ENTEGRIS INC
ENTGdata completeness 100%17 fiscal years on fileENTEGRIS INC earns about 5% on invested capital, below its ~9% cost of capital, but has diluted owners by 11% over 5 years — no moat visible in the numbers. The estimate methods put fair value between $16.04 and $64.81 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 | $2.3B1 | $3.28B2 | $3.52B3 | $3.24B3 | $3.2B3 |
| Net income | $409.1M4 | $208.9M5 | $180.7M6 | $292.8M6 | $235.6M6 |
| Operating cash flow | $400.5M7 | $363.1M8 | $644.5M9 | $631.7M9 | $695.4M9 |
| Capital expenditure | $210.6M10 | $466.2M11 | $456.8M12 | $315.6M12 | $299.2M12 |
| Free cash flow (derived) | $189.8M7 | −$103.1M8 | $187.7M9 | $316.1M9 | $396.2M9 |
| Total debt | $1.87B13 | $11.6B14 | $9.15B15 | $7.96B16 | $7.4B16 |
| Cash & equivalents | $402.6M17 | $563.4M17 | $456.9M17 | $329.2M18 | $360.4M18 |
| Diluted shares | 136.6M | 143.1M | 150.9M | 151.8M | 152.2M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $259.75 of net worth that earned you $15.48 and generated $26.03 of cash last year, against $485.89 of debt.
It earned about 5% 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 up 11% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 295% 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.
The 3 estimate methods that apply put fair value between $16.04 and $64.81 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
- fcfGrowth18.5%
- fcfBase$316.1M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth18.5%
- fcfBase$316.1M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$235.6M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | −$16.55 |
| Base | 18.5% | $17.74 |
| Bull | 20.0% | $21.49 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 18.5%= 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.
- 10-K · period ending 2021-12-31 · accession 0001101302-24-000009 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2022-12-31 · accession 0001101302-25-000015 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2023-12-31 · accession 0001101302-26-000012 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2021-12-31 · accession 0001101302-24-000009 (NetIncomeLoss)
- 10-K · period ending 2022-12-31 · accession 0001101302-25-000015 (NetIncomeLoss)
- 10-K · period ending 2023-12-31 · accession 0001101302-26-000012 (NetIncomeLoss)
- 10-K · period ending 2021-12-31 · accession 0001101302-24-000009 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2022-12-31 · accession 0001101302-25-000015 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-12-31 · accession 0001101302-26-000012 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2021-12-31 · accession 0001101302-24-000009 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2022-12-31 · accession 0001101302-25-000015 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2023-12-31 · accession 0001101302-26-000012 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2021-12-31 · accession 0001101302-23-000021 (LongTermDebtNoncurrent)
- 10-K · period ending 2022-12-31 · accession 0001101302-24-000009 (LongTermDebtNoncurrent)
- 10-K · period ending 2023-12-31 · accession 0001101302-25-000015 (LongTermDebtNoncurrent)
- 10-K · period ending 2024-12-31 · accession 0001101302-26-000012 (LongTermDebtNoncurrent)
- 10-K · period ending 2021-12-31 · accession 0001101302-25-000015 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2024-12-31 · accession 0001101302-26-000012 (CashAndCashEquivalentsAtCarryingValue)