OPEN TEXT CORP
OTEXdata completeness 100%20 fiscal years on fileData notes: no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'gainsOnRealEstateSales'
OPEN TEXT CORP earns about 2% on invested capital, below its ~9% cost of capital, and has bought back 8% of its shares over 5 years — no moat visible in the numbers. The estimate methods put fair value between $2.94 and $17.87 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 | $3.49B1 | $4.48B2 | $5.77B3 | $5.17B3 | $5.25B3 |
| Net income | $397.1M4 | $150.4M5 | $465.1M6 | $435.9M6 | $643M6 |
| Operating cash flow | $981.8M7 | $779.2M8 | $967.7M9 | $830.6M9 | $1.01B9 |
| Capital expenditure | $93.1M10 | $123.8M11 | $159.3M12 | $143.2M12 | $199.3M12 |
| Free cash flow (derived) | $888.7M7 | $655.4M8 | $808.4M9 | $687.4M9 | $807.5M9 |
| Total debt | $8.44B13 | $17.8B14 | $12.8B15 | $12.8B16 | $11.5B16 |
| Cash & equivalents | $1.69B17 | $1.23B18 | $1.28B19 | $1.16B19 | $956M19 |
| Diluted shares | 271.9M | 270.5M | 272.6M | 263.6M | 249.4M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $160.97 of net worth that earned you $25.79 and generated $32.38 of cash last year, against $462.79 of debt.
It earned about 2% 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 →Share count is down 8% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 37% 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.
The 2 estimate methods that apply put fair value between $2.94 and $17.87 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)
- riskFreeRate4.8%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth0.0%
- fcfBase$807.5M
assumptions (10)
- riskFreeRate4.8%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth0.0%
- fcfBase$807.5M
assumptions (8)
- riskFreeRate4.8%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$435.9M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $2.94 |
| Base | 0.0% | $2.94 |
| Bull | 5.0% | $13.9 |
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.
- 10-K · period ending 2022-06-30 · accession 0001002638-24-000052 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2023-06-30 · accession 0001002638-25-000053 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2024-06-30 · accession 0001002638-26-000068 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2022-06-30 · accession 0001002638-24-000052 (NetIncomeLoss)
- 10-K · period ending 2023-06-30 · accession 0001002638-25-000053 (NetIncomeLoss)
- 10-K · period ending 2024-06-30 · accession 0001002638-26-000068 (NetIncomeLoss)
- 10-K · period ending 2022-06-30 · accession 0001002638-24-000052 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-06-30 · accession 0001002638-25-000053 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2024-06-30 · accession 0001002638-26-000068 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2022-06-30 · accession 0001002638-24-000052 (PaymentsToAcquireProductiveAssets)
- 10-K · period ending 2023-06-30 · accession 0001002638-25-000053 (PaymentsToAcquireProductiveAssets)
- 10-K · period ending 2024-06-30 · accession 0001002638-26-000068 (PaymentsToAcquireProductiveAssets)
- 10-K · period ending 2022-06-30 · accession 0001002638-23-000022 (LongTermDebtNoncurrent)
- 10-K · period ending 2023-06-30 · accession 0001002638-24-000052 (LongTermDebtNoncurrent)
- 10-K · period ending 2024-06-30 · accession 0001002638-25-000053 (LongTermDebtNoncurrent)
- 10-K · period ending 2025-06-30 · accession 0001002638-26-000068 (LongTermDebtNoncurrent)
- 10-K · period ending 2022-06-30 · accession 0001002638-24-000052 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2023-06-30 · accession 0001002638-25-000053 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2024-06-30 · accession 0001002638-26-000068 (CashAndCashEquivalentsAtCarryingValue)