GDDY · Technology(services-computer integrated systems design) · 10 years of annual accounts filed with the SEC · latest fiscal year ended 2025-12-31
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GoDaddy Inc. reported revenue of $5.0 billion in fiscal 2025, after growing 11.6% a year over the previous 9 years. Its operating margin widened from 2.7% in 2016 to 22.8%, and it earned 24.2% on its invested capital in the latest year. Of the $8.7 billion its operations generated over 10 years, 73.8% went to buybacks and 35.2% to acquisitions; the share count fell 11.9%. On the accounting screens, it passes 5 of 8 Piotroski tests, its Altman Z'' of -1.10 is in the distress zone and its Beneish M-score is below the -1.78 line; 1 of the six cross-checks between its statements fires.
Revenue, fiscal 20255.0B+11.6% a year over 9 years
Operating margin22.8%gross margin —
Return on invested capital24.2%8.6% on average over 5 years
Free cash flow after stock pay1.3B25.4% of revenue
Net debt ÷ EBITDA2.2×net debt 2.7B
Piotroski F-score5/8tests of improvement passed
Share counts are in today's shares. The SEC's filings restate only recent years after a split, so these jumps were read as splits and the older years scaled to match — otherwise per-share figures would compare different units:
2-for-1 before fiscal 2017.
Is it growing?
Revenue and the operating income it turns into. Growth that does not reach operating income is growth bought with margin.
RevenueOperating income
02.0B4.0B6.0B
2016Revenue 1.8BOperating income 50.1M
2017Revenue 2.2BOperating income 66.9M
2018Revenue 2.7BOperating income 149.6M
2019Revenue 3.0BOperating income 202.6M
2020Revenue 3.3BOperating income 272.2M
2021Revenue 3.8BOperating income 382.1M
2022Revenue 4.1BOperating income 498.8M
2023Revenue 4.3BOperating income 547.4M
2024Revenue 4.6BOperating income 893.5M
2025Revenue 5.0BOperating income 1.1B
2016201720182019202020212022202320242025
Compound growth a year
3 yrs
5 yrs
9 yrs
Revenue
+6.6%
+8.3%
+11.6%
Operating income
+31.2%
+32.9%
+41.3%
Net income
+35.4%
—
—
Free cash flow per share
—
—
+20.9%
Shares
—
—
-1.4%
Falling shares are buybacks: each remaining share owns more of the company.
Does it earn more than its capital costs?
Margins say how much of each sale is kept; return on invested capital says how much the business earns on the money it needs to operate. Growth only creates value when that return is above the cost of the capital.
GrossOperatingNetFree cash flow
-20.0%0.0%20.0%40.0%
2016Operating 2.7%Net -0.9%Free cash flow 17.6%
2017Operating 3.0%Net 6.1%Free cash flow 17.6%
2018Operating 5.6%Net 2.9%Free cash flow 17.7%
2019Operating 6.8%Net 4.6%Free cash flow 21.3%
2020Operating 8.2%Net -14.9%Free cash flow 21.0%
2021Operating 10.0%Net 6.4%Free cash flow 20.4%
2022Operating 12.2%Net 8.6%Free cash flow 22.5%
2023Operating 12.9%Net 32.3%Free cash flow 23.6%
2024Operating 19.5%Net 20.5%Free cash flow 27.6%
2025Operating 22.8%Net 17.7%Free cash flow 31.8%
2016201720182019202020212022202320242025
Return on invested capital
Return on invested capitalCost of capital today · 4.7%
-20.0%0.0%20.0%40.0%
2016Return on invested capital 3.2%
2017Return on invested capital 1.9%
2018Return on invested capital 4.1%
2019Return on invested capital 5.8%
2020Return on invested capital 8.8%
2021Return on invested capital 9.2%
2022Return on invested capital 14.1%
2023Return on invested capital -19.9%
2024Return on invested capital 15.5%
2025Return on invested capital 24.2%
2016201720182019202020212022202320242025
Economic profit
Economic profit
-1.0B-500.0M0500.0M1.0B
2016Economic profit -25.0M
2017Economic profit -83.2M
2018Economic profit -20.8M
2019Economic profit 33.1M
2020Economic profit 125.8M
2021Economic profit 177.8M
2022Economic profit 327.8M
2023Economic profit -954.0M
2024Economic profit 480.4M
2025Economic profit 777.5M
2016201720182019202020212022202320242025
(return on capital − cost of capital) × capital invested: the profit left after paying for the money used. Today's cost of capital is applied to every year, since a past one cannot be rebuilt honestly.
Return on equity
406.8%
Return on assets
10.9%
Asset turnover
0.62×
Overheads (SG&A)
7.9% of revenue
Is the profit cash, and where does the cash go?
Net income is an accounting opinion; free cash flow is what was left in the bank after investing. Stock-based pay does not leave the bank — shareholders pay it through dilution — so it is shown taken off as well.
