MeritValue

Prestige Consumer Healthcare Inc.

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

Prestige Consumer Healthcare Inc. earns about 5% on invested capital, below its ~9% cost of capital, and has bought back 4% of its shares over 5 years — no moat visible in the numbers. The estimate methods put fair value between $43.68 and $64.24 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$1.09B1$1.13B2$1.13B3$1.14B3$1.09B3
Net income$205.4M4−$82.3M5$209.3M6$214.6M6$190.3M6
Operating cash flow$259.9M7$229.7M8$248.9M9$251.5M9$257.6M9
Capital expenditure$9.64M10$7.78M11$9.55M12$8.22M12$11.2M12
Free cash flow (derived)$250.3M7$221.9M8$239.4M9$243.3M9$246.4M9
Total debt$2.95B13$2.69B14$2.25B14$992.4M15$994M15
Cash & equivalents$27.2M16$58.5M17$46.5M18$97.9M19$63.9M19
Diluted shares50.8M49.9M50.2M50.1M48.7M

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
$387.42
your share of equity
Profit it earned you last year
$39.06
Free cash flow it threw off
$50.58
Debt you’d be carrying
$204.01

10 shares is a claim on $387.42 of net worth that earned you $39.06 and generated $50.58 of cash last year, against $204.01 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
5% avg · 5y
FY22 6%FY23 -2%FY24 6%FY25 8%FY26 6%

It earned about 5% 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
−4% shares · 5y

Share count is down 4% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 66% — 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 $43.68 and $64.24 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
$64.24
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth3.1%
  • fcfBase$243.3M
DCF · Growth Exit 5Y
$62.63
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth3.1%
  • fcfBase$243.3M
Earnings Power Value
$43.68
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$205.4M
  • growthAssumed0.0%
Graham Number
$58.38
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 years3.1%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $62.63
The three cases
Bear0.0%$52.26
Base3.1%$62.63
Bull8.1%$81.95

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

Default growth 3.1%= 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 2022-03-31 · accession 0001295947-24-000017 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-03-31 · accession 0001295947-25-000017 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-03-31 · accession 0001295947-26-000016 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2022-03-31 · accession 0001295947-24-000017 (NetIncomeLoss)
  5. 10-K · period ending 2023-03-31 · accession 0001295947-25-000017 (NetIncomeLoss)
  6. 10-K · period ending 2024-03-31 · accession 0001295947-26-000016 (NetIncomeLoss)
  7. 10-K · period ending 2022-03-31 · accession 0001295947-24-000017 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-03-31 · accession 0001295947-25-000017 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-03-31 · accession 0001295947-26-000016 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-03-31 · accession 0001295947-24-000017 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-03-31 · accession 0001295947-25-000017 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-03-31 · accession 0001295947-26-000016 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-03-31 · accession 0001295947-23-000017 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2023-03-31 · accession 0001295947-24-000017 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2025-03-31 · accession 0001295947-26-000016 (LongTermDebt)
  16. 10-K · period ending 2022-03-31 · accession 0001295947-23-000017 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2023-03-31 · accession 0001295947-24-000017 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2024-03-31 · accession 0001295947-25-000017 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2025-03-31 · accession 0001295947-26-000016 (CashAndCashEquivalentsAtCarryingValue)