MeritValue

INTERPARFUMS INC

IPARdata completeness 88%17 fiscal years on file
The thesis, from the filings

INTERPARFUMS INC earns about 18% on invested capital, comfortably above its ~9% cost of capital, with a roughly flat share count — a real edge showing up in the numbers. The estimate methods put fair value between $49.22 and $328.18 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 2021FY 2022FY 2023FY 2024FY 2025
Revenue$879.5M1$1.09B2$1.32B3$1.45B3$1.49B3
Net income$87.4M4$120.9M5$152.7M6$164.4M6$168.4M6
Operating cash flow$119.6M7$73M8$105.8M9$187.6M9$214.9M9
Capital expenditure$141.3M10$33.8M11$6.47M12$4.74M12$24.4M12
Free cash flow (derived)−$21.7M7$39.3M8$99.3M9$182.9M9$190.5M9
Total debt$297.6M13$360.1M14$319.4M15$323M16$361.5M16
Cash & equivalents$159.6B17————
Diluted shares31.8M32.0M32.1M32.1M32.1M

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
$274.04
your share of equity
Profit it earned you last year
$52.39
Free cash flow it threw off
$59.27
Debt you’d be carrying
$112.47

10 shares is a claim on $274.04 of net worth that earned you $52.39 and generated $59.27 of cash last year, against $112.47 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
18% avg · 5y
FY21 —FY22 16%FY23 19%FY24 19%FY25 17%

It earned about 18% on invested capital against a ~9% cost of capital — comfortably above the cost of funding, a moderate advantage.

seeing a moat in the numbers →
Management signal · capital allocation
+1% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback. Total debt has risen 21% 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 $49.22 and $328.18 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
$328.18
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth20.0%
  • fcfBase$182.9M
DCF · Growth Exit 5Y
$174.3
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth20.0%
  • fcfBase$182.9M
Earnings Power Value
$49.22
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$152.7M
  • growthAssumed0.0%
Graham Number
$56.84
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 $174.3
The three cases
Bear0.0%$70.07
Base20.0%$174.3
Bull20.0%$174.3

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 2021-12-31 · accession 0001753926-24-000405 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001753926-25-000424 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001753926-26-000464 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001753926-24-000405 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001753926-25-000424 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001753926-26-000464 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001753926-24-000405 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001753926-25-000424 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001753926-26-000464 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001753926-24-000405 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001753926-25-000424 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001753926-26-000464 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001753926-23-000213 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-12-31 · accession 0001753926-24-000405 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-12-31 · accession 0001753926-25-000424 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-12-31 · accession 0001753926-26-000464 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-12-31 · accession 0001753926-24-000405 (CashAndCashEquivalentsAtCarryingValue)