MeritValue

Intapp, Inc.

INTAdata completeness 88%6 fiscal years on file
The thesis, from the filings

Intapp, Inc. earns about -21% on invested capital, below its ~9% cost of capital, but has diluted owners by 182% over 5 years — no moat visible in the numbers. The estimate methods put fair value between $18.58 and $19.82 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$214.6M1$272.1M2$350.9M3$430.5M3$504.1M3
Net income−$46.8M4−$99.7M5−$69.4M6−$32M6−$18.2M6
Operating cash flow−$9.75M7$14.2M8$27.5M9$67.2M9$123.5M9
Capital expenditure$2.47M10$554,00011$2.21M12$2.46M12$1.67M12
Free cash flow (derived)−$12.2M7$13.7M8$25.3M9$64.8M9$121.9M9
Total debt$275.6M13————
Cash & equivalents$37.6M14$50.8M15$130.4M16$208.4M16$313.1M16
Diluted shares27.9M61.3M64.3M71.5M78.7M

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
$66.04
your share of equity
Profit it earned you last year
−$2.31
Free cash flow it threw off
$15.48
Debt you’d be carrying
—

10 shares is a claim on $66.04 of net worth that earned you −$2.31 and generated $15.48 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-21% avg · 5y
FY21 -21%FY22 -40%FY23 -26%FY24 -12%FY25 -6%

It earned about -21% 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
+182% shares · 5y

Share count is up 182% over 5 years — owners have been diluted. Worth asking what they got for it. 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 2 estimate methods that apply put fair value between $18.58 and $19.82 a share. They rest on different assumptions, so where they diverge is the story.

DCF · Growth Exit 10Y
$19.82
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth5.0%
  • fcfBase$64.8M
DCF · Growth Exit 5Y
$18.58
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth5.0%
  • fcfBase$64.8M
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
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 years5.0%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $18.58
The three cases
Bear0.0%$15.74
Base5.0%$18.58
Bull10.0%$21.99

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

Default growth 5.0%= 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 2021-06-30 · accession 0000950170-23-047051 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-06-30 · accession 0000950170-24-100587 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-06-30 · accession 0001193125-25-184080 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-06-30 · accession 0000950170-23-047051 (NetIncomeLoss)
  5. 10-K · period ending 2022-06-30 · accession 0000950170-24-100587 (NetIncomeLoss)
  6. 10-K · period ending 2023-06-30 · accession 0001193125-25-184080 (NetIncomeLoss)
  7. 10-K · period ending 2021-06-30 · accession 0000950170-23-047051 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-06-30 · accession 0000950170-24-100587 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-06-30 · accession 0001193125-25-184080 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-06-30 · accession 0000950170-23-047051 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-06-30 · accession 0000950170-24-100587 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-06-30 · accession 0001193125-25-184080 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-06-30 · accession 0001564590-22-031398 (LongTermDebt)
  14. 10-K · period ending 2021-06-30 · accession 0000950170-23-047051 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2022-06-30 · accession 0000950170-24-100587 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2023-06-30 · accession 0001193125-25-184080 (CashAndCashEquivalentsAtCarryingValue)