MeritValue

EDGEWELL PERSONAL CARE Co

EPCdata completeness 100%18 fiscal years on file
The thesis, from the filings

EDGEWELL PERSONAL CARE Co earns about 4% on invested capital, and has bought back 14% of its shares over 5 years. The applicable estimate puts fair value near $21.66 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$2.09B1$2.17B2$2.25B3$2.25B3$2.22B3
Net income$117.8M4$99.5M5$114.7M6$98.6M6$25.4M6
Operating cash flow$229M7$102M8−$216.1M9−$231M9$118.4M9
Capital expenditure$56.8M10$56.4M11$49.5M12$56.5M12$77M12
Free cash flow (derived)$172.2M7$45.6M8−$265.6M9−$287.5M9$41.4M9
Total debt$2.48B13$2.8B14$2.73B15$2.56B16$2.77B16
Cash & equivalents$479.2M17$188.7M18$216.4M19$209.1M19$225.7M20
Diluted shares55.2M53.6M51.8M50.1M47.6M

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
$326.28
your share of equity
Profit it earned you last year
$5.34
Free cash flow it threw off
$8.7
Debt you’d be carrying
$582.63

10 shares is a claim on $326.28 of net worth that earned you $5.34 and generated $8.7 of cash last year, against $582.63 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
4% avg · 5y
FY21 5%FY22 4%FY23 4%FY24 4%FY25 2%

It earned an average 4% 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
−14% shares · 5y

Share count is down 14% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 12% 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
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
$21.66
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$99.5M
  • growthAssumed0.0%
Graham Number
$19.73
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-09-30 · accession 0001628280-23-040139 (Revenues)
  2. 10-K · period ending 2022-09-30 · accession 0001628280-24-047916 (Revenues)
  3. 10-K · period ending 2023-09-30 · accession 0001628280-25-052765 (Revenues)
  4. 10-K · period ending 2021-09-30 · accession 0001628280-23-040139 (NetIncomeLoss)
  5. 10-K · period ending 2022-09-30 · accession 0001628280-24-047916 (NetIncomeLoss)
  6. 10-K · period ending 2023-09-30 · accession 0001628280-25-052765 (NetIncomeLoss)
  7. 10-K · period ending 2021-09-30 · accession 0001628280-23-040139 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-09-30 · accession 0001628280-24-047916 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-09-30 · accession 0001628280-25-052765 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-09-30 · accession 0001628280-23-040139 (PaymentsToAcquireProductiveAssets)
  11. 10-K · period ending 2022-09-30 · accession 0001628280-24-047916 (PaymentsToAcquireProductiveAssets)
  12. 10-K · period ending 2023-09-30 · accession 0001628280-25-052765 (PaymentsToAcquireProductiveAssets)
  13. 10-K · period ending 2021-09-30 · accession 0001096752-22-000033 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-09-30 · accession 0001628280-23-040139 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-09-30 · accession 0001628280-24-047916 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-09-30 · accession 0001628280-25-052765 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-09-30 · accession 0001096752-22-000033 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-09-30 · accession 0001628280-23-040139 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-09-30 · accession 0001628280-24-047916 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2025-09-30 · accession 0001628280-25-052765 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)