MeritValue

CIMPRESS plc

CMPRdata completeness 100%18 fiscal years on file
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 $5.9 and $136.19 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)$165.5M7,10$76.5M8,11$295.8M9,12$209M9,12$183.5M9,12
Total debt$1.69B13,14$1.64B15,16$1.6B17,18$1.59B19,20$1.61B19,20
Cash & equivalents$277.1M21$130.3M22$203.8M23$234M24$248.9M24
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). A derived or summed figure cites every filing line it was built from.

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 v0.6.0

The 3 estimate methods that apply put fair value between $5.9 and $136.19 a share. They rest on different assumptions, so where they diverge is the story.

DCF · Growth Exit 10Y
$136.19
assumptions (10)
  • Risk-free rate (10Y Treasury)5.00%
  • Equity risk premium5.00%
  • Beta (β)1.00
  • Equity share of capital85.0%
  • Debt spread over risk-free1.50%
  • Tax rate21.0%
  • Terminal growth2.50%
  • Projection period10 years
  • FCF growth8.10%
  • Starting free cash flow$209M
DCF · Growth Exit 5Y
$104.54
assumptions (10)
  • Risk-free rate (10Y Treasury)5.00%
  • Equity risk premium5.00%
  • Beta (β)1.00
  • Equity share of capital85.0%
  • Debt spread over risk-free1.50%
  • Tax rate21.0%
  • Terminal growth2.50%
  • Projection period5 years
  • FCF growth8.10%
  • Starting free cash flow$209M
Earnings Power Value
$5.9
assumptions (8)
  • Risk-free rate (10Y Treasury)5.00%
  • Equity risk premium5.00%
  • Beta (β)1.00
  • Equity share of capital85.0%
  • Debt spread over risk-free1.50%
  • Tax rate21.0%
  • Normalized earnings$15M
  • Growth assumed0.0%
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)9.27%
Terminal growth2.5%
At your growth, a share is worth $104.54
The three cases
Bear0.0%$58.28
Base8.1%$104.54
Bull13.1%$140.43

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.

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Sources — the receipts
  1. 10-K filed 2024-08-09 · period ending 2022-06-30 · accession 0001262976-24-000064 (Revenues)
  2. 10-K filed 2025-08-08 · period ending 2023-06-30 · accession 0001628280-25-039200 (Revenues)
  3. 10-K filed 2026-08-07 · periods ending 2024-06-30, 2025-06-30, 2026-06-30 · accession 0001262976-26-000027 (Revenues)
  4. 10-K filed 2024-08-09 · period ending 2022-06-30 · accession 0001262976-24-000064 (NetIncomeLoss)
  5. 10-K filed 2025-08-08 · period ending 2023-06-30 · accession 0001628280-25-039200 (NetIncomeLoss)
  6. 10-K filed 2026-08-07 · periods ending 2024-06-30, 2025-06-30, 2026-06-30 · accession 0001262976-26-000027 (NetIncomeLoss)
  7. 10-K filed 2024-08-09 · period ending 2022-06-30 · accession 0001262976-24-000064 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K filed 2025-08-08 · period ending 2023-06-30 · accession 0001628280-25-039200 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K filed 2026-08-07 · periods ending 2024-06-30, 2025-06-30, 2026-06-30 · accession 0001262976-26-000027 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K filed 2024-08-09 · period ending 2022-06-30 · accession 0001262976-24-000064 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K filed 2025-08-08 · period ending 2023-06-30 · accession 0001628280-25-039200 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K filed 2026-08-07 · periods ending 2024-06-30, 2025-06-30, 2026-06-30 · accession 0001262976-26-000027 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K filed 2023-08-04 · period ending 2022-06-30 · accession 0001262976-23-000051 (LongTermDebtNoncurrent)
  14. 10-K filed 2023-08-04 · period ending 2022-06-30 · accession 0001262976-23-000051 (ShortTermBorrowings)
  15. 10-K filed 2024-08-09 · period ending 2023-06-30 · accession 0001262976-24-000064 (LongTermDebtNoncurrent)
  16. 10-K filed 2024-08-09 · period ending 2023-06-30 · accession 0001262976-24-000064 (ShortTermBorrowings)
  17. 10-K filed 2025-08-08 · period ending 2024-06-30 · accession 0001628280-25-039200 (LongTermDebtNoncurrent)
  18. 10-K filed 2025-08-08 · period ending 2024-06-30 · accession 0001628280-25-039200 (ShortTermBorrowings)
  19. 10-K filed 2026-08-07 · periods ending 2025-06-30, 2026-06-30 · accession 0001262976-26-000027 (LongTermDebtNoncurrent)
  20. 10-K filed 2026-08-07 · periods ending 2025-06-30, 2026-06-30 · accession 0001262976-26-000027 (ShortTermBorrowings)
  21. 10-K filed 2023-08-04 · period ending 2022-06-30 · accession 0001262976-23-000051 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K filed 2024-08-09 · period ending 2023-06-30 · accession 0001262976-24-000064 (CashAndCashEquivalentsAtCarryingValue)
  23. 10-K filed 2025-08-08 · period ending 2024-06-30 · accession 0001628280-25-039200 (CashAndCashEquivalentsAtCarryingValue)
  24. 10-K filed 2026-08-07 · periods ending 2025-06-30, 2026-06-30 · accession 0001262976-26-000027 (CashAndCashEquivalentsAtCarryingValue)