| Nov 25 | Feb 26 | May 26 | Aug 26 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Buy | — | — | — | — | — | — | — | — | — | — | — | — |
| Sell | — | — | — | — | — | — | — | — | — | — | — | — |
| total | individual payouts | |
|---|---|---|
| 2020 | ‡‡‡ |
|
| 2019 | ‡‡‡ |
|
| 2018 | ‡‡‡ |
|
| 2017 | ‡‡‡ |
|
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Cash | 326.07 | 373.87 | 515.83 | 439.43 |
| Receivables | 18.69 | 19.22 | 21.01 | 17.90 |
| Inventory | 0.07 | 0.02 | — | — |
| Other | 0.38 | — | — | 3.46 |
| 345.41 | 394.50 | 539.19 | 463.94 |
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Payables | 6.64 | 6.05 | 7.07 | 10.08 |
| ST’ Debt | 0.16 | — | — | — |
| Other | 34.33 | — | — | — |
| 42.20 | 38.44 | 38.81 | 39.82 |
| 10y | 5y | 3y | |
| Sales | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Cash Flow | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡ |
| Earnings | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡ |
| Book Value | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Dec | Mar | Jun | Sep | Year | |
|---|---|---|---|---|---|
| ’26 | 19.54 | 22.72 | 26.98 | — |
—
|
| ’25 | 17.70 | 18.18 | 23.41 | 28.41 |
87.70
|
| ’24 | 15.99 | 16.57 | 17.49 | 19.87 |
69.93
|
| ’23 | 12.30 | 16.15 | 17.70 | 21.55 |
67.71
|
| ’22 | 11.74 | 10.95 | 12.82 | 18.51 |
54.01
|
| ’21 | 10.42 | 13.97 | 13.56 | 11.97 |
49.93
|
| ’20 | 11.68 | 12.36 | 12.87 | 13.04 |
49.94
|
| Dec | Mar | Jun | Sep | Year | |
|---|---|---|---|---|---|
| ’26 | (1.94) | 4.10 | 10.77 | — |
—
|
| ’25 | 2.21 | (0.57) | 7.17 | 4.52 |
13.33
|
| ’24 | (1.16) | (3.65) | 1.60 | 3.12 |
(0.09)
|
| ’23 | 2.40 | (0.67) | 6.69 | 6.66 |
15.08
|
| ’22 | 0.33 | (13.45) | 3.26 | 4.60 |
(5.26)
|
| ’21 | (2.78) | (0.39) | 3.20 | 3.26 |
3.29
|
| ’20 | (3.13) | (1.45) | 3.08 | 3.84 |
2.34
|
| Dec | Mar | Jun | Sep | Year | |
|---|---|---|---|---|---|
| ’26 | (1.94) | 4.09 | 10.63 | — |
—
|
| ’25 | 2.21 | (0.57) | 7.17 | 4.52 |
13.33
|
| ’24 | (1.17) | (3.67) | 1.61 | 3.09 |
(0.13)
|
| ’23 | 2.36 | (0.71) | 6.68 | 6.66 |
15.00
|
| ’22 | 0.33 | (13.45) | 3.63 | 4.58 |
(4.92)
|
| ’21 | (2.78) | (0.42) | 3.20 | 3.26 |
3.26
|
| ’20 | (3.22) | (1.52) | 3.08 | 3.82 |
2.15
|
| Dec | Mar | Jun | Sep | Year | |
|---|---|---|---|---|---|
| ’26 | (5.79) | (25.14) | (7.90) | — |
—
|
| ’25 | 7.91 | 32.43 | 10.47 | 30.61 |
81.41
|
| ’24 | 9.16 | 11.19 | 16.96 | 19.41 |
56.73
|
| ’23 | 12.95 | 6.85 | 0.49 | (4.71) |
15.58
|
| ’22 | 4.98 | (20.14) | (7.15) | (32.51) |
(54.81)
|
| ’21 | 42.93 | 9.04 | 30.83 | (1.03) |
81.77
|
| ’20 | 10.29 | (40.79) | 10.34 | 23.10 |
2.93
|
| 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 236.01 | 258.00 | 309.22 | 348.63 | — | — | — |
Low Price
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 389.90 | 357.34 | 602.00 | 596.60 | — | — | — |
High Price
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 325 | 360 | 411 | 424 | — | — | — |
Employees
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.17 | 0.19 | 0.17 | 0.21 | — | — | — |
Revenue/Emp
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 54.01 | 67.71 | 69.93 | 87.70 | — | — | — |
Revenue
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 98.63% | 98.83% | 99.04% | 99.27% | — | — | — |
Gross Margin
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (102.55) | 28.10 | 104.28 | 150.09 | — | — | — |
EBT
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (189.87%) | 41.50% | 149.12% | 171.14% | — | — | — |
EBT Margin
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (75.62) | 21.45 | 78.11 | 112.14 | — | — | — |
Net Income
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.38 | 0.28 | 0.27 | 0.26 | — | — | — |
Depreciation
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 39.14 | 49.17 | 50.79 | 63.69 | — | — | — |
Revenue/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡‡ | (54.81) | 15.58 | 56.73 | 81.41 | — | — | — |
