MeritValue

KALTURA INC

KLTRdata completeness 100%7 fiscal years on file
The thesis, from the filings

KALTURA INC earns about -93% on invested capital, below its ~9% cost of capital, but has diluted owners by 115% over 5 years — no moat visible in the numbers. The estimate methods put fair value between $1.16 and $1.27 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$165M1$168.8M2$175.2M3$178.7M3$180.9M3
Net income−$59.4M4−$68.5M5−$46.4M6−$31.3M6−$12.1M6
Operating cash flow−$22.1M7−$46.8M8−$8.3M9$12.2M9$14.5M9
Capital expenditure$1.88M10$1.22M11$2.61M12$521,00012$661,00012
Free cash flow (derived)−$24M7−$48M8−$10.9M9$11.7M9$13.9M9
Total debt$77.6M13$71.8M14$34.7M15$32.3M16$58.3M16
Cash & equivalents$143.9M17$44.6M18$36.7M19$33.1M19$27.5M19
Diluted shares71.1M130.4M138.2M147.9M152.9M

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
$0.41
your share of equity
Profit it earned you last year
−$0.79
Free cash flow it threw off
$0.91
Debt you’d be carrying
$3.82

10 shares is a claim on $0.41 of net worth that earned you −$0.79 and generated $0.91 of cash last year, against $3.82 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-93% avg · 5y
FY21 -208%FY22 -65%FY23 -96%FY24 -79%FY25 -19%

It earned about -93% 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
+115% shares · 5y

Share count is up 115% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 25% — deleveraging.

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 $1.16 and $1.27 a share. They rest on different assumptions, so where they diverge is the story.

DCF · Growth Exit 10Y
$1.27
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth5.0%
  • fcfBase$11.7M
DCF · Growth Exit 5Y
$1.16
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth5.0%
  • fcfBase$11.7M
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 $1.16
The three cases
Bear0.0%$0.89
Base5.0%$1.16
Bull10.0%$1.47

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 2021-12-31 · accession 0001432133-24-000088 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001432133-25-000025 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001628280-26-018182 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001432133-24-000088 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001432133-25-000025 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001628280-26-018182 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001432133-24-000088 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001432133-25-000025 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001628280-26-018182 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001432133-24-000088 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001432133-25-000025 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001628280-26-018182 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001432133-23-000035 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-12-31 · accession 0001432133-24-000088 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-12-31 · accession 0001432133-25-000025 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-12-31 · accession 0001628280-26-018182 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-12-31 · accession 0001432133-24-000088 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001432133-25-000025 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001628280-26-018182 (CashAndCashEquivalentsAtCarryingValue)