MeritValue

Moelis & Co

MCdata completeness 63%14 fiscal years on file

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

The thesis, from the filings

Moelis & Co earns about 253% 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—————
Net income$423M1$168.7M2−$27.5M3$151.5M3$259.6M3
Operating cash flow$937M4$33M5$158.5M6$427.5M6$576.3M6
Capital expenditure$16.4M7$5.96M8$16.7M9$12.1M9$36.3M9
Free cash flow (derived)$920.6M4$27M5$141.8M6$415.4M6$540M6
Total debt—————
Cash & equivalents$520.2M10$206.8M11$186.4M12$412.5M13$508.6M13
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
253% avg · 5y
FY21 —FY22 71%FY23 -14%FY24 520%FY25 434%

It earned an average 253% 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 0000950170-24-018791 (ProfitLoss)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-25-029070 (ProfitLoss)
  3. 10-K · period ending 2023-12-31 · accession 0001193125-26-076747 (ProfitLoss)
  4. 10-K · period ending 2021-12-31 · accession 0000950170-24-018791 (NetCashProvidedByUsedInOperatingActivities)
  5. 10-K · period ending 2022-12-31 · accession 0000950170-25-029070 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2023-12-31 · accession 0001193125-26-076747 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2021-12-31 · accession 0000950170-24-018791 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 10-K · period ending 2022-12-31 · accession 0000950170-25-029070 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 10-K · period ending 2023-12-31 · accession 0001193125-26-076747 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K · period ending 2021-12-31 · accession 0000950170-23-004120 (CashAndCashEquivalentsAtCarryingValue)
  11. 10-K · period ending 2022-12-31 · accession 0000950170-24-018791 (CashAndCashEquivalentsAtCarryingValue)
  12. 10-K · period ending 2023-12-31 · accession 0000950170-25-029070 (CashAndCashEquivalentsAtCarryingValue)
  13. 10-K · period ending 2024-12-31 · accession 0001193125-26-076747 (CashAndCashEquivalentsAtCarryingValue)