Globant S.A.
GLOBdata completeness 100%11 fiscal years on fileGlobant S.A. earns about 9% on invested capital, barely covering its ~9% cost of capital, but has diluted owners by 5% over 5 years — worth asking whether the growth reaches owners. The estimate methods put fair value between $35.2 and $369.19 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 | $1.3B1 | $1.78B2 | $2.1B3 | $2.42B3 | $2.45B3 |
| Net income | $96.1M4 | $148.9M5 | $158.5M6 | $165.7M6 | $102.9M6 |
| Operating cash flow | $179M7 | $197.5M8 | $318.5M9 | $248.7M9 | $301.2M9 |
| Capital expenditure | $42.8M10 | $47.1M11 | $45.1M12 | $27.7M12 | $19.2M12 |
| Free cash flow (derived) | $136.2M7 | $150.5M8 | $273.4M9 | $221M9 | $282M9 |
| Total debt | $12.2M13 | $3.7M14 | $159.1M14 | $292.5M14 | $366.7M14 |
| Cash & equivalents | $427.8M15 | $292.5M16 | $307.2M16 | $142.1M16 | $243.7M16 |
| Diluted shares | 41.9M | 42.3M | 43.1M | 44.0M | 43.8M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $477.6 of net worth that earned you $23.48 and generated $64.32 of cash last year, against $83.65 of debt.
It earned about 9% on invested capital against a ~9% cost of capital — roughly what it costs to fund the business, so the numbers show no clear edge.
seeing a moat in the numbers →Share count is up 5% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 2896% 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.
The 3 estimate methods that apply put fair value between $35.2 and $369.19 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$273.4M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth20.0%
- fcfBase$273.4M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$148.9M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $86.31 |
| Base | 20.0% | $200.55 |
| Bull | 20.0% | $200.55 |
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.
- 20-F · period ending 2021-12-31 · accession 0001628280-24-008037 (Revenue)
- 20-F · period ending 2022-12-31 · accession 0001628280-25-009110 (Revenue)
- 20-F · period ending 2023-12-31 · accession 0001628280-26-012910 (Revenue)
- 20-F · period ending 2021-12-31 · accession 0001628280-24-008037 (ProfitLossAttributableToOwnersOfParent)
- 20-F · period ending 2022-12-31 · accession 0001628280-25-009110 (ProfitLossAttributableToOwnersOfParent)
- 20-F · period ending 2023-12-31 · accession 0001628280-26-012910 (ProfitLossAttributableToOwnersOfParent)
- 20-F · period ending 2021-12-31 · accession 0001628280-24-008037 (CashFlowsFromUsedInOperatingActivities)
- 20-F · period ending 2022-12-31 · accession 0001628280-25-009110 (CashFlowsFromUsedInOperatingActivities)
- 20-F · period ending 2023-12-31 · accession 0001628280-26-012910 (CashFlowsFromUsedInOperatingActivities)
- 20-F · period ending 2021-12-31 · accession 0001628280-24-008037 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
- 20-F · period ending 2022-12-31 · accession 0001628280-25-009110 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
- 20-F · period ending 2023-12-31 · accession 0001628280-26-012910 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
- 20-F · period ending 2021-12-31 · accession 0001628280-25-009110 (Borrowings)
- 20-F · period ending 2022-12-31 · accession 0001628280-26-012910 (Borrowings)
- 20-F · period ending 2021-12-31 · accession 0001628280-25-009110 (CashAndCashEquivalents)
- 20-F · period ending 2022-12-31 · accession 0001628280-26-012910 (CashAndCashEquivalents)