MeritValue

INTELLINETICS, INC.

INLXdata completeness 75%28 fiscal years on file
The thesis, from the filings

INTELLINETICS, INC. earns about 7% on equity, below its ~9% cost of capital, but has diluted owners by 39% over 5 years — no moat visible in the numbers. The estimate methods put fair value between $0.06 and $2.24 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$11.5M1$14M2$16.9M3$18M4$16.6M4
Net income$1.36M5$24,0276$519,2667−$546,2158−$1.87M8
Operating cash flow$1.39M9$1.99M10$784,65911$3.86M12$933,87112
Capital expenditure$552,18013$200,98014$111,24015$439,20316$354,37816
Free cash flow (derived)$837,7869$1.79M10$673,41911$3.42M12$579,49312
Total debt$2M17$3.34M18———
Cash & equivalents$1.75M19$2.7M20$1.22M21$2.49M21—
Diluted shares3.1M4.3M4.7M4.2M4.3M

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
$26.47
your share of equity
Profit it earned you last year
−$4.35
Free cash flow it threw off
$1.35
Debt you’d be carrying
—

10 shares is a claim on $26.47 of net worth that earned you −$4.35 and generated $1.35 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
7% avg · 5y
FY21 51%FY22 0%FY23 5%FY24 -5%FY25 -16%

It earned about 7% on equity 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
+39% shares · 5y

Share count is up 39% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 67% 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 $0.06 and $2.24 a share. They rest on different assumptions, so where they diverge is the story.

DCF · Growth Exit 10Y
$2.07
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$673,419
DCF · Growth Exit 5Y
$2.24
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$673,419
Earnings Power Value
$0.06
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$24,027
  • growthAssumed0.0%
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

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 years0.0%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $2.24
The three cases
Bear0.0%$2.24
Base0.0%$2.24
Bull5.0%$2.78

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

Default growth 0.0%= 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 0001493152-23-009074 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001493152-24-011731 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001641172-25-000274 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001493152-26-013568 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001493152-23-009074 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001493152-24-011731 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001641172-25-000274 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001493152-26-013568 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001493152-23-009074 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001493152-24-011731 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001641172-25-000274 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001493152-26-013568 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001493152-23-009074 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001493152-24-011731 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001641172-25-000274 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001493152-26-013568 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001493152-22-007657 (LongTermDebt)
  18. 10-K · period ending 2022-12-31 · accession 0001493152-23-009074 (LongTermDebt)
  19. 10-K · period ending 2021-12-31 · accession 0001493152-23-009074 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2022-12-31 · accession 0001493152-24-011731 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2023-12-31 · accession 0001641172-25-000274 (CashAndCashEquivalentsAtCarryingValue)