MeritValue

JELD-WEN Holding, Inc.

JELDdata completeness 88%11 fiscal years on file
The thesis, from the filings

JELD-WEN Holding, Inc. earns about 10% on invested capital, and has bought back 13% of its shares over 5 years. The applicable estimate puts fair value near $5.56 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$4.18B1$4.54B2$4.3B3$3.78B3$3.21B3
Net income$168.8M4$45.7M5$62.4M6−$189M6−$621.2M6
Operating cash flow$175.7M7$30.3M8$345.2M9$106.2M9−$4.86M9
Capital expenditure$83.6M10$83.2M11$98.3M12$161.9M12$119.8M12
Free cash flow (derived)$92.1M7−$52.9M8$246.9M9−$55.7M9−$124.6M9
Total debt——$013$014—
Cash & equivalents$395.6M15$164.5M16$288.3M17$150.3M18$136.1M18
Diluted shares98.4M87.1M85.9M85.0M85.3M

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
$10.81
your share of equity
Profit it earned you last year
−$72.85
Free cash flow it threw off
−$14.62
Debt you’d be carrying
—

10 shares is a claim on $10.81 of net worth that earned you −$72.85 and generated −$14.62 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
10% avg · 5y
FY21 44%FY22 10%FY23 14%FY24 -29%FY25 —

It earned an average 10% 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
−13% shares · 5y

Share count is down 13% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

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
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
$5.56
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$45.7M
  • growthAssumed0.0%
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 0001674335-24-000059 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001674335-25-000055 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001674335-26-000043 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001674335-24-000059 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001674335-25-000055 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001674335-26-000043 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001674335-24-000059 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001674335-25-000055 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001674335-26-000043 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001674335-24-000059 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001674335-25-000055 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001674335-26-000043 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2023-12-31 · accession 0001674335-24-000059 (LongTermDebt)
  14. 10-K · period ending 2024-12-31 · accession 0001674335-25-000055 (LongTermDebt)
  15. 10-K · period ending 2021-12-31 · accession 0001674335-23-000039 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2022-12-31 · accession 0001674335-24-000059 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2023-12-31 · accession 0001674335-25-000055 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2024-12-31 · accession 0001674335-26-000043 (CashAndCashEquivalentsAtCarryingValue)