MeritValue

REGIS CORP

RGSdata completeness 100%17 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

REGIS CORP earns about -8% on invested capital, and has bought back 93% of its shares over 5 years. The cash-flow models don't apply cleanly here — the ledger says why below.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 2021FY 2022FY 2023FY 2024FY 2025
Revenue$411.7M1$276M2$233.3M3$203M3$210.1M3
Net income−$113.3M4−$85.9M5−$7.39M6$91.1M6$123.5M6
Operating cash flow−$99.9M7−$38.6M8−$7.89M9−$2.04M9$13.7M9
Capital expenditure$11.5M10$5.32M11$481,00012$376,00012$1.3M12
Free cash flow (derived)−$111.4M7−$44M8−$8.37M9−$2.42M9$12.4M9
Total debt$186.9M13$180M14$353.7M15$199.1M16$221.6M16
Cash & equivalents$19.2M17$17M18$9.51M19$10.1M20$17M20
Diluted shares36.0M2.2M2.3M2.4M2.7M

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
$692.6
your share of equity
Profit it earned you last year
$460.96
Free cash flow it threw off
$46.45
Debt you’d be carrying
$826.81

10 shares is a claim on $692.6 of net worth that earned you $460.96 and generated $46.45 of cash last year, against $826.81 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-8% avg · 5y
FY21 -46%FY22 -27%FY23 -3%FY24 36%FY25 0%

It earned an average -8% 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
−93% shares · 5y

Share count is down 93% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 19% 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 v0.1.0
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
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
$268.03
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-06-30 · accession 0000716643-23-000031 (Revenues)
  2. 10-K · period ending 2022-06-30 · accession 0000716643-24-000031 (Revenues)
  3. 10-K · period ending 2023-06-30 · accession 0000716643-25-000031 (Revenues)
  4. 10-K · period ending 2021-06-30 · accession 0000716643-23-000031 (NetIncomeLoss)
  5. 10-K · period ending 2022-06-30 · accession 0000716643-24-000031 (NetIncomeLoss)
  6. 10-K · period ending 2023-06-30 · accession 0000716643-25-000031 (NetIncomeLoss)
  7. 10-K · period ending 2021-06-30 · accession 0000716643-23-000031 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-06-30 · accession 0000716643-24-000031 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-06-30 · accession 0000716643-25-000031 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-06-30 · accession 0000716643-23-000031 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-06-30 · accession 0000716643-24-000031 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-06-30 · accession 0000716643-25-000031 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-06-30 · accession 0000716643-22-000043 (LongTermDebt)
  14. 10-K · period ending 2022-06-30 · accession 0000716643-23-000031 (LongTermDebt)
  15. 10-K · period ending 2023-06-30 · accession 0000716643-24-000031 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-06-30 · accession 0000716643-25-000031 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-06-30 · accession 0000716643-22-000043 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-06-30 · accession 0000716643-23-000031 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-06-30 · accession 0000716643-24-000031 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-06-30 · accession 0000716643-25-000031 (CashAndCashEquivalentsAtCarryingValue)