MeritValue

TechTarget, Inc.

TTGTdata completeness 88%4 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

TechTarget, Inc. earns about -77% on invested capital, but has diluted owners by 72% over 4 years — worth asking whether the growth reaches owners. 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 2022FY 2023FY 2024FY 2025
Revenue$197.1M1$252.1M2$284.9M2$486.8M2
Net income−$4.29M3−$57.8M4−$116.9M4−$1.01B4
Operating cash flow$28.1M5−$12.5M6−$64.9M6$16.3M6
Capital expenditure$413,0007$2.59M8$420,0008$387,0008
Free cash flow (derived)$27.6M5−$15.1M6−$65.3M6$16M6
Total debt——$417M9—
Cash & equivalents—$10.8M10$276M11$40.6M11
Diluted shares41.7M41.7M44.1M71.7M

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
$82.9
your share of equity
Profit it earned you last year
−$140.58
Free cash flow it threw off
$2.22
Debt you’d be carrying
—

10 shares is a claim on $82.9 of net worth that earned you −$140.58 and generated $2.22 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-77% avg · 4y
FY22 —FY23 —FY24 -6%FY25 -149%

It earned an average -77% on invested capital over 4 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+72% shares · 4y

Share count is up 72% over 4 years — owners have been diluted. Worth asking what they got for it. 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
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2022-12-31 · accession 0000950170-25-078416 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-12-31 · accession 0001193125-26-102183 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2022-12-31 · accession 0000950170-25-078416 (NetIncomeLoss)
  4. 10-K · period ending 2023-12-31 · accession 0001193125-26-102183 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000950170-25-078416 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2023-12-31 · accession 0001193125-26-102183 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2022-12-31 · accession 0000950170-25-078416 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 10-K · period ending 2023-12-31 · accession 0001193125-26-102183 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 10-K · period ending 2024-12-31 · accession 0000950170-25-078416 (LongTermDebt)
  10. 10-K · period ending 2023-12-31 · accession 0000950170-25-078416 (CashAndCashEquivalentsAtCarryingValue)
  11. 10-K · period ending 2024-12-31 · accession 0001193125-26-102183 (CashAndCashEquivalentsAtCarryingValue)