International Money Express, Inc. (IMXI) DCF Valuation & Fundamental Primer
International Money Express, Inc. (IMXI) trades at $65.33 with a market enterprise value of $1.96B and generated $555.4M in TTM revenue and $8.8M in free cash flow (filed 2026-08-10 (period ended 2026-06-30)). Our 5-year DCF model estimates an implied intrinsic value of $6.02 per diluted share ($147.4M DCF enterprise value, Grade: B+ · 75/100 · Quality Software Operator).
SEC 10-K/10-Q DCF teardown of International Money Express, Inc. (IMXI): $555.4M TTM revenue (7.3% growth), 106.3% GAAP gross margin, 1.6% FCF margin, 1.8% SBC/revenue, and Rule of 40 score of 8.8%.
International Money Express, Inc. (IMXI) earns a "Pass" rating and an institutional Quality Score of 75/100 (Grade B+). On $555.4M in baseline revenue (7.3% growth, 96.0% gross margin, 1.6% FCF margin), our 5-year DCF yields an Enterprise Value of $147.4M ($6.02/share vs. $65.33 market price). On the R&D Return Benchmark, IMXI ranks #1 of 174 (Harvesters · Grade AAA, 38707437.03× return).
Gross Margin & Unit Economics: International Money Express, Inc. operates at a 96.0% gross margin on $555.4M revenue (+23.6 pts above the Software - Infrastructure median of 72.4%).
R&D Productivity (Harvesters · Grade AAA): Investing 0.0% of revenue in R&D ($0) generates $38707437.03 of incremental gross profit per R&D dollar (Rank #1 of 174).
Rule of 40 & Cash Conversion: Combining 7.3% top-line growth with 1.6% FCF margin yields a 8.8% Rule of 40 score (vs. 38.4% cohort median) and $147.4M DCF Enterprise Value.
3-Statement Financial Schedule & 5-Year Horizon
Synchronized directly with the 3-Year Operating Statement (96.0% Gross Margin · 7.3% Growth)
| Income Statement Line | Year 1 (2026) | Year 2 (2027) | Year 3 (2028) |
|---|---|---|---|
| Revenue | $555.4M | $595.8M | $639.0M |
| Cost of Revenue (COGS) | ($44.4M) | ($47.7M) | ($51.1M) |
| Gross Profit & Margin | $511.0M (92.0%) | $548.1M (92.0%) | $587.9M (92.0%) |
| Research & Development (R&D) | $0 | $28.6M | $29.4M |
| Sales & Marketing (S&M) | $359.1M | $369.7M | $380.0M |
| General & Administrative (G&A) | $139.6M | $143.8M | $147.8M |
| Operating EBIT | $34.5M (6.2%) | $6.0M (1.0%) | $30.7M (4.8%) |
| Adjusted EBITDA | $53.1M (9.6%) | $25.9M (4.3%) | $52.0M (8.1%) |
3 Key Underwriting Risks
Structural sensitivities monitored in the 3-Statement Financial Engine
Value-Creation Levers · Quantified Statement Impact
Apply any lever below to write its operating assumptions directly into the 3-Statement Model
Automate cloud hosting & support workflows to lift gross margin from 96.0% to 92.0%.
Align R&D intensity and ASC 350-40 capitalization to the R&D Compounders cohort median, recapturing $11.1M in annual EBITDA.
Lift net dollar retention and expansion velocity by +300 bps, compounding Year 3 revenue to $675.3M.
International Money Express, Inc. (IMXI) 3-Scenario DCF Valuation Range
Stress-test IMXI's 5-year growth, target FCF margin, WACC, terminal methodology, and SBC/dilution friction in real time.
Simulate how deploying Gemini workflow automation and autonomous engineering expands IMXI's Gross Margin, FCF Margin, DCF share price, and 2x2 R&D Return Quadrant.
