MeritValue

CRAWFORD & CO

CRD-Adata completeness 88%19 fiscal years on file
The thesis, from the filings

CRAWFORD & CO earns about 9% on invested capital. 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$1.14B1$1.23B2$1.32B3$1.34B3$1.31B3
Net income$30.7M4−$18.3M5$30.6M6$26.6M6$19.6M6
Operating cash flow$54.3M7$27.6M8$103.8M9$51.6M9$101.8M9
Capital expenditure$9.23M10$6.84M11$4.89M12$6.21M12$7.01M12
Free cash flow (derived)$45.1M7$20.8M8$98.9M9$45.4M9$94.8M9
Total debt$185.3M13$265.7M14$223.8M15$235.8M16$227.5M17
Cash & equivalents$53.2M18$46M19$58.4M20$55.4M20$64.1M20
Diluted shares—————

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

iii. Is this a good business?
Moat signal · return on invested capital
9% avg · 5y
FY21 10%FY22 2%FY23 13%FY24 11%FY25 8%

It earned an average 9% 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
— shares · 5y

Total debt has risen 23% 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
no diluted share count — cannot compute per-share value
DCF · Growth Exit 5Y
not applicable
no diluted share count — cannot compute per-share value
Earnings Power Value
not applicable
no diluted share count
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 0000950170-24-024987 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-25-030894 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K/A · period ending 2023-12-31 · accession 0001193125-26-116011 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0000950170-24-024987 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000950170-25-030894 (NetIncomeLoss)
  6. 10-K/A · period ending 2023-12-31 · accession 0001193125-26-116011 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000950170-24-024987 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0000950170-25-030894 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K/A · period ending 2023-12-31 · accession 0001193125-26-116011 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0000950170-24-024987 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0000950170-25-030894 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K/A · period ending 2023-12-31 · accession 0001193125-26-116011 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0000950170-22-003607 (LongTermDebt)
  14. 10-K · period ending 2022-12-31 · accession 0000950170-23-006267 (LongTermDebt)
  15. 10-K · period ending 2023-12-31 · accession 0000950170-24-024987 (LongTermDebt)
  16. 10-K · period ending 2024-12-31 · accession 0000950170-25-030894 (LongTermDebt)
  17. 10-K/A · period ending 2025-12-31 · accession 0001193125-26-116011 (LongTermDebt)
  18. 10-K · period ending 2021-12-31 · accession 0000950170-24-024987 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2022-12-31 · accession 0000950170-25-030894 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K/A · period ending 2023-12-31 · accession 0001193125-26-116011 (CashAndCashEquivalentsAtCarryingValue)