MeritValue

Lifevantage Corp

LFVNdata completeness 88%15 fiscal years on file
The thesis, from the filings

Lifevantage Corp earns about 48% on invested capital, far above its ~9% cost of capital, and has bought back 9% of its shares over 5 years — the marks of a durable business run for its owners. The estimate methods put fair value between $2.49 and $12.5 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$220.2M1$206.4M2$213.4M3$200.2M4$228.5M4
Net income$12.9M5$3.12M6$2.54M7$2.94M8$9.81M8
Operating cash flow$16.3M9$7.96M10$6.83M11$12.2M12$11.9M12
Capital expenditure$3.74M13$1.53M14$3.07M15$2.25M16$1.37M16
Free cash flow (derived)$12.5M9$6.43M10$3.76M11$9.95M12$10.5M12
Total debt—————
Cash & equivalents$23.2M17$20.2M18$21.6M19$16.9M20$20.2M20
Diluted shares14.3M13.1M12.6M13.0M13.0M

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
shares
Net assets behind them
$26.67
your share of equity
Profit it earned you last year
$7.55
Free cash flow it threw off
$8.09
Debt you’d be carrying
—

10 shares is a claim on $26.67 of net worth that earned you $7.55 and generated $8.09 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
48% avg · 5y
FY21 95%FY22 28%FY23 19%FY24 29%FY25 68%

It earned about 48% on invested capital, year after year, against a ~9% cost of capital — the footprint of real pricing power. Competition usually drags returns like this back down; here it hasn't.

seeing a moat in the numbers →
Management signal · capital allocation
−9% shares · 5y

Share count is down 9% 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

The 3 estimate methods that apply put fair value between $2.49 and $12.5 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
$11.68
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$9.95M
DCF · Growth Exit 5Y
$12.5
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$9.95M
Earnings Power Value
$2.49
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$3.12M
  • growthAssumed0.0%
Graham Number
$6.71
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 years0.0%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $12.5
The three cases
Bear0.0%$12.5
Base0.0%$12.5
Bull5.0%$15.15

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

Default growth 0.0%= 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 2021-06-30 · accession 0000849146-22-000058 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-06-30 · accession 0000849146-23-000102 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-06-30 · accession 0000849146-24-000073 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-06-30 · accession 0000849146-25-000068 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-06-30 · accession 0000849146-22-000058 (NetIncomeLoss)
  6. 10-K · period ending 2022-06-30 · accession 0000849146-23-000102 (NetIncomeLoss)
  7. 10-K · period ending 2023-06-30 · accession 0000849146-24-000073 (NetIncomeLoss)
  8. 10-K · period ending 2024-06-30 · accession 0000849146-25-000068 (NetIncomeLoss)
  9. 10-K · period ending 2021-06-30 · accession 0000849146-22-000058 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-06-30 · accession 0000849146-23-000102 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-06-30 · accession 0000849146-24-000073 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-06-30 · accession 0000849146-25-000068 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-06-30 · accession 0000849146-22-000058 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-06-30 · accession 0000849146-23-000102 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-06-30 · accession 0000849146-24-000073 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-06-30 · accession 0000849146-25-000068 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-06-30 · accession 0000849146-22-000058 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-06-30 · accession 0000849146-23-000102 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-06-30 · accession 0000849146-24-000073 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-06-30 · accession 0000849146-25-000068 (CashAndCashEquivalentsAtCarryingValue)