MARZETTI CO
MZTIdata completeness 100%18 fiscal years on fileData notes: no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'gainsOnRealEstateSales'
MARZETTI CO earns about 16% 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 $59.06 and $417.22 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2022 | FY 2023 | FY 2024 | FY 2025 | FY 2026 |
|---|---|---|---|---|---|
| Revenue | $1.68B1 | $1.82B2 | $1.87B3 | $1.91B3 | $1.93B3 |
| Net income | $89.6M4 | $111.3M5 | $158.6M6 | $167.3M6 | $191.6M6 |
| Operating cash flow | $101.8M7 | $225.9M8 | $251.6M9 | $261.5M9 | $283.8M9 |
| Capital expenditure | $132M10 | $90.2M11 | $67.6M12 | $58M12 | $77.7M12 |
| Free cash flow (derived) | −$30.2M7 | $135.7M8 | $184M9 | $203.5M9 | $206.1M9 |
| Total debt | — | — | — | $013 | $398.6M13 |
| Cash & equivalents | $60.3M14 | $88.5M15 | $163.4M16 | $161.5M17 | $25.1M17 |
| Diluted shares | 27.5M | 27.5M | 27.5M | 27.5M | 27.4M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $384.28 of net worth that earned you $69.91 and generated $75.22 of cash last year, against $145.43 of debt.
It earned about 16% on invested capital against a ~9% cost of capital — comfortably above the cost of funding, a moderate advantage.
seeing a moat in the numbers →Share count is roughly flat over 5 years — little dilution, little buyback.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $59.06 and $417.22 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.8%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth20.0%
- fcfBase$203.5M
assumptions (10)
- riskFreeRate4.8%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth20.0%
- fcfBase$203.5M
assumptions (8)
- riskFreeRate4.8%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$158.6M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $90.15 |
| Base | 20.0% | $222.76 |
| Bull | 20.0% | $222.76 |
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.
- 10-K · period ending 2022-06-30 · accession 0000057515-24-000020 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2023-06-30 · accession 0000057515-25-000020 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2024-06-30 · accession 0000057515-26-000019 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2022-06-30 · accession 0000057515-24-000020 (NetIncomeLoss)
- 10-K · period ending 2023-06-30 · accession 0000057515-25-000020 (NetIncomeLoss)
- 10-K · period ending 2024-06-30 · accession 0000057515-26-000019 (NetIncomeLoss)
- 10-K · period ending 2022-06-30 · accession 0000057515-24-000020 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-06-30 · accession 0000057515-25-000020 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2024-06-30 · accession 0000057515-26-000019 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2022-06-30 · accession 0000057515-24-000020 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2023-06-30 · accession 0000057515-25-000020 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2024-06-30 · accession 0000057515-26-000019 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2025-06-30 · accession 0000057515-26-000019 (LongTermDebtNoncurrent)
- 10-K · period ending 2022-06-30 · accession 0000057515-23-000017 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2023-06-30 · accession 0000057515-24-000020 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2024-06-30 · accession 0000057515-25-000020 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2025-06-30 · accession 0000057515-26-000019 (CashAndCashEquivalentsAtCarryingValue)