MeritValue

TruBridge, Inc.

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

TruBridge, Inc. earns about 0% 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 $3.11 and $8.08 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$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 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 →
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 — engine v0.1.0

The 3 estimate methods that apply put fair value between $3.11 and $8.08 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
$5.89
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$29.5M
DCF · Growth Exit 5Y
$8.08
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$29.5M
Earnings Power Value
$3.11
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$4.35M
  • growthAssumed0.0%
Graham Number
$8.95
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 years0.0%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $8.08
The three cases
Bear0.0%$8.08
Base0.0%$8.08
Bull5.0%$15.12

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.

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)