MeritValue

International Money Express, Inc.

IMXIdata completeness 100%10 fiscal years on file
The thesis, from the filings

International Money Express, Inc. earns about 43% on invested capital, far above its ~9% cost of capital, and has bought back 23% of its shares over 5 years — the marks of a durable business run for its owners. The estimate methods put fair value between $19.68 and $44.76 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$459.2M1$546.8M2$658.7M3$658.6M3$607.8M3
Net income$46.8M4$57.3M5$59.5M6$58.8M6$32.7M6
Operating cash flow$78.1M7$15.2M8$143.5M9$53.1M9$36.9M9
Capital expenditure$10.6M10$12.2M11$12.8M12$30M12$21.1M12
Free cash flow (derived)$67.5M7$3M8$130.7M9$23.1M9$15.8M9
Total debt$83.1M13$155.2M14$188.2M15$156.6M16$194.8M16
Cash & equivalents$132.5M17$149.5M18$239.2M19$130.5M20$168.7M20
Diluted shares39.1M38.6M36.4M32.9M30.2M

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
$53.36
your share of equity
Profit it earned you last year
$10.82
Free cash flow it threw off
$5.24
Debt you’d be carrying
$64.55

10 shares is a claim on $53.36 of net worth that earned you $10.82 and generated $5.24 of cash last year, against $64.55 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
43% avg · 5y
FY21 54%FY22 40%FY23 68%FY24 37%FY25 17%

It earned about 43% 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
−23% shares · 5y

Share count is down 23% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 134% 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.

iv. What it’s worth — engine v0.1.0

The 3 estimate methods that apply put fair value between $19.68 and $44.76 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
$44.76
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth20.0%
  • fcfBase$23.1M
DCF · Growth Exit 5Y
$24.07
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth20.0%
  • fcfBase$23.1M
Earnings Power Value
$19.68
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$57.3M
  • growthAssumed0.0%
Graham Number
$11.39
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 years20.0%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $24.07
The three cases
Bear0.0%$10.06
Base20.0%$24.07
Bull20.0%$24.07

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.

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001683695-24-000042 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001683695-25-000030 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001628280-26-015647 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001683695-24-000042 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001683695-25-000030 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001628280-26-015647 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001683695-24-000042 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001683695-25-000030 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001628280-26-015647 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001683695-24-000042 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001683695-25-000030 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001628280-26-015647 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001683695-23-000022 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-12-31 · accession 0001683695-24-000042 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-12-31 · accession 0001683695-25-000030 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-12-31 · accession 0001628280-26-015647 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-12-31 · accession 0001683695-23-000022 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001683695-24-000042 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001683695-25-000030 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001628280-26-015647 (CashAndCashEquivalentsAtCarryingValue)