Net incomeFree cash flowAfter stock-based pay
-1.0B01.0B2.0B
2016Net income -16.5MFree cash flow 325.0MAfter stock-based pay 268.2M
2017Net income 136.4MFree cash flow 392.4MAfter stock-based pay 316.0M
2018Net income 77.1MFree cash flow 472.1MAfter stock-based pay 346.6M
2019Net income 137.0MFree cash flow 635.8MAfter stock-based pay 488.8M
2020Net income -495.1MFree cash flow 698.1MAfter stock-based pay 506.6M
2021Net income 242.3MFree cash flow 778.2MAfter stock-based pay 570.3M
2022Net income 352.2MFree cash flow 920.0MAfter stock-based pay 655.6M
2023Net income 1.4BFree cash flow 1.0BAfter stock-based pay 709.3M
2024Net income 936.9MFree cash flow 1.3BAfter stock-based pay 961.2M
2025Net income 875.0MFree cash flow 1.6BAfter stock-based pay 1.3B
2016201720182019202020212022202320242025
Where 10 years of operating cash went, 2016–2025
8.7B generated by the business. Each band is its share of that total.
Reinvested in the business 7%589.8M
Acquisitions 35%3.0B
Dividends 0%18.8M
Share buybacks 74%6.4B
More than it generated: funded with cash or new debt -16%-1.4B
Over the same years it paid 2.0B in stock. The share count fell 11.9%. 4.4B of the buybacks went beyond offsetting that dilution.
Per share
Earnings per shareFree cash flow per shareDividend per share
$-5.00$0.00$5.00$10.00$15.00
2016Earnings per share $-0.10Free cash flow per share $2.04Dividend per share $0.12
2017Earnings per share $0.81Free cash flow per share $2.34
2018Earnings per share $0.44Free cash flow per share $2.70
2019
2020
2021
2022
2023Earnings per share $9.08Free cash flow per share $6.64
2024Earnings per share $6.45Free cash flow per share $8.68
2025Earnings per share $6.22Free cash flow per share $11.20
2016201720182019202020212022202320242025
Shares outstanding
Diluted shares
140.0M150.0M160.0M170.0M180.0M
2016Diluted shares 159.7M
2017Diluted shares 168.0M
2018Diluted shares 174.8M
2019
2020
2021
2022
2023Diluted shares 151.5M
2024Diluted shares 145.3M
2025Diluted shares 140.6M
2016201720182019202020212022202320242025
How strong is the balance sheet?
Debt is not bad in itself; debt the business cannot service in a bad year is. Net debt is debt minus cash, and below zero the company holds more cash than it owes.
Net debt
01.0B2.0B3.0B4.0B
2016Net debt 473.6M
2017Net debt 1.8B
2018Net debt 1.5B
2019Net debt 1.3B
2020Net debt 2.3B
2021Net debt 2.6B
2022Net debt 3.1B
2023Net debt 3.4B
2024Net debt 2.7B
2025Net debt 2.7B
2016201720182019202020212022202320242025
Net debt ÷ EBITDA
2.2×
Interest coverage
7× operating income ÷ interest
Current ratio
0.61 current assets ÷ current liabilities
Cash conversion cycle
— collects in 6d
Three classic screens of the accounts
Each asks a different question of the same statements — is it improving, does it look like a company heading for distress, do the accounts resemble ones that were manipulated. None is a verdict; each shows what moves it.
Piotroski F-score
Is the business improving? Nine yes-or-no tests, this year against last.
5of 8 tests passed
✓ProfitableReturn on assets above zeropassed
✓Cash from operationsOperating cash flow above zeropassed
✕Profitability improvedReturn on assets higher than a year beforefailed
✓Profit backed by cashOperating cash flow above net income (low accruals)passed
✕Less long-term debtLong-term debt as a share of assets fellfailed
✕More liquidCurrent ratio higher than a year beforefailed
✓No new sharesShare count did not growpassed
–Better gross marginGross margin higher than a year before — not reportedno data
✓Sells more per assetAsset turnover higher than a year beforepassed
Where it misleads: it measures change, not level. An excellent business that stood still for a year scores low; a poor one recovering from a disaster scores high.
Altman Z''-score
Does the balance sheet look like those of companies that went bankrupt?
-1.10distress zone
1.12.6
Working capital ÷ assets -0.14 × 6.56-0.94
Retained earnings ÷ assets -0.35 × 3.26-1.13
Operating income ÷ assets 0.14 × 6.72+0.94
Equity ÷ liabilities 0.03 × 1.05+0.03
Where it misleads: buybacks. A company that returns so much cash that its equity turns small or negative sinks the last two ratios without being anywhere near bankruptcy. Banks and insurers do not fit the model at all.
Beneish M-score
Do the accounts resemble those of companies that manipulated their earnings?
-2.97below the -1.78 line
-1.78
Receivables vs sales 0.84+0.78
Gross margin slipping 1.00 (not reported, set to 1)+0.53
Soft assets 1.01+0.41
Sales growth 1.08+0.97
Slower depreciation 1.04+0.12
Overheads vs sales 0.91-0.16
Profit not in cash -0.09-0.42
Leverage rising 1.07-0.35
Where it misleads: fast growth and acquisitions. Sales growth carries a heavy weight, so a company growing 50% a year scores like a suspect without having done anything. It is a screen from a 1999 study, not an accusation.
