MeritValue

Intapp, Inc.

INTAdata completeness 88%7 fiscal years on file

Data notes: no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'realEstateImpairment'; no data for concept 'dividendsPaid'

The thesis, from the filings

Intapp, Inc. earns about -21% on invested capital, below its ~9% cost of capital, but has diluted owners by 30% over 5 years — no moat visible in the numbers. The estimate methods put fair value between $50.77 and $90.85 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 2022FY 2023FY 2024FY 2025FY 2026
Revenue$272.1M1$350.9M2$430.5M3$504.1M3$577.8M3
Net income−$99.7M4−$69.4M5−$32M6−$18.2M6−$41.3M6
Operating cash flow$14.2M7$27.5M8$67.2M9$123.5M9$146.8M9
Capital expenditure$554,00010$2.21M11$2.46M12$1.67M12$2.14M12
Free cash flow (derived)$13.7M7$25.3M8$64.8M9$121.9M9$144.7M9
Total debt—————
Cash & equivalents$50.8M13$130.4M14$208.4M15$313.1M15$162.8M15
Diluted shares61.3M64.3M71.5M78.7M79.6M

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
$39.89
your share of equity
Profit it earned you last year
−$5.19
Free cash flow it threw off
$18.18
Debt you’d be carrying
—

10 shares is a claim on $39.89 of net worth that earned you −$5.19 and generated $18.18 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-21% avg · 5y
FY22 -40%FY23 -26%FY24 -12%FY25 -6%FY26 -19%

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
+30% shares · 5y

Share count is up 30% over 5 years — owners have been diluted. Worth asking what they got for it.

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 v0.5.0

The 2 estimate methods that apply put fair value between $50.77 and $90.85 a share. They rest on different assumptions, so where they diverge is the story.

DCF · Growth Exit 10Y
$90.85
assumptions (10)
  • riskFreeRate4.8%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth20.0%
  • fcfBase$121.9M
DCF · Growth Exit 5Y
$50.77
assumptions (10)
  • riskFreeRate4.8%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth20.0%
  • fcfBase$121.9M
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 years20.0%
Discount rate (WACC)9.08%
Terminal growth2.5%
At your growth, a share is worth $50.77
The three cases
Bear0.0%$23.44
Base20.0%$50.77
Bull20.0%$50.77

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 2022-06-30 · accession 0000950170-24-100587 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-06-30 · accession 0001193125-25-184080 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-06-30 · accession 0001565687-26-000073 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2022-06-30 · accession 0000950170-24-100587 (NetIncomeLoss)
  5. 10-K · period ending 2023-06-30 · accession 0001193125-25-184080 (NetIncomeLoss)
  6. 10-K · period ending 2024-06-30 · accession 0001565687-26-000073 (NetIncomeLoss)
  7. 10-K · period ending 2022-06-30 · accession 0000950170-24-100587 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-06-30 · accession 0001193125-25-184080 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-06-30 · accession 0001565687-26-000073 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-06-30 · accession 0000950170-24-100587 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-06-30 · accession 0001193125-25-184080 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-06-30 · accession 0001565687-26-000073 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-06-30 · accession 0000950170-24-100587 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2023-06-30 · accession 0001193125-25-184080 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2024-06-30 · accession 0001565687-26-000073 (CashAndCashEquivalentsAtCarryingValue)