MeritValue

REVVITY, INC.

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

REVVITY, INC. earns about 3% on invested capital, below its ~9% cost of capital, with a roughly flat share count — no moat visible in the numbers. The estimate methods put fair value between $38 and $50.59 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 2023FY 2024FY 2025
Revenue$3.83B1$3.31B2$2.75B3$2.76B3$2.86B3
Net income$943.2M4$569.2M5$693.1M6$270.4M6$241.2M6
Operating cash flow$1.41B7$679.8M8$91.3M9$628.3M9$582.9M9
Capital expenditure$86M10$85.6M11$81.4M12$86.6M12$73.5M12
Free cash flow (derived)$1.32B7$594.2M8$9.9M9$541.7M9$509.4M9
Total debt$9.96B13$8.79B14$7.8B15$3.15B16$3.22B16
Cash & equivalents$603.3M17$454.4M18$913.2M19$1.16B19$919.9M19
Diluted shares116.7M126.4M124.8M122.8M116.6M

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
$621.84
your share of equity
Profit it earned you last year
$20.69
Free cash flow it threw off
$43.69
Debt you’d be carrying
$276.18

10 shares is a claim on $621.84 of net worth that earned you $20.69 and generated $43.69 of cash last year, against $276.18 of debt.

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

It earned about 3% on invested capital against a ~9% cost of capital — below the cost of funding. The numbers show no moat.

seeing a moat in the numbers →
Management signal · capital allocation
−0% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback. Total debt has fallen 68% — 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 $38 and $50.59 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
$38
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$509.4M
DCF · Growth Exit 5Y
$42.7
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$509.4M
Earnings Power Value
$50.59
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$569.2M
  • growthAssumed0.0%
Graham Number
$53.82
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 $42.7
The three cases
Bear0.0%$42.7
Base0.0%$42.7
Bull5.0%$57.81

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 2022-01-02 · accession 0000031791-24-000004 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-01-01 · accession 0000031791-25-000009 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0000031791-26-000012 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2022-01-02 · accession 0000031791-24-000004 (NetIncomeLoss)
  5. 10-K · period ending 2023-01-01 · accession 0000031791-25-000009 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0000031791-26-000012 (NetIncomeLoss)
  7. 10-K · period ending 2022-01-02 · accession 0000031791-24-000004 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-01-01 · accession 0000031791-25-000009 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0000031791-26-000012 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-01-02 · accession 0000031791-24-000004 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-01-01 · accession 0000031791-25-000009 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0000031791-26-000012 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-01-02 · accession 0000031791-23-000004 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2023-01-01 · accession 0000031791-24-000004 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-12-31 · accession 0000031791-25-000009 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-12-29 · accession 0000031791-26-000012 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2022-01-02 · accession 0000031791-24-000004 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-01-01 · accession 0000031791-25-000009 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0000031791-26-000012 (CashAndCashEquivalentsAtCarryingValue)