QUINSTREET, INC
QNSTdata completeness 88%15 fiscal years on fileQUINSTREET, INC earns about -0% on invested capital, below its ~9% cost of capital, but has diluted owners by 3% over 5 years — no moat visible in the numbers. The estimate methods put fair value between $3.03 and $3.2 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|---|---|
| Revenue | $490.3M1 | $578.5M2 | $582.1M3 | $580.6M3 | $613.5M3 |
| Net income | $18.1M4 | $23.6M5 | −$5.25M6 | −$68.9M6 | −$31.3M6 |
| Operating cash flow | $47.6M7 | $50.6M8 | $28.7M9 | $11.8M9 | $12M9 |
| Capital expenditure | $1.96M10 | $1.97M11 | $2.84M12 | $3.06M12 | $5.35M12 |
| Free cash flow (derived) | $45.6M7 | $48.6M8 | $25.8M9 | $8.78M9 | $6.69M9 |
| Total debt | — | — | — | — | — |
| Cash & equivalents | $107.5M13 | $110.3M14 | $96.4M15 | $73.7M15 | $50.5M15 |
| Diluted shares | 53.4M | 55.1M | 54.3M | 53.8M | 54.9M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $39.48 of net worth that earned you −$5.71 and generated $1.22 of cash last year.
It earned about -0% 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 3% 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 $3.03 and $3.2 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
- fcfGrowth0.0%
- fcfBase$8.78M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth0.0%
- fcfBase$8.78M
Different models answer different questions — which to trust when →
| Bear | 0.0% | $3.2 |
| Base | 0.0% | $3.2 |
| Bull | 5.0% | $3.76 |
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 2020-06-30 · accession 0001564590-22-029880 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2021-06-30 · accession 0000950170-23-043659 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2022-06-30 · accession 0000950170-24-099495 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2020-06-30 · accession 0001564590-22-029880 (NetIncomeLoss)
- 10-K · period ending 2021-06-30 · accession 0000950170-23-043659 (NetIncomeLoss)
- 10-K · period ending 2022-06-30 · accession 0000950170-24-099495 (NetIncomeLoss)
- 10-K · period ending 2020-06-30 · accession 0001564590-22-029880 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2021-06-30 · accession 0000950170-23-043659 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2022-06-30 · accession 0000950170-24-099495 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2020-06-30 · accession 0001564590-22-029880 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2021-06-30 · accession 0000950170-23-043659 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2022-06-30 · accession 0000950170-24-099495 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2020-06-30 · accession 0001564590-22-029880 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2021-06-30 · accession 0000950170-23-043659 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2022-06-30 · accession 0000950170-24-099495 (CashAndCashEquivalentsAtCarryingValue)