MeritValue

AVNET INC

AVTdata completeness 100%18 fiscal years on file
i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$19.5B1$24.3B2$26.5B3$23.8B3$22.2B3
Net income$193.1M4$692.4M5$770.8M6$498.7M6$240.2M6
Operating cash flow$90.9M7−$219.3M8−$713.7M9$690M9$724.5M9
Capital expenditure$50.4M10$48.9M11$194.7M12$226.5M12$147.5M12
Free cash flow (derived)$40.6M7−$268.2M8−$908.4M9$463.5M9$577M9
Total debt$1.21B13$1.61B14$3.06B15$2.9B16$2.66B16
Cash & equivalents$199.7M17$153.7M18$288.2M19$310.9M20$192.4M20
Diluted shares100.2M99.8M93.4M91.8M87.4M

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
0.000011%
of the whole company
Your share of last year’s profit
$27.48
Your share of its debt
$304.53
Your share of free cash flow
$66.01
iii. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
$297.6
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth20.0%
  • fcfBase$463.5M
DCF · Growth Exit 5Y
$149.18
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth20.0%
  • fcfBase$463.5M
Earnings Power Value
$60.12
assumptions (8)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$498.7M
  • growthAssumed0.0%
Graham Number
$59.56
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 $149.18

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. 10-K · period ending 2021-07-03 · accession 0000008858-23-000029 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-07-02 · accession 0000008858-24-000030 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-07-01 · accession 0000008858-25-000028 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-07-03 · accession 0000008858-23-000029 (NetIncomeLoss)
  5. 10-K · period ending 2022-07-02 · accession 0000008858-24-000030 (NetIncomeLoss)
  6. 10-K · period ending 2023-07-01 · accession 0000008858-25-000028 (NetIncomeLoss)
  7. 10-K · period ending 2021-07-03 · accession 0000008858-23-000029 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-07-02 · accession 0000008858-24-000030 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-07-01 · accession 0000008858-25-000028 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-07-03 · accession 0000008858-23-000029 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-07-02 · accession 0000008858-24-000030 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-07-01 · accession 0000008858-25-000028 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-07-03 · accession 0000008858-22-000031 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-07-02 · accession 0000008858-23-000029 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-07-01 · accession 0000008858-24-000030 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-06-29 · accession 0000008858-25-000028 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-07-03 · accession 0000008858-22-000031 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-07-02 · accession 0000008858-23-000029 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-07-01 · accession 0000008858-24-000030 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-06-29 · accession 0000008858-25-000028 (CashAndCashEquivalentsAtCarryingValue)