MeritValue

Everforth Inc

EFORdata completeness 100%17 fiscal years on file
The thesis, from the filings

Everforth Inc earns about 6% on invested capital, below its ~9% cost of capital, and has bought back 19% of its shares over 5 years — no moat visible in the numbers. The estimate methods put fair value between $52.12 and $194.43 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$4.01B1$4.58B2$4.45B3$4.1B3$3.98B3
Net income$409.9M4$268.1M5$219.3M6$175.2M6$113.5M6
Operating cash flow$193.7M7$307.8M8$456.9M9$400M9$327.9M9
Capital expenditure$34.7M10$37.5M11$39.9M12$35.3M12$39.8M12
Free cash flow (derived)$159M7$270.3M8$417M9$364.7M9$288.1M9
Total debt$2.07B13$2.13B14$2.07B15$2.07B16$2.34B16
Cash & equivalents$529.6M17$70.3M18$175.9M19$205.2M20$161.2M20
Diluted shares53.5M51.3M48.7M45.7M43.6M

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
$413.76
your share of equity
Profit it earned you last year
$26.03
Free cash flow it threw off
$66.08
Debt you’d be carrying
$536.42

10 shares is a claim on $413.76 of net worth that earned you $26.03 and generated $66.08 of cash last year, against $536.42 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
6% avg · 5y
FY21 8%FY22 8%FY23 7%FY24 6%FY25 4%

It earned about 6% on invested capital against a ~9% cost of capital — below the cost of funding. The numbers show no moat.

seeing a moat in the numbers →
Management signal · capital allocation
−19% shares · 5y

Share count is down 19% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 13% 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

The 3 estimate methods that apply put fair value between $52.12 and $194.43 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
$194.43
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth10.5%
  • fcfBase$364.7M
DCF · Growth Exit 5Y
$136.92
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth10.5%
  • fcfBase$364.7M
Earnings Power Value
$52.12
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$219.3M
  • growthAssumed0.0%
Graham Number
$49.2
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 years10.5%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $136.92
The three cases
Bear0.0%$69.57
Base10.5%$136.92
Bull15.5%$178.74

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

Default growth 10.5%= 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 2021-12-31 · accession 0000890564-24-000006 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0000890564-25-000008 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0000890564-26-000013 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0000890564-24-000006 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000890564-25-000008 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0000890564-26-000013 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000890564-24-000006 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0000890564-25-000008 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0000890564-26-000013 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0000890564-24-000006 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0000890564-25-000008 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0000890564-26-000013 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0000890564-23-000004 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-12-31 · accession 0000890564-24-000006 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-12-31 · accession 0000890564-25-000008 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-12-31 · accession 0000890564-26-000013 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-12-31 · accession 0000890564-23-000004 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0000890564-24-000006 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0000890564-25-000008 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0000890564-26-000013 (CashAndCashEquivalentsAtCarryingValue)