MeritValue

Chiron Real Estate Inc.

XRNdata completeness 88%14 fiscal years on file

Data notes: no data for concept 'pretaxIncome'

The thesis, from the filings

Chiron Real Estate Inc. earns about 2% on equity, and has bought back 78% of its shares over 5 years. The applicable estimate puts fair value near $14.21 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$132,0001$116,0002$115,0003$370,0003$526,0003
Net income$18.3M4$20M5$21.7M6$6.69M6−$6.88M6
Operating cash flow$69M7$76.5M8$68.4M9$70M9$73.6M9
Capital expenditure—————
Free cash flow (derived)—————
Total debt———$14.4M10$1.15M11
Cash & equivalents$7.21M12$4.02M13$1.28M14$6.82M15$9.08M15
Diluted shares60.6M65.5M13.1M13.2M13.4M

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
$381.02
your share of equity
Profit it earned you last year
−$5.14
Free cash flow it threw off
—
Debt you’d be carrying
$0.86

10 shares is a claim on $381.02 of net worth that earned you −$5.14 last year, against $0.86 of debt.

iii. Is this a good business?
Moat signal · return on equity
2% avg · 5y
FY21 3%FY22 3%FY23 4%FY24 1%FY25 -1%

It earned an average 2% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−78% shares · 5y

Share count is down 78% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 92% — deleveraging.

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
$14.21
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$18.3M
  • 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 0001558370-24-002000 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001558370-25-001938 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001104659-26-021956 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001558370-22-002518 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001558370-25-001938 (ProfitLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001104659-26-021956 (ProfitLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001558370-24-002000 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001558370-25-001938 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001104659-26-021956 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2024-12-31 · accession 0001558370-25-001938 (LongTermDebt)
  11. 10-K · period ending 2025-12-31 · accession 0001104659-26-021956 (LongTermDebt)
  12. 10-K · period ending 2021-12-31 · accession 0001558370-23-002515 (CashAndCashEquivalentsAtCarryingValue)
  13. 10-K · period ending 2022-12-31 · accession 0001558370-24-002000 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2023-12-31 · accession 0001558370-25-001938 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2024-12-31 · accession 0001104659-26-021956 (CashAndCashEquivalentsAtCarryingValue)