MeritValue

TELEFLEX INC

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

TELEFLEX INC earns about 3% on invested capital, and has bought back 6% of its shares over 5 years. The applicable estimate puts fair value near $82.56 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$2.81B1$2.79B2$1.71B3$1.7B3$1.99B3
Net income$485.4M4$363.1M5$356.3M6$69.7M6−$905.6M6
Operating cash flow$652.1M7$342.8M8$206.1M9$301.9M9$96.7M9
Capital expenditure$71.6M10$79.2M11$46.4M12$90.4M12$95.2M12
Free cash flow (derived)$580.5M7$263.6M8$159.7M9$211.4M9$1.45M9
Total debt$3.81B13$3.51B14$3.72B15$3.41B16$5.38B16
Cash & equivalents$445.1M17$292M18$222.8M19$247.9M20$378.6M20
Diluted shares47.4M47.3M47.3M47.1M44.7M

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
$698.68
your share of equity
Profit it earned you last year
−$202.5
Free cash flow it threw off
$0.32
Debt you’d be carrying
$1,203.58

10 shares is a claim on $698.68 of net worth that earned you −$202.5 and generated $0.32 of cash last year, against $1,203.58 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
3% avg · 5y
FY21 8%FY22 6%FY23 3%FY24 0%FY25 0%

It earned an average 3% 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
−6% shares · 5y

Share count is down 6% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 41% 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
negative equity value — refusing to publish per-share figure
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$159.7M
DCF · Growth Exit 5Y
not applicable
negative equity value — refusing to publish per-share figure
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$159.7M
Earnings Power Value
$82.56
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$356.3M
  • growthAssumed0.0%
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000096943-24-000036 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0000096943-25-000031 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0000096943-26-000019 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0000096943-24-000036 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000096943-25-000031 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0000096943-26-000019 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000096943-24-000036 (NetCashProvidedByUsedInOperatingActivitiesContinuingOperations)
  8. 10-K · period ending 2022-12-31 · accession 0000096943-25-000031 (NetCashProvidedByUsedInOperatingActivitiesContinuingOperations)
  9. 10-K · period ending 2023-12-31 · accession 0000096943-26-000019 (NetCashProvidedByUsedInOperatingActivitiesContinuingOperations)
  10. 10-K · period ending 2021-12-31 · accession 0000096943-24-000036 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0000096943-25-000031 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0000096943-26-000019 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0000096943-23-000024 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-12-31 · accession 0000096943-24-000036 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-12-31 · accession 0000096943-25-000031 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-12-31 · accession 0000096943-26-000019 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-12-31 · accession 0000096943-23-000024 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0000096943-24-000036 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0000096943-25-000031 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0000096943-26-000019 (CashAndCashEquivalentsAtCarryingValue)