MeritValue

DOMO, INC.

DOMOdata completeness 100%10 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

DOMO, INC. earns about -766% on invested capital, but has diluted owners by 28% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.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$258M1$308.6M2$319M3$317M3$318.9M3
Net income−$102.1M4−$105.6M5−$75.6M6−$81.9M6−$59.3M6
Operating cash flow$379,0007−$10.9M8$2.58M9−$9.05M9$7.93M9
Capital expenditure$6.52M10$8M11$11.7M12$9.45M12$9.95M12
Free cash flow (derived)−$6.14M7−$18.9M8−$9.15M9−$18.5M9−$2.02M9
Total debt$208M13$217.2M14$227.1M15$235.3M16$253M16
Cash & equivalents$83.6M17$66.5M18$60.9M19$45.3M20$43M20
Diluted shares32.0M34.1M36.0M38.5M41.0M

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
−$45.4
your share of equity
Profit it earned you last year
−$14.48
Free cash flow it threw off
−$0.49
Debt you’d be carrying
$61.73

10 shares is a claim on −$45.4 of net worth that earned you −$14.48 and generated −$0.49 of cash last year, against $61.73 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-766% avg · 5y
FY22 —FY23 -1911%FY24 -467%FY25 -497%FY26 -190%

It earned an average -766% 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
+28% shares · 5y

Share count is up 28% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 22% 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 v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2022-01-31 · accession 0001505952-24-000015 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-01-31 · accession 0001505952-25-000045 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-01-31 · accession 0001628280-26-025356 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2022-01-31 · accession 0001505952-24-000015 (NetIncomeLoss)
  5. 10-K · period ending 2023-01-31 · accession 0001505952-25-000045 (NetIncomeLoss)
  6. 10-K · period ending 2024-01-31 · accession 0001628280-26-025356 (NetIncomeLoss)
  7. 10-K · period ending 2022-01-31 · accession 0001505952-24-000015 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-01-31 · accession 0001505952-25-000045 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-01-31 · accession 0001628280-26-025356 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-01-31 · accession 0001505952-24-000015 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-01-31 · accession 0001505952-25-000045 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-01-31 · accession 0001628280-26-025356 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-01-31 · accession 0001505952-23-000021 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2023-01-31 · accession 0001505952-24-000015 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2024-01-31 · accession 0001505952-25-000045 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2025-01-31 · accession 0001628280-26-025356 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2022-01-31 · accession 0001505952-23-000021 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-01-31 · accession 0001505952-24-000015 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-01-31 · accession 0001505952-25-000045 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2025-01-31 · accession 0001628280-26-025356 (CashAndCashEquivalentsAtCarryingValue)