MeritValue

Enpro Inc.

NPOdata completeness 100%17 fiscal years on file
The thesis, from the filings

Enpro Inc. earns about 2% on invested capital, below its ~9% cost of capital, with a roughly flat share count — no moat visible in the numbers. The estimate methods put fair value between $35.63 and $391.46 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$840.4M1$1.1B2$1.06B2$1.05B2$1.14B3
Net income$177.9M4$205.1M5$22.2M6$72.9M6$40.5M6
Operating cash flow$124.1M7$106.1M8$208.4M9$162.9M9$201.2M9
Capital expenditure$14.9M10$29.4M11$33.9M12$29.1M12$42M12
Free cash flow (derived)$109.2M7$76.7M8$174.5M9$133.8M9$159.2M9
Total debt$2.1B13$1.58B14$1.29B15$1.28B16$1.31B16
Cash & equivalents$338.1M17$334.4M18$369.8M19$236.3M20$114.7M20
Diluted shares20.8M20.9M21.0M21.1M21.2M

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
$728.25
your share of equity
Profit it earned you last year
$19.1
Free cash flow it threw off
$75.09
Debt you’d be carrying
$618.21

10 shares is a claim on $728.25 of net worth that earned you $19.1 and generated $75.09 of cash last year, against $618.21 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
2% avg · 5y
FY21 2%FY22 1%FY23 2%FY24 3%FY25 1%

It earned about 2% on invested capital against a ~9% cost of capital — below the cost of funding. The numbers show no moat.

seeing a moat in the numbers →
Management signal · capital allocation
+2% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback. Total debt has fallen 38% — deleveraging.

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 $35.63 and $391.46 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
$391.46
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth20.0%
  • fcfBase$159.2M
DCF · Growth Exit 5Y
$188.42
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth20.0%
  • fcfBase$159.2M
Earnings Power Value
$35.63
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$72.9M
  • growthAssumed0.0%
Graham Number
$55.94
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 years20.0%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $188.42
The three cases
Bear0.0%$50.88
Base20.0%$188.42
Bull20.0%$188.42

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.

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001164863-24-000015 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001164863-25-000009 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2025-12-31 · accession 0001628280-26-009798 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001164863-24-000015 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001164863-25-000009 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001628280-26-009798 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001164863-24-000015 (NetCashProvidedByUsedInOperatingActivitiesContinuingOperations)
  8. 10-K · period ending 2022-12-31 · accession 0001164863-25-000009 (NetCashProvidedByUsedInOperatingActivitiesContinuingOperations)
  9. 10-K · period ending 2023-12-31 · accession 0001628280-26-009798 (NetCashProvidedByUsedInOperatingActivitiesContinuingOperations)
  10. 10-K · period ending 2021-12-31 · accession 0001164863-24-000015 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001164863-25-000009 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001628280-26-009798 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001164863-23-000028 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-12-31 · accession 0001164863-24-000015 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-12-31 · accession 0001164863-25-000009 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-12-31 · accession 0001628280-26-009798 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-12-31 · accession 0001164863-23-000028 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001164863-24-000015 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001164863-25-000009 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001628280-26-009798 (CashAndCashEquivalentsAtCarryingValue)