# Daily Journal (DJCO.US)

Canonical: https://gigainvestors.com/s/DJCO

Analysis as of: 2026-10-16T07:28:02.351Z. Financial observations: FY1996–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $638.60 per share; close as of 2026-10-15.

Estimated value: low $377.22 per share, central $401.51 per share, high $416.38 per share. Buy at or below the central value $401.51 per share. Valuation as of 2026-10-16T07:28:02.351Z; scenarios are not confidence intervals.

Expected annual return: 4.9% at the stated quote. About 4.9% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 4 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 4

- Operating margin variation: 2.74×

Chart: Operating margin; fiscal year observations.

- FY2016: -0.16×

- FY2017: -0.32×

- FY2018: -0.35×

- FY2019: -0.10×

- FY2020: -0.03×

- FY2021: 0.04×

- FY2022: 0.04×

- FY2023: 0.10×

- FY2024: 0.06×

- FY2025: 0.13×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: -0.1%

- ROIC, second-lowest year: -5.4%

- Typical minus recent gross margin: -8.7 pp

- Typical gross margin (annual median): 14.9%

- Recent gross margin (lower of latest and 3-year median): 23.6%

- Years with nonpositive capital: 10

- Capital spending / revenue: 0.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: -3.3%

- FY2017: -5.4%

- FY2018: -5.7%

- FY2019: -2.3%

- FY2020: -0.7%

- FY2021: 0.6%

- FY2022: 0.6%

- FY2023: 1.8%

- FY2024: 1.0%

- FY2025: 2.0%

### economics: fail

- owner earnings cash conversion below threshold

- working capital as a share of revenue rose more than 10pp and ends positive

- Owner earnings / net income, 5-yr: -0.15×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: -$38M

- Net income, five-year total: $249M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 1.7 pp

- Working capital / revenue, change between three-year averages: 10.7 pp

- Working capital / revenue, final three-year average: 17.6%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.03×

- FY2022: 1.00×

- FY2023: 1.01×

- FY2024: -0.00×

- FY2025: 0.12×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2025 (8 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: -5.4% vs 1.8%

- Per-share earnings: -0.66 to 56.73 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.0%

- Ordinary dilution, 5-year annual growth: -0.0%

- Market cap gain: $538M

- Cumulative retained earnings: $332M

- Diluted shares, 10-year annual growth: -0.0%

- Diluted shares, 5-year annual growth: -0.0%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value change: $57.39

- Per-share value, starting three-year median: -$0.66

- Per-share value, ending three-year median: $56.73

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: $520K

- Cumulative net income, 10 years: $234M

- ROIC, first three-year median: -5.4%

- ROIC, last three-year median: 1.8%

Chart: Earnings per share; fiscal year observations.

- FY2016: -$0.76

- FY2017: -$0.66

- FY2018: $5.94

- FY2019: -$18.26

- FY2020: $2.93

- FY2021: $81.77

- FY2022: -$54.81

- FY2023: $15.58

- FY2024: $56.73

- FY2025: $81.41

### accounting: pass

- Sloan accruals exceed 10%

- Sloan accruals: 18.0%

- Receivables to sales index (DSRI): 0.87×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 1.1%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.12×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -1.0%

- FY2017: 0.6%

- FY2018: 3.8%

- FY2019: -11.3%

- FY2020: 0.7%

- FY2021: 28.7%

- FY2022: -22.0%

- FY2023: 1.8%

- FY2024: 19.4%

- FY2025: 18.0%

## Holders

- [Guy Spier](https://gigainvestors.com/aq): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Price needs cash profits to grow 23% a year for ten years · sales +25.4%

Story as of 2026-10-16T09:58:38.546Z; price observation 2026-10-15.

Price needs cash profits to grow 23% a year for ten years

- 2025-05-26: DJCO's 1H25 Earnings Rise Y/Y on Tech Revenue Growth, Stock Up 3% ([finance.yahoo.com](https://finance.yahoo.com/news/djcos-1h25-earnings-rise-y-171600705.html))

- 2026-05-21: Daily Journal Incurs Q2 Loss Due to Investment Losses, Rising Costs ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/daily-journal-incurs-q2-loss-165700594.html))

### Sales · FY2024–2025

sales +25.4%; source https://www.sec.gov/Archives/edgar/data/783412/000143774925038836/djco20250930_10k.htm; observed 2025-12-29.

- FY2016: $42M 

- FY2017: $41M 

- FY2018: $41M 

- FY2019: $49M 

- FY2020: $50M 

- FY2021: $50M 

- FY2022: $54M 

- FY2023: $68M 

- FY2024: $70M 

- FY2025: $88M 

### Gross margin · FY2025

gross margin 36.7%; source https://www.sec.gov/Archives/edgar/data/783412/000143774925038836/djco20250930_10k.htm; observed 2025-12-29.

