MeritValue

ENTRAVISION COMMUNICATIONS CORP

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

ENTRAVISION COMMUNICATIONS CORP earns about -4% on invested capital, below its ~9% cost of capital, but has diluted owners by 4% over 5 years — no moat visible in the numbers. The estimate methods put fair value between $3.92 and $4.49 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$760.2M1$324M2$297M3$364.9M3$447.6M3
Net income$35.2M4$18.1M5−$15.4M6−$148.9M6−$79.2M6
Operating cash flow$65.3M7$78.9M8$75.2M9$74.7M9$10.6M9
Capital expenditure$5.82M10$11.5M11$27.3M12$8.46M12$7.14M12
Free cash flow (derived)$59.4M7$67.4M8$47.9M9$66.2M9$3.51M9
Total debt$424.6M13$426.3M14$417.3M15$374.8M16$334.8M16
Cash & equivalents$185.1M17$80.3M18$67.4M19$95.9M19$59.4M19
Diluted shares87.9M87.8M87.9M89.9M91.0M

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
$6.09
your share of equity
Profit it earned you last year
−$8.7
Free cash flow it threw off
$0.39
Debt you’d be carrying
$36.79

10 shares is a claim on $6.09 of net worth that earned you −$8.7 and generated $0.39 of cash last year, against $36.79 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-4% avg · 5y
FY21 8%FY22 3%FY23 -3%FY24 -9%FY25 -19%

It earned about -4% 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
+4% shares · 5y

Share count is up 4% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 21% — deleveraging.

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 2 estimate methods that apply put fair value between $3.92 and $4.49 a share. They rest on different assumptions, so where they diverge is the story.

DCF · Growth Exit 10Y
$3.92
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$47.9M
DCF · Growth Exit 5Y
$4.49
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$47.9M
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

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 years0.0%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $4.49
The three cases
Bear0.0%$4.49
Base0.0%$4.49
Bull5.0%$6.31

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

Default growth 0.0%= 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.

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000950170-24-031460 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-25-034661 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001193125-26-093993 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0000950170-24-031460 (ProfitLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000950170-25-034661 (ProfitLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001193125-26-093993 (ProfitLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000950170-24-031460 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0000950170-25-034661 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001193125-26-093993 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0000950170-24-031460 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0000950170-25-034661 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001193125-26-093993 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0000950170-23-008445 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-12-31 · accession 0000950170-24-031460 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-12-31 · accession 0000950170-25-034661 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-12-31 · accession 0001193125-26-093993 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-12-31 · accession 0000950170-24-031460 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0000950170-25-034661 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001193125-26-093993 (CashAndCashEquivalentsAtCarryingValue)