MeritValue

EVI INDUSTRIES, INC.

EVIdata completeness 88%16 fiscal years on file

Data notes: no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'realEstateImpairment'

The thesis, from the filings

EVI INDUSTRIES, INC. earns about 4% on invested capital, below its ~9% cost of capital, and has bought back 100% of its shares over 5 years — no moat visible in the numbers. The estimate methods put fair value between $5,624.92 and $15,182.9 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 2022FY 2023FY 2024FY 2025FY 2026
Revenue$267.3M1$354.2M2$353.6M3$389.8M4$446.6M4
Net income$4.1M5$9.72M6$5.65M7$7.5M8$7.72M8
Operating cash flow−$1.9M9$940,00010$32.7M11$21.3M12$20.6M12
Capital expenditure$3.98M13$3.71M13$4.87M14$4.86M15$7.15M15
Free cash flow (derived)−$5.88M9−$2.77M10$27.8M11$16.4M12$13.5M12
Total debt$27.8M16$34.9M17$12.9M18$106M19$102M19
Cash & equivalents$3.97M20$5.92M21$4.56M22$8.85M22—
Diluted shares12.7M12,80413,21813,15913,602

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
$110,383.03
your share of equity
Profit it earned you last year
$5,674.17
Free cash flow it threw off
$9,891.19
Debt you’d be carrying
$74,988.97

10 shares is a claim on $110,383.03 of net worth that earned you $5,674.17 and generated $9,891.19 of cash last year, against $74,988.97 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
4% avg · 5y
FY22 3%FY23 7%FY24 5%FY25 4%FY26 3%

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
−100% shares · 5y

Share count is down 100% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 266% 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 v0.5.0

The 3 estimate methods that apply put fair value between $5,624.92 and $15,182.9 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
$15,182.9
assumptions (10)
  • riskFreeRate4.8%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth5.0%
  • fcfBase$16.4M
DCF · Growth Exit 5Y
$13,424.6
assumptions (10)
  • riskFreeRate4.8%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth5.0%
  • fcfBase$16.4M
Earnings Power Value
$5,624.92
assumptions (8)
  • riskFreeRate4.8%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$7.5M
  • growthAssumed0.0%
Graham Number
$345.27
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 years5.0%
Discount rate (WACC)9.08%
Terminal growth2.5%
At your growth, a share is worth $13,424.6
The three cases
Bear0.0%$9,356.22
Base5.0%$13,424.6
Bull10.0%$18,291.55

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.

Sources — the receipts
  1. 10-K · period ending 2022-06-30 · accession 0001174947-23-001191 (Revenues)
  2. 10-K/A · period ending 2023-06-30 · accession 0001174947-24-001066 (Revenues)
  3. 10-K · period ending 2024-06-30 · accession 0002077096-25-000107 (Revenues)
  4. 10-K · period ending 2025-06-30 · accession 0001437749-26-029759 (RevenueFromContractWithCustomerIncludingAssessedTax)
  5. 10-K · period ending 2022-06-30 · accession 0001174947-23-001191 (NetIncomeLoss)
  6. 10-K/A · period ending 2023-06-30 · accession 0001174947-24-001066 (NetIncomeLoss)
  7. 10-K · period ending 2024-06-30 · accession 0002077096-25-000107 (NetIncomeLoss)
  8. 10-K · period ending 2025-06-30 · accession 0001437749-26-029759 (NetIncomeLoss)
  9. 10-K · period ending 2022-06-30 · accession 0001174947-23-001191 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K/A · period ending 2023-06-30 · accession 0001174947-24-001066 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-06-30 · accession 0002077096-25-000107 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2025-06-30 · accession 0001437749-26-029759 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2022-06-30 · accession 0001174947-23-001191 (PaymentsToAcquireProductiveAssets)
  14. 10-K · period ending 2024-06-30 · accession 0002077096-25-000107 (PaymentsForCapitalImprovements)
  15. 10-K · period ending 2025-06-30 · accession 0001437749-26-029759 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2022-06-30 · accession 0001174947-23-001191 (LongTermDebtNoncurrent)
  17. 10-K/A · period ending 2023-06-30 · accession 0001174947-24-001066 (LongTermDebtNoncurrent)
  18. 10-K · period ending 2024-06-30 · accession 0002077096-25-000107 (LongTermDebtNoncurrent)
  19. 10-K · period ending 2025-06-30 · accession 0001437749-26-029759 (LongTermDebtNoncurrent)
  20. 10-K · period ending 2022-06-30 · accession 0001174947-23-001191 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K/A · period ending 2023-06-30 · accession 0001174947-24-001066 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2024-06-30 · accession 0002077096-25-000107 (CashAndCashEquivalentsAtCarryingValue)