MeritValue

Everpure, Inc.

Pdata completeness 100%13 fiscal years on file
The thesis, from the filings

Everpure, Inc. earns about 12% on invested capital, comfortably above its ~9% cost of capital, but has diluted owners by 20% over 5 years — a real edge showing up in the numbers. The estimate methods put fair value between $2.21 and $91.54 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 2022FY 2023FY 2024FY 2025FY 2026
Revenue$2.18B1$2.75B2$2.83B3$3.17B3$3.66B3
Net income−$143.3M4$73.1M5$61.3M6$106.7M6$188.2M6
Operating cash flow$410.1M7$767.2M8$677.7M9$753.6M9$880.1M9
Capital expenditure$102.3M10$158.1M11$195.2M12$226.7M12$264.3M12
Free cash flow (derived)$307.8M7$609.1M8$482.6M9$526.9M9$615.7M9
Total debt$786.8M13$574.5M14$100M15$100M15$016
Cash & equivalents$466.2M17$580.9M18$702.5M19$723.6M19$854.9M19
Diluted shares285.9M339.2M332.6M342.7M343.0M

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
$42.15
your share of equity
Profit it earned you last year
$5.49
Free cash flow it threw off
$17.95
Debt you’d be carrying
$0

10 shares is a claim on $42.15 of net worth that earned you $5.49 and generated $17.95 of cash last year, against $0 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
12% avg · 5y
FY22 -7%FY23 8%FY24 10%FY25 16%FY26 32%

It earned about 12% on invested capital against a ~9% cost of capital — comfortably above the cost of funding, a moderate advantage.

seeing a moat in the numbers →
Management signal · capital allocation
+20% shares · 5y

Share count is up 20% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 100% — 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 $2.21 and $91.54 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
$91.54
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth19.6%
  • fcfBase$526.9M
DCF · Growth Exit 5Y
$51.84
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth19.6%
  • fcfBase$526.9M
Earnings Power Value
$2.21
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$73.1M
  • growthAssumed0.0%
Graham Number
$7.22
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 years19.6%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $51.84
The three cases
Bear0.0%$24.44
Base19.6%$51.84
Bull20.0%$52.57

Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.

Default growth 19.6%= 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 2022-02-06 · accession 0001628280-24-013860 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-02-05 · accession 0001628280-25-015044 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-02-04 · accession 0001474432-26-000027 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2022-02-06 · accession 0001628280-24-013860 (NetIncomeLoss)
  5. 10-K · period ending 2023-02-05 · accession 0001628280-25-015044 (NetIncomeLoss)
  6. 10-K · period ending 2024-02-04 · accession 0001474432-26-000027 (NetIncomeLoss)
  7. 10-K · period ending 2022-02-06 · accession 0001628280-24-013860 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-02-05 · accession 0001628280-25-015044 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-02-04 · accession 0001474432-26-000027 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-02-06 · accession 0001628280-24-013860 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-02-05 · accession 0001628280-25-015044 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-02-04 · accession 0001474432-26-000027 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-02-06 · accession 0001628280-23-010275 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2023-02-05 · accession 0001628280-24-013860 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2024-02-04 · accession 0001628280-25-015044 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2026-02-01 · accession 0001474432-26-000027 (LongTermDebtCurrent)
  17. 10-K · period ending 2022-02-06 · accession 0001628280-24-013860 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-02-05 · accession 0001628280-25-015044 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-02-04 · accession 0001474432-26-000027 (CashAndCashEquivalentsAtCarryingValue)