MeritValue

GoDaddy Inc.

GDDYdata completeness 100%13 fiscal years on file
The thesis, from the filings

GoDaddy Inc. earns about 20% on invested capital, far above its ~9% cost of capital, and has bought back 7% of its shares over 5 years — the marks of a durable business run for its owners. The estimate methods put fair value between $64.48 and $423.47 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$3.82B1$4.09B2$4.25B3$4.57B3$4.95B3
Net income$242.3M4$352.2M5$1.37B6$936.9M6$875M6
Operating cash flow$829.3M7$979.7M8$1.05B9$1.29B9$1.6B9
Capital expenditure$51.1M10$59.7M11$42M12$26.6M12$23.9M12
Free cash flow (derived)$778.2M7$920M8$1.01B9$1.26B9$1.58B9
Total debt$3.88B13$3.83B14$3.82B15$3.8B16$3.78B16
Cash & equivalents$1.26B17$774M18$458.8M18$1.09B18$1.08B18
Diluted shares——151.5M145.3M140.6M

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
$15.3
your share of equity
Profit it earned you last year
$62.22
Free cash flow it threw off
$112.04
Debt you’d be carrying
$268.83

10 shares is a claim on $15.3 of net worth that earned you $62.22 and generated $112.04 of cash last year, against $268.83 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
20% avg · 5y
FY21 13%FY22 18%FY23 17%FY24 23%FY25 30%

It earned about 20% on invested capital, year after year, against a ~9% cost of capital — the footprint of real pricing power. Competition usually drags returns like this back down; here it hasn't.

seeing a moat in the numbers →
Management signal · capital allocation
−7% shares · 5y

Share count is down 7% 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 v0.1.0

The 3 estimate methods that apply put fair value between $64.48 and $423.47 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
$423.47
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth17.5%
  • fcfBase$1.26B
DCF · Growth Exit 5Y
$245.69
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth17.5%
  • fcfBase$1.26B
Earnings Power Value
$64.48
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$875M
  • growthAssumed0.0%
Graham Number
$14.63
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 years17.5%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $245.69
The three cases
Bear0.0%$108.94
Base17.5%$245.69
Bull20.0%$273.2

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

Default growth 17.5%= 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 2021-12-31 · accession 0001609711-24-000022 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001609711-25-000023 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001609711-26-000010 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001609711-24-000022 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001609711-25-000023 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001609711-26-000010 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001609711-24-000022 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001609711-25-000023 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001609711-26-000010 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001609711-24-000022 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001609711-25-000023 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001609711-26-000010 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001609711-23-000031 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-12-31 · accession 0001609711-24-000022 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-12-31 · accession 0001609711-25-000023 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-12-31 · accession 0001609711-26-000010 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-12-31 · accession 0001609711-25-000023 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  18. 10-K · period ending 2022-12-31 · accession 0001609711-26-000010 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)