MeritValue

EVI INDUSTRIES, INC.

EVIdata completeness 100%15 fiscal years on file
The thesis, from the filings

EVI INDUSTRIES, INC. earns about 6% on invested capital, below its ~9% cost of capital, but has diluted owners by 5% over 5 years — no moat visible in the numbers. The estimate methods put fair value between $5,904.66 and $46,680.64 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$242M1$267.3M2$354.2M3$353.6M4$389.8M4
Net income$8.38M5$4.1M6$9.72M7$5.65M8$7.5M8
Operating cash flow$13.7M9−$1.9M10$940,00011$32.7M12$21.3M12
Capital expenditure$2.82M13$3.98M14$3.71M14$4.87M15$4.86M15
Free cash flow (derived)$10.9M9−$5.88M10−$2.77M11$27.8M12$16.4M12
Total debt$23.7M16$27.8M17$34.9M18$12.9M19$53M19
Cash & equivalents$6.06M20$3.97M21$5.92M22$4.56M23$8.85M23
Diluted shares12,57812.7M12,80413,21813,159

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
$109,033.36
your share of equity
Profit it earned you last year
$5,698
Free cash flow it threw off
$12,465.99
Debt you’d be carrying
$40,276.62

10 shares is a claim on $109,033.36 of net worth that earned you $5,698 and generated $12,465.99 of cash last year, against $40,276.62 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
6% avg · 5y
FY21 7%FY22 3%FY23 7%FY24 5%FY25 5%

It earned about 6% 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
+5% shares · 5y

Share count is up 5% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 123% 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 $5,904.66 and $46,680.64 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
$46,680.64
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth14.7%
  • fcfBase$16.4M
DCF · Growth Exit 5Y
$29,660.78
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth14.7%
  • fcfBase$16.4M
Earnings Power Value
$5,904.66
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$7.5M
  • growthAssumed0.0%
Graham Number
$346.71
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 years14.7%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $29,660.78
The three cases
Bear0.0%$14,456.14
Base14.7%$29,660.78
Bull19.7%$36,824.94

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

Default growth 14.7%= 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 2021-06-30 · accession 0001174947-22-001008 (Revenues)
  2. 10-K · period ending 2022-06-30 · accession 0001174947-23-001191 (Revenues)
  3. 10-K/A · period ending 2023-06-30 · accession 0001174947-24-001066 (Revenues)
  4. 10-K · period ending 2024-06-30 · accession 0002077096-25-000107 (Revenues)
  5. 10-K · period ending 2021-06-30 · accession 0001174947-22-001008 (NetIncomeLoss)
  6. 10-K · period ending 2022-06-30 · accession 0001174947-23-001191 (NetIncomeLoss)
  7. 10-K/A · period ending 2023-06-30 · accession 0001174947-24-001066 (NetIncomeLoss)
  8. 10-K · period ending 2024-06-30 · accession 0002077096-25-000107 (NetIncomeLoss)
  9. 10-K · period ending 2021-06-30 · accession 0001174947-22-001008 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-06-30 · accession 0001174947-23-001191 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K/A · period ending 2023-06-30 · accession 0001174947-24-001066 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-06-30 · accession 0002077096-25-000107 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-06-30 · accession 0001174947-22-001008 (PaymentsToAcquireProductiveAssets)
  14. 10-K · period ending 2022-06-30 · accession 0001174947-23-001191 (PaymentsToAcquireProductiveAssets)
  15. 10-K · period ending 2024-06-30 · accession 0002077096-25-000107 (PaymentsForCapitalImprovements)
  16. 10-K · period ending 2021-06-30 · accession 0001174947-22-001008 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2022-06-30 · accession 0001174947-23-001191 (LongTermDebtNoncurrent)
  18. 10-K/A · period ending 2023-06-30 · accession 0001174947-24-001066 (LongTermDebtNoncurrent)
  19. 10-K · period ending 2024-06-30 · accession 0002077096-25-000107 (LongTermDebtNoncurrent)
  20. 10-K · period ending 2021-06-30 · accession 0001174947-22-001008 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2022-06-30 · accession 0001174947-23-001191 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K/A · period ending 2023-06-30 · accession 0001174947-24-001066 (CashAndCashEquivalentsAtCarryingValue)
  23. 10-K · period ending 2024-06-30 · accession 0002077096-25-000107 (CashAndCashEquivalentsAtCarryingValue)