MeritValue

AGILYSYS INC

AGYSdata completeness 100%17 fiscal years on file

Data notes: no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'realEstateImpairment'

The thesis, from the filings

AGILYSYS INC earns about 448% on invested capital, far above its ~9% cost of capital, but has diluted owners by 11% over 5 years — a real edge showing up in the numbers. The estimate methods put fair value between $8.4 and $112.28 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 2022FY 2023FY 2024FY 2025FY 2026
Revenue$162.6M1$198.1M2$237.5M3$275.6M3$319.3M3
Net income$6.48M4$14.6M5$86.2M6$23.2M6$38.8M6
Operating cash flow$28.5M7$34.5M8$48.2M9$55.1M9$70M9
Capital expenditure$1.2M10$7.24M11$8.13M12$2.78M12$1.85M12
Free cash flow (derived)$27.3M7$27.2M8$40.1M9$52.3M9$68.1M9
Total debt——$013$24M14$014
Cash & equivalents$97M15$112.8M16$144.9M17$73M18$116.9M18
Diluted shares25.5M25.9M26.8M28.3M28.4M

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
$115.11
your share of equity
Profit it earned you last year
$13.66
Free cash flow it threw off
$24.01
Debt you’d be carrying
$0

10 shares is a claim on $115.11 of net worth that earned you $13.66 and generated $24.01 of cash last year, against $0 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
448% avg · 5y
FY22 1740%FY23 —FY24 23%FY25 11%FY26 19%

It earned about 448% 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 →
Management signal · capital allocation
+11% shares · 5y

Share count is up 11% over 5 years — owners have been diluted. Worth asking what they got for it.

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 v0.5.0

The 3 estimate methods that apply put fair value between $8.4 and $112.28 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
$112.28
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth20.0%
  • fcfBase$52.3M
DCF · Growth Exit 5Y
$63.38
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth20.0%
  • fcfBase$52.3M
Earnings Power Value
$8.4
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$23.2M
  • growthAssumed0.0%
Graham Number
$18.91
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 years20.0%
Discount rate (WACC)9.02%
Terminal growth2.5%
At your growth, a share is worth $63.38
The three cases
Bear0.0%$30.11
Base20.0%$63.38
Bull20.0%$63.38

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

Default growth 20.0%= 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.

Sources — the receipts
  1. 10-K · period ending 2022-03-31 · accession 0000950170-24-063222 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-03-31 · accession 0000950170-25-076527 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-03-31 · accession 0001193125-26-234423 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2022-03-31 · accession 0000950170-24-063222 (NetIncomeLoss)
  5. 10-K · period ending 2023-03-31 · accession 0000950170-25-076527 (NetIncomeLoss)
  6. 10-K · period ending 2024-03-31 · accession 0001193125-26-234423 (NetIncomeLoss)
  7. 10-K · period ending 2022-03-31 · accession 0000950170-24-063222 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-03-31 · accession 0000950170-25-076527 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-03-31 · accession 0001193125-26-234423 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-03-31 · accession 0000950170-24-063222 (PaymentsToAcquireProductiveAssets)
  11. 10-K · period ending 2023-03-31 · accession 0000950170-25-076527 (PaymentsToAcquireProductiveAssets)
  12. 10-K · period ending 2024-03-31 · accession 0001193125-26-234423 (PaymentsToAcquireProductiveAssets)
  13. 10-K · period ending 2024-03-31 · accession 0000950170-25-076527 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2025-03-31 · accession 0001193125-26-234423 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2022-03-31 · accession 0000950170-23-023196 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2023-03-31 · accession 0000950170-24-063222 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2024-03-31 · accession 0000950170-25-076527 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2025-03-31 · accession 0001193125-26-234423 (CashAndCashEquivalentsAtCarryingValue)