MeritValue

CHARTER COMMUNICATIONS, INC. /MO/

CHTRdata completeness 100%16 fiscal years on file
The thesis, from the filings

CHARTER COMMUNICATIONS, INC. /MO/ earns about 3% on invested capital, and has bought back 29% of its shares over 5 years. The applicable estimate puts fair value near $362.05 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$1.1B1$1.1B2$993M3$941M3$889M3
Net income$4.65B4$5.06B5$4.56B6$5.08B6$4.99B6
Operating cash flow$16.2B7$14.9B8$14.4B9$14.4B9$16.1B9
Capital expenditure$7.64B10$9.38B11$11.1B12$11.3B12$11.7B12
Free cash flow (derived)$8.6B7,10$5.55B8,11$3.32B9,12$3.16B9,12$4.42B9,12
Total debt$91.6B13$97.6B14$98.2B15,16$94.7B17,18$95.7B17,18
Cash & equivalents$601M19$645M20$709M21$459M22$477M22
Diluted shares193.0M164.4M152.0M145.4M137.7M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom). A derived or summed figure cites every filing line it was built from.

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$1,165.5
your share of equity
Profit it earned you last year
$362.05
Free cash flow it threw off
$320.74
Debt you’d be carrying
$6,945.8

10 shares is a claim on $1,165.5 of net worth that earned you $362.05 and generated $320.74 of cash last year, against $6,945.8 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
3% avg · 5y
FY21 2%FY22 2%FY23 1%FY24 5%FY25 5%

It earned an average 3% 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
−29% shares · 5y

Share count is down 29% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has held roughly steady.

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 v0.6.0
DCF · Growth Exit 10Y
not applicable
negative equity value — refusing to publish per-share figure
assumptions (10)
  • Risk-free rate (10Y Treasury)5.00%
  • Equity risk premium5.00%
  • Beta (β)1.00
  • Equity share of capital85.0%
  • Debt spread over risk-free1.50%
  • Tax rate21.0%
  • Terminal growth2.50%
  • Projection period10 years
  • FCF growth0.0%
  • Starting free cash flow$3.32B
DCF · Growth Exit 5Y
not applicable
negative equity value — refusing to publish per-share figure
assumptions (10)
  • Risk-free rate (10Y Treasury)5.00%
  • Equity risk premium5.00%
  • Beta (β)1.00
  • Equity share of capital85.0%
  • Debt spread over risk-free1.50%
  • Tax rate21.0%
  • Terminal growth2.50%
  • Projection period5 years
  • FCF growth0.0%
  • Starting free cash flow$3.32B
Earnings Power Value
$362.05
assumptions (8)
  • Risk-free rate (10Y Treasury)5.00%
  • Equity risk premium5.00%
  • Beta (β)1.00
  • Equity share of capital85.0%
  • Debt spread over risk-free1.50%
  • Tax rate21.0%
  • Normalized earnings$4.99B
  • Growth assumed0.0%
Graham Number
$308.15
assumptions (1)
  • Graham multiplier (P/E × P/B)22.5×

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Sources — the receipts
  1. 10-K filed 2024-02-02 · period ending 2021-12-31 · accession 0001091667-24-000028 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K filed 2025-01-31 · period ending 2022-12-31 · accession 0001091667-25-000034 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K filed 2026-01-30 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001091667-26-000017 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K filed 2024-02-02 · period ending 2021-12-31 · accession 0001091667-24-000028 (NetIncomeLoss)
  5. 10-K filed 2025-01-31 · period ending 2022-12-31 · accession 0001091667-25-000034 (NetIncomeLoss)
  6. 10-K filed 2026-01-30 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001091667-26-000017 (NetIncomeLoss)
  7. 10-K filed 2024-02-02 · period ending 2021-12-31 · accession 0001091667-24-000028 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K filed 2025-01-31 · period ending 2022-12-31 · accession 0001091667-25-000034 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K filed 2026-01-30 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001091667-26-000017 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K filed 2024-02-02 · period ending 2021-12-31 · accession 0001091667-24-000028 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K filed 2025-01-31 · period ending 2022-12-31 · accession 0001091667-25-000034 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K filed 2026-01-30 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001091667-26-000017 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K filed 2023-01-27 · period ending 2021-12-31 · accession 0001091667-23-000024 (LongTermDebt)
  14. 10-K filed 2024-02-02 · period ending 2022-12-31 · accession 0001091667-24-000028 (LongTermDebt)
  15. 10-K filed 2025-01-31 · period ending 2023-12-31 · accession 0001091667-25-000034 (LongTermDebt)
  16. 10-K filed 2025-01-31 · period ending 2023-12-31 · accession 0001091667-25-000034 (OtherShortTermBorrowings)
  17. 10-K filed 2026-01-30 · periods ending 2024-12-31, 2025-12-31 · accession 0001091667-26-000017 (LongTermDebt)
  18. 10-K filed 2026-01-30 · periods ending 2024-12-31, 2025-12-31 · accession 0001091667-26-000017 (OtherShortTermBorrowings)
  19. 10-K filed 2023-01-27 · period ending 2021-12-31 · accession 0001091667-23-000024 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K filed 2024-02-02 · period ending 2022-12-31 · accession 0001091667-24-000028 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K filed 2025-01-31 · period ending 2023-12-31 · accession 0001091667-25-000034 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K filed 2026-01-30 · periods ending 2024-12-31, 2025-12-31 · accession 0001091667-26-000017 (CashAndCashEquivalentsAtCarryingValue)