MeritValue

HAVERTY FURNITURE COMPANIES INC

HVTdata completeness 75%17 fiscal years on file

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

The thesis, from the filings

HAVERTY FURNITURE COMPANIES INC earns about 42% 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 2021FY 2022FY 2023FY 2024FY 2025
Revenue$1.01B1$1.05B2$862.1M3$722.9M3$759M3
Net income$90.8M4$89.4M5$56.3M6$20M6$19.7M6
Operating cash flow$97.2M7$51M8$97.2M9$58.9M9$52.6M9
Capital expenditure$34.1M10$28.4M11$53.1M12$32.1M12$19.7M12
Free cash flow (derived)$63.2M7$22.6M8$44.1M9$26.8M9$33M9
Total debt—————
Cash & equivalents$166.1M13$123.1M14$120.6M15$120M16$125.3M16
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
42% avg · 5y
FY21 101%FY22 54%FY23 32%FY24 11%FY25 11%

It earned an average 42% 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

Not enough history to read capital allocation.

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
no diluted share count — cannot compute per-share value
DCF · Growth Exit 5Y
not applicable
no diluted share count — cannot compute per-share value
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 2021-12-31 · accession 0001628280-24-009586 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001628280-25-010869 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001628280-26-012199 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001628280-24-009586 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001628280-25-010869 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001628280-26-012199 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001628280-24-009586 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001628280-25-010869 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001628280-26-012199 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001628280-24-009586 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001628280-25-010869 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001628280-26-012199 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001628280-23-006912 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2022-12-31 · accession 0001628280-24-009586 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-12-31 · accession 0001628280-25-010869 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2024-12-31 · accession 0001628280-26-012199 (CashAndCashEquivalentsAtCarryingValue)