Earnings/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (3.81) | 10.95 | (0.06) | 9.68 | — | — | — |
Cash Flow/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.25 | (0.06) | (0.03) | (0.01) | — | — | — |
Capex/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (3.56) | 10.89 | (0.10) | 9.68 | — | — | — |
Free CF/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 129.72 | 145.58 | 202.46 | 283.99 | — | — | — |
Book Value/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1.38 | 1.38 | 1.38 | 1.38 | — | — | — |
Shares
|
| ‡‡‡ | ‡‡‡ | ‡‡‡‡‡ | ‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.00 | 18.83 | 8.64 | 5.71 | — | — | — |
PE Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 6.55 | 5.97 | 9.65 | 7.30 | — | — | — |
PS Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1.98 | 2.02 | 2.42 | 1.64 | — | — | — |
PB Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 2.58 | 2.28 | 4.71 | 1.68 | — | — | — |
EV/Sales
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (28.33) | 10.28 | (2,459.80) | 11.11 | — | — | — |
EV/FCF
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (5.26) | 15.08 | (0.09) | 13.33 | — | — | — |
Op' Cash Flow
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.35 | (0.09) | (0.04) | (0.01) | — | — | — |
Capex
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (4.92) | 15.00 | (0.13) | 13.33 | — | — | — |
FCF
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 275.84 | 303.21 | 356.05 | 500.38 | — | — | — |
Working Cap'
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 76.43 | 76.28 | 28.46 | 22.79 | — | — | — |
Total Debt
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (214.57) | (249.79) | (345.41) | (493.05) | — | — | — |
Net Debt
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 179.02 | 200.47 | 278.78 | 391.06 | — | — | — |
Sh' Equity
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (21.56%) | 6.37% | 20.59% | 23.56% | — | — | — |
ROA
|
| ‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡ | 0.00% | 0.00% | 0.00% | 0.00% | — | — | — |
ROIC
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (34.88%) | 11.31% | 32.60% | 33.48% | — | — | — |
ROE
|
Daily Journal Corporation (DJCO) stands out as a steady operational performer in legal publishing and court management software, with revenue growing at an 8% CAGR to a projected $87.7 million in 2025, driven by high-margin Journal Technologies amid court digitization tailwinds. Productivity has surged, with revenue per employee up 77% and gross margins nearing 99%, underscoring scalable SaaS-like economics and minimal capex needs that yield consistent free cash flow per share around $10. Yet, this resilience is overshadowed by dramatic earnings volatility from its oversized securities portfolio, which has swung EBT margins from -190% to over 300% and EPS from deep losses to $82 peaks, tightly correlated with market cycles.
The balance sheet remains a fortress, with net cash ballooning to $493 million (negative net debt) and book value per share forecasted at $284 by 2025, supporting ROE projections of 33.5%. Stock performance mirrors these swings—up 68% in 2024 from lows—but trades at attractive forward multiples: 5.7x PE and 1.6x PB, implying 20-30% upside if rates ease and portfolio gains return post-Munger. Free cash flow strips away the noise, revealing underlying strength without dilution, as shares outstanding stay flat.
While macro tailwinds like Fed cuts and judicial funding bolster the outlook, risks loom large: prolonged high rates could replay 2022’s portfolio rout, eroding returns, while competition or publishing declines might cap growth at 5%. DJCO’s net cash buffer (historically 3x market cap) limits downside, but its fate hinges on prudent capital allocation amid cyclical alpha—making it a compelling yet cautious bet for patient value hunters.
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