MeritValue

GoodRx Holdings, Inc.

GDRXdata completeness 100%8 fiscal years on file
The thesis, from the filings

GoodRx Holdings, Inc. earns about 1% on invested capital, below its ~9% cost of capital, and has bought back 13% of its shares over 5 years — no moat visible in the numbers. The estimate methods put fair value between $6.08 and $6.71 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$745.4M1$766.6M2$750.3M3$792.3M3$796.9M3
Net income−$25.3M4−$32.8M5−$8.87M6$16.4M6$30.4M6
Operating cash flow$178.8M7$146.8M8$138.3M9$183.9M9$167.9M9
Capital expenditure$4.57M10$3.97M11$1.04M12$1.24M12$3.52M12
Free cash flow (derived)$174.2M7$142.8M8$137.2M9$182.7M9$164.4M9
Total debt$1.34B13$1.33B14$656.5M15$991.7M16$983.3M16
Cash & equivalents$941.1M17$757.2M18$672.3M19$448.3M20$261.8M20
Diluted shares410.0M412.9M410.3M392.2M357.0M

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
$17.26
your share of equity
Profit it earned you last year
$0.85
Free cash flow it threw off
$4.6
Debt you’d be carrying
$27.54

10 shares is a claim on $17.26 of net worth that earned you $0.85 and generated $4.6 of cash last year, against $27.54 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
1% avg · 5y
FY21 1%FY22 1%FY23 0%FY24 1%FY25 2%

It earned about 1% 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
−13% shares · 5y

Share count is down 13% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 26% — deleveraging.

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 2 estimate methods that apply put fair value between $6.08 and $6.71 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
$6.71
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth4.8%
  • fcfBase$164.4M
DCF · Growth Exit 5Y
$6.08
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth4.8%
  • fcfBase$164.4M
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
$1.87
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 years4.8%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $6.08
The three cases
Bear0.0%$4.56
Base4.8%$6.08
Bull9.8%$7.97

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

Default growth 4.8%= 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 0001809519-24-000032 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001809519-25-000040 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001809519-26-000031 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001809519-24-000032 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001809519-25-000040 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001809519-26-000031 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001809519-24-000032 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001809519-25-000040 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001809519-26-000031 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001809519-24-000032 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001809519-25-000040 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001809519-26-000031 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0000950170-23-005262 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-12-31 · accession 0001809519-24-000032 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-12-31 · accession 0001809519-25-000040 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-12-31 · accession 0001809519-26-000031 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-12-31 · accession 0000950170-23-005262 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001809519-24-000032 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001809519-25-000040 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001809519-26-000031 (CashAndCashEquivalentsAtCarryingValue)