- FY2016: 20.3% 

- FY2017: 7.5% 

- FY2018: 2.3% 

- FY2019: 12.8% 

- FY2020: 10.8% 

- FY2021: 14.4% 

- FY2022: 15.5% 

- FY2023: 23.6% 

- FY2024: 20.3% 

- FY2025: 36.7% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in software application; annual sales are USD 87.7 million.

- Source: https://www.sec.gov/Archives/edgar/data/783412/000143774925038836/djco20250930_10k.htm (filed 2025-12-29); FY2025: revenue 87700000; grossProfit 32149000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); DJCO.US: Daily Journal Corporation publishes newspapers and websites covering in California, Arizona, Utah, and Australia. It operates in two segments, Traditional Business and Journal Technologies. The company publishes 10 newspapers of general circulation, including Los Angeles Daily Journal, San Francisco Daily Journal, Daily Commerce, The Daily Recorder, The Inter-City Express, San Jose Post-Record, Orange County Reporter, Business Journal, The Daily Transcript, and The Record Reporter. It also provides specialized information services; and serves as a newspaper representative for public notice advertising. In addition, the company offers case management software systems and related products, including eCourt, eProsecutor, eDefender, and eSupervision, which are browser-based case processing systems; eFile-it, a browser-based interface that allows attorneys and the public to electronically file documents with the court; and ePay-it, a service primarily for the online payment of traffic citations. Further, it provides its software systems and related products to courts; prosecutor and public defender offices; probation departments; and other justice agencies, including administrative law organizations, city and county governments, and bar associations to manage cases and information electronically, to interface with other justice partners, and to extend electronic services to the public. Daily Journal Corporation was incorporated in 1987 and is based in Los Angeles, California.

### Why customers stay

Margins ranged from 20.3% to 36.7% during 2023–25; it lost 0.1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-29); FY2023: grossProfit / revenue = 23.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-29); FY2024: grossProfit / revenue = 20.3%.

- Source: https://www.sec.gov/Archives/edgar/data/783412/000143774925038836/djco20250930_10k.htm (filed 2025-12-29); FY2025: grossProfit / revenue = 36.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-29); 10-year return on capital observations [[2016,-0.033407847557907745],[2017,-0.054373539635660335],[2018,-0.057147120109073135],[2019,-0.022546323686016518],[2020,-0.0070938667385326065],[2021,0.005507826711941914],[2022,0.006151193197832827],[2023,0.018348470909166227],[2024,0.009917803957777855],[2025,0.02039770985439811]]; median -0.0007930200132953463. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 3 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-29); FY2016: growth capex 0; upkeep 3779000; owner earnings 887000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-29); FY2020: growth capex 0; upkeep 184000; owner earnings 4381000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-29); FY2021: growth capex 0; upkeep 29000; owner earnings 3257000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-29); FY2023: growth capex 0; upkeep 86000; owner earnings 21645000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/783412/000143774925038836/djco20250930_10k.htm (filed 2025-12-29); FY2025: growth capex 0; upkeep 8000; owner earnings 13185000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-29); Dividend observations: [[2016,4085000],[2017,4844000],[2018,0],[2019,0],[2020,0],[2021,0],[2022,0],[2023,8336],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 4.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); DJCO.US SharesStats.PercentInsiders = 4.414 percentage points; cache date 2026-10-15.

### What the price says

The price assumes cash profits grow 23% yearly over ten years; actual growth was 8.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-29); Ten-year compound average after fade. Initial solved rate 0.3230793154416157. Price 638.6; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 4.183385239371334 → FY2025 9.57166699455464. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $211.20 per share

