MeritValue

STANDEX INTERNATIONAL CORP/DE/

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

STANDEX INTERNATIONAL CORP/DE/ earns about 10% on invested capital, barely covering its ~9% cost of capital, with a roughly flat share count. The estimate methods put fair value between $25.13 and $52.95 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$656.2M1$735.3M2$741M3$720.6M3$790.1M3
Net income$36.5M4$61.4M5$139M6$73.1M6$55.8M6
Operating cash flow$83.6M7$77.7M8$90.8M9$92.7M9$69.6M9
Capital expenditure$21.8M10$23.9M11$24.3M12$20.3M12$28.3M12
Free cash flow (derived)$61.8M7$53.8M8$66.5M9$72.4M9$41.3M9
Total debt$399M13$349.7M14$346.9M15$297.8M16$1.11B16
Cash & equivalents$136.4M17$104.8M18$195.7M19$154.2M20$104.5M20
Diluted shares12.3M12.1M12.0M11.9M12.0M

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
$592.27
your share of equity
Profit it earned you last year
$46.4
Free cash flow it threw off
$34.33
Debt you’d be carrying
$919.63

10 shares is a claim on $592.27 of net worth that earned you $46.4 and generated $34.33 of cash last year, against $919.63 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
10% avg · 5y
FY21 6%FY22 9%FY23 19%FY24 10%FY25 5%

It earned about 10% on invested capital against a ~9% cost of capital — roughly what it costs to fund the business, so the numbers show no clear edge.

seeing a moat in the numbers →
Management signal · capital allocation
−2% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback. Total debt has risen 177% 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

The 3 estimate methods that apply put fair value between $25.13 and $52.95 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
$43.82
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth7.3%
  • fcfBase$66.5M
DCF · Growth Exit 5Y
$25.13
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth7.3%
  • fcfBase$66.5M
Earnings Power Value
$52.95
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$61.4M
  • growthAssumed0.0%
Graham Number
$78.63
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 years7.3%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $25.13
The three cases
Bear0.0%−$4.15
Base7.3%$25.13
Bull12.3%$49.97

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

Default growth 7.3%= 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 2021-06-30 · accession 0001437749-23-022156 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2022-06-30 · accession 0001437749-24-024465 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2023-06-30 · accession 0001437749-25-024450 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2021-06-30 · accession 0001437749-23-022156 (NetIncomeLoss)
  5. 10-K · period ending 2022-06-30 · accession 0001437749-24-024465 (NetIncomeLoss)
  6. 10-K · period ending 2023-06-30 · accession 0001437749-25-024450 (NetIncomeLoss)
  7. 10-K · period ending 2021-06-30 · accession 0001437749-23-022156 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-06-30 · accession 0001437749-24-024465 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-06-30 · accession 0001437749-25-024450 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-06-30 · accession 0001437749-23-022156 (PaymentsToAcquireProductiveAssets)
  11. 10-K · period ending 2022-06-30 · accession 0001437749-24-024465 (PaymentsToAcquireProductiveAssets)
  12. 10-K · period ending 2023-06-30 · accession 0001437749-25-024450 (PaymentsToAcquireProductiveAssets)
  13. 10-K · period ending 2021-06-30 · accession 0001437749-22-019128 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-06-30 · accession 0001437749-23-022156 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-06-30 · accession 0001437749-24-024465 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-06-30 · accession 0001437749-25-024450 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-06-30 · accession 0001437749-22-019128 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-06-30 · accession 0001437749-23-022156 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-06-30 · accession 0001437749-24-024465 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-06-30 · accession 0001437749-25-024450 (CashAndCashEquivalentsAtCarryingValue)