MeritValue

HAEMONETICS CORP

HAEdata completeness 100%18 fiscal years on file
The thesis, from the filings

HAEMONETICS CORP earns about 6% on invested capital, below its ~9% cost of capital, and has bought back 8% of its shares over 5 years — no moat visible in the numbers. The estimate methods put fair value between $25.25 and $134.04 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$993.2M1$1.17B2$1.31B3$1.36B3$1.33B3
Net income$43.4M4$115.4M5$117.6M6$167.7M6$97.3M6
Operating cash flow$172.3M7$273.1M8$181.8M9$181.7M9$293.2M9
Capital expenditure$96.5M10$191.3M11$38.1M12$39.3M12$32.8M12
Free cash flow (derived)$75.8M7$81.7M8$143.6M9$142.4M9$260.4M9
Total debt$773.6M13$765.9M14$807.8M15$2.47B16$2.46B16
Cash & equivalents$259.5M17$284.5M18$178.8M19$306.8M20$245.4M20
Diluted shares51.4M51.4M51.4M50.7M47.4M

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
$168.16
your share of equity
Profit it earned you last year
$20.55
Free cash flow it threw off
$55
Debt you’d be carrying
$520.42

10 shares is a claim on $168.16 of net worth that earned you $20.55 and generated $55 of cash last year, against $520.42 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
6% avg · 5y
FY22 4%FY23 10%FY24 8%FY25 7%FY26 4%

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
−8% shares · 5y

Share count is down 8% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 219% 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 $25.25 and $134.04 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
$134.04
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth20.0%
  • fcfBase$143.6M
DCF · Growth Exit 5Y
$52.03
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth20.0%
  • fcfBase$143.6M
Earnings Power Value
$25.25
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$115.4M
  • growthAssumed0.0%
Graham Number
$27.85
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 years20.0%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $52.03
The three cases
Bear0.0%−$3.52
Base20.0%$52.03
Bull20.0%$52.03

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
  1. 10-K · period ending 2022-04-02 · accession 0000313143-24-000020 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-04-01 · accession 0000313143-25-000025 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-03-30 · accession 0000313143-26-000050 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2022-04-02 · accession 0000313143-24-000020 (NetIncomeLoss)
  5. 10-K · period ending 2023-04-01 · accession 0000313143-25-000025 (NetIncomeLoss)
  6. 10-K · period ending 2024-03-30 · accession 0000313143-26-000050 (NetIncomeLoss)
  7. 10-K · period ending 2022-04-02 · accession 0000313143-24-000020 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-04-01 · accession 0000313143-25-000025 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-03-30 · accession 0000313143-26-000050 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-04-02 · accession 0000313143-24-000020 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-04-01 · accession 0000313143-25-000025 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-03-30 · accession 0000313143-26-000050 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-04-02 · accession 0000313143-23-000014 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2023-04-01 · accession 0000313143-24-000020 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2024-03-30 · accession 0000313143-25-000025 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2025-03-29 · accession 0000313143-26-000050 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2022-04-02 · accession 0000313143-23-000014 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-04-01 · accession 0000313143-24-000020 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-03-30 · accession 0000313143-25-000025 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2025-03-29 · accession 0000313143-26-000050 (CashAndCashEquivalentsAtCarryingValue)