PROCORE TECHNOLOGIES, INC.
PCORdata completeness 88%7 fiscal years on fileData notes: no data for concept 'totalDebt'
PROCORE TECHNOLOGIES, INC. earns about -21% on invested capital, below its ~9% cost of capital, but has diluted owners by 62% over 5 years — no moat visible in the numbers. The estimate methods put fair value between $41.61 and $73.47 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | $514.8M1 | $720.2M2 | $950M3 | $1.15B3 | $1.32B3 |
| Net income | −$265.2M4 | −$286.9M5 | −$189.7M6 | −$106M6 | −$100.8M6 |
| Operating cash flow | $36.7M7 | $12.6M8 | $92M9 | $196.2M9 | $300.3M9 |
| Capital expenditure | $12.4M10 | $15.8M11 | $10.3M12 | $19.1M12 | $18.1M12 |
| Free cash flow (derived) | $24.3M7 | −$3.17M8 | $81.7M9 | $177M9 | $282.2M9 |
| Total debt | — | — | — | — | — |
| Cash & equivalents | $586.1M13 | $296.7M14 | $357.8M15 | $437.7M15 | $480.7M15 |
| Diluted shares | 92.7M | 136.5M | 142.0M | 147.4M | 150.2M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $84.01 of net worth that earned you −$6.71 and generated $18.78 of cash last year.
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 →Share count is up 62% 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.
The 2 estimate methods that apply put fair value between $41.61 and $73.47 a share. They rest on different assumptions, so where they diverge is the story.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth20.0%
- fcfBase$177M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth20.0%
- fcfBase$177M
Different models answer different questions — which to trust when →
| Bear | 0.0% | $20.03 |
| Base | 20.0% | $41.61 |
| Bull | 20.0% | $41.61 |
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.
- 10-K · period ending 2021-12-31 · accession 0001628280-24-006848 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2022-12-31 · accession 0001628280-25-008121 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2023-12-31 · accession 0001628280-26-011055 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2021-12-31 · accession 0001628280-24-006848 (NetIncomeLoss)
- 10-K · period ending 2022-12-31 · accession 0001628280-25-008121 (NetIncomeLoss)
- 10-K · period ending 2023-12-31 · accession 0001628280-26-011055 (NetIncomeLoss)
- 10-K · period ending 2021-12-31 · accession 0001628280-24-006848 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2022-12-31 · accession 0001628280-25-008121 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-12-31 · accession 0001628280-26-011055 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2021-12-31 · accession 0001628280-24-006848 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2022-12-31 · accession 0001628280-25-008121 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2023-12-31 · accession 0001628280-26-011055 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2021-12-31 · accession 0001628280-24-006848 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2022-12-31 · accession 0001628280-25-008121 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2023-12-31 · accession 0001628280-26-011055 (CashAndCashEquivalentsAtCarryingValue)