MeritValue

REGIS CORP

RGSdata completeness 100%18 fiscal years on file

Data notes: no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'interestExpense'

The thesis, from the filings

REGIS CORP earns about 2% on invested capital, but has diluted owners by 32% over 5 years — worth asking whether the growth reaches owners. The estimate methods put fair value between $0.71 and $24.68 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$276M1$233.3M2$203M3$210.1M3$224.5M3
Net income−$85.9M4−$7.39M5$91.1M6$123.5M6$6.94M6
Operating cash flow−$38.6M7−$7.89M8−$2.04M9$13.7M9$13.1M9
Capital expenditure$5.32M10$481,00011$376,00012$1.3M12$1.97M12
Free cash flow (derived)−$44M7−$8.37M8−$2.42M9$12.4M9$11.1M9
Total debt$180M13$353.7M14$199.1M15$221.6M16$234.3M16
Cash & equivalents$17M17$9.51M18$10.1M19$17M20$26M20
Diluted shares2.2M2.3M2.4M2.7M2.9M

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
$673.19
your share of equity
Profit it earned you last year
$24.12
Free cash flow it threw off
$38.66
Debt you’d be carrying
$813.74

10 shares is a claim on $673.19 of net worth that earned you $24.12 and generated $38.66 of cash last year, against $813.74 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
2% avg · 5y
FY22 -27%FY23 -3%FY24 36%FY25 0%FY26 1%

It earned an average 2% 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
+32% shares · 5y

Share count is up 32% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 30% over the same window.

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 v0.5.0

The 2 estimate methods that apply put fair value between $0.71 and $24.68 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
$0.71
assumptions (10)
  • riskFreeRate4.8%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth5.0%
  • fcfBase$11.1M
DCF · Growth Exit 5Y
not applicable
negative equity value — refusing to publish per-share figure
assumptions (10)
  • riskFreeRate4.8%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth5.0%
  • fcfBase$11.1M
Earnings Power Value
$24.68
assumptions (8)
  • riskFreeRate4.8%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$6.94M
  • growthAssumed0.0%
Graham Number
$64.85
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2022-06-30 · accession 0000716643-24-000031 (Revenues)
  2. 10-K · period ending 2023-06-30 · accession 0000716643-25-000031 (Revenues)
  3. 10-K · period ending 2024-06-30 · accession 0000716643-26-000031 (Revenues)
  4. 10-K · period ending 2022-06-30 · accession 0000716643-24-000031 (NetIncomeLoss)
  5. 10-K · period ending 2023-06-30 · accession 0000716643-25-000031 (NetIncomeLoss)
  6. 10-K · period ending 2024-06-30 · accession 0000716643-26-000031 (NetIncomeLoss)
  7. 10-K · period ending 2022-06-30 · accession 0000716643-24-000031 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-06-30 · accession 0000716643-25-000031 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-06-30 · accession 0000716643-26-000031 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-06-30 · accession 0000716643-24-000031 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-06-30 · accession 0000716643-25-000031 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-06-30 · accession 0000716643-26-000031 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-06-30 · accession 0000716643-23-000031 (LongTermDebt)
  14. 10-K · period ending 2023-06-30 · accession 0000716643-24-000031 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2024-06-30 · accession 0000716643-25-000031 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2025-06-30 · accession 0000716643-26-000031 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2022-06-30 · accession 0000716643-23-000031 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-06-30 · accession 0000716643-24-000031 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-06-30 · accession 0000716643-25-000031 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2025-06-30 · accession 0000716643-26-000031 (CashAndCashEquivalentsAtCarryingValue)