MeritValue

PYXUS INTERNATIONAL, INC.

PYYXdata completeness 100%16 fiscal years on file
The thesis, from the filings

PYXUS INTERNATIONAL, INC. earns about -5% on invested capital, but has diluted owners by 4% over 5 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $1.06 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$1.64B1$1.91B2$2.03B3$2.48B3$2.41B3
Net income−$82.1M4−$39.1M5$2.66M6$15.2M6$14.6M6
Operating cash flow−$198.8M7−$137.8M8−$215M9−$13.4M9−$208.5M9
Capital expenditure$14.8M10$16.3M11$21M12$23M12$22.1M12
Free cash flow (derived)−$213.6M7−$154.1M8−$236M9−$36.4M9−$230.5M9
Total debt$1.76B13$1.62B14$1.54B15$1.3B16$1.39B16
Cash & equivalents$198.8M17$136.7M18$92.6M18$78.3M18$134.3M18
Diluted shares25.0M25.0M25.0M25.7M26.0M

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
$67.22
your share of equity
Profit it earned you last year
$5.61
Free cash flow it threw off
−$88.8
Debt you’d be carrying
$534.98

10 shares is a claim on $67.22 of net worth that earned you $5.61 and generated −$88.8 of cash last year, against $534.98 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-5% avg · 5y
FY22 -9%FY23 -7%FY24 -3%FY25 -3%FY26 -4%

It earned an average -5% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+4% shares · 5y

Share count is up 4% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 21% — 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
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
$1.06
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$2.66M
  • growthAssumed0.0%
Graham Number
$9.2
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2022-03-31 · accession 0000939930-24-000081 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2023-03-31 · accession 0000939930-25-000035 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2024-03-31 · accession 0000939930-26-000017 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2022-03-31 · accession 0000939930-24-000081 (NetIncomeLoss)
  5. 10-K · period ending 2023-03-31 · accession 0000939930-25-000035 (NetIncomeLoss)
  6. 10-K · period ending 2024-03-31 · accession 0000939930-26-000017 (NetIncomeLoss)
  7. 10-K · period ending 2022-03-31 · accession 0000939930-24-000081 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-03-31 · accession 0000939930-25-000035 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-03-31 · accession 0000939930-26-000017 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-03-31 · accession 0000939930-24-000081 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-03-31 · accession 0000939930-25-000035 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-03-31 · accession 0000939930-26-000017 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-03-31 · accession 0000939930-23-000052 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2023-03-31 · accession 0000939930-24-000081 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2024-03-31 · accession 0000939930-25-000035 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2025-03-31 · accession 0000939930-26-000017 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2022-03-31 · accession 0000939930-25-000035 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-03-31 · accession 0000939930-26-000017 (CashAndCashEquivalentsAtCarryingValue)