CSV · NYSE · Services-Personal Services
$36.34 · $568.1M market value · fiscal year to 31 Dec 2025
Live from the latest filings
7 of 10
Buffett tests pass
Margin of safety 60%
Bear
$52.22
Base
$91.12
Bull
$145.90
Price $36.34
The price is below even the bear case.
7 pass · 1 mixed · 2 fail · 0 can't tell
Total debt of $6.2M would take 0.1 yrs of normalised owner earnings to repay; operating income covers interest 3.4×. Interest cover decided this: under 4x fails (payback alone would be a pass, at 4 years or less).
Why this testEach dollar retained over the period has been matched by 0.3× of market value created ($216.6M retained in total).
Why this testReturn on equity averaged 16%, reaching 15% in 6 of the years measured; the weakest year was 5.6%.
Why this testNo loss years across 15 years of filings, with operating margin varying by 2.8% around its average.
Why this testAfter-tax return on invested capital averaged 23% over 10 years and was 28% in the latest year.
Why this testNormalised owner earnings are $59.2M, and free cash flow has averaged 179% of reported profit.
Why this testCapital spending has averaged 0.9× depreciation; estimated maintenance capex was $9.8M last year.
Why this testThe diluted share count has changed by -1.2% a year. Shrinking means buybacks are returning value; growing means owners are being diluted.
Why this testAt $36.34, the price is 60% below the base-case value of $91.12 (the bear case is $52.22). The standard lens asks for a 25% margin.
Why this testThe owner-earnings yield is 10% against a 10-year Treasury yield of 5.2%.
Why this testDiscounted owner earnings
Bear
$52.22
Base
$91.12
Bull
$145.90
Price $36.34
The price is below even the bear case.
| Scenario | Starting owner earnings | Growth (yrs 1–5) | Terminal | Discount | Value / share |
|---|---|---|---|---|---|
| bear | $59.2M | 3.5% | 1.5% | 9.7% | $52.22 |
| base | $59.2M | 7.5% | 2.5% | 8.2% | $91.12 |
| bull | $59.2M | 10.5% | 3.0% | 7.2% | $145.90 |
How sensitive is that?
| Discount ↓ / Growth → | 3.5% | 5.5% | 7.5% | 9.5% | 11.5% |
|---|---|---|---|---|---|
| 6.2% | $112 | $127 | $143 | $161 |
Fiscal year to 31 Dec 2025
Replicly is a research and education tool. It is not financial advice and does not recommend that you buy or sell any investment. Analyses apply Buffett-inspired principles to public data and can be wrong. Warren Buffett and Berkshire Hathaway are not affiliated with and do not endorse Replicly. Capital is at risk.
| $182 |
| 7.1% | $88 | $99 | $112 | $125 | $141 |
|---|
| 8.2% | $72 | $81 | $91 | $102 | $114 |
|---|
| 9.2% | $61 | $69 | $77 | $86 | $96 |
|---|
| 10.2% | $53 | $59 | $66 | $74 | $82 |
|---|
Green: at least 25% above the price. Amber: above it. Red: below it. n/a means the discount rate is at or below growth, where the model has no finite answer. The corners combine the most extreme assumptions, so treat them as bounds.
Discount rate: 10-year Treasury (5.2%) plus a 3% equity hurdle. Price $36.34 on 20 Oct 2026. End-of-day prices from free public sources, may be delayed or missing.
Revenue
$417.4M
Revenue growth (CAGR)
5.9%
Operating margin (avg)
20%
Return on equity (avg)
16%
ROIC (avg)
23%
Normalised owner earnings
$59.2M
Cash conversion
179%
Net debt
$4.5M
Debt payback
0.1 yrs
Share count change (CAGR)
-1.2%
Price / earnings
11×
Owner earnings yield
10%