MeritValue

TTEC Holdings, Inc.

TTECdata completeness 88%18 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

TTEC Holdings, Inc. earns about -92% 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 $1.81 and $24.52 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$2.27B1$2.44B2$2.46B3$2.21B3$2.14B3
Net income$141M4$103.2M5$8.43M6−$321M6−$192.5M6
Operating cash flow$251.3M7$137M8$144.8M9−$58.8M9$121.1M9
Capital expenditure$60.4M10$84M11$67.8M12$45.2M12$38.1M12
Free cash flow (derived)$190.9M7$53M8$76.9M9−$104M9$83M9
Total debt—————
Cash & equivalents$158.2M13$153.4M14$172.7M15$85M15$82.9M15
Diluted shares47.4M47.3M47.4M47.6M48.2M

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
$23.42
your share of equity
Profit it earned you last year
−$39.92
Free cash flow it threw off
$17.21
Debt you’d be carrying
—

10 shares is a claim on $23.42 of net worth that earned you −$39.92 and generated $17.21 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-92% avg · 5y
FY21 44%FY22 35%FY23 13%FY24 -102%FY25 -448%

It earned about -92% 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.

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 $1.81 and $24.52 a share. They rest on different assumptions, so where they diverge is the story.

DCF · Growth Exit 10Y
$22.8
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$76.9M
DCF · Growth Exit 5Y
$24.52
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$76.9M
Earnings Power Value
$1.81
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$8.43M
  • growthAssumed0.0%
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

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 $24.52
The three cases
Bear0.0%$24.52
Base0.0%$24.52
Bull5.0%$30.04

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 0001558370-24-002207 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001558370-25-001823 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001104659-26-020532 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001558370-24-002207 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001558370-25-001823 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001104659-26-020532 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001558370-24-002207 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001558370-25-001823 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001104659-26-020532 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001558370-24-002207 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001558370-25-001823 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001104659-26-020532 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001558370-24-002207 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2022-12-31 · accession 0001558370-25-001823 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-12-31 · accession 0001104659-26-020532 (CashAndCashEquivalentsAtCarryingValue)