MeritValue

Cooper-Standard Holdings Inc.

CPSdata completeness 100%15 fiscal years on file
The thesis, from the filings

Cooper-Standard Holdings Inc. earns about -23% on invested capital, but has diluted owners by 5% 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$2.33B1$2.53B2$2.82B3$2.73B3$2.74B3
Net income−$322.8M4−$215.4M5−$202M6−$78.7M6−$4.17M6
Operating cash flow−$115.5M7−$36.2M8$117.3M9$76.4M9$64.4M9
Capital expenditure$96.1M10$71.2M11$80.7M12$50.5M12$48.2M12
Free cash flow (derived)−$211.6M7,10−$107.3M8,11$36.5M9,12$25.9M9,12$16.3M9,12
Total debt$1.04B13,14$1.04B15,16$1.1B17,18$1.1B19,20$1.1B19,20
Cash & equivalents$248M21$186.9M22$154.8M23$170M23$191.7M23
Diluted shares17.0M17.2M17.4M17.6M17.9M

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
−$46.74
your share of equity
Profit it earned you last year
−$2.33
Free cash flow it threw off
$9.1
Debt you’d be carrying
$618.4

10 shares is a claim on −$46.74 of net worth that earned you −$2.33 and generated $9.1 of cash last year, against $618.4 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-23% avg · 5y
FY21 -26%FY22 -23%FY23 -30%FY24 -21%FY25 -13%

It earned an average -23% 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
+5% shares · 5y

Share count is up 5% over 5 years — owners have been diluted. Worth asking what they got for it. 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 growth5.00%
  • Starting free cash flow$25.9M
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 growth5.00%
  • Starting free cash flow$25.9M
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 →

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Sources — the receipts
  1. 10-K filed 2024-02-16 · period ending 2021-12-31 · accession 0001320461-24-000034 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K filed 2025-02-14 · period ending 2022-12-31 · accession 0001320461-25-000033 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K filed 2026-02-13 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001320461-26-000012 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K filed 2024-02-16 · period ending 2021-12-31 · accession 0001320461-24-000034 (NetIncomeLoss)
  5. 10-K filed 2025-02-14 · period ending 2022-12-31 · accession 0001320461-25-000033 (NetIncomeLoss)
  6. 10-K filed 2026-02-13 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001320461-26-000012 (NetIncomeLoss)
  7. 10-K filed 2024-02-16 · period ending 2021-12-31 · accession 0001320461-24-000034 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K filed 2025-02-14 · period ending 2022-12-31 · accession 0001320461-25-000033 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K filed 2026-02-13 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001320461-26-000012 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K filed 2024-02-16 · period ending 2021-12-31 · accession 0001320461-24-000034 (PaymentsToAcquireProductiveAssets)
  11. 10-K filed 2025-02-14 · period ending 2022-12-31 · accession 0001320461-25-000033 (PaymentsToAcquireProductiveAssets)
  12. 10-K filed 2026-02-13 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001320461-26-000012 (PaymentsToAcquireProductiveAssets)
  13. 10-K filed 2023-02-17 · period ending 2021-12-31 · accession 0001320461-23-000047 (LongTermDebtAndCapitalLeaseObligations)
  14. 10-K filed 2023-02-17 · period ending 2021-12-31 · accession 0001320461-23-000047 (DebtCurrent)
  15. 10-K filed 2024-02-16 · period ending 2022-12-31 · accession 0001320461-24-000034 (LongTermDebtAndCapitalLeaseObligations)
  16. 10-K filed 2024-02-16 · period ending 2022-12-31 · accession 0001320461-24-000034 (DebtCurrent)
  17. 10-K filed 2025-02-14 · period ending 2023-12-31 · accession 0001320461-25-000033 (LongTermDebtAndCapitalLeaseObligations)
  18. 10-K filed 2025-02-14 · period ending 2023-12-31 · accession 0001320461-25-000033 (DebtCurrent)
  19. 10-K filed 2026-02-13 · periods ending 2024-12-31, 2025-12-31 · accession 0001320461-26-000012 (LongTermDebtAndCapitalLeaseObligations)
  20. 10-K filed 2026-02-13 · periods ending 2024-12-31, 2025-12-31 · accession 0001320461-26-000012 (DebtCurrent)
  21. 10-K filed 2024-02-16 · period ending 2021-12-31 · accession 0001320461-24-000034 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K filed 2025-02-14 · period ending 2022-12-31 · accession 0001320461-25-000033 (CashAndCashEquivalentsAtCarryingValue)
  23. 10-K filed 2026-02-13 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001320461-26-000012 (CashAndCashEquivalentsAtCarryingValue)