MeritValue

CLOROX CO /DE/

CLXdata completeness 100%18 fiscal years on file
The thesis, from the filings

CLOROX CO /DE/ earns about 11% on invested capital, barely covering its ~9% cost of capital, and has bought back 2% of its shares over 5 years. The estimate methods put fair value between $38.52 and $48.82 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$7.34B1$7.11B2$7.39B3$7.09B3$7.1B3
Net income$710M4$462M5$149M6$280M6$810M6
Operating cash flow$1.28B7$786M8$1.16B9$695M9$981M9
Capital expenditure$331M10$251M11$228M12$212M12$220M12
Free cash flow (derived)$945M7$535M8$930M9$483M9$761M9
Total debt$5.57B13$5.19B14$5B15$4.97B16$4.97B16
Cash & equivalents$319M17$183M18$367M19$202M20$167M20
Diluted shares127.3M123.9M124.2M124.8M124.3M

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
$25.83
your share of equity
Profit it earned you last year
$65.17
Free cash flow it threw off
$61.23
Debt you’d be carrying
$400.04

10 shares is a claim on $25.83 of net worth that earned you $65.17 and generated $61.23 of cash last year, against $400.04 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
11% avg · 5y
FY21 14%FY22 10%FY23 5%FY24 7%FY25 17%

It earned about 11% on invested capital against a ~9% cost of capital — roughly what it costs to fund the business, so the numbers show no clear edge.

seeing a moat in the numbers →
Management signal · capital allocation
−2% shares · 5y

Share count is down 2% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 11% — 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

The 3 estimate methods that apply put fair value between $38.52 and $48.82 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.

DCF · Growth Exit 10Y
$42.24
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$761M
DCF · Growth Exit 5Y
$48.82
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$761M
Earnings Power Value
$38.52
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$462M
  • growthAssumed0.0%
Graham Number
$19.47
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

v. The price question — last, on purpose
Is today’s price fair?
See live price ↗
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years0.0%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $48.82
The three cases
Bear0.0%$48.82
Base0.0%$48.82
Bull5.0%$70

Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.

Default growth 0.0%= 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.

Sources — the receipts
  1. 10-K · period ending 2021-06-30 · accession 0000021076-23-000037 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-06-30 · accession 0000021076-24-000030 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-06-30 · accession 0000021076-25-000039 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-06-30 · accession 0000021076-23-000037 (NetIncomeLoss)
  5. 10-K · period ending 2022-06-30 · accession 0000021076-24-000030 (NetIncomeLoss)
  6. 10-K · period ending 2023-06-30 · accession 0000021076-25-000039 (NetIncomeLoss)
  7. 10-K · period ending 2021-06-30 · accession 0000021076-23-000037 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-06-30 · accession 0000021076-24-000030 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-06-30 · accession 0000021076-25-000039 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-06-30 · accession 0000021076-23-000037 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-06-30 · accession 0000021076-24-000030 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-06-30 · accession 0000021076-25-000039 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-06-30 · accession 0000021076-22-000026 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-06-30 · accession 0000021076-23-000037 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-06-30 · accession 0000021076-24-000030 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-06-30 · accession 0000021076-25-000039 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-06-30 · accession 0000021076-22-000026 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-06-30 · accession 0000021076-23-000037 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-06-30 · accession 0000021076-24-000030 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-06-30 · accession 0000021076-25-000039 (CashAndCashEquivalentsAtCarryingValue)