Intapp, Inc. (INTA) stock intrinsic value fair value estimate & owner earnings analysis

Intapp sells cloud software to professional and financial services firms (its Intapp Data Foundation platform and AI-driven applications for functions such as client onboarding, conflicts and time capture). Revenue has grown every year, from $272.1 million in fiscal 2022 to $577.8 million in fiscal 2026 (year ended June 30, 2026), and contracted future revenue stood at $833.0 million at year-end, about 57% of it due within twelve months. The company carries no bank debt (a $150 million revolving facility, signed July 2026, is undrawn) and held $162.8 million of cash at June 30, 2026. What the shares appear to be worth depends almost entirely on one judgement: how to treat stock compensation and prepaid billings. We measure owner earnings as operating cash flow, less the cash boost from changes in working capital, less stock-based compensation, less the capital spending needed to stand still. Intapp bills clients annually in advance, so growth in deferred revenue ($58.7 million in fiscal 2026) inflates reported operating cash flow ($146.8 million). We strip that out because it only lasts while billings keep growing. Stock compensation ($120.0 million in fiscal 2026, up from $59.9 million in fiscal 2024 and now about 21% of revenue) is treated as a real cost because it dilutes shareholders. On this basis owner earnings were negative in each of the last five fiscal years: about -$1.48 per share in fiscal 2022, -$0.87, -$0.24, -$0.02 and -$0.28 in fiscal 2026. The move from -$0.02 to -$0.28 last year was driven by the 36% rise in stock compensation. The company also spent $275 million buying back shares in fiscal 2026, which suggests management sees the same dilution issue, but buybacks are a use of cash and do not change our measure. Because the stored earnings level is negative, we do not credit growth in that level. Our cases assume only what the record supports. Cash generated before stock compensation and working capital, less capital spending, was about 17% of revenue in both fiscal 2025 and fiscal 2026 (about 10% in fiscal 2024). Stock compensation fell in dollars from fiscal 2022 to fiscal 2024 while revenue grew, and then rose sharply. Intangible amortisation is small relative to the business and is not a factor in the result. The company's own adjusted profit and free cash flow measures were not used. Bear case: about $0 per share. Stock compensation stays near 21% of revenue, above the roughly 15% of revenue in cash margin we credit, so the business never earns a positive owner-earnings figure. The company has no debt, so the value is floored at zero rather than negative. Base case: about $1.90 per share. Revenue grows 8% a year (below the 15% achieved in fiscal 2026 and covered near-term by contracted revenue), the cash margin is held at 15%, stock compensation grows 2% a year, and the resulting earnings are turned positive from about year six and are then credited for ten further years with no growth. Bull case: about $11.10 per share. Revenue grows 10% a year, the cash margin holds at the 17% recently achieved, and stock compensation stays at $120 million, as it broadly did through the fiscal 2022 to fiscal 2024 period. In every case we discounted at 6% and added no cash and subtracted no debt. Growth from new products, AI features or moving further into large enterprise clients is not credited because it is not yet contracted or proven. The base case is highly sensitive to stock compensation: holding it flat instead of growing 2% a year would lift the base value to roughly $4 per share, while letting it grow 3% a year would take it close to $0.50. That sensitivity is why the estimated range is wide and why the margin-of-safety price depends on evidence of stock compensation discipline. The figures here are rounded and estimated from the fiscal 2026 annual report (filed August 14, 2026).