Tecnoglass Inc.
TGLSdata completeness 100%15 fiscal years on fileTecnoglass Inc. earns about 21% on invested capital, far above its ~9% cost of capital, and has bought back 2% of its shares over 5 years — the marks of a durable business run for its owners. The estimate methods put fair value between $11.97 and $35.42 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | $496.8M1 | $716.6M2 | $833.3M3 | $890.2M3 | $983.6M3 |
| Net income | $68.2M4 | $155.7M5 | $182.9M6 | $161.3M6 | $159.6M6 |
| Operating cash flow | $117.3M7 | $141.9M8 | $138.8M9 | $170.5M9 | $135.8M9 |
| Capital expenditure | $51.5M10 | $71.3M11 | $78M12 | $79.6M12 | $101.3M12 |
| Free cash flow (derived) | $65.7M7 | $70.6M8 | $60.9M9 | $91M9 | $34.5M9 |
| Total debt | $414.8M13 | $343.2M14 | $350.4M15 | $221.5M16 | $346.5M16 |
| Cash & equivalents | $85M17 | $103.7M18 | $129.5M19 | $134.9M20 | $100.9M20 |
| Diluted shares | 47.7M | 47.7M | 47.5M | 47.0M | 46.7M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $152.76 of net worth that earned you $34.18 and generated $7.39 of cash last year, against $74.23 of debt.
It earned about 21% on invested capital, year after year, against a ~9% cost of capital — the footprint of real pricing power. Competition usually drags returns like this back down; here it hasn't.
seeing a moat in the numbers →Share count is down 2% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 16% — deleveraging.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $11.97 and $35.42 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth0.0%
- fcfBase$60.9M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth0.0%
- fcfBase$60.9M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$159.6M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $13.37 |
| Base | 0.0% | $13.37 |
| Bull | 5.0% | $17.88 |
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.
- 10-K · period ending 2021-12-31 · accession 0001493152-24-008362 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2022-12-31 · accession 0001493152-25-008697 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2023-12-31 · accession 0001493152-26-008465 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2021-12-31 · accession 0001493152-24-008362 (NetIncomeLoss)
- 10-K · period ending 2022-12-31 · accession 0001493152-25-008697 (NetIncomeLoss)
- 10-K · period ending 2023-12-31 · accession 0001493152-26-008465 (NetIncomeLoss)
- 10-K · period ending 2021-12-31 · accession 0001493152-24-008362 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2022-12-31 · accession 0001493152-25-008697 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-12-31 · accession 0001493152-26-008465 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2021-12-31 · accession 0001493152-24-008362 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2022-12-31 · accession 0001493152-25-008697 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2023-12-31 · accession 0001493152-26-008465 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2021-12-31 · accession 0001493152-23-006931 (LongTermDebtNoncurrent)
- 10-K · period ending 2022-12-31 · accession 0001493152-24-008362 (LongTermDebtNoncurrent)
- 10-K · period ending 2023-12-31 · accession 0001493152-25-008697 (LongTermDebtNoncurrent)
- 10-K · period ending 2024-12-31 · accession 0001493152-26-008465 (LongTermDebtNoncurrent)
- 10-K · period ending 2021-12-31 · accession 0001493152-23-006931 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2022-12-31 · accession 0001493152-24-008362 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2023-12-31 · accession 0001493152-25-008697 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2024-12-31 · accession 0001493152-26-008465 (CashAndCashEquivalentsAtCarryingValue)