MeritValue

CHS INC

CHSCPdata completeness 88%16 fiscal years on file

Data notes: no data for concept 'epsDiluted'

The thesis, from the filings

CHS INC earns about 12% on invested capital. The cash-flow models don't apply cleanly here — the ledger says why below.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$38.4B1$47.8B2$45.6B3$39.3B3$35.5B3
Net income$554M4$1.68B5$1.9B6$1.1B6$597.9M6
Operating cash flow$757.8M7$1.95B8$3.28B9$1.27B9$635.8M9
Capital expenditure$317.8M10$354.4M11$564.5M12$808.8M12$728.6M12
Free cash flow (derived)$440M7$1.59B8$2.72B9$464.1M9−$92.8M9
Total debt$1.58B13$1.91B14$1.78B15$2.12B16$1.78B17
Cash & equivalents$413.2M18$794M19$1.77B20$794.9M20$327.8M20
Diluted shares—————

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

iii. Is this a good business?
Moat signal · return on invested capital
12% avg · 5y
FY21 6%FY22 17%FY23 19%FY24 10%FY25 6%

It earned an average 12% 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
— shares · 5y

Total debt has risen 13% 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
no diluted share count — cannot compute per-share value
DCF · Growth Exit 5Y
not applicable
no diluted share count — cannot compute per-share value
Earnings Power Value
not applicable
no diluted share count
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 2021-08-31 · accession 0000823277-23-000053 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-08-31 · accession 0000823277-24-000046 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-08-31 · accession 0000823277-25-000038 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-08-31 · accession 0000823277-23-000053 (NetIncomeLoss)
  5. 10-K · period ending 2022-08-31 · accession 0000823277-24-000046 (NetIncomeLoss)
  6. 10-K · period ending 2023-08-31 · accession 0000823277-25-000038 (NetIncomeLoss)
  7. 10-K · period ending 2021-08-31 · accession 0000823277-23-000053 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-08-31 · accession 0000823277-24-000046 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-08-31 · accession 0000823277-25-000038 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-08-31 · accession 0000823277-23-000053 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-08-31 · accession 0000823277-24-000046 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-08-31 · accession 0000823277-25-000038 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-08-31 · accession 0000823277-21-000044 (LongTermDebt)
  14. 10-K · period ending 2022-08-31 · accession 0000823277-22-000050 (LongTermDebt)
  15. 10-K · period ending 2023-08-31 · accession 0000823277-23-000053 (LongTermDebt)
  16. 10-K · period ending 2024-08-31 · accession 0000823277-24-000046 (LongTermDebt)
  17. 10-K · period ending 2025-08-31 · accession 0000823277-25-000038 (LongTermDebt)
  18. 10-K · period ending 2021-08-31 · accession 0000823277-23-000053 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2022-08-31 · accession 0000823277-24-000046 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2023-08-31 · accession 0000823277-25-000038 (CashAndCashEquivalentsAtCarryingValue)