APPLIED INDUSTRIAL TECHNOLOGIES INC
AITdata completeness 100%18 fiscal years on fileData notes: no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'realEstateImpairment'
APPLIED INDUSTRIAL TECHNOLOGIES INC earns about 20% on invested capital, far above its ~9% cost of capital, and has bought back 3% of its shares over 5 years — the marks of a durable business run for its owners. The estimate methods put fair value between $104.62 and $710.03 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2022 | FY 2023 | FY 2024 | FY 2025 | FY 2026 |
|---|---|---|---|---|---|
| Revenue | $3.81B1 | $4.41B2 | $4.48B3 | $4.56B3 | $4.97B3 |
| Net income | $257.4M4 | $346.7M5 | $385.8M6 | $393M6 | $414.5M6 |
| Operating cash flow | $187.6M7 | $344M8 | $371.4M9 | $492.4M9 | $484.1M9 |
| Capital expenditure | $18.1M10 | $26.5M11 | $24.9M12 | $27.2M12 | $23.6M12 |
| Free cash flow (derived) | $169.4M7 | $317.5M8 | $346.5M9 | $465.2M9 | $460.5M9 |
| Total debt | $689.3M13 | $622.1M14 | $597.3M15 | $572.3M16 | $262.3M16 |
| Cash & equivalents | $184.5M17 | $344M18 | $460.6M18 | $388.4M18 | $127.1M18 |
| Diluted shares | 39.1M | 39.2M | 39.3M | 38.8M | 37.9M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $491.78 of net worth that earned you $109.5 and generated $121.65 of cash last year, against $69.29 of debt.
It earned about 20% on invested capital, year after year, against a ~9% cost of capital — the footprint of real pricing power. Competition usually drags returns like this back down; here it hasn't.
seeing a moat in the numbers →Share count is down 3% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 62% — deleveraging.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $104.62 and $710.03 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth20.0%
- fcfBase$460.5M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth20.0%
- fcfBase$460.5M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$385.8M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $167.94 |
| Base | 20.0% | $387.39 |
| Bull | 20.0% | $387.39 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 20.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 10-K/A · period ending 2022-06-30 · accession 0000109563-24-000092 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2023-06-30 · accession 0000109563-25-000080 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2024-06-30 · accession 0000109563-26-000033 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K/A · period ending 2022-06-30 · accession 0000109563-24-000092 (NetIncomeLoss)
- 10-K · period ending 2023-06-30 · accession 0000109563-25-000080 (NetIncomeLoss)
- 10-K · period ending 2024-06-30 · accession 0000109563-26-000033 (NetIncomeLoss)
- 10-K/A · period ending 2022-06-30 · accession 0000109563-24-000092 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-06-30 · accession 0000109563-25-000080 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2024-06-30 · accession 0000109563-26-000033 (NetCashProvidedByUsedInOperatingActivities)
- 10-K/A · period ending 2022-06-30 · accession 0000109563-24-000092 (PaymentsToAcquireProductiveAssets)
- 10-K · period ending 2023-06-30 · accession 0000109563-25-000080 (PaymentsToAcquireProductiveAssets)
- 10-K · period ending 2024-06-30 · accession 0000109563-26-000033 (PaymentsToAcquireProductiveAssets)
- 10-K · period ending 2022-06-30 · accession 0000109563-23-000075 (LongTermDebtNoncurrent)
- 10-K/A · period ending 2023-06-30 · accession 0000109563-24-000092 (LongTermDebtNoncurrent)
- 10-K · period ending 2024-06-30 · accession 0000109563-25-000080 (LongTermDebtNoncurrent)
- 10-K · period ending 2025-06-30 · accession 0000109563-26-000033 (LongTermDebtNoncurrent)
- 10-K · period ending 2022-06-30 · accession 0000109563-25-000080 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
- 10-K · period ending 2023-06-30 · accession 0000109563-26-000033 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)