MeritValue

Angi Inc.

ANGIdata completeness 100%11 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'; no data for concept 'dividendsPaid'

The thesis, from the filings

Angi Inc. earns about -1% on invested capital, below its ~9% cost of capital, and has bought back 91% of its shares over 5 years — no moat visible in the numbers. The estimate methods put fair value between $13.31 and $14.79 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 2021FY 2022FY 2023FY 2024FY 2025
Revenue$1.62B1$1.76B2$1.36B3$1.19B3$1.03B3
Net income−$70.5M4−$128M5−$40.3M6$36.8M6$43.8M6
Operating cash flow$6.21M7$27.1M7$94.2M8$155.9M8$105.1M8
Capital expenditure$69.9M9$115.5M10$47.8M11$50.5M11$59.6M11
Free cash flow (derived)−$63.7M7−$88.4M7$46.4M8$105.4M8$45.5M8
Total debt$494.6M12$495.3M13$496M14$496.8M15$497.7M15
Cash & equivalents$428.1M16$321.2M17$364M17$416.4M17$303.7M17
Diluted shares502.8M503.0M50.6M50.7M46.5M

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
$199.63
your share of equity
Profit it earned you last year
$9.44
Free cash flow it threw off
$9.79
Debt you’d be carrying
$107.13

10 shares is a claim on $199.63 of net worth that earned you $9.44 and generated $9.79 of cash last year, against $107.13 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-1% avg · 5y
FY21 -5%FY22 -5%FY23 -1%FY24 2%FY25 4%

It earned about -1% on invested capital against a ~9% cost of capital — below the cost of funding. The numbers show no moat.

seeing a moat in the numbers →
Management signal · capital allocation
−91% shares · 5y

Share count is down 91% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has held roughly steady.

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 2 estimate methods that apply put fair value between $13.31 and $14.79 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
$14.79
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth5.0%
  • fcfBase$46.4M
DCF · Growth Exit 5Y
$13.31
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth5.0%
  • fcfBase$46.4M
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
$20.55
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 years5.0%
Discount rate (WACC)9.02%
Terminal growth2.5%
At your growth, a share is worth $13.31
The three cases
Bear0.0%$9.91
Base5.0%$13.31
Bull10.0%$17.38

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

Default growth 5.0%= 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 2021-12-31 · accession 0001705110-24-000012 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001705110-25-000018 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001705110-26-000011 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001705110-24-000012 (ProfitLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001705110-25-000018 (ProfitLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001705110-26-000011 (ProfitLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001705110-23-000022 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-12-31 · accession 0001705110-26-000011 (NetCashProvidedByUsedInOperatingActivitiesContinuingOperations)
  9. 10-K · period ending 2021-12-31 · accession 0001705110-24-000012 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K · period ending 2022-12-31 · accession 0001705110-25-000018 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-12-31 · accession 0001705110-26-000011 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2021-12-31 · accession 0001705110-23-000022 (LongTermDebtNoncurrent)
  13. 10-K · period ending 2022-12-31 · accession 0001705110-24-000012 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2023-12-31 · accession 0001705110-25-000018 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2024-12-31 · accession 0001705110-26-000011 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2021-12-31 · accession 0001705110-25-000018 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2022-12-31 · accession 0001705110-26-000011 (CashAndCashEquivalentsAtCarryingValue)