- 2016-11: $241.73 per share

- 2016-12: $241.80 per share

- 2017-01: $216.40 per share

- 2017-02: $208.80 per share

- 2017-03: $214.29 per share

- 2017-04: $209.02 per share

- 2017-05: $210.30 per share

- 2017-06: $209.94 per share

- 2017-07: $204.80 per share

- 2017-08: $209.90 per share

- 2017-09: $218.61 per share

- 2017-10: $232.10 per share

- 2017-11: $235.63 per share

- 2017-12: $230.22 per share

- 2018-01: $228.70 per share

- 2018-02: $227.01 per share

- 2018-03: $228.49 per share

- 2018-04: $226.55 per share

- 2018-05: $226.00 per share

- 2018-06: $230.20 per share

- 2018-07: $234.78 per share

- 2018-08: $238.45 per share

- 2018-09: $241.00 per share

- 2018-10: $237.04 per share

- 2018-11: $236.00 per share

- 2018-12: $234.00 per share

- 2019-01: $221.11 per share

- 2019-02: $224.99 per share

- 2019-03: $214.10 per share

- 2019-04: $223.00 per share

- 2019-05: $214.89 per share

- 2019-06: $238.00 per share

- 2019-07: $248.10 per share

- 2019-08: $200.48 per share

- 2019-09: $247.56 per share

- 2019-10: $281.01 per share

- 2019-11: $284.10 per share

- 2019-12: $290.42 per share

- 2020-01: $275.00 per share

- 2020-02: $250.00 per share

- 2020-03: $228.30 per share

- 2020-04: $277.50 per share

- 2020-05: $280.10 per share

- 2020-06: $270.00 per share

- 2020-07: $284.00 per share

- 2020-08: $275.20 per share

- 2020-09: $242.00 per share

- 2020-10: $271.20 per share

- 2020-11: $270.00 per share

- 2020-12: $404.00 per share

- 2021-01: $334.00 per share

- 2021-02: $342.30 per share

- 2021-03: $316.45 per share

- 2021-04: $305.19 per share

- 2021-05: $319.50 per share

- 2021-06: $338.50 per share

- 2021-07: $333.00 per share

- 2021-08: $340.00 per share

- 2021-09: $320.37 per share

- 2021-10: $343.22 per share

- 2021-11: $364.32 per share

- 2021-12: $356.73 per share

- 2022-01: $323.99 per share

- 2022-02: $323.36 per share

- 2022-03: $311.99 per share

- 2022-04: $257.15 per share

- 2022-05: $275.82 per share

- 2022-06: $258.80 per share

- 2022-07: $270.30 per share

- 2022-08: $261.20 per share

- 2022-09: $256.39 per share

- 2022-10: $268.25 per share

- 2022-11: $275.00 per share

- 2022-12: $250.51 per share

- 2023-01: $306.00 per share

- 2023-02: $303.68 per share

- 2023-03: $284.96 per share

- 2023-04: $273.15 per share

- 2023-05: $294.78 per share

- 2023-06: $289.28 per share

- 2023-07: $289.52 per share

- 2023-08: $294.80 per share

- 2023-09: $294.00 per share

- 2023-10: $290.89 per share

- 2023-11: $325.58 per share

- 2023-12: $340.82 per share

- 2024-01: $321.32 per share

- 2024-02: $338.55 per share

- 2024-03: $361.61 per share

- 2024-04: $335.20 per share

- 2024-05: $379.00 per share

- 2024-06: $394.48 per share

- 2024-07: $465.60 per share

- 2024-08: $497.11 per share

- 2024-09: $490.10 per share

- 2024-10: $485.00 per share

- 2024-11: $564.51 per share

- 2024-12: $567.99 per share

- 2025-01: $410.10 per share

- 2025-02: $393.27 per share

- 2025-03: $397.70 per share

- 2025-04: $378.98 per share

- 2025-05: $421.43 per share

- 2025-06: $422.25 per share

- 2025-07: $399.58 per share

- 2025-08: $467.20 per share

- 2025-09: $465.14 per share

- 2025-10: $405.04 per share

- 2025-11: $458.39 per share

- 2025-12: $487.32 per share

- 2026-01: $586.37 per share

- 2026-02: $509.51 per share

- 2026-03: $482.34 per share

- 2026-04: $528.76 per share

- 2026-05: $517.12 per share

- 2026-06: $601.19 per share

- 2026-07: $587.10 per share

- 2026-08: $622.94 per share

- 2026-09: $646.22 per share

- 2026-10: $638.60 per share

## Annual estimated value (USD per share)

- FY2016: low $171.68 per share, central $177.65 per share, high $185.60 per share

- FY2017: low $210.92 per share, central $216.86 per share, high $224.75 per share

- FY2018: low $202.23 per share, central $208.06 per share, high $215.83 per share

- FY2019: low $155.03 per share, central $156.65 per share, high $158.33 per share

- FY2020: low $157.11 per share, central $158.28 per share, high $159.82 per share

- FY2023: low $275.79 per share, central $290.38 per share, high $299.99 per share

- FY2024: low $324.56 per share, central $341.77 per share, high $354.14 per share

- FY2025: low $426.74 per share, central $448.57 per share, high $461.92 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/783412/000143774925038836/djco20250930_10k.htm); period 2025-09-30, filed 2025-12-29.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations

- [Guy Spier](https://gigainvestors.com/aq): 11,500 DJCO shares; USD 6,914,000 reported position value; 4.8% of portfolio; hold; quarter 2026 Q2.

