Intapp, Inc. (INTA) DCF Valuation & Fundamental Primer
Intapp, Inc. (INTA) currently trades at $42.65 with an enterprise value of $3.89B. Our proprietary institutional model rates Intapp, Inc. at 65/100 (Grade: B+ · Quality Software Operator). The current market price prices in an implied 5-year revenue CAGR of 18.6% vs. historical growth of 23.8% (Fairly Priced to Fundamentals).
Institutional fundamental teardown of Intapp, Inc. (INTA) covering SEC 10-K/10-Q cash flow conversion, SBC dilution friction, and Reverse-DCF valuation hurdles.
Intapp, Inc. (INTA) 3-Scenario DCF Valuation Range
Stress-test INTA's 5-year growth, target FCF margin, WACC, terminal methodology, and SBC/dilution friction in real time.
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: $42.65).
| WACC \ Terminal | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% |
|---|---|---|---|---|---|
| 8.5% | $56.64 +33% | $60.07 +41% | $64.08 +50% | $68.81 +61% | $74.49 +75% |
| 9.3% | $51.07 +20% | $53.77 +26% | $56.88 +33% | $60.48 +42% | $64.71 +52% |
| 10.0% | $46.50 +9% | $48.67 +14% | $51.14 +20% | $53.95 +27% | $57.20 +34% |
| 10.8% | $42.67 +0% | $44.45 +4% | $46.45 +9% | $48.70 +14% | $51.26 +20% |
| 11.5% | $39.43 -8% | $40.91 -4% | $42.55 -0% | $44.38 +4% | $46.44 +9% |
Institutional Software Quality Scorecard (65/100 · 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
Elevated equity dilution; SBC consumes substantial operating cash flow
High-quality software margins with healthy balanced growth and profitability
Positive net cash cushion; self-funding operations with zero insolvency risk
Core Investment Strengths & Moats
- Healthy unit economics: 74.0% gross margin
- Net cash positive: $297.0M balance sheet buffer
Key Operational & Dilution Risks
- Substantial SBC dilution drag: SBC is 17.5% of revenue ($88.1M)
Reverse-DCF Solver: What Growth is Priced Into INTA?
Market implies 18.6% annual revenue growth over next 5 years (34.0% dilution-adjusted), in line with company run-rate.
Headline Reverse-DCF ignores Stock-Based Compensation (17.5% of revenue) and annual share dilution (2.1%/yr). Accounting for both requires 34.0% 5-year revenue CAGR to justify $42.65/sh on a true per-share economic cash flow basis.
Intapp, Inc. (INTA) 5-Year Fundamental Forecast
| Statement Line Item | TTM Audited Base | TTM | Y1 | Y2 | Y3 | Y4 | Y5 |
|---|---|---|---|---|---|---|---|
| Revenue | $504.1M | $504.1M | $624.1M | $772.6M | $956.5M | $1.18B | $1.47B |
| Gross Profit | $373.0M | $372.9M | $461.7M | $571.6M | $707.6M | $876.1M | $1.08B |
| Operating Income (EBIT) | $-27.4M | $-27.4M | $-33.9M | $-42.0M | $-51.9M | $-64.3M | $-79.6M |
| Stock-Based Compensation (SBC) | $88.1M | $88.1M | $109.0M | $135.0M | $167.1M | $206.9M | $256.1M |
| Unlevered Free Cash Flow (FCF) | $121.9M | $121.8M | $150.8M | $186.7M | $231.2M | $286.2M | $354.3M |
| SBC-Adjusted True Cash Flow | $33.8M | $33.8M | $41.8M | $51.8M | $64.1M | $79.3M | $98.2M |
Software & Cloud Services Peer Comparables & Rule of 40 Regression
Rule of 40 vs. EV / Revenue Multiple Regression
OLS Fit: EV/Rev = -32.4 + 0.85 × (Rule of 40) · R² = 79%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 |
|---|---|---|---|---|---|---|---|---|
| Intapp, Inc. | INTA | $3.49B | $504.1M | 74.0% | 24.2% | 48.0% | 17.5% | 6.3× |
| ServiceNow | NOW | $152.61B | $10.98B | 79.2% | 31.1% | 54.2% | 15.9% | 13.9× |
| Workday, Inc. | WDAY | $50.35B | $8.00B | 75.0% | 27.4% | 43.9% | 19.0% | 6.4× |
| Salesforce | CRM | $217.10B | $37.90B | 77.2% | 32.8% | 42.8% | 8.4% | 5.8× |
| Datadog | DDOG | $46.05B | $2.68B | 80.8% | 31.1% | 57.7% | 21.3% | 17.4× |
| Snowflake Inc. | SNOW | $71.79B | $3.63B | 66.5% | 25.2% | 57.7% | 40.8% | 20.0× |
| Hubspot | HUBS | $19.89B | $2.63B | 85.0% | 21.3% | 52.7% | 19.2% | 7.7× |
| Peer Cohort Median Benchmark (N=6) | 78.2% | 29.2% | 53.5% | 19.1% | 10.8× | |||
EV / Revenue Multiple Compression Stress Test
| Multiple Scenario | EV / Revenue | Implied Enterprise Value | Implied Equity Value | Implied Share Price | Delta vs Current |
|---|---|---|---|---|---|
| Current Multiple | 6.3× | $3.20B | $3.49B | $42.65 | 0.0% |
| -20% Multiple Compression | 5.1× | $2.56B | $2.85B | $34.85 | -20.0% |
| -35% Multiple Compression | 4.1× | $2.08B | $2.38B | $28.99 | -35.0% |
| Software Baseline Floor (5.0× EV/Rev) | 5.0× | $2.52B | $2.82B | $34.39 | -21.2% |
Frequently Asked Questions: Intapp, Inc. (INTA) Valuation
What is Intapp, Inc. (INTA)'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, Intapp, Inc. (INTA) has a Base Case implied value of $51.08 per share (with a Bear Case of $22.76 and a Bull Case of $92.26), compared to its current price of $42.65. The model discounts projected free cash flows at a 10.0% WACC and a 2.5% terminal growth rate.
What is Intapp, Inc. (INTA)'s Rule of 40 score and Free Cash Flow margin?
Intapp, Inc. achieves a Rule of 40 score of 48.0%, combining a 23.8% revenue growth run-rate with a 24.2% TTM free cash flow margin on $504.1M in trailing twelve-month revenue. In the Software & Cloud Services peer cohort, the median Rule of 40 benchmark is 53.5%.
What revenue growth rate is priced into INTA stock according to Reverse-DCF analysis?
At $42.65 per share (Enterprise Value of $3.20B), our Reverse-DCF solver indicates the market is pricing in a 5-year implied revenue CAGR of 18.6%, compared to Intapp, Inc.'s historical CAGR of 23.8%. Overall market expectations are rated as "Fairly Priced to Fundamentals".
How does Intapp, Inc. compare to Software & Cloud Services software peers?
Intapp, Inc. (INTA) earns an institutional Software Quality Score of 65/100 (Grade B+ — Quality Software Operator). Across its Software & Cloud Services peer group (NOW, WDAY, CRM, DDOG, SNOW), the cohort trades at a median EV/TTM Revenue multiple of 10.8× and a median gross margin of 78.2%.
How does Stock-Based Compensation (SBC) impact Intapp, Inc. (INTA)'s valuation?
Intapp, Inc. recorded $88.1M in TTM stock-based compensation (17.5% of revenue). When treating SBC as a cash-equivalent compensation expense, Intapp, Inc.'s SBC-adjusted free cash flow yield is 1.0%, scoring 10/25 on our Shareholder Dilution Friction pillar.