MeritValue

AEI INCOME & GROWTH FUND XXII LTD PARTNERSHIP

XAEIUdata completeness 63%16 fiscal years on file

Data notes: no data for concept 'capex'; no data for concept 'totalDebt'; no data for concept 'stockholdersEquity'; no data for concept 'epsDiluted'; no data for concept 'interestExpense'; no data for concept 'incomeTaxExpense'

The thesis, from the filings

The applicable estimate puts fair value near $61.81 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$505,9521$434,3592$547,0153$440,1264$417,3824
Net income$67,1865$598,4956$51,7957$16,5218$241,7388
Operating cash flow$394,2019$469,09910$438,99411$291,41312$306,49212
Capital expenditure—————
Free cash flow (derived)—————
Total debt—————
Cash & equivalents$1.29M13$256,16514$273,60415$914,84616$472,90316
Diluted shares12,06311,749.37211,749.37211,749.37211,263.123

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
—
your share of equity
Profit it earned you last year
$214.63
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares of this business that earned you $214.63 last year.

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
−7% shares · 5y

Share count is down 7% 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
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
$61.81
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$67,186
  • growthAssumed0.0%
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 0000894245-23-000034 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001023458-24-000003 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001023458-25-000009 (Revenues)
  4. 10-K · period ending 2024-12-31 · accession 0001023458-26-000003 (Revenues)
  5. 10-K · period ending 2021-12-31 · accession 0000894245-23-000034 (ProfitLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001023458-24-000003 (ProfitLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001023458-25-000009 (ProfitLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001023458-26-000003 (ProfitLoss)
  9. 10-K · period ending 2021-12-31 · accession 0000894245-23-000034 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001023458-24-000003 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001023458-25-000009 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001023458-26-000003 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0000894245-23-000034 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2022-12-31 · accession 0001023458-24-000003 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-12-31 · accession 0001023458-25-000009 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2024-12-31 · accession 0001023458-26-000003 (CashAndCashEquivalentsAtCarryingValue)