MeritValue

CACI INTERNATIONAL INC /DE/

CACIdata completeness 100%18 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

CACI INTERNATIONAL INC /DE/ earns about 6% on invested capital, and has bought back 6% of its shares over 5 years. The applicable estimate puts fair value near $194.41 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$6.2B1$6.7B2$7.66B3$8.63B3$9.57B3
Net income$366.8M4$384.7M5$419.9M6$499.8M6$535.8M6
Operating cash flow$745.6M7$388.1M8$497.3M9$547M9$886.7M9
Capital expenditure$74.6M10$63.7M11$63.7M12$65.6M12$106.7M12
Free cash flow (derived)$671M7$324.3M8$433.6M9$481.4M9$780.1M9
Total debt$3.47B13$3.39B14$3.09B15$5.84B16$9.8B16
Cash & equivalents$114.8M17$115.8M18$134M19$106.2M20$191.8M20
Diluted shares23.7M23.4M22.6M22.4M22.2M

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
$2,012.4
your share of equity
Profit it earned you last year
$241.62
Free cash flow it threw off
$351.76
Debt you’d be carrying
$4,420.55

10 shares is a claim on $2,012.4 of net worth that earned you $241.62 and generated $351.76 of cash last year, against $4,420.55 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
6% avg · 5y
FY22 6%FY23 7%FY24 6%FY25 5%FY26 4%

It earned an average 6% 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
−6% shares · 5y

Share count is down 6% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 183% 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 v0.5.0
DCF · Growth Exit 10Y
not applicable
negative equity value — refusing to publish per-share figure
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$481.4M
DCF · Growth Exit 5Y
not applicable
negative equity value — refusing to publish per-share figure
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$481.4M
Earnings Power Value
$194.41
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$419.9M
  • growthAssumed0.0%
Graham Number
$331.32
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2022-06-30 · accession 0000016058-24-000132 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-06-30 · accession 0001628280-25-038739 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-06-30 · accession 0001628280-26-054195 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2022-06-30 · accession 0000016058-24-000132 (NetIncomeLoss)
  5. 10-K · period ending 2023-06-30 · accession 0001628280-25-038739 (NetIncomeLoss)
  6. 10-K · period ending 2024-06-30 · accession 0001628280-26-054195 (NetIncomeLoss)
  7. 10-K · period ending 2022-06-30 · accession 0000016058-24-000132 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-06-30 · accession 0001628280-25-038739 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-06-30 · accession 0001628280-26-054195 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-06-30 · accession 0000016058-24-000132 (PaymentsToAcquireProductiveAssets)
  11. 10-K · period ending 2023-06-30 · accession 0001628280-25-038739 (PaymentsToAcquireProductiveAssets)
  12. 10-K · period ending 2024-06-30 · accession 0001628280-26-054195 (PaymentsToAcquireProductiveAssets)
  13. 10-K · period ending 2022-06-30 · accession 0000016058-23-000086 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2023-06-30 · accession 0000016058-24-000132 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2024-06-30 · accession 0001628280-25-038739 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2025-06-30 · accession 0001628280-26-054195 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2022-06-30 · accession 0000016058-23-000086 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-06-30 · accession 0000016058-24-000132 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-06-30 · accession 0001628280-25-038739 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2025-06-30 · accession 0001628280-26-054195 (CashAndCashEquivalentsAtCarryingValue)