MeritValue

LiveRamp Holdings, Inc.

RAMPdata completeness 88%18 fiscal years on file
The thesis, from the filings

LiveRamp Holdings, Inc. earns about -1% on invested capital, below its ~9% cost of capital, and has bought back 5% of its shares over 5 years — no moat visible in the numbers. The estimate methods put fair value between $82.49 and $146.05 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 2022FY 2023FY 2024FY 2025FY 2026
Revenue$528.7M1$596.6M2$659.7M3$745.6M3$812.9M3
Net income−$33.8M4−$118.7M5$11.9M6−$814,0006$146M6
Operating cash flow$78.1M7$34.4M8$105.7M9$154M9$167.8M9
Capital expenditure$4.5M10$4.7M11$4.26M12$1.04M12$1.38M12
Free cash flow (derived)$73.6M7$29.7M8$101.4M9$152.9M9$166.4M9
Total debt—————
Cash & equivalents$600.2M13$464.4M14$336.9M15$413.3M16$379.5M16
Diluted shares68.2M66.4M67.9M66.1M65.0M

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
$149.43
your share of equity
Profit it earned you last year
$22.44
Free cash flow it threw off
$25.58
Debt you’d be carrying
—

10 shares is a claim on $149.43 of net worth that earned you $22.44 and generated $25.58 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-1% avg · 5y
FY22 -6%FY23 -20%FY24 3%FY25 2%FY26 17%

It earned about -1% 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
−5% shares · 5y

Share count is down 5% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

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 $82.49 and $146.05 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.

DCF · Growth Exit 10Y
$146.05
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth20.0%
  • fcfBase$152.9M
DCF · Growth Exit 5Y
$82.49
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth20.0%
  • fcfBase$152.9M
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
$27.44
assumptions (1)
  • grahamMultiplier2250.0%

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 years20.0%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $82.49
The three cases
Bear0.0%$39.43
Base20.0%$82.49
Bull20.0%$82.49

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.

Sources — the receipts
  1. 10-K · period ending 2022-03-31 · accession 0000733269-24-000018 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-03-31 · accession 0000733269-25-000030 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-03-31 · accession 0000733269-26-000025 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2022-03-31 · accession 0000733269-24-000018 (NetIncomeLoss)
  5. 10-K · period ending 2023-03-31 · accession 0000733269-25-000030 (NetIncomeLoss)
  6. 10-K · period ending 2024-03-31 · accession 0000733269-26-000025 (NetIncomeLoss)
  7. 10-K · period ending 2022-03-31 · accession 0000733269-24-000018 (NetCashProvidedByUsedInOperatingActivitiesContinuingOperations)
  8. 10-K · period ending 2023-03-31 · accession 0000733269-25-000030 (NetCashProvidedByUsedInOperatingActivitiesContinuingOperations)
  9. 10-K · period ending 2024-03-31 · accession 0000733269-26-000025 (NetCashProvidedByUsedInOperatingActivitiesContinuingOperations)
  10. 10-K · period ending 2022-03-31 · accession 0000733269-24-000018 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-03-31 · accession 0000733269-25-000030 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-03-31 · accession 0000733269-26-000025 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-03-31 · accession 0000733269-23-000024 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2023-03-31 · accession 0000733269-24-000018 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2024-03-31 · accession 0000733269-25-000030 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2025-03-31 · accession 0000733269-26-000025 (CashAndCashEquivalentsAtCarryingValue)