MeritValue

CIMPRESS plc

CMPRdata completeness 100%18 fiscal years on file

Data notes: no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'dividendsPaid'

The thesis, from the filings

CIMPRESS plc earns about -3% on invested capital, below its ~9% cost of capital, and has bought back 3% of its shares over 5 years — no moat visible in the numbers. The estimate methods put fair value between $6.02 and $142.31 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$2.89B1$3.08B2$3.29B3$3.4B3$3.74B3
Net income−$54.3M4−$186M5$173.7M6$15M6$95.9M6
Operating cash flow$219.5M7$130.3M8$350.7M9$298.1M9$283.7M9
Capital expenditure$54M10$53.8M11$54.9M12$89M12$100.2M12
Free cash flow (derived)$165.5M7$76.5M8$295.8M9$209M9$183.5M9
Total debt$1.69B13$1.64B14$1.6B15$1.59B16$1.61B16
Cash & equivalents$277.1M17$130.3M18$203.8M19$234M20$248.9M20
Diluted shares26.1M26.3M27.0M25.6M25.3M

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
−$195.05
your share of equity
Profit it earned you last year
$37.85
Free cash flow it threw off
$72.44
Debt you’d be carrying
$636.48

10 shares is a claim on −$195.05 of net worth that earned you $37.85 and generated $72.44 of cash last year, against $636.48 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-3% avg · 5y
FY22 -5%FY23 -13%FY24 1%FY25 -1%FY26 3%

It earned about -3% 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
−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 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 3 estimate methods that apply put fair value between $6.02 and $142.31 a share. They rest on different assumptions, so where they diverge is the story.

DCF · Growth Exit 10Y
$142.31
assumptions (10)
  • riskFreeRate4.8%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth8.1%
  • fcfBase$209M
DCF · Growth Exit 5Y
$109.33
assumptions (10)
  • riskFreeRate4.8%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth8.1%
  • fcfBase$209M
Earnings Power Value
$6.02
assumptions (8)
  • riskFreeRate4.8%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$15M
  • growthAssumed0.0%
Graham Number
not applicable
book value / share count missing or non-positive — Graham Number undefined

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 years8.1%
Discount rate (WACC)9.08%
Terminal growth2.5%
At your growth, a share is worth $109.33
The three cases
Bear0.0%$61.54
Base8.1%$109.33
Bull13.1%$146.42

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

Default growth 8.1%= 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 2022-06-30 · accession 0001262976-24-000064 (Revenues)
  2. 10-K · period ending 2023-06-30 · accession 0001628280-25-039200 (Revenues)
  3. 10-K · period ending 2024-06-30 · accession 0001262976-26-000027 (Revenues)
  4. 10-K · period ending 2022-06-30 · accession 0001262976-24-000064 (NetIncomeLoss)
  5. 10-K · period ending 2023-06-30 · accession 0001628280-25-039200 (NetIncomeLoss)
  6. 10-K · period ending 2024-06-30 · accession 0001262976-26-000027 (NetIncomeLoss)
  7. 10-K · period ending 2022-06-30 · accession 0001262976-24-000064 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-06-30 · accession 0001628280-25-039200 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-06-30 · accession 0001262976-26-000027 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-06-30 · accession 0001262976-24-000064 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-06-30 · accession 0001628280-25-039200 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-06-30 · accession 0001262976-26-000027 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-06-30 · accession 0001262976-23-000051 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2023-06-30 · accession 0001262976-24-000064 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2024-06-30 · accession 0001628280-25-039200 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2025-06-30 · accession 0001262976-26-000027 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2022-06-30 · accession 0001262976-23-000051 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-06-30 · accession 0001262976-24-000064 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-06-30 · accession 0001628280-25-039200 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2025-06-30 · accession 0001262976-26-000027 (CashAndCashEquivalentsAtCarryingValue)