Enerflex Ltd.
EFXTdata completeness 100%3 fiscal years on fileData notes: no data for concept 'interestExpense'
Enerflex Ltd. earns about 2% on invested capital, below its ~9% cost of capital, with a roughly flat share count — no moat visible in the numbers. The estimate methods put fair value between $2.72 and $44.57 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Revenue | $2.34B1 | $2.41B2 | $2.57B2 |
| Net income | −$83M3 | $32M4 | $64M4 |
| Operating cash flow | $206M5 | $324M6 | $345M6 |
| Capital expenditure | $16M7 | $16M8 | $19M8 |
| Free cash flow (derived) | $190M5 | $308M6 | $326M6 |
| Total debt | $919M9 | $708M10 | $582M10 |
| Cash & equivalents | $95M11 | $92M11 | $81M11 |
| Diluted shares | 124.0M | 124.1M | 121.8M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $89.74 of net worth that earned you $5.25 and generated $26.76 of cash last year, against $47.78 of debt.
It earned about 2% 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 →Share count is roughly flat over 3 years — little dilution, little buyback. Total debt has fallen 37% — deleveraging.
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 $2.72 and $44.57 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$308M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth5.0%
- fcfBase$308M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$32M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $32.02 |
| Base | 5.0% | $40.76 |
| Bull | 10.0% | $51.23 |
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.
- 40-F · period ending 2023-12-31 · accession 0000950170-25-028350 (Revenue)
- 40-F · period ending 2024-12-31 · accession 0001193125-26-072743 (Revenue)
- 40-F · period ending 2023-12-31 · accession 0000950170-25-028350 (ProfitLoss)
- 40-F · period ending 2024-12-31 · accession 0001193125-26-072743 (ProfitLoss)
- 40-F · period ending 2023-12-31 · accession 0000950170-25-028350 (CashFlowsFromUsedInOperatingActivities)
- 40-F · period ending 2024-12-31 · accession 0001193125-26-072743 (CashFlowsFromUsedInOperatingActivities)
- 40-F · period ending 2023-12-31 · accession 0000950170-25-028350 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
- 40-F · period ending 2024-12-31 · accession 0001193125-26-072743 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
- 40-F · period ending 2023-12-31 · accession 0000950170-25-028350 (Borrowings)
- 40-F · period ending 2024-12-31 · accession 0001193125-26-072743 (Borrowings)
- 40-F · period ending 2023-12-31 · accession 0001193125-26-072743 (CashAndCashEquivalents)