Gen Digital Inc.

GENdata completeness 100%19 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

Gen Digital 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 $14 and $120.93 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

Figure	FY 2022	FY 2023	FY 2024	FY 2025	FY 2026
Revenue	$2.8B¹	$3.32B²	$3.8B³	$3.94B³	$5B³
Net income	$836M⁴	$1.33B⁵	$607M⁶	$643M⁶	$973M⁶
Operating cash flow	$974M⁷	$757M⁸	$2.06B⁹	$1.22B⁹	$1.55B⁹
Capital expenditure	$6M¹⁰	$6M¹¹	$20M¹²	$15M¹²	$22M¹²
Free cash flow (derived)	$968M⁷	$751M⁸	$2.04B⁹	$1.21B⁹	$1.52B⁹
Total debt	$7.47B¹³	$19.5B¹⁴	$17.2B¹⁵	$16.5B¹⁶	$16.4B¹⁶
Cash & equivalents	$1.89B¹⁷	$750M¹⁸	$846M¹⁹	$1.01B¹⁹	$411M²⁰
Diluted shares	591.0M	624.0M	642.0M	624.0M	619.0M

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

Net assets behind them

$42.18

your share of equity

Profit it earned you last year

$15.72

Free cash flow it threw off

$24.6

Debt you’d be carrying

$264.81

10 shares is a claim on $42.18 of net worth that earned you $15.72 and generated $24.6 of cash last year, against $264.81 of debt.

iii. Is this a good business?

Moat signal · return on invested capital

6% avg · 5y

FY22 15%FY23 4%FY24 2%FY25 4%FY26 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 119% 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 $14 and $120.93 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

$120.93

assumptions (10)

riskFreeRate4.7%
equityRiskPremium5.0%
beta100.0%
equityWeight85.0%
costOfDebtSpread1.5%
taxRate21.0%
terminalGrowth2.5%
projectionYears10
fcfGrowth20.0%
fcfBase$1.52B

DCF · Growth Exit 5Y

$54.4

assumptions (10)

riskFreeRate4.7%
equityRiskPremium5.0%
beta100.0%
equityWeight85.0%
costOfDebtSpread1.5%
taxRate21.0%
terminalGrowth2.5%
projectionYears5
fcfGrowth20.0%
fcfBase$1.52B

Earnings Power Value

$14

assumptions (8)

riskFreeRate4.7%
equityRiskPremium5.0%
beta100.0%
equityWeight85.0%
costOfDebtSpread1.5%
taxRate21.0%
normalizedEarnings$836M
growthAssumed0.0%

Graham Number

$12.21

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?

Market price See live price ↗

Type a price. The ledger answers.

Or set your own belief

FCF growth, next 5 years20.0%

Discount rate (WACC)8.93%

Terminal growth2.5%

At your growth, a share is worth $54.4

The three cases

Bear	0.0%	$9.34
Base	20.0%	$54.4
Bull	20.0%	$54.4

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

Default growth 20.0%= 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

10-K · period ending 2022-04-01 · accession 0000849399-24-000036 (RevenueFromContractWithCustomerExcludingAssessedTax)
10-K · period ending 2023-03-31 · accession 0000849399-25-000033 (RevenueFromContractWithCustomerExcludingAssessedTax)
10-K · period ending 2024-03-29 · accession 0000849399-26-000017 (RevenueFromContractWithCustomerExcludingAssessedTax)
10-K · period ending 2022-04-01 · accession 0000849399-24-000036 (NetIncomeLoss)
10-K · period ending 2023-03-31 · accession 0000849399-25-000033 (NetIncomeLoss)
10-K · period ending 2024-03-29 · accession 0000849399-26-000017 (NetIncomeLoss)
10-K · period ending 2022-04-01 · accession 0000849399-24-000036 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2023-03-31 · accession 0000849399-25-000033 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2024-03-29 · accession 0000849399-26-000017 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2022-04-01 · accession 0000849399-24-000036 (PaymentsToAcquirePropertyPlantAndEquipment)
10-K · period ending 2023-03-31 · accession 0000849399-25-000033 (PaymentsToAcquirePropertyPlantAndEquipment)
10-K · period ending 2024-03-29 · accession 0000849399-26-000017 (PaymentsToAcquirePropertyPlantAndEquipment)
10-K · period ending 2022-04-01 · accession 0000849399-23-000014 (LongTermDebtNoncurrent)
10-K · period ending 2023-03-31 · accession 0000849399-24-000036 (LongTermDebtNoncurrent)
10-K · period ending 2024-03-29 · accession 0000849399-25-000033 (LongTermDebtNoncurrent)
10-K · period ending 2025-03-28 · accession 0000849399-26-000017 (LongTermDebtNoncurrent)
10-K · period ending 2022-04-01 · accession 0000849399-23-000014 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2023-03-31 · accession 0000849399-24-000036 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2024-03-29 · accession 0000849399-25-000033 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2026-04-03 · accession 0000849399-26-000017 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)