OFLX · Nasdaq · Heating Equip, Except Elec & Warm Air; & Plumbing Fixtures
$25.65 · $258.9M market value · fiscal year to 31 Dec 2025
Live from the latest filings
6 of 9
Buffett tests pass
Margin of safety 17%
Bear
$20.35
Base
$30.99
Bull
$45.99
Price $25.65
6 pass · 3 mixed · 0 fail · 1 can't tell
Capital spending has averaged 1.9× depreciation; estimated maintenance capex was $1.8M last year.
Why this testThe diluted share count has changed by 0.0% a year. Shrinking means buybacks are returning value; growing means owners are being diluted.
Why this testAt $25.65, the price is 17% below the base-case value of $30.99 (the bear case is $20.35). The standard lens asks for a 25% margin.
Why this testNeeds both a price history and positive retained earnings across the period.
Why this testNo loss years across 15 years of filings, with operating margin varying by 2.9% around its average.
Why this testReturn on equity averaged 33%, reaching 15% in 10 of the years measured; the weakest year was 18%.
Why this testAfter-tax return on invested capital averaged 83% over 10 years and was 41% in the latest year.
Why this testNo meaningful debt is reported; net cash stands at $53.2M.
Why this testNormalised owner earnings are $16.4M, and free cash flow has averaged 94% of reported profit.
Why this testThe owner-earnings yield is 6.3% against a 10-year Treasury yield of 5.2%.
Why this testDiscounted owner earnings
Bear
$20.35
Base
$30.99
Bull
$45.99
Price $25.65
| Scenario | Starting owner earnings | Growth (yrs 1–5) | Terminal | Discount | Value / share |
|---|---|---|---|---|---|
| bear | $16.4M | -3.8% | 1.5% | 9.7% | $20.35 |
| base | $16.4M | 0.2% | 2.5% | 8.2% | $30.99 |
| bull | $16.4M | 3.2% | 3.0% | 7.2% | $45.99 |
How sensitive is that?
| Discount ↓ / Growth → | -3.9% | -1.8% | 0.1% | 2.1% | 4.2% |
|---|---|---|---|---|---|
| 6.2% | $36 | $40 | $45 | $50 |
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.
| $56 |
| 7.1% | $30 | $33 | $36 | $40 | $45 |
|---|
| 8.2% | $26 | $28 | $31 | $34 | $38 |
|---|
| 9.2% | $23 | $25 | $27 | $30 | $33 |
|---|
| 10.2% | $21 | $22 | $24 | $27 | $29 |
|---|
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 $25.65 on 20 Oct 2026. End-of-day prices from free public sources, may be delayed or missing.
Revenue
$98.3M
Revenue growth (CAGR)
0.5%
Operating margin (avg)
23%
Return on equity (avg)
33%
ROIC (avg)
83%
Normalised owner earnings
$16.4M
Cash conversion
94%
Net cash
$53.2M
Debt payback
n/a
Share count change (CAGR)
0.0%
Price / earnings
17×
Owner earnings yield
6.3%
Missing from the filings: debt.