MeritValue

ALCON INC

ALCdata completeness 100%13 fiscal years on file
i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$8.29B1$8.72B2$9.46B3$9.91B3$10.4B3
Net income$376M4$335M5$974M6$1.02B6$980M6
Operating cash flow$1.35B7$1.22B8$1.39B9$2.08B9$2.27B9
Capital expenditure$700M10$636M11$658M12$473M12$543M12
Free cash flow (derived)$645M7$581M8$730M9$1.6B9$1.73B9
Total debt$4.08B13$4.65B14$4.74B15$4.64B16$4.74B16
Cash & equivalents$1.58B17$980M18$1.09B18$1.68B18$1.53B18
Diluted shares490.1M490.1M493.2M494.6M487.4M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
You’d own
0.0000021%
of the whole company
Your share of last year’s profit
$20.11
Your share of its debt
$97.18
Your share of free cash flow
$35.45
iii. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
$195.64
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth20.0%
  • fcfBase$1.6B
DCF · Growth Exit 5Y
$103.53
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth20.0%
  • fcfBase$1.6B
Earnings Power Value
$21.06
assumptions (8)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$974M
  • growthAssumed0.0%
Graham Number
$44.88
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

iv. The price question — last, on purpose
What does today’s price assume?
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years20.0%
Discount rate (WACC)8.78%
Terminal growth2.5%
At your growth, a share is worth $103.53

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.

Sources — the receipts
  1. 20-F · period ending 2021-12-31 · accession 0001167379-24-000008 (Revenue)
  2. 20-F · period ending 2022-12-31 · accession 0001167379-25-000008 (Revenue)
  3. 20-F · period ending 2023-12-31 · accession 0001167379-26-000014 (Revenue)
  4. 20-F · period ending 2021-12-31 · accession 0001167379-24-000008 (ProfitLoss)
  5. 20-F · period ending 2022-12-31 · accession 0001167379-25-000008 (ProfitLoss)
  6. 20-F · period ending 2023-12-31 · accession 0001167379-26-000014 (ProfitLossAttributableToOwnersOfParent)
  7. 20-F · period ending 2021-12-31 · accession 0001167379-24-000008 (CashFlowsFromUsedInOperatingActivities)
  8. 20-F · period ending 2022-12-31 · accession 0001167379-25-000008 (CashFlowsFromUsedInOperatingActivities)
  9. 20-F · period ending 2023-12-31 · accession 0001167379-26-000014 (CashFlowsFromUsedInOperatingActivities)
  10. 20-F · period ending 2021-12-31 · accession 0001167379-24-000008 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  11. 20-F · period ending 2022-12-31 · accession 0001167379-25-000008 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  12. 20-F · period ending 2023-12-31 · accession 0001167379-26-000014 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  13. 20-F · period ending 2021-12-31 · accession 0001167379-23-000011 (Borrowings)
  14. 20-F · period ending 2022-12-31 · accession 0001167379-24-000008 (Borrowings)
  15. 20-F · period ending 2023-12-31 · accession 0001167379-25-000008 (Borrowings)
  16. 20-F · period ending 2024-12-31 · accession 0001167379-26-000014 (Borrowings)
  17. 20-F · period ending 2021-12-31 · accession 0001167379-25-000008 (CashAndCashEquivalents)
  18. 20-F · period ending 2022-12-31 · accession 0001167379-26-000014 (CashAndCashEquivalents)