MeritValue

RELIANCE, INC.

RSdata completeness 100%18 fiscal years on file
The thesis, from the filings

RELIANCE, INC. earns about 17% on invested capital, comfortably above its ~9% cost of capital, and has bought back 18% of its shares over 5 years — the marks of a durable business run for its owners. The estimate methods put fair value between $226.9 and $261.82 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 2021FY 2022FY 2023FY 2024FY 2025
Revenue$14.1B1$17B2$14.8B3$13.8B3$14.3B3
Net income$1.42B4$1.84B5$1.34B6$875.2M6$739.4M6
Operating cash flow$799.4M7$2.12B8$1.67B9$1.43B9$831.4M9
Capital expenditure$236.6M10$341.8M11$468.8M12$430.6M12$328.9M12
Free cash flow (derived)$562.8M7$1.78B8$1.2B9$999.2M9$502.5M9
Total debt$1.64B13$1.14B14$1.14B15$1.14B16$1.42B16
Cash & equivalents$300.5M17$1.17B18$1.08B19$318.1M20$216.6M20
Diluted shares64.3M61.5M59.0M56.2M52.9M

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
$1,356.05
your share of equity
Profit it earned you last year
$139.84
Free cash flow it threw off
$95.04
Debt you’d be carrying
$268.73

10 shares is a claim on $1,356.05 of net worth that earned you $139.84 and generated $95.04 of cash last year, against $268.73 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
17% avg · 5y
FY21 20%FY22 27%FY23 18%FY24 11%FY25 9%

It earned about 17% on invested capital against a ~9% cost of capital — comfortably above the cost of funding, a moderate advantage.

seeing a moat in the numbers →
Management signal · capital allocation
−18% shares · 5y

Share count is down 18% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 13% — 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 $226.9 and $261.82 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
$226.9
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$999.2M
DCF · Growth Exit 5Y
$247.23
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$999.2M
Earnings Power Value
$261.82
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$1.34B
  • growthAssumed0.0%
Graham Number
$206.53
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 years0.0%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $247.23
The three cases
Bear0.0%$247.23
Base0.0%$247.23
Bull5.0%$312.58

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

Default growth 0.0%= 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 2021-12-31 · accession 0001558370-24-002166 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001558370-25-001806 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001104659-26-020651 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001558370-24-002166 (ProfitLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001558370-25-001806 (ProfitLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001104659-26-020651 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001558370-24-002166 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001558370-25-001806 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001104659-26-020651 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001558370-24-002166 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001558370-25-001806 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001104659-26-020651 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001558370-23-002368 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-12-31 · accession 0001558370-24-002166 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-12-31 · accession 0001558370-25-001806 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-12-31 · accession 0001104659-26-020651 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-12-31 · accession 0001558370-23-002368 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001558370-24-002166 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001558370-25-001806 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001104659-26-020651 (CashAndCashEquivalentsAtCarryingValue)