MeritValue

Clarus Corp

CLARdata completeness 100%17 fiscal years on file
The thesis, from the filings

Clarus Corp earns about -16% on invested capital, but has diluted owners by 8% over 5 years — worth asking whether the growth reaches owners. 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$266M1$315.3M2$286M3$264.3M3$250.4M3
Net income$26.1M4−$69.8M5−$10.1M6−$52.3M6−$46.6M6
Operating cash flow−$304,0007$14.6M8$31.9M9−$7.3M9−$4.75M9
Capital expenditure$17.4M10$8.25M11$5.72M12$6.74M12$5.16M12
Free cash flow (derived)−$17.7M7$6.36M8$26.2M9−$14M9−$9.91M9
Total debt$283.1M13$278M14$239.6M15$3.78M16$017
Cash & equivalents$19.5M18$12M19$11.3M20$45.4M21$36.7M21
Diluted shares35.7M37.2M37.5M38.3M38.4M

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
$51.15
your share of equity
Profit it earned you last year
−$12.13
Free cash flow it threw off
−$2.58
Debt you’d be carrying
$0

10 shares is a claim on $51.15 of net worth that earned you −$12.13 and generated −$2.58 of cash last year, against $0 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-16% avg · 5y
FY21 -2%FY22 -15%FY23 -3%FY24 -29%FY25 -28%

It earned an average -16% 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
+8% shares · 5y

Share count is up 8% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 100% — deleveraging.

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
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
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 0001558370-24-002739 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001558370-25-002405 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001104659-26-024159 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001558370-24-002739 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001558370-25-002405 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001104659-26-024159 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001558370-24-002739 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001558370-25-002405 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001104659-26-024159 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001558370-24-002739 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001558370-25-002405 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001104659-26-024159 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001104659-23-026079 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-12-31 · accession 0001558370-24-002739 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-12-31 · accession 0001558370-25-002405 (LongTermDebtCurrent)
  16. 10-K · period ending 2024-12-31 · accession 0001104659-26-024159 (LongTermDebtCurrent)
  17. 10-K · period ending 2025-12-31 · accession 0001104659-26-024159 (LongTermDebt)
  18. 10-K · period ending 2021-12-31 · accession 0001104659-23-026079 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2022-12-31 · accession 0001558370-24-002739 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2023-12-31 · accession 0001558370-25-002405 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2024-12-31 · accession 0001104659-26-024159 (CashAndCashEquivalentsAtCarryingValue)