MeritValue

Chemours Co

CCdata completeness 100%13 fiscal years on file
The thesis, from the filings

Chemours Co earns about 9% on invested capital, and has bought back 11% of its shares over 5 years. The applicable estimate puts fair value near $4.76 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$6.35B1$6.83B2$6.08B3$5.78B3$5.81B3
Net income$608M4$578M5−$253M6$69M6−$386M6
Operating cash flow$814M7$755M8$556M9−$633M9$264M9
Capital expenditure$277M10$307M11$370M12$360M12$213M12
Free cash flow (derived)$537M7$448M8$186M9−$993M9$51M9
Total debt$3.75B13$3.63B14$4.04B15$4.11B15$4.14B15
Cash & equivalents$1.45B16$1.1B17$1.2B18$713M18$670M18
Diluted shares168.7M158.3M148.9M150.2M150.2M

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
Net assets behind them
$16.64
your share of equity
Profit it earned you last year
−$25.69
Free cash flow it threw off
$3.39
Debt you’d be carrying
$275.63

10 shares is a claim on $16.64 of net worth that earned you −$25.69 and generated $3.39 of cash last year, against $275.63 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
9% avg · 5y
FY21 23%FY22 19%FY23 -2%FY24 6%FY25 -0%

It earned an average 9% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−11% shares · 5y

Share count is down 11% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 10% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
negative equity value — refusing to publish per-share figure
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$51M
DCF · Growth Exit 5Y
not applicable
negative equity value — refusing to publish per-share figure
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$51M
Earnings Power Value
$4.76
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$69M
  • growthAssumed0.0%
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000950170-24-037171 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-25-021787 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001193125-26-065201 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0000950170-24-037171 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000950170-25-021787 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001193125-26-065201 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000950170-24-037171 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0000950170-25-021787 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001193125-26-065201 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0000950170-24-037171 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0000950170-25-021787 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001193125-26-065201 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0000950170-23-002467 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-12-31 · accession 0000950170-24-037171 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-12-31 · accession 0001193125-26-065201 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2021-12-31 · accession 0000950170-24-037171 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2022-12-31 · accession 0000950170-25-021787 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-12-31 · accession 0001193125-26-065201 (CashAndCashEquivalentsAtCarryingValue)