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.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 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) | $920.6M4,7 | $27M5,8 | $141.8M6,9 | $415.4M6,9 | $540M6,9 |
| 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). A derived or summed figure cites every filing line it was built from.
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 →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.
Different models answer different questions — which to trust when →
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MeritValue on the App Store →- 10-K filed 2024-02-22 · period ending 2021-12-31 · accession 0000950170-24-018791 (ProfitLoss)
- 10-K filed 2025-02-27 · period ending 2022-12-31 · accession 0000950170-25-029070 (ProfitLoss)
- 10-K filed 2026-02-26 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001193125-26-076747 (ProfitLoss)
- 10-K filed 2024-02-22 · period ending 2021-12-31 · accession 0000950170-24-018791 (NetCashProvidedByUsedInOperatingActivities)
- 10-K filed 2025-02-27 · period ending 2022-12-31 · accession 0000950170-25-029070 (NetCashProvidedByUsedInOperatingActivities)
- 10-K filed 2026-02-26 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001193125-26-076747 (NetCashProvidedByUsedInOperatingActivities)
- 10-K filed 2024-02-22 · period ending 2021-12-31 · accession 0000950170-24-018791 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K filed 2025-02-27 · period ending 2022-12-31 · accession 0000950170-25-029070 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K filed 2026-02-26 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001193125-26-076747 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K filed 2023-02-23 · period ending 2021-12-31 · accession 0000950170-23-004120 (CashAndCashEquivalentsAtCarryingValue)
- 10-K filed 2024-02-22 · period ending 2022-12-31 · accession 0000950170-24-018791 (CashAndCashEquivalentsAtCarryingValue)
- 10-K filed 2025-02-27 · period ending 2023-12-31 · accession 0000950170-25-029070 (CashAndCashEquivalentsAtCarryingValue)
- 10-K filed 2026-02-26 · periods ending 2024-12-31, 2025-12-31 · accession 0001193125-26-076747 (CashAndCashEquivalentsAtCarryingValue)