MeritValue

TaskUs, Inc.

TASKdata completeness 100%7 fiscal years on file
The thesis, from the filings

TaskUs, Inc. earns about 5% on invested capital, below its ~9% cost of capital, with a roughly flat share count — no moat visible in the numbers. The estimate methods put fair value between $5.09 and $61.06 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 2021FY 2022FY 2023FY 2024FY 2025
Revenue$760.7M1$960.5M2$924.4M3$995M3$1.18B3
Net income−$58.7M4$40.4M5$45.7M6$45.9M6$102.3M6
Operating cash flow−$32.7M7$147.1M8$143.7M9$138.9M9$137.2M9
Capital expenditure$59.4M10$43.8M11$31M12$39.1M12$63.5M12
Free cash flow (derived)−$92M7$103.3M8$112.7M9$99.8M9$73.7M9
Total debt$476.8M13$535.1M14$528.5M15$512.3M16$482.7M16
Cash & equivalents$63.6M17$134M18$125.8M19$192.2M20$211.7M20
Diluted shares94.8M102.6M96.2M92.3M93.0M

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
$64.5
your share of equity
Profit it earned you last year
$10.99
Free cash flow it threw off
$7.92
Debt you’d be carrying
$51.89

10 shares is a claim on $64.5 of net worth that earned you $10.99 and generated $7.92 of cash last year, against $51.89 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
5% avg · 5y
FY21 -5%FY22 6%FY23 7%FY24 6%FY25 12%

It earned about 5% 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
−2% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback. Total debt has held roughly steady.

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 3 estimate methods that apply put fair value between $5.09 and $61.06 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
$61.06
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth20.0%
  • fcfBase$99.8M
DCF · Growth Exit 5Y
$32.06
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth20.0%
  • fcfBase$99.8M
Earnings Power Value
$5.09
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$45.7M
  • growthAssumed0.0%
Graham Number
$12.63
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 $32.06
The three cases
Bear0.0%$12.41
Base20.0%$32.06
Bull20.0%$32.06

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 2021-12-31 · accession 0001829864-24-000011 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001829864-25-000016 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001829864-26-000012 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001829864-24-000011 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001829864-25-000016 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001829864-26-000012 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001829864-24-000011 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001829864-25-000016 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001829864-26-000012 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001829864-24-000011 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001829864-25-000016 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001829864-26-000012 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001829864-23-000011 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-12-31 · accession 0001829864-24-000011 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-12-31 · accession 0001829864-25-000016 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-12-31 · accession 0001829864-26-000012 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-12-31 · accession 0001829864-23-000011 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001829864-24-000011 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001829864-25-000016 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001829864-26-000012 (CashAndCashEquivalentsAtCarryingValue)