JACK HENRY & ASSOCIATES INC
JKHYdata completeness 100%18 fiscal years on fileData notes: no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'gainsOnRealEstateSales'
JACK HENRY & ASSOCIATES INC earns about 22% on invested capital, far above its ~9% cost of capital, with a roughly flat share count — a real edge showing up in the numbers. The estimate methods put fair value between $53.21 and $221.6 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2022 | FY 2023 | FY 2024 | FY 2025 | FY 2026 |
|---|---|---|---|---|---|
| Revenue | $1.94B1 | $2.08B2 | $2.22B3 | $2.38B3 | $2.54B3 |
| Net income | $362.9M4 | $366.6M5 | $381.8M6 | $455.7M6 | $502.8M6 |
| Operating cash flow | $504.6M7 | $381.6M8 | $568M9 | $641.5M9 | $762M9 |
| Capital expenditure | $34.7M10 | $39.2M11 | $58.1M12 | $53.4M12 | $67.1M12 |
| Free cash flow (derived) | $470M7 | $342.4M8 | $509.9M9 | $588.1M9 | $694.9M9 |
| Total debt | $115M13 | $550M14 | $210M15 | $015 | $40M16 |
| Cash & equivalents | $48.8M17 | $12.2M18 | $38.3M18 | $102M18 | $12.1M18 |
| Diluted shares | 73.5M | 73.1M | 73.0M | 73.0M | 72.0M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $284.82 of net worth that earned you $69.79 and generated $96.45 of cash last year, against $5.55 of debt.
It earned about 22% 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 →Share count is roughly flat over 5 years — little dilution, little buyback. Total debt has fallen 65% — deleveraging.
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 $53.21 and $221.6 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)
- riskFreeRate5.0%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth10.2%
- fcfBase$588.1M
assumptions (10)
- riskFreeRate5.0%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth10.2%
- fcfBase$588.1M
assumptions (8)
- riskFreeRate5.0%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$381.8M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $111.12 |
| Base | 10.2% | $171.65 |
| Bull | 15.2% | $210.06 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 10.2%= 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.
- 10-K · period ending 2022-06-30 · accession 0000779152-24-000079 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2023-06-30 · accession 0000779152-25-000055 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2024-06-30 · accession 0000779152-26-000067 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2022-06-30 · accession 0000779152-24-000079 (NetIncomeLoss)
- 10-K · period ending 2023-06-30 · accession 0000779152-25-000055 (NetIncomeLoss)
- 10-K · period ending 2024-06-30 · accession 0000779152-26-000067 (NetIncomeLoss)
- 10-K · period ending 2022-06-30 · accession 0000779152-24-000079 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-06-30 · accession 0000779152-25-000055 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2024-06-30 · accession 0000779152-26-000067 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2022-06-30 · accession 0000779152-24-000079 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2023-06-30 · accession 0000779152-25-000055 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2024-06-30 · accession 0000779152-26-000067 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2022-06-30 · accession 0000779152-23-000062 (LongTermDebt)
- 10-K · period ending 2023-06-30 · accession 0000779152-24-000079 (LongTermDebtNoncurrent)
- 10-K · period ending 2024-06-30 · accession 0000779152-25-000055 (LongTermDebtNoncurrent)
- 10-K · period ending 2026-06-30 · accession 0000779152-26-000067 (LongTermDebt)
- 10-K · period ending 2022-06-30 · accession 0000779152-25-000055 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
- 10-K · period ending 2023-06-30 · accession 0000779152-26-000067 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)