Split between 5-Year Explicit Cash Flows and Discounted Terminal Value
2D Institutional Valuation Sensitivity Heatmap
Implied share price & upside/downside spread across 25 valuation states (Current Price: $65.33).
| WACC \ Terminal | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% |
|---|---|---|---|---|---|
| 8.5% | $34.87 -47% | $36.92 -43% | $39.30 -40% | $42.13 -36% | $45.51 -30% |
| 9.3% | $31.52 -52% | $33.13 -49% | $34.98 -46% | $37.13 -43% | $39.65 -39% |
| 10.0% | $28.77 -56% | $30.06 -54% | $31.53 -52% | $33.21 -49% | $35.15 -46% |
| 10.8% | $26.46 -59% | $27.52 -58% | $28.71 -56% | $30.05 -54% | $31.58 -52% |
| 11.5% | $24.50 -62% | $25.38 -61% | $26.36 -60% | $27.45 -58% | $28.68 -56% |
Institutional Software Quality Scorecard (75/100 · Grade B+)
Solid software model with clear operating leverage, partially offset by standard SBC or moderate burn.
Positive FCF but lower conversion efficiency due to capex or timing
Minimal dilution friction; management compensation aligned with shareholders
Solid gross margins with potential for operating leverage at scale
Positive net cash cushion; self-funding operations with zero insolvency risk
Core Investment Strengths & Moats
- Low dilution friction: SBC is only 1.8% of revenue
- Net cash positive: $36.8M balance sheet buffer
Key Operational & Dilution Risks
Compare International Money Express, Inc. (IMXI) against the software universe on the 2x2 R&D Return vs. R&D Intensity matrix.
Reverse-DCF Solver: What Growth is Priced Into IMXI?
The current share price demands 15.8% 5-year CAGR (17.5% net of SBC & dilution)—a +8.6% acceleration over historical run-rate (7.3%). Any growth slowdown risks valuation multiple contraction.
Headline Reverse-DCF ignores Stock-Based Compensation (1.8% of revenue) and annual share dilution (0.0%/yr). Accounting for both requires 17.5% 5-year revenue CAGR to justify $65.33/sh on a true per-share economic cash flow basis.
International Money Express, Inc. (IMXI) 5-Year Fundamental Forecast
| Statement Line Item | TTM Audited Base | TTM | Y1 | Y2 | Y3 | Y4 | Y5 |
|---|---|---|---|---|---|---|---|
| Revenue | $555.4M | $555.4M | $595.8M | $639.0M | $685.4M | $735.2M | $788.6M |
| Gross Profit | $590.4M | $555.4M | $595.8M | $639.0M | $685.4M | $735.2M | $788.6M |
| Operating Income (EBIT) | $34.5M | $34.5M | $37.1M | $39.7M | $42.6M | $45.7M | $49.0M |
| Stock-Based Compensation (SBC) | $10.2M | $10.2M | $10.9M | $11.7M | $12.5M | $13.5M | $14.4M |
| Unlevered Free Cash Flow (FCF) | $8.8M | $8.8M | $9.5M | $10.2M | $10.9M | $11.7M | $12.5M |
| SBC-Adjusted True Cash Flow | -$1.3M | -$1.3M | -$1.4M | -$1.5M | -$1.6M | -$1.8M | -$1.9M |
Software - Infrastructure Peer Comparables & Rule of 40 Regression
Rule of 40 vs. EV / Revenue Multiple Regression
OLS Fit: EV/Rev = 6.7 + 0.05 × (Rule of 40) · R² = 12%Stocks below the gold regression line trade at a discount relative to their Rule of 40 compounding efficiency.
