M16 | $26.3M17 | $35.1M17 |
| Diluted shares | 173.8M | 174.7M | 175.5M | 175.6M | 176.0M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $1.67 of net worth that earned you $0.09 last year.
It earned about 70% 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 →Share count is roughly flat over 5 years — little dilution, little buyback. Total debt has fallen 23% — deleveraging.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $0.28 and $1.01 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth5.0%
- fcfBase$7.4M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth5.0%
- fcfBase$7.4M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$4.81M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $0.8 |
| Base | 5.0% | $0.95 |
| Bull | 10.0% | $1.12 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 5.0%= 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.
- 10-K · period ending 2021-12-31 · accession 0001654954-22-004333 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2022-12-31 · accession 0001213900-24-028734 (Revenues)
- 10-K · period ending 2023-12-31 · accession 0001213900-25-026337 (Revenues)
- 10-K · period ending 2024-12-31 · accession 0001213900-26-037664 (Revenues)
- 10-K · period ending 2021-12-31 · accession 0001654954-23-004142 (NetIncomeLoss)
- 10-K · period ending 2022-12-31 · accession 0001213900-24-028734 (NetIncomeLoss)
- 10-K · period ending 2023-12-31 · accession 0001213900-25-026337 (NetIncomeLoss)
- 10-K · period ending 2024-12-31 · accession 0001213900-26-037664 (NetIncomeLoss)
- 10-K · period ending 2021-12-31 · accession 0001654954-23-004142 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2022-12-31 · accession 0001213900-24-028734 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-12-31 · accession 0001213900-25-026337 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2024-12-31 · accession 0001213900-26-037664 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2021-12-31 · accession 0001654954-23-004142 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2021-12-31 · accession 0001654954-23-004142 (LongTermDebt)
- 10-K · period ending 2021-12-31 · accession 0001654954-23-004142 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2023-12-31 · accession 0001213900-25-026337 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2024-12-31 · accession 0001213900-26-037664 (CashAndCashEquivalentsAtCarryingValue)