Vita Coco Company, Inc.
COCOdata completeness 88%7 fiscal years on fileData notes: no data for concept 'totalDebt'
Vita Coco Company, Inc. earns about 41% on invested capital, far above its ~9% cost of capital, but has diluted owners by 11% over 5 years — a real edge showing up in the numbers. The estimate methods put fair value between $8.06 and $16.74 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | $379.5M1 | $427.8M2 | $493.6M3 | $516M3 | $609.8M3 |
| Net income | $19M4 | $7.81M5 | $46.6M6 | $56M6 | $71.3M6 |
| Operating cash flow | −$16.2M7 | −$10.9M8 | $107.2M9 | $42.9M9 | $47.2M9 |
| Capital expenditure | $557,00010 | $982,00011 | $599,00012 | $974,00012 | $8.15M12 |
| Free cash flow (derived) | −$16.7M7 | −$11.9M8 | $106.6M9 | $41.9M9 | $39M9 |
| Total debt | — | — | — | — | — |
| Cash & equivalents | $28.7M13 | $19.6M14 | $132.5M15 | $164.7M16 | $196.9M16 |
| Diluted shares | 54.2M | 56.1M | 58.7M | 59.3M | 60.0M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $55.29 of net worth that earned you $11.89 and generated $6.51 of cash last year.
It earned about 41% on invested capital, year after year, against a ~9% cost of capital — the footprint of real pricing power. Competition usually drags returns like this back down; here it hasn't.
seeing a moat in the numbers →Share count is up 11% over 5 years — owners have been diluted. Worth asking what they got for it.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $8.06 and $16.74 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth5.0%
- fcfBase$41.9M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth5.0%
- fcfBase$41.9M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$46.6M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $13.27 |
| Base | 5.0% | $15.69 |
| Bull | 10.0% | $18.58 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 5.0%= 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.
- 10-K · period ending 2021-12-31 · accession 0001482981-24-000012 (RevenueFromContractWithCustomerIncludingAssessedTax)
- 10-K · period ending 2022-12-31 · accession 0001482981-25-000032 (RevenueFromContractWithCustomerIncludingAssessedTax)
- 10-K · period ending 2023-12-31 · accession 0001482981-26-000022 (RevenueFromContractWithCustomerIncludingAssessedTax)
- 10-K · period ending 2021-12-31 · accession 0001482981-24-000012 (NetIncomeLoss)
- 10-K · period ending 2022-12-31 · accession 0001482981-25-000032 (NetIncomeLoss)
- 10-K · period ending 2023-12-31 · accession 0001482981-26-000022 (NetIncomeLoss)
- 10-K · period ending 2021-12-31 · accession 0001482981-24-000012 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2022-12-31 · accession 0001482981-25-000032 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-12-31 · accession 0001482981-26-000022 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2021-12-31 · accession 0001482981-24-000012 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2022-12-31 · accession 0001482981-25-000032 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2023-12-31 · accession 0001482981-26-000022 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2021-12-31 · accession 0001482981-23-000017 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2022-12-31 · accession 0001482981-24-000012 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2023-12-31 · accession 0001482981-25-000032 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2024-12-31 · accession 0001482981-26-000022 (CashAndCashEquivalentsAtCarryingValue)