MARZETTI CO
MZTIdata completeness 88%17 fiscal years on fileData notes: no data for concept 'totalDebt'
MARZETTI CO earns about 18% 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 $53.66 and $405.04 a share.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 | $1.47B1 | $1.68B2 | $1.82B3 | $1.87B3 | $1.91B3 |
| Net income | $142.3M4 | $89.6M5 | $111.3M6 | $158.6M6 | $167.3M6 |
| Operating cash flow | $174.2M7 | $101.8M8 | $225.9M9 | $251.6M9 | $261.5M9 |
| Capital expenditure | $87.9M10 | $132M11 | $90.2M12 | $67.6M12 | $58M12 |
| Free cash flow (derived) | $86.3M7 | −$30.2M8 | $135.7M9 | $184M9 | $203.5M9 |
| Total debt | — | — | — | — | — |
| Cash & equivalents | $188.1M13 | $60.3M14 | $88.5M15 | $163.4M16 | $161.5M16 |
| Diluted shares | 27.5M | 27.5M | 27.5M | 27.5M | 27.5M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $363.23 of net worth that earned you $60.88 and generated $74.03 of cash last year.
It earned about 18% 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 $53.66 and $405.04 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)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth20.0%
- fcfBase$184M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth20.0%
- fcfBase$184M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$142.3M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $101.5 |
| Base | 20.0% | $224.08 |
| Bull | 20.0% | $224.08 |
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 2021-06-30 · accession 0000057515-23-000017 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 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 2021-06-30 · accession 0000057515-23-000017 (NetIncomeLoss)
- 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 2021-06-30 · accession 0000057515-23-000017 (NetCashProvidedByUsedInOperatingActivities)
- 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 2021-06-30 · accession 0000057515-23-000017 (PaymentsToAcquirePropertyPlantAndEquipment)
- 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 2021-06-30 · accession 0000057515-22-000017 (CashAndCashEquivalentsAtCarryingValue)
- 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)