MeritValue

UNIFI INC

UFIdata completeness 88%16 fiscal years on file
The thesis, from the filings

UNIFI INC earns about -2% on invested capital, and has bought back 3% of its shares over 5 years. The cash-flow models don't apply cleanly here — the ledger says why below.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$667.6M1$815.8M2$623.5M3$582.2M3$571.3M3
Net income$29.1M4$15.2M5−$46.3M6−$47.4M6−$20.3M6
Operating cash flow$36.7M7$380,0008$4.74M9$2.09M9−$21.3M9
Capital expenditure$21.2M10$39.6M11$36.4M12$11.2M12$10.5M12
Free cash flow (derived)$15.5M7−$39.3M8−$31.7M9−$9.1M9−$31.8M9
Total debt$882,00013$729,00014$1.63M15$015—
Cash & equivalents$78.3M16$53.3M17$47M18$26.8M19$22.7M19
Diluted shares18.9M18.9M18.0M18.2M18.3M

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
$136.22
your share of equity
Profit it earned you last year
−$11.11
Free cash flow it threw off
−$17.36
Debt you’d be carrying
—

10 shares is a claim on $136.22 of net worth that earned you −$11.11 and generated −$17.36 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-2% avg · 5y
FY21 11%FY22 5%FY23 -11%FY24 -12%FY25 -3%

It earned an average -2% 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
−3% shares · 5y

Share count is down 3% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 100% — 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
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
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 2021-06-27 · accession 0000950170-23-044490 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-07-03 · accession 0000950170-24-100146 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-07-02 · accession 0000950170-25-111331 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-06-27 · accession 0000950170-23-044490 (NetIncomeLoss)
  5. 10-K · period ending 2022-07-03 · accession 0000950170-24-100146 (NetIncomeLoss)
  6. 10-K · period ending 2023-07-02 · accession 0000950170-25-111331 (NetIncomeLoss)
  7. 10-K · period ending 2021-06-27 · accession 0000950170-23-044490 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-07-03 · accession 0000950170-24-100146 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-07-02 · accession 0000950170-25-111331 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-06-27 · accession 0000950170-23-044490 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-07-03 · accession 0000950170-24-100146 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-07-02 · accession 0000950170-25-111331 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-06-27 · accession 0001564590-22-030581 (LongTermDebt)
  14. 10-K · period ending 2022-07-03 · accession 0000950170-23-044490 (LongTermDebt)
  15. 10-K · period ending 2023-07-02 · accession 0000950170-24-100146 (LongTermDebt)
  16. 10-K · period ending 2021-06-27 · accession 0001564590-22-030581 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2022-07-03 · accession 0000950170-23-044490 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-07-02 · accession 0000950170-24-100146 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-06-30 · accession 0000950170-25-111331 (CashAndCashEquivalentsAtCarryingValue)