MeritValue

COLUMBUS MCKINNON CORP

CMCOdata completeness 100%17 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

COLUMBUS MCKINNON CORP earns about 1% on invested capital, with a roughly flat share count. The applicable estimate puts fair value near $10.7 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 2022FY 2023FY 2024FY 2025FY 2026
Revenue$906.6M1$936.2M2$1.01B3$963M3$1.19B3
Net income$29.7M4$48.4M5$46.6M6−$5.14M6−$229.5M6
Operating cash flow$48.9M7$83.6M8$67.2M9$45.6M9−$146.2M9
Capital expenditure$13.1M10$12.6M11$24.8M12$21.4M12$17.9M12
Free cash flow (derived)$35.8M7$71M8$42.4M9$24.2M9−$164.1M9
Total debt$1.03B13$956.1M14$1.03B15$917.4M16$4.76B16
Cash & equivalents$115.4M17$133.2M18$114.1M19$53.7M20$96.6M20
Diluted shares28.4M28.8M29.0M28.7M28.7M

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
$504.54
your share of equity
Profit it earned you last year
−$79.94
Free cash flow it threw off
−$57.14
Debt you’d be carrying
$1,658.74

10 shares is a claim on $504.54 of net worth that earned you −$79.94 and generated −$57.14 of cash last year, against $1,658.74 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
1% avg · 5y
FY22 2%FY23 3%FY24 3%FY25 -0%FY26 -3%

It earned an average 1% 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
+1% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback. Total debt has risen 360% 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$24.2M
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$24.2M
Earnings Power Value
$10.7
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$29.7M
  • 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 2022-03-31 · accession 0001005229-24-000166 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-03-31 · accession 0001005229-25-000149 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-03-31 · accession 0001005229-26-000022 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2022-03-31 · accession 0001005229-24-000166 (NetIncomeLoss)
  5. 10-K · period ending 2023-03-31 · accession 0001005229-25-000149 (NetIncomeLoss)
  6. 10-K · period ending 2024-03-31 · accession 0001005229-26-000022 (NetIncomeLoss)
  7. 10-K · period ending 2022-03-31 · accession 0001005229-24-000166 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-03-31 · accession 0001005229-25-000149 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-03-31 · accession 0001005229-26-000022 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-03-31 · accession 0001005229-24-000166 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-03-31 · accession 0001005229-25-000149 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-03-31 · accession 0001005229-26-000022 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-03-31 · accession 0001005229-23-000169 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2023-03-31 · accession 0001005229-24-000166 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2024-03-31 · accession 0001005229-25-000149 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2025-03-31 · accession 0001005229-26-000022 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2022-03-31 · accession 0001005229-23-000169 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-03-31 · accession 0001005229-24-000166 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-03-31 · accession 0001005229-25-000149 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2025-03-31 · accession 0001005229-26-000022 (CashAndCashEquivalentsAtCarryingValue)