AKAMAI TECHNOLOGIES INC
AKAMdata completeness 88%19 fiscal years on fileData notes: no data for concept 'totalDebt'
AKAMAI TECHNOLOGIES INC earns about 14% on invested capital, comfortably above its ~9% cost of capital, and has bought back 11% of its shares over 5 years — the marks of a durable business run for its owners. The estimate methods put fair value between $36.91 and $104.57 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 | $3.46B1 | $3.62B2 | $3.81B3 | $3.99B3 | $4.21B3 |
| Net income | $651.6M4 | $523.7M5 | $547.6M6 | $504.9M6 | $452M6 |
| Operating cash flow | $1.4B7 | $1.27B8 | $1.35B9 | $1.52B9 | $1.52B9 |
| Capital expenditure | $329M10 | $241.3M11 | $457.9M12 | $390.4M12 | $507.8M12 |
| Free cash flow (derived) | $1.08B7 | $1.03B8 | $890.5M9 | $1.13B9 | $1.01B9 |
| Total debt | — | — | — | — | — |
| Cash & equivalents | $536.7M13 | $542.3M14 | $489.5M15 | $517.7M15 | $930.2M15 |
| Diluted shares | 165.8M | 160.5M | 155.4M | 154.3M | 147.0M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $338.54 of net worth that earned you $30.75 and generated $68.76 of cash last year.
It earned about 14% on invested capital against a ~9% cost of capital — comfortably above the cost of funding, a moderate advantage.
seeing a moat in the numbers →Share count is down 11% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.
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 $36.91 and $104.57 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$1.01B
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth0.0%
- fcfBase$1.01B
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$523.7M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $104.57 |
| Base | 0.0% | $104.57 |
| Bull | 5.0% | $128.35 |
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 0001086222-24-000040 (RevenueFromContractWithCustomerIncludingAssessedTax)
- 10-K · period ending 2022-12-31 · accession 0001086222-25-000028 (RevenueFromContractWithCustomerIncludingAssessedTax)
- 10-K · period ending 2023-12-31 · accession 0001086222-26-000022 (RevenueFromContractWithCustomerIncludingAssessedTax)
- 10-K · period ending 2021-12-31 · accession 0001086222-24-000040 (NetIncomeLoss)
- 10-K · period ending 2022-12-31 · accession 0001086222-25-000028 (NetIncomeLoss)
- 10-K · period ending 2023-12-31 · accession 0001086222-26-000022 (NetIncomeLoss)
- 10-K · period ending 2021-12-31 · accession 0001086222-24-000040 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2022-12-31 · accession 0001086222-25-000028 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-12-31 · accession 0001086222-26-000022 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2021-12-31 · accession 0001086222-24-000040 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2022-12-31 · accession 0001086222-25-000028 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2023-12-31 · accession 0001086222-26-000022 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2021-12-31 · accession 0001086222-24-000040 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2022-12-31 · accession 0001086222-25-000028 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2023-12-31 · accession 0001086222-26-000022 (CashAndCashEquivalentsAtCarryingValue)