MeritValue

ENERPAC TOOL GROUP CORP

EPACdata completeness 100%17 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

ENERPAC TOOL GROUP CORP earns about 10% on invested capital, barely covering its ~9% cost of capital, and has bought back 10% of its shares over 5 years. The estimate methods put fair value between $8.86 and $63.54 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$528.7M1$571.2M2$598.2M3$589.5M3$616.9M3
Net income$38.1M4$15.7M5$46.6M6$85.7M6$92.7M6
Operating cash flow$54.2M7$51.7M8$77.6M9$81.3M9$111.3M9
Capital expenditure$12M10$8.42M11$9.4M12$11.4M12$19.3M12
Free cash flow (derived)$42.2M7$43.3M8$68.2M9$69.9M9$91.9M9
Total debt$175M13$408M14$428.8M15$389.5M16$379.7M16
Cash & equivalents$140.4M17$120.7M18$154.4M19$167.1M20$151.6M20
Diluted shares60.4M59.9M57.1M54.9M54.5M

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
$79.6
your share of equity
Profit it earned you last year
$17.02
Free cash flow it threw off
$16.88
Debt you’d be carrying
$69.68

10 shares is a claim on $79.6 of net worth that earned you $17.02 and generated $16.88 of cash last year, against $69.68 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
10% avg · 5y
FY21 9%FY22 3%FY23 9%FY24 13%FY25 14%

It earned about 10% on invested capital against a ~9% cost of capital — roughly what it costs to fund the business, so the numbers show no clear edge.

seeing a moat in the numbers →
Management signal · capital allocation
−10% shares · 5y

Share count is down 10% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 117% 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 $8.86 and $63.54 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
$63.54
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth18.4%
  • fcfBase$69.9M
DCF · Growth Exit 5Y
$35.07
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth18.4%
  • fcfBase$69.9M
Earnings Power Value
$8.86
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$46.6M
  • growthAssumed0.0%
Graham Number
$17.45
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 years18.4%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $35.07
The three cases
Bear0.0%$14.15
Base18.4%$35.07
Bull20.0%$37.65

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

Default growth 18.4%= 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 2021-08-31 · accession 0000006955-23-000034 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-08-31 · accession 0000006955-24-000046 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-08-31 · accession 0000006955-25-000030 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-08-31 · accession 0000006955-23-000034 (NetIncomeLoss)
  5. 10-K · period ending 2022-08-31 · accession 0000006955-24-000046 (NetIncomeLoss)
  6. 10-K · period ending 2023-08-31 · accession 0000006955-25-000030 (NetIncomeLoss)
  7. 10-K · period ending 2021-08-31 · accession 0000006955-23-000034 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-08-31 · accession 0000006955-24-000046 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-08-31 · accession 0000006955-25-000030 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-08-31 · accession 0000006955-23-000034 (PaymentsToAcquireProductiveAssets)
  11. 10-K · period ending 2022-08-31 · accession 0000006955-24-000046 (PaymentsToAcquireProductiveAssets)
  12. 10-K · period ending 2023-08-31 · accession 0000006955-25-000030 (PaymentsToAcquireProductiveAssets)
  13. 10-K · period ending 2021-08-31 · accession 0000006955-22-000031 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-08-31 · accession 0000006955-23-000034 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-08-31 · accession 0000006955-24-000046 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-08-31 · accession 0000006955-25-000030 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-08-31 · accession 0000006955-22-000031 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-08-31 · accession 0000006955-23-000034 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-08-31 · accession 0000006955-24-000046 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-08-31 · accession 0000006955-25-000030 (CashAndCashEquivalentsAtCarryingValue)