BALCHEM CORP
BCPCdata completeness 75%17 fiscal years on fileBALCHEM CORP earns about 11% on invested capital, comfortably above its ~9% cost of capital, with a roughly flat share count — a real edge showing up in the numbers. The estimate methods put fair value between $34.5 and $72.2 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | $799M1 | $942.4M2 | $922.4M3 | $953.7M3 | $1.04B3 |
| Net income | $96.1M4 | $105.4M5 | $108.5M6 | $128.5M6 | $154.8M6 |
| Operating cash flow | $160.5M7 | $138.5M8 | $183.8M9 | $182M9 | $216.6M9 |
| Capital expenditure | $36.1M10 | $49.1M10 | — | — | — |
| Free cash flow (derived) | $124.4M7 | $89.5M8 | — | — | — |
| Total debt | — | — | — | — | — |
| Cash & equivalents | $103.2M11 | $66.6M12 | $64.4M13 | $49.5M14 | $74.6M14 |
| Diluted shares | 32.7M | 32.4M | 32.4M | 32.7M | 32.6M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $385.66 of net worth that earned you $47.49 last year.
It earned about 11% on invested capital against a ~9% cost of capital — comfortably above the cost of funding, a moderate advantage.
seeing a moat in the numbers →Share count is roughly flat over 5 years — little dilution, little buyback.
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 $34.5 and $72.2 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
- fcfGrowth5.0%
- fcfBase$118.4M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth5.0%
- fcfBase$118.4M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$108.5M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $54.18 |
| Base | 5.0% | $66.74 |
| Bull | 10.0% | $81.77 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 5.0%= 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 · period ending 2021-12-31 · accession 0001628280-24-005397 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2022-12-31 · accession 0001628280-25-007202 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2023-12-31 · accession 0000009326-26-000007 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2021-12-31 · accession 0001628280-24-005397 (NetIncomeLoss)
- 10-K · period ending 2022-12-31 · accession 0001628280-25-007202 (NetIncomeLoss)
- 10-K · period ending 2023-12-31 · accession 0000009326-26-000007 (NetIncomeLoss)
- 10-K · period ending 2021-12-31 · accession 0001628280-24-005397 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2022-12-31 · accession 0001628280-25-007202 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-12-31 · accession 0000009326-26-000007 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2021-12-31 · accession 0001628280-23-005074 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2021-12-31 · accession 0001628280-23-005074 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2022-12-31 · accession 0001628280-24-005397 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2023-12-31 · accession 0001628280-25-007202 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2024-12-31 · accession 0000009326-26-000007 (CashAndCashEquivalentsAtCarryingValue)