The Buckle, Inc.

AI-generated fair value estimate for this company.

Method: 10-year FCF-to-equity DCF: normalized owner FCF (operating cash flow minus capex) base of $195M for FY2026 (TTM FCF $191.3M; recent fiscal years ranged $200-217M); FCF growth 5%/yr years 1-3, 4%/yr years 4-6, 3%/yr years 7-10 reflecting a mature, largely mall-based store footprint with modest unit growth; 10% discount rate (CAPM-based cost of equity, no debt in capital structure); 2.5% terminal growth; plus $306.6M net cash and investments (no funded debt); 50.7M diluted shares.

Reasoning: Buckle is debt-free with stable, high-margin cash generation, so a levered FCF-to-equity DCF that directly capitalizes owner cash flow and adds back its cash/investment balance is the natural fit; growth assumptions are deliberately modest given specialty apparel retail's structural headwinds (mall traffic, fashion risk), consistent with sell-side 3-year consensus of roughly 5% revenue / 2% earnings CAGR that we taper further over the full decade.