| Figure | FY 2022 | FY 2023 | FY 2024 | FY 2025 | FY 2026 |
|---|---|---|---|---|---|
| Revenue | $2.11B1 | $2.03B2 | $1.84B3 | $1.94B3 | $1.86B3 |
| Net income | $148M4 | $136.9M5 | $110.2M6 | −$15.6M6 | $71.7M6 |
| Operating cash flow | $160.5M7 | $212.3M8 | $245.6M9 | $136.3M9 | $152.7M9 |
| Capital expenditure | $95.2M10 | $88.9M11 | $70.9M12 | $80M12 | $77.3M12 |
| Free cash flow (derived) | $65.2M7,10 | $123.3M8,11 | $174.7M9,12 | $56.3M9,12 | $75.3M9,12 |
| Total debt | $1.48B13 | $1.48B14 | $1.48B15 | $1.48B16 | $1.57B16,17 |
| Cash & equivalents | $147.5M18 | $126.2M19 | $113.5M20 | $96.9M20 | $48.4M21 |
| Diluted shares | — | — | — | — | — |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom). A derived or summed figure cites every filing line it was built from.
Not enough data in the filings for a return-on-capital reading.
seeing a moat in the numbers →Total debt has held roughly steady.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
Different models answer different questions — which to trust when →
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MeritValue on the App Store →- 10-K filed 2024-09-27 · period ending 2022-07-31 · accession 0001558370-24-013059 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K filed 2025-10-15 · period ending 2023-07-31 · accession 0001104659-25-099508 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K filed 2026-09-25 · periods ending 2024-07-31, 2025-07-31, 2026-07-31 · accession 0001104659-26-110592 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K filed 2024-09-27 · period ending 2022-07-31 · accession 0001558370-24-013059 (NetIncomeLoss)
- 10-K filed 2025-10-15 · period ending 2023-07-31 · accession 0001104659-25-099508 (NetIncomeLoss)
- 10-K filed 2026-09-25 · periods ending 2024-07-31, 2025-07-31, 2026-07-31 · accession 0001104659-26-110592 (NetIncomeLoss)
- 10-K filed 2024-09-27 · period ending 2022-07-31 · accession 0001558370-24-013059 (NetCashProvidedByUsedInOperatingActivities)
- 10-K filed 2025-10-15 · period ending 2023-07-31 · accession 0001104659-25-099508 (NetCashProvidedByUsedInOperatingActivities)
- 10-K filed 2026-09-25 · periods ending 2024-07-31, 2025-07-31, 2026-07-31 · accession 0001104659-26-110592 (NetCashProvidedByUsedInOperatingActivities)
- 10-K filed 2024-09-27 · period ending 2022-07-31 · accession 0001558370-24-013059 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K filed 2025-10-15 · period ending 2023-07-31 · accession 0001104659-25-099508 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K filed 2026-09-25 · periods ending 2024-07-31, 2025-07-31, 2026-07-31 · accession 0001104659-26-110592 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K filed 2023-09-29 · period ending 2022-07-31 · accession 0001558370-23-016157 (LongTermDebt)
- 10-K filed 2024-09-27 · period ending 2023-07-31 · accession 0001558370-24-013059 (LongTermDebt)
- 10-K filed 2025-10-15 · period ending 2024-07-31 · accession 0001104659-25-099508 (LongTermDebt)
- 10-K filed 2026-09-25 · periods ending 2025-07-31, 2026-07-31 · accession 0001104659-26-110592 (LongTermDebt)
- 10-K filed 2026-09-25 · period ending 2026-07-31 · accession 0001104659-26-110592 (ShortTermBorrowings)
- 10-K filed 2023-09-29 · period ending 2022-07-31 · accession 0001558370-23-016157 (CashAndCashEquivalentsAtCarryingValue)
- 10-K filed 2024-09-27 · period ending 2023-07-31 · accession 0001558370-24-013059 (CashAndCashEquivalentsAtCarryingValue)
- 10-K filed 2025-10-15 · periods ending 2024-07-31, 2025-07-31 · accession 0001104659-25-099508 (CashAndCashEquivalentsAtCarryingValue)
- 10-K filed 2026-09-25 · period ending 2026-07-31 · accession 0001104659-26-110592 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)