MeritValue

Consensus Cloud Solutions, Inc.

CCSIdata completeness 100%7 fiscal years on file
The thesis, from the filings

Consensus Cloud Solutions, Inc. earns about 9% on invested capital, barely covering its ~9% cost of capital, and has bought back 3% of its shares over 5 years. The estimate methods put fair value between $6.41 and $45.04 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$352.7M1$362.4M2$362.6M3$350.4M3$349.7M3
Net income$109M4$72.7M5$77.3M6$89.4M6$84.5M6
Operating cash flow$233.7M7$83.1M8$114.1M9$121.7M9$136.1M9
Capital expenditure$33M10$30M11$36.5M12$33.4M12$30.2M12
Free cash flow (derived)$200.7M7$53.1M8$77.7M9$88.3M9$105.9M9
Total debt$1.58B13$1.59B14$1.47B15$1.19B16$1.12B16
Cash & equivalents$66.8M17$94.2M18$88.7M19$33.5M20$74.7M20
Diluted shares20.0M20.0M19.6M19.4M19.4M

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
Net assets behind them
$7.08
your share of equity
Profit it earned you last year
$43.46
Free cash flow it threw off
$54.43
Debt you’d be carrying
$574.18

10 shares is a claim on $7.08 of net worth that earned you $43.46 and generated $54.43 of cash last year, against $574.18 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
9% avg · 5y
FY21 11%FY22 9%FY23 9%FY24 8%FY25 8%

It earned about 9% on invested capital against a ~9% cost of capital — roughly what it costs to fund the business, so the numbers show no clear edge.

seeing a moat in the numbers →
Management signal · capital allocation
−3% shares · 5y

Share count is down 3% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 30% — deleveraging.

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 v0.1.0

The 3 estimate methods that apply put fair value between $6.41 and $45.04 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
$6.41
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$88.3M
DCF · Growth Exit 5Y
$11.29
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$88.3M
Earnings Power Value
$45.04
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$84.5M
  • growthAssumed0.0%
Graham Number
$8.33
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 years0.0%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $11.29
The three cases
Bear0.0%$11.29
Base0.0%$11.29
Bull5.0%$27

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.

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001866633-24-000004 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001866633-25-000004 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001866633-26-000004 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001866633-24-000004 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001866633-25-000004 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001866633-26-000004 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001866633-24-000004 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001866633-25-000004 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001866633-26-000004 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001866633-24-000004 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001866633-25-000004 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001866633-26-000004 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001866633-23-000019 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-12-31 · accession 0001866633-24-000004 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-12-31 · accession 0001866633-25-000004 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-12-31 · accession 0001866633-26-000004 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-12-31 · accession 0001866633-23-000019 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001866633-24-000004 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001866633-25-000004 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001866633-26-000004 (CashAndCashEquivalentsAtCarryingValue)