| Company | Ticker | Market Cap | TTM Revenue | Gross Margin | FCF Margin | Rule of 40 | SBC % Rev | EV / Rev |
|---|---|---|---|---|---|---|---|---|
| International Money Express, Inc. | IMXI | $2.00B | $555.4M | 106.3% | 1.6% | 8.8% | 1.8% | 3.5× |
| Block, Inc. | XYZ | $41.67B | $25.04B | 46.4% | 15.5% | 23.7% | 4.8% | 1.6× |
| CoreWeave, Inc. | CRWV | $35.80B | $1.92B | 74.2% | -80.0% | 0.0% | 1.6% | 23.5× |
| VeriSign, Inc. | VRSN | $22.52B | $1.56B | 87.7% | 56.1% | 61.5% | 3.9% | 15.5× |
| CORPAY, INC. | CPAY | $22.17B | $3.97B | 78.1% | 44.4% | 52.1% | 2.9% | 7.2× |
| NetApp, Inc. | NTAP | $21.02B | $7.39B | 70.6% | 22.3% | 24.6% | 5.4% | 3.0× |
| Joint Stock Co Kaspi.kz | KSPI | $11,481.85B | $2,520.93B | 62.3% | 19.3% | 59.8% | — | 4.4× |
| Peer Cohort Median Benchmark (N=6) | 72.4% | 20.8% | 38.4% | 3.9% | 5.8× | |||
EV / Revenue Multiple Compression Stress Test
| Multiple Scenario | EV / Revenue | Implied Enterprise Value | Implied Equity Value | Implied Share Price | Delta vs Current |
|---|---|---|---|---|---|
| Current Multiple | 3.5× | $1.96B | $2.00B | $65.33 | 0.0% |
| -20% Multiple Compression | 2.8× | $1.57B | $1.61B | $52.50 | -20.0% |
| -35% Multiple Compression | 2.3× | $1.28B | $1.31B | $42.89 | -35.0% |
| Software Baseline Floor (5.0× EV/Rev) | 5.0× | $2.78B | $2.81B | $91.94 | +41.5% |
Frequently Asked Questions: International Money Express, Inc. (IMXI) Valuation
What is International Money Express, Inc. (IMXI)'s intrinsic DCF valuation and implied share price?
Based on audited SEC 10-K/10-Q filings and a 5-year 3-statement discounted cash flow (DCF) model, International Money Express, Inc. (IMXI) has a Base Case implied value of $6.02 per share (with a Bear Case of $3.87 and a Bull Case of $8.48), compared to its current price of $65.33. The model discounts projected free cash flows at a 10.0% WACC and a 2.5% terminal growth rate.
What is International Money Express, Inc. (IMXI)'s Rule of 40 score and Free Cash Flow margin?
International Money Express, Inc. achieves a Rule of 40 score of 8.8%, combining a 7.3% revenue growth run-rate with a 1.6% TTM free cash flow margin on $555.4M in trailing twelve-month revenue. In the Software - Infrastructure peer cohort, the median Rule of 40 benchmark is 38.4%.
What revenue growth rate is priced into IMXI stock according to Reverse-DCF analysis?
At $65.33 per share (Enterprise Value of $1.96B), our Reverse-DCF solver indicates the market is pricing in a 5-year implied revenue CAGR of 15.8%, compared to International Money Express, Inc.'s historical CAGR of 7.3%. Overall market expectations are rated as "Aggressive Growth Expectations Priced In".
What is International Money Express, Inc. (IMXI)'s R&D Return Score and innovation productivity?
International Money Express, Inc. (IMXI) recorded N/A in FY R&D expense (tracked from SEC filings) and N/A in FY gross profit. It is currently unranked on the letter-grade leaderboard (pending full multi-year XBRL R&D history).
How does International Money Express, Inc. compare to Software - Infrastructure peers?
International Money Express, Inc. (IMXI) earns an institutional Software Quality Score of 75/100 (Grade B+ — Quality Software Operator). Across its Software - Infrastructure peer group (XYZ, CRWV, VRSN, CPAY, NTAP), the cohort trades at a median EV/TTM Revenue multiple of 5.8× and a median gross margin of 72.4%.
How does Stock-Based Compensation (SBC) impact International Money Express, Inc. (IMXI)'s valuation?
International Money Express, Inc. recorded $10.2M in TTM stock-based compensation (1.8% of revenue). When treating SBC as a cash-equivalent compensation expense, International Money Express, Inc.'s SBC-adjusted free cash flow yield is -0.1%, scoring 25/25 on our Shareholder Dilution Friction pillar.