MeritValue

EGAIN Corp

EGANdata completeness 88%16 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

EGAIN Corp earns about 13% on equity, comfortably above its ~9% cost of capital, and has bought back 12% of its shares over 5 years — the marks of a durable business run for its owners. The estimate methods put fair value between $2.52 and $4.54 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$78.3M1$92M2$98M3$92.8M4$88.4M4
Net income$6.96M5−$2.44M6$2.11M7$7.78M8$32.3M8
Operating cash flow$13.9M9$8.12M10$4.62M11$12.5M12$5.26M12
Capital expenditure$402,00013$628,00014$288,00015$198,00016$565,00016
Free cash flow (derived)$13.5M9$7.49M10$4.33M11$12.3M12$4.7M12
Total debt—————
Cash & equivalents$63.2M17$72.2M18$73.2M19$70M20$62.9M20
Diluted shares32.6M31.6M32.8M31.5M28.6M

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
$28.18
your share of equity
Profit it earned you last year
$11.26
Free cash flow it threw off
$1.64
Debt you’d be carrying
—

10 shares is a claim on $28.18 of net worth that earned you $11.26 and generated $1.64 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
13% avg · 5y
FY21 15%FY22 -4%FY23 3%FY24 13%FY25 40%

It earned about 13% on equity against a ~9% cost of capital — comfortably above the cost of funding, a moderate advantage.

seeing a moat in the numbers →
Management signal · capital allocation
−12% shares · 5y

Share count is down 12% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

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 $2.52 and $4.54 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
$4.36
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$4.7M
DCF · Growth Exit 5Y
$4.54
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$4.7M
Earnings Power Value
$2.52
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$6.96M
  • growthAssumed0.0%
Graham Number
$8.46
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 $4.54
The three cases
Bear0.0%$4.54
Base0.0%$4.54
Bull5.0%$5.11

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 2021-06-30 · accession 0001558370-22-014362 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-06-30 · accession 0001558370-23-015758 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-06-30 · accession 0001558370-24-012767 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-06-30 · accession 0001104659-25-089540 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-06-30 · accession 0001558370-22-014362 (NetIncomeLoss)
  6. 10-K · period ending 2022-06-30 · accession 0001558370-23-015758 (NetIncomeLoss)
  7. 10-K · period ending 2023-06-30 · accession 0001558370-24-012767 (NetIncomeLoss)
  8. 10-K · period ending 2024-06-30 · accession 0001104659-25-089540 (NetIncomeLoss)
  9. 10-K · period ending 2021-06-30 · accession 0001558370-22-014362 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-06-30 · accession 0001558370-23-015758 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-06-30 · accession 0001558370-24-012767 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-06-30 · accession 0001104659-25-089540 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-06-30 · accession 0001558370-22-014362 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-06-30 · accession 0001558370-23-015758 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-06-30 · accession 0001558370-24-012767 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-06-30 · accession 0001104659-25-089540 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-06-30 · accession 0001558370-22-014362 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-06-30 · accession 0001558370-23-015758 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-06-30 · accession 0001558370-24-012767 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-06-30 · accession 0001104659-25-089540 (CashAndCashEquivalentsAtCarryingValue)