# DJCO — Daily Journal Corp.

Held by 1 investor · USD 6,914,000 total · 2026 Q2 · reported price USD 601.22 (split-adjusted).
Page: https://gigainvestors.com/s/DJCO

## Holders (2026 Q2)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Guy Spier (https://gigainvestors.com/aq) | USD 6,914,000 | 4.8% | hold |

## Total held by quarter

- 2006 Q4: USD 1,961,853 · 1 holder · USD 40.33
- 2007 Q1: USD 1,988,121 · 1 holder · USD 40.87
- 2007 Q2: USD 1,945,800 · 1 holder · USD 40.00
- 2007 Q3: USD 2,047,859 · 1 holder · USD 41.84
- 2007 Q4: USD 2,032,196 · 1 holder · USD 41.52
- 2008 Q1: USD 1,961,010 · 1 holder · USD 41.59
- 2008 Q2: USD 1,868,047 · 1 holder · USD 41.01
- 2008 Q3: USD 1,604,043 · 1 holder · USD 40.50
- 2008 Q4: USD 0 · 0 holders
- 2009 Q1: USD 0 · 0 holders
- 2009 Q2: USD 0 · 0 holders
- 2009 Q3: USD 0 · 0 holders
- 2009 Q4: USD 0 · 0 holders
- 2010 Q1: USD 0 · 0 holders
- 2010 Q2: USD 0 · 0 holders
- 2010 Q3: USD 0 · 0 holders
- 2010 Q4: USD 0 · 0 holders
- 2011 Q1: USD 0 · 0 holders
- 2011 Q2: USD 0 · 0 holders
- 2011 Q3: USD 0 · 0 holders
- 2011 Q4: USD 0 · 0 holders
- 2012 Q1: USD 0 · 0 holders
- 2012 Q2: USD 0 · 0 holders
- 2012 Q3: USD 0 · 0 holders
- 2012 Q4: USD 0 · 0 holders
- 2013 Q1: USD 0 · 0 holders
- 2013 Q2: USD 0 · 0 holders
- 2013 Q3: USD 0 · 0 holders
- 2013 Q4: USD 0 · 0 holders
- 2014 Q1: USD 0 · 0 holders
- 2014 Q2: USD 0 · 0 holders
- 2014 Q3: USD 0 · 0 holders
- 2014 Q4: USD 0 · 0 holders
- 2015 Q1: USD 0 · 0 holders
- 2015 Q2: USD 0 · 0 holders
- 2015 Q3: USD 0 · 0 holders
- 2015 Q4: USD 0 · 0 holders
- 2016 Q1: USD 0 · 0 holders
- 2016 Q2: USD 0 · 0 holders
- 2016 Q3: USD 0 · 0 holders
- 2016 Q4: USD 0 · 0 holders
- 2017 Q1: USD 0 · 0 holders
- 2017 Q2: USD 0 · 0 holders
- 2017 Q3: USD 0 · 0 holders
- 2017 Q4: USD 0 · 0 holders
- 2018 Q1: USD 0 · 0 holders
- 2018 Q2: USD 0 · 0 holders
- 2018 Q3: USD 0 · 0 holders
- 2018 Q4: USD 0 · 0 holders
- 2019 Q1: USD 0 · 0 holders
- 2019 Q2: USD 0 · 0 holders
- 2019 Q3: USD 0 · 0 holders
- 2019 Q4: USD 0 · 0 holders
- 2020 Q1: USD 0 · 0 holders
- 2020 Q2: USD 0 · 0 holders
- 2020 Q3: USD 0 · 0 holders
- 2020 Q4: USD 0 · 0 holders
- 2021 Q1: USD 0 · 0 holders
- 2021 Q2: USD 3,892,980 · 1 holder · USD 338.52
- 2021 Q3: USD 3,684,025 · 1 holder · USD 320.35
- 2021 Q4: USD 4,102,050 · 1 holder · USD 356.70
- 2022 Q1: USD 3,588,000 · 1 holder · USD 312.00
- 2022 Q2: USD 2,975,970 · 1 holder · USD 258.78
- 2022 Q3: USD 2,948,025 · 1 holder · USD 256.35
- 2022 Q4: USD 2,880,980 · 1 holder · USD 250.52
- 2023 Q1: USD 3,277,040 · 1 holder · USD 284.96
- 2023 Q2: USD 3,326,950 · 1 holder · USD 289.30
- 2023 Q3: USD 3,381,000 · 1 holder · USD 294.00
- 2023 Q4: USD 3,918,970 · 1 holder · USD 340.78
- 2024 Q1: USD 4,158,975 · 1 holder · USD 361.65
- 2024 Q2: USD 4,536,980 · 1 holder · USD 394.52
- 2024 Q3: USD 5,636,035 · 1 holder · USD 490.09
- 2024 Q4: USD 6,532,000 · 1 holder · USD 568.00
- 2025 Q1: USD 4,574,010 · 1 holder · USD 397.74
- 2025 Q2: USD 4,855,990 · 1 holder · USD 422.26
- 2025 Q3: USD 5,348,995 · 1 holder · USD 465.13
- 2025 Q4: USD 5,603,950 · 1 holder · USD 487.30
- 2026 Q1: USD 5,547,025 · 1 holder · USD 482.35
- 2026 Q2: USD 6,914,000 · 1 holder · USD 601.22