MeritValue

Westrock Coffee Co

WESTdata completeness 100%6 fiscal years on file
The thesis, from the filings

Westrock Coffee Co earns about -3% on invested capital, but has diluted owners by 177% over 5 years — worth asking whether the growth reaches owners. 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$698.1M1$867.9M2$864.7M3$850.7M3$1.19B3
Net income−$21.9M4−$55.2M5−$34.6M6−$80.3M6−$90.4M6
Operating cash flow$2.88M7−$56.6M8−$64.1M9−$13.2M9−$19M9
Capital expenditure$25.1M10$63.3M11$164.6M12$159.6M12$88.8M12
Free cash flow (derived)−$22.2M7−$119.9M8−$228.7M9−$172.9M9−$107.8M9
Total debt$290.3M13$393.7M14$511.9M15$787.7M16$906.8M16
Cash & equivalents$19.3M17$16.8M18$37.2M19$26.2M20$49.9M20
Diluted shares34.5M48.4M80.7M89.8M95.4M

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
−$0.2
your share of equity
Profit it earned you last year
−$9.49
Free cash flow it threw off
−$11.31
Debt you’d be carrying
$95.1

10 shares is a claim on −$0.2 of net worth that earned you −$9.49 and generated −$11.31 of cash last year, against $95.1 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-3% avg · 5y
FY21 7%FY22 -4%FY23 -2%FY24 -7%FY25 -9%

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
+177% shares · 5y

Share count is up 177% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 212% 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
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 2021-12-31 · accession 0001558370-24-003417 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001558370-25-002804 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001104659-26-025932 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001558370-24-003417 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001558370-25-002804 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001104659-26-025932 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001558370-24-003417 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001558370-25-002804 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001104659-26-025932 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001558370-24-003417 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001558370-25-002804 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001104659-26-025932 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001558370-23-004279 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-12-31 · accession 0001558370-24-003417 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-12-31 · accession 0001558370-25-002804 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-12-31 · accession 0001104659-26-025932 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-12-31 · accession 0001558370-23-004279 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001558370-24-003417 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001558370-25-002804 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001104659-26-025932 (CashAndCashEquivalentsAtCarryingValue)