MeritValue

GREIF, INC

GEFdata completeness 75%17 fiscal years on file

Data notes: no data for concept 'dilutedShares'; no data for concept 'epsDiluted'

The thesis, from the filings

GREIF, INC earns about 5% on invested capital. The cash-flow models don't apply cleanly here — the ledger says why below.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 2020FY 2021FY 2022FY 2023FY 2024
Revenue$4.52B1$5.56B2$6.35B3$5.22B3$5.45B3
Net income$108.8M4$390.7M5$376.7M6$359.2M6$268.8M6
Operating cash flow$454.7M7$396M8$657.5M9$649.5M9$356M9
Capital expenditure—————
Free cash flow (derived)—————
Total debt$4.96B10$4.41B11$3.83B12$4.43B13$5.47B13
Cash & equivalents$105.9M14$124.6M15$147.1M16$180.9M17$197.7M17
Diluted shares—————

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

iii. Is this a good business?
Moat signal · return on invested capital
5% avg · 5y
FY20 2%FY21 7%FY22 7%FY23 6%FY24 4%

It earned an average 5% 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
— shares · 5y

Total debt has risen 10% 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
only 1 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 1 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
no diluted share count
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2020-10-31 · accession 0000043920-22-000087 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2021-10-31 · accession 0000043920-23-000068 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2022-10-31 · accession 0000043920-24-000056 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2020-10-31 · accession 0000043920-22-000087 (NetIncomeLoss)
  5. 10-K · period ending 2021-10-31 · accession 0000043920-23-000068 (NetIncomeLoss)
  6. 10-K · period ending 2022-10-31 · accession 0000043920-24-000056 (NetIncomeLoss)
  7. 10-K · period ending 2020-10-31 · accession 0000043920-22-000087 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2021-10-31 · accession 0000043920-23-000068 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2022-10-31 · accession 0000043920-24-000056 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2020-10-31 · accession 0000043920-21-000076 (LongTermDebtNoncurrent)
  11. 10-K · period ending 2021-10-31 · accession 0000043920-22-000087 (LongTermDebtNoncurrent)
  12. 10-K · period ending 2022-10-31 · accession 0000043920-23-000068 (LongTermDebtNoncurrent)
  13. 10-K · period ending 2023-10-31 · accession 0000043920-24-000056 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2020-10-31 · accession 0000043920-21-000076 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2021-10-31 · accession 0000043920-22-000087 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2022-10-31 · accession 0000043920-23-000068 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2023-10-31 · accession 0000043920-24-000056 (CashAndCashEquivalentsAtCarryingValue)