MeritValue

Alight, Inc. / Delaware

ALITdata completeness 100%7 fiscal years on file
i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue—$2.21B1$2.39B2$2.33B2$2.26B2
Net income−$35M3−$62M4−$345M5−$157M5−$3.1B5
Operating cash flow—$286M6$386M7$252M7$360M7
Capital expenditure—$131M8$140M9$121M9$110M9
Free cash flow (derived)—$155M6$246M7$131M7$250M7
Total debt$5.74B10$5.65B11$5.59B12$4.05B13$4.01B13
Cash & equivalents$372M14$228M15$324M16$343M16$273M16
Diluted shares439.8M458.6M489.5M540.4M527.6M

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
You’d own
0.0000019%
of the whole company
Your share of last year’s profit
−$58.7
Your share of its debt
$76.01
Your share of free cash flow
$4.74
iii. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
$21.57
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth20.0%
  • fcfBase$246M
DCF · Growth Exit 5Y
$8.52
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth20.0%
  • fcfBase$246M
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 →

iv. The price question — last, on purpose
What does today’s price assume?
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years20.0%
Discount rate (WACC)8.78%
Terminal growth2.5%
At your growth, a share is worth $8.52

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 2022-12-31 · accession 0001809104-25-000062 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-12-31 · accession 0001628280-26-011108 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2021-12-31 · accession 0000950170-24-022978 (NetIncomeLoss)
  4. 10-K · period ending 2022-12-31 · accession 0001809104-25-000062 (NetIncomeLoss)
  5. 10-K · period ending 2023-12-31 · accession 0001628280-26-011108 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001809104-25-000062 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2023-12-31 · accession 0001628280-26-011108 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001809104-25-000062 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 10-K · period ending 2023-12-31 · accession 0001628280-26-011108 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K · period ending 2021-12-31 · accession 0000950170-23-005480 (LongTermDebtNoncurrent)
  11. 10-K · period ending 2022-12-31 · accession 0000950170-24-022978 (LongTermDebtNoncurrent)
  12. 10-K · period ending 2023-12-31 · accession 0001809104-25-000062 (LongTermDebtNoncurrent)
  13. 10-K · period ending 2024-12-31 · accession 0001628280-26-011108 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2021-12-31 · accession 0000950170-24-022978 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2022-12-31 · accession 0001809104-25-000062 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2023-12-31 · accession 0001628280-26-011108 (CashAndCashEquivalentsAtCarryingValue)