PARK OHIO HOLDINGS CORP earns about 4% on invested capital, but has diluted owners by 14% over 5 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $5.58 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 | $1.28B1 | $1.49B2 | $1.66B3 | $1.66B3 | $1.6B3 |
| Net income | −$24.8M4 | −$14.2M5 | $7.8M6 | $31.8M6 | $23.8M6 |
| Operating cash flow | −$43.3M7 | −$26.6M8 | $53.4M9 | $35M9 | $42.3M9 |
| Capital expenditure | $22.3M10 | $26.9M11 | $28.2M12 | $31.4M12 | $40.3M12 |
| Free cash flow (derived) | −$65.6M7,10 | −$53.5M8,11 | $25.2M9,12 | $3.6M9,12 | $2M9,12 |
| Total debt | $597.1M13 | $669.1M14 | $645.7M15 | $628.7M16 | $635.7M16 |
| Cash & equivalents | $54.1M17 | $58.2M18 | $54.8M19 | $53.1M20 | $44.8M20 |
| Diluted shares | 12.3M | 12.2M | 12.5M | 13.2M | 14.0M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom). A derived or summed figure cites every filing line it was built from.
10 shares is a claim on $272.59 of net worth that earned you $17.03 and generated $1.43 of cash last year, against $454.94 of debt.
It earned an average 4% on invested capital over 5 years. Compare that to what it costs to fund the business.
seeing a moat in the numbers →Share count is up 14% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has held roughly steady.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
assumptions (10)
- Risk-free rate (10Y Treasury)5.00%
- Equity risk premium5.00%
- Beta (β)1.00
- Equity share of capital85.0%
- Debt spread over risk-free1.50%
- Tax rate21.0%
- Terminal growth2.50%
- Projection period10 years
- FCF growth5.00%
- Starting free cash flow$3.6M
assumptions (10)
- Risk-free rate (10Y Treasury)5.00%
- Equity risk premium5.00%
- Beta (β)1.00
- Equity share of capital85.0%
- Debt spread over risk-free1.50%
- Tax rate21.0%
- Terminal growth2.50%
- Projection period5 years
- FCF growth5.00%
- Starting free cash flow$3.6M
assumptions (8)
- Risk-free rate (10Y Treasury)5.00%
- Equity risk premium5.00%
- Beta (β)1.00
- Equity share of capital85.0%
- Debt spread over risk-free1.50%
- Tax rate21.0%
- Normalized earnings$7.8M
- Growth assumed0.0%
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MeritValue on the App Store →- 10-K filed 2024-03-06 · period ending 2021-12-31 · accession 0000076282-24-000013 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K filed 2025-03-06 · period ending 2022-12-31 · accession 0000076282-25-000013 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K filed 2026-03-05 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0000076282-26-000007 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K filed 2024-03-06 · period ending 2021-12-31 · accession 0000076282-24-000013 (NetIncomeLoss)
- 10-K filed 2025-03-06 · period ending 2022-12-31 · accession 0000076282-25-000013 (NetIncomeLoss)
- 10-K filed 2026-03-05 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0000076282-26-000007 (NetIncomeLoss)
- 10-K filed 2022-03-16 · period ending 2021-12-31 · accession 0000076282-22-000014 (NetCashProvidedByUsedInOperatingActivities)
- 10-K filed 2025-03-06 · period ending 2022-12-31 · accession 0000076282-25-000013 (NetCashProvidedByUsedInOperatingActivitiesContinuingOperations)
- 10-K filed 2026-03-05 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0000076282-26-000007 (NetCashProvidedByUsedInOperatingActivitiesContinuingOperations)
- 10-K filed 2024-03-06 · period ending 2021-12-31 · accession 0000076282-24-000013 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K filed 2025-03-06 · period ending 2022-12-31 · accession 0000076282-25-000013 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K filed 2026-03-05 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0000076282-26-000007 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K filed 2023-03-16 · period ending 2021-12-31 · accession 0000076282-23-000014 (LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities)
- 10-K filed 2024-03-06 · period ending 2022-12-31 · accession 0000076282-24-000013 (LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities)
- 10-K filed 2025-03-06 · period ending 2023-12-31 · accession 0000076282-25-000013 (LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities)
- 10-K filed 2026-03-05 · periods ending 2024-12-31, 2025-12-31 · accession 0000076282-26-000007 (LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities)
- 10-K filed 2023-03-16 · period ending 2021-12-31 · accession 0000076282-23-000014 (CashAndCashEquivalentsAtCarryingValue)
- 10-K filed 2024-03-06 · period ending 2022-12-31 · accession 0000076282-24-000013 (CashAndCashEquivalentsAtCarryingValue)
- 10-K filed 2025-03-06 · period ending 2023-12-31 · accession 0000076282-25-000013 (CashAndCashEquivalentsAtCarryingValue)
- 10-K filed 2026-03-05 · periods ending 2024-12-31, 2025-12-31 · accession 0000076282-26-000007 (CashAndCashEquivalentsAtCarryingValue)