MeritValue

Allegion plc

ALLEdata completeness 100%14 fiscal years on file
i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$2.87B1$3.27B2$3.65B3$3.77B3$4.07B3
Net income$483M4$458M5$540.4M6$597.5M6$643.8M6
Operating cash flow$488.6M7$459.5M8$600.6M9$675M9$783.8M9
Capital expenditure$45.4M10$64M11$84.2M11$92.1M11$98.1M12
Free cash flow (derived)$443.2M7$395.5M8$516.4M9$582.9M9$685.7M9
Total debt$2.9B13$4.2B14$4.44B15$4.02B16$3.96B16
Cash & equivalents$397.9M17$288M18$468.1M19$503.8M20$356.2M20
Diluted shares90.5M88.3M88.3M87.6M86.6M

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
0.000012%
of the whole company
Your share of last year’s profit
$74.34
Your share of its debt
$457.32
Your share of free cash flow
$79.18
iii. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
$146.57
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth9.6%
  • fcfBase$582.9M
DCF · Growth Exit 5Y
$106.73
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth9.6%
  • fcfBase$582.9M
Earnings Power Value
$65.76
assumptions (8)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$540.4M
  • growthAssumed0.0%
Graham Number
$63.22
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 years9.6%
Discount rate (WACC)8.78%
Terminal growth2.5%
At your growth, a share is worth $106.73

Default growth 9.6%= 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. 10-K · period ending 2021-12-31 · accession 0001579241-24-000006 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001579241-25-000008 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001579241-26-000007 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001579241-24-000006 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001579241-25-000008 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001579241-26-000007 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001579241-24-000006 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001579241-25-000008 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001579241-26-000007 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001579241-24-000006 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001579241-25-000008 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2025-12-31 · accession 0001579241-26-000007 (PaymentsToAcquireProductiveAssets)
  13. 10-K · period ending 2021-12-31 · accession 0001579241-23-000006 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-12-31 · accession 0001579241-24-000006 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-12-31 · accession 0001579241-25-000008 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-12-31 · accession 0001579241-26-000007 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-12-31 · accession 0001579241-23-000006 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001579241-24-000006 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001579241-25-000008 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001579241-26-000007 (CashAndCashEquivalentsAtCarryingValue)