MeritValue

TruBridge, Inc.

TBRGdata completeness 100%17 fiscal years on file
The thesis, from the filings

TruBridge, Inc. earns about 0% on invested capital, with a roughly flat share count. The cash-flow models don't apply cleanly here — the ledger says why below.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$280.6M1$326.6M2$337M3$342.2M3$346.8M3
Net income$18.4M4$15.9M5−$48.1M6−$20.9M6$4.35M6
Operating cash flow$47.7M7$32.4M8−$522,0009$31.1M9$37M9
Capital expenditure$920,00010$270,00011$346,00012$1.64M12$1.32M12
Free cash flow (derived)$46.8M7$32.1M8−$868,0009$29.5M9$35.6M9
Total debt$198.7M13$279.1M14$396.8M15$343.2M16$329.3M16
Cash & equivalents$11.4M17$6.95M18$3.85M19$12.3M20$24.9M20
Diluted shares14.3M14.4M14.2M14.3M14.5M

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
$122.83
your share of equity
Profit it earned you last year
$3.01
Free cash flow it threw off
$24.6
Debt you’d be carrying
$227.26

10 shares is a claim on $122.83 of net worth that earned you $3.01 and generated $24.6 of cash last year, against $227.26 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
0% avg · 5y
FY21 5%FY22 4%FY23 -6%FY24 -2%FY25 1%

It earned an average 0% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+1% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback. Total debt has risen 66% over the same window.

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 —

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001169445-24-000017 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001169445-25-000042 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001169445-26-000006 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001169445-24-000017 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001169445-25-000042 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001169445-26-000006 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001169445-24-000017 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001169445-25-000042 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001169445-26-000006 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001169445-24-000017 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001169445-25-000042 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001169445-26-000006 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001169445-23-000003 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-12-31 · accession 0001169445-24-000017 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-12-31 · accession 0001169445-25-000042 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-12-31 · accession 0001169445-26-000006 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-12-31 · accession 0001169445-23-000003 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001169445-24-000017 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001169445-25-000042 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001169445-26-000006 (CashAndCashEquivalentsAtCarryingValue)