MeritValue

Axalta Coating Systems Ltd.

AXTAdata completeness 100%12 fiscal years on file
i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$4.42B1$4.88B2$5.18B3$5.28B3$5.12B3
Net income$263.9M4$192M5$267M6$391M6$378M6
Operating cash flow$558.6M7$294M8$575M9$576M9$649M9
Capital expenditure$121.6M10$151M11$138M12$140M12$196M12
Free cash flow (derived)$437M7$143M8$437M9$436M9$453M9
Total debt$4B13$3.72B14$3.51B15$3.42B16$3.2B16
Cash & equivalents$840.6M17$645M18$700M19$593M19$657M19
Diluted shares231.9M222.3M221.9M220.4M217.0M

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
0.0000046%
of the whole company
Your share of last year’s profit
$17.42
Your share of its debt
$147.56
Your share of free cash flow
$20.88
iii. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
$17.11
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.8%
  • fcfBase$437M
DCF · Growth Exit 5Y
$18.75
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.8%
  • fcfBase$437M
Earnings Power Value
$12.97
assumptions (8)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$267M
  • growthAssumed0.0%
Graham Number
$20.57
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 years0.8%
Discount rate (WACC)8.78%
Terminal growth2.5%
At your growth, a share is worth $18.75

Default growth 0.8%= 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 0001616862-24-000015 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001616862-25-000013 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001628280-26-008008 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001616862-24-000015 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001616862-25-000013 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001628280-26-008008 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001616862-24-000015 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001616862-25-000013 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001628280-26-008008 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001616862-24-000015 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001616862-25-000013 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001628280-26-008008 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001616862-22-000010 (LongTermDebt)
  14. 10-K · period ending 2022-12-31 · accession 0001616862-24-000015 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-12-31 · accession 0001616862-25-000013 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-12-31 · accession 0001628280-26-008008 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-12-31 · accession 0001616862-24-000015 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001616862-25-000013 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001628280-26-008008 (CashAndCashEquivalentsAtCarryingValue)