COMSCORE, INC.
SCORdata completeness 100%17 fiscal years on fileData notes: no data for concept 'interestExpense'
COMSCORE, INC. earns about -71% on invested capital, below its ~9% cost of capital, but has diluted owners by 31% over 5 years — no moat visible in the numbers. The estimate methods put fair value between $129.98 and $240.93 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 | $367M1 | $376.4M2 | $371.3M3 | $356M3 | $357.5M3 |
| Net income | −$50M4 | −$66.6M5 | −$79.4M6 | −$60.2M6 | −$10M6 |
| Operating cash flow | $9.86M7 | $34.9M8 | $28.9M9 | $18.1M9 | $22.7M9 |
| Capital expenditure | $803,00010 | $1.14M11 | $1.58M12 | $813,00012 | $956,00012 |
| Free cash flow (derived) | $9.05M7 | $33.8M8 | $27.3M9 | $17.3M9 | $21.8M9 |
| Total debt | — | — | $013 | $82.4M13 | $43.8M14 |
| Cash & equivalents | $21.9M15 | $20M16 | $22.8M17 | $29.9M17 | $23.6M17 |
| Diluted shares | 4.0M | 4.6M | 4.8M | 5.0M | 5.3M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $209.96 of net worth that earned you −$18.85 and generated $41.04 of cash last year, against $82.61 of debt.
It earned about -71% 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 31% 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 $129.98 and $240.93 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)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth20.0%
- fcfBase$21.8M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth20.0%
- fcfBase$21.8M
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $54.82 |
| Base | 20.0% | $129.98 |
| Bull | 20.0% | $129.98 |
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 0001158172-24-000012 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2022-12-31 · accession 0001158172-25-000021 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2023-12-31 · accession 0001158172-26-000009 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2021-12-31 · accession 0001158172-24-000012 (NetIncomeLoss)
- 10-K · period ending 2022-12-31 · accession 0001158172-25-000021 (NetIncomeLoss)
- 10-K · period ending 2023-12-31 · accession 0001158172-26-000009 (NetIncomeLoss)
- 10-K · period ending 2021-12-31 · accession 0001158172-24-000012 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2022-12-31 · accession 0001158172-25-000021 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-12-31 · accession 0001158172-26-000009 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2021-12-31 · accession 0001158172-24-000012 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2022-12-31 · accession 0001158172-25-000021 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2023-12-31 · accession 0001158172-26-000009 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2023-12-31 · accession 0001158172-25-000021 (LongTermDebtNoncurrent)
- 10-K · period ending 2025-12-31 · accession 0001158172-26-000009 (LongTermDebtCurrent)
- 10-K · period ending 2021-12-31 · accession 0001158172-24-000012 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2022-12-31 · accession 0001158172-25-000021 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2023-12-31 · accession 0001158172-26-000009 (CashAndCashEquivalentsAtCarryingValue)