MeritValue

CarGurus, Inc.

CARGdata completeness 100%11 fiscal years on file
i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$951.4M1$1.66B2$698.4M3$798M3$907M3
Net income$109.2M4$84.4M5$36.9M6$21M6$155.9M6
Operating cash flow$98.3M7$256.1M8$124.5M9$255.5M9$295.3M9
Capital expenditure$7.71M10$5.92M11$24.6M12$75.2M12$6.38M12
Free cash flow (derived)$90.6M7$250.2M8$100M9$180.3M9$288.9M9
Total debt$013$014$015$016$016
Cash & equivalents$231.9M17$469.5M18$291.4M19$304.2M20$190.5M20
Diluted shares117.1M128.2M114.2M106.3M100.4M

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
You’d own
0.000010%
of the whole company
Your share of last year’s profit
$15.53
Your share of its debt
$0
Your share of free cash flow
$28.77
iii. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
$38.59
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth5.4%
  • fcfBase$180.3M
DCF · Growth Exit 5Y
$35.19
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth5.4%
  • fcfBase$180.3M
Earnings Power Value
$8.86
assumptions (8)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$84.4M
  • growthAssumed0.0%
Graham Number
$11.4
assumptions (1)
  • grahamMultiplier2250.0%

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 years5.4%
Discount rate (WACC)8.78%
Terminal growth2.5%
At your growth, a share is worth $35.19

Default growth 5.4%= 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 0000950170-24-020157 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-25-024181 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001193125-26-059435 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0000950170-24-020157 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000950170-25-024181 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001193125-26-059435 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000950170-24-020157 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0000950170-25-024181 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001193125-26-059435 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0000950170-24-020157 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0000950170-25-024181 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001193125-26-059435 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0000950170-23-005473 (LongTermDebt)
  14. 10-K · period ending 2022-12-31 · accession 0000950170-24-020157 (LongTermDebt)
  15. 10-K · period ending 2023-12-31 · accession 0000950170-25-024181 (LongTermDebt)
  16. 10-K · period ending 2024-12-31 · accession 0001193125-26-059435 (LongTermDebt)
  17. 10-K · period ending 2021-12-31 · accession 0000950170-23-005473 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0000950170-24-020157 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0000950170-25-024181 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001193125-26-059435 (CashAndCashEquivalentsAtCarryingValue)