MeritValue

WILLAMETTE VALLEY VINEYARDS INC

WVVIdata completeness 100%16 fiscal years on file
The thesis, from the filings

WILLAMETTE VALLEY VINEYARDS 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$31.8M1$33.9M2$39.1M3$39.8M4$37.2M4
Net income$2.45M5−$646,4926−$1.2M7−$117,8948−$917,6858
Operating cash flow$2.57M9−$2.67M10−$1.99M11−$3.24M12−$1.79M12
Capital expenditure$10M13$14.8M14$4.31M15$1.85M16$444,16716
Free cash flow (derived)−$7.48M9−$17.5M10−$6.3M11−$5.09M12−$2.23M12
Total debt$10.3M17$13.4M18$14.4M19$26.8M20$29M20
Cash & equivalents$13.7M21$338,67622$238,48223$320,88323$410,88623
Diluted shares5.0M5.0M5.0M5.0M5.0M

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
$132.92
your share of equity
Profit it earned you last year
−$1.84
Free cash flow it threw off
−$4.49
Debt you’d be carrying
$58.32

10 shares is a claim on $132.92 of net worth that earned you −$1.84 and generated −$4.49 of cash last year, against $58.32 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
1% avg · 5y
FY21 4%FY22 -0%FY23 -1%FY24 1%FY25 -0%

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
+0% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback. Total debt has risen 181% over the same window.

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
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
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 2021-12-31 · accession 0001199835-23-000177 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001199835-24-000132 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001199835-25-000089 (Revenues)
  4. 10-K · period ending 2024-12-31 · accession 0001199835-26-000061 (Revenues)
  5. 10-K · period ending 2021-12-31 · accession 0001199835-23-000177 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001199835-24-000132 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001199835-25-000089 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001199835-26-000061 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001199835-23-000177 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001199835-24-000132 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001199835-25-000089 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001199835-26-000061 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001199835-23-000177 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001199835-24-000132 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001199835-25-000089 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001199835-26-000061 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001199835-23-000177 (LongTermDebtNoncurrent)
  18. 10-K · period ending 2022-12-31 · accession 0001199835-24-000132 (LongTermDebtNoncurrent)
  19. 10-K · period ending 2023-12-31 · accession 0001199835-25-000089 (LongTermDebtNoncurrent)
  20. 10-K · period ending 2024-12-31 · accession 0001199835-26-000061 (LongTermDebtNoncurrent)
  21. 10-K · period ending 2021-12-31 · accession 0001199835-24-000132 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2022-12-31 · accession 0001199835-25-000089 (CashAndCashEquivalentsAtCarryingValue)
  23. 10-K · period ending 2023-12-31 · accession 0001199835-26-000061 (CashAndCashEquivalentsAtCarryingValue)