MeritValue

Yext, Inc.

YEXTdata completeness 100%11 fiscal years on file
The thesis, from the filings

Yext, Inc. earns about -18% on equity, 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 $12.51 and $22.53 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 2022FY 2023FY 2024FY 2025FY 2026
Revenue$390.6M1$400.9M2$404.3M3$421M3$446.6M3
Net income−$93.3M4−$65.9M5−$2.63M6−$27.9M6$37.9M6
Operating cash flow$21.8M7$17.9M8$46.2M9$50.2M9$55.8M9
Capital expenditure$13.4M10$6.19M11$2.73M12$2.09M12$2.56M12
Free cash flow (derived)$8.43M7$11.7M8$43.4M9$48.1M9$53.3M9
Total debt———$013$98M13
Cash & equivalents$261.2M14$190.2M15$210.2M16$123.1M16$154.1M16
Diluted shares127.8M125.3M124.1M126.9M129.9M

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
$12.27
your share of equity
Profit it earned you last year
$2.92
Free cash flow it threw off
$4.1
Debt you’d be carrying
$7.54

10 shares is a claim on $12.27 of net worth that earned you $2.92 and generated $4.1 of cash last year, against $7.54 of debt.

iii. Is this a good business?
Moat signal · return on equity
-18% avg · 5y
FY22 -44%FY23 -52%FY24 -2%FY25 -18%FY26 24%

It earned about -18% on equity 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 2 estimate methods that apply put fair value between $12.51 and $22.53 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
$22.53
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth20.0%
  • fcfBase$48.1M
DCF · Growth Exit 5Y
$12.51
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth20.0%
  • fcfBase$48.1M
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
$1.39
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 $12.51
The three cases
Bear0.0%$5.73
Base20.0%$12.51
Bull20.0%$12.51

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 2022-01-31 · accession 0001614178-24-000023 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-01-31 · accession 0001614178-25-000030 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-01-31 · accession 0001628280-26-016402 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2022-01-31 · accession 0001614178-24-000023 (NetIncomeLoss)
  5. 10-K · period ending 2023-01-31 · accession 0001614178-25-000030 (NetIncomeLoss)
  6. 10-K · period ending 2024-01-31 · accession 0001628280-26-016402 (NetIncomeLoss)
  7. 10-K · period ending 2022-01-31 · accession 0001614178-24-000023 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-01-31 · accession 0001614178-25-000030 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-01-31 · accession 0001628280-26-016402 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-01-31 · accession 0001614178-24-000023 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-01-31 · accession 0001614178-25-000030 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-01-31 · accession 0001628280-26-016402 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2025-01-31 · accession 0001628280-26-016402 (LongTermDebt)
  14. 10-K · period ending 2022-01-31 · accession 0001614178-23-000017 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-01-31 · accession 0001614178-25-000030 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2024-01-31 · accession 0001628280-26-016402 (CashAndCashEquivalentsAtCarryingValue)