Freshworks Inc.
FRSHdata completeness 88%7 fiscal years on fileData notes: no data for concept 'totalDebt'; no data for concept 'interestExpense'
Freshworks Inc. earns about -14% on invested capital, below its ~9% cost of capital, but has diluted owners by 125% over 5 years — no moat visible in the numbers. The estimate methods put fair value between $18.75 and $32.69 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | $371M1 | $498M2 | $596.4M3 | $720.4M3 | $838.8M3 |
| Net income | −$192M4 | −$232.1M5 | −$137.4M6 | −$95.4M6 | $183.7M6 |
| Operating cash flow | $11.5M7 | −$2.53M8 | $86.2M9 | $160.6M9 | $242.4M9 |
| Capital expenditure | $5.57M10 | $7.13M11 | $2.07M12 | $9.18M12 | $5.7M12 |
| Free cash flow (derived) | $5.9M7 | −$9.65M8 | $84.1M9 | $151.5M9 | $236.7M9 |
| Total debt | — | — | — | — | — |
| Cash & equivalents | $747.9M13 | $304.1M14 | $488.1M15 | $620.3M15 | $569.8M15 |
| Diluted shares | 130.7M | 284.6M | 293.1M | 300.8M | 293.8M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $35.15 of net worth that earned you $6.25 and generated $8.06 of cash last year.
It earned about -14% 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 →Share count is up 125% over 5 years — owners have been diluted. Worth asking what they got for it.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 2 estimate methods that apply put fair value between $18.75 and $32.69 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth20.0%
- fcfBase$151.5M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth20.0%
- fcfBase$151.5M
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $9.31 |
| Base | 20.0% | $18.75 |
| Bull | 20.0% | $18.75 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 20.0%= 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.
- 10-K · period ending 2021-12-31 · accession 0001544522-24-000012 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2022-12-31 · accession 0001544522-25-000010 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2023-12-31 · accession 0001544522-26-000036 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2021-12-31 · accession 0001544522-24-000012 (NetIncomeLoss)
- 10-K · period ending 2022-12-31 · accession 0001544522-25-000010 (NetIncomeLoss)
- 10-K · period ending 2023-12-31 · accession 0001544522-26-000036 (NetIncomeLoss)
- 10-K · period ending 2021-12-31 · accession 0001544522-24-000012 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2022-12-31 · accession 0001544522-25-000010 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-12-31 · accession 0001544522-26-000036 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2021-12-31 · accession 0001544522-24-000012 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2022-12-31 · accession 0001544522-25-000010 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2023-12-31 · accession 0001544522-26-000036 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2021-12-31 · accession 0001544522-24-000012 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2022-12-31 · accession 0001544522-25-000010 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2023-12-31 · accession 0001544522-26-000036 (CashAndCashEquivalentsAtCarryingValue)