Where the statements disagree
Cross-checks between the income statement, the balance sheet and the cash flow for the latest year, each with the benign reading and the worrying one.
Capital spending (24M) is well below depreciation (117M).
Benign
Mature assets, or a business that has become less capital-intensive.
Worrying
Under-investing: today's profit is being held up by consuming tomorrow's capacity.
What is it worth, under which assumptions?
A company is worth the cash it will generate, brought back to today. This model projects revenue with growth that fades over the years, applies a free cash flow margin, and discounts the result at the cost of capital. Every assumption says where it came from, and all of them can be changed.
82% of the value comes from after year 10: this valuation rests mostly on the long run, which is exactly what is least known.
Value per share, with these assumptions$14.61discounted at 4.7% a year · 82% of it from after year 10
Type a share price on the left to ask the reverse questions: what growth, what margin or what discount rate that price implies.
What the value implies, in the usual multiples
At this model's value
Price ÷ earnings
2.3×
Enterprise value ÷ EBITDA
3.8×
Enterprise value ÷ revenue
1.0×
Free cash flow yield
61.2%
From cash flows to a value per share
10 years of cash flow, today868.5M
Everything after, today3.9B
The whole business4.8B
Minus net debt-2.7B
What belongs to shareholders2.1B
Divided among 140.6M shares: <strong>$14.61</strong> each.
The projection next to its history
Reported free cash flow after stock pay, then the model's. A projection that looks nothing like the past needs a reason.
ReportedProjected
0500.0M1.0B1.5B
2016Reported 268.2M
2017Reported 316.0M
2018Reported 346.6M
2019Reported 488.8M
2020Reported 506.6M
2021Reported 570.3M
2022Reported 655.6M
2023Reported 709.3M
2024Reported 961.2M
2025Reported 1.3B
2026Projected 86.0M
2027Projected 92.8M
2028Projected 99.4M
2029Projected 105.9M
2030Projected 112.1M
2031Projected 117.8M
2032Projected 123.1M
2033Projected 127.9M
2034Projected 131.9M
2035Projected 135.2M
2016201820202022202420262028203020322034
Year by year
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
Revenue
5.4B
5.8B
6.2B
6.6B
7.0B
7.4B
7.7B
8.0B
8.2B
8.4B
Growth
8.5%
7.8%
7.2%
6.5%
5.8%
5.2%
4.5%
3.8%
3.2%
2.5%
Cash margin
1.6%
1.6%
1.6%
1.6%
1.6%
1.6%
1.6%
1.6%
1.6%
1.6%
Free cash flow
86.0M
92.8M
99.4M
105.9M
112.1M
117.8M
123.1M
127.9M
131.9M
135.2M
Worth today
82.1M
84.6M
86.5M
88.0M
88.9M
89.2M
89.0M
88.3M
86.9M
85.1M
If the least-known inputs move
Value per share as two inputs change at a time. Neighbouring cells that differ a lot are the conclusion: the value depends on numbers nobody knows to a point.
The discount rate and growth forever
discount ↓ · forever →
1.5%
2.0%
2.5%
3.0%
3.5%
3.7%
16
25
42
82
289
4.2%
9
15
25
41
80
4.7%
5
9
15
24
40
5.2%
2
5
8
14
23
5.7%
-1
1
4
8
13
Year-one growth and the final margin
margin ↓ · growth →
4.5%
6.5%
8.5%
10.5%
12.5%
1.3%
4
6
8
11
14
1.4%
6
9
11
14
17
1.6%
9
12
15
18
21
1.8%
12
15
18
21
25
1.9%
14
17
21
25
29
All the inputs moving at once
4,362 valuations, each with growth, final margin, discount rate and growth forever drawn at random around the values on the left (spreads of 3.0%, 2.0%, 1.0% and 0.5%). Not a probability — the spreads are assumptions too — but an honest picture of how wide the answer is.
10th percentile$-33.37
Median$10.86
90th percentile$73.39
$0.00$100.00
Half of the simulations land between <b>$-11.97</b> and <b>$37.73</b>; one in ten below $-33.37, one in ten above $73.39.
Does the long run make sense?
2.9×The terminal value prices the business in year 10 at 2.9 times that year's EBITDA.
3%To grow 2.5% forever while reinvesting 92% of its after-tax operating profit, the business must earn 3% on the new capital — it has earned 9% on average over the last five years.
82%of the value comes from after year 10. The more of it, the more the answer depends on the part nobody can see.
Every Form 4 filed in the last twelve months, read line by line: 6 filings by 6 people. Open-market purchases and sales are counted apart from awards, option exercises and shares withheld for taxes.
Bought on the open market—none in the period
Sold on the open market$2.4M10 sale(s) by 6 insider(s)
Under pre-arranged plans70%of the sales followed a 10b5-1 plan set months earlier
A Form 4 says what happened, when, how many shares and at what price. It does not say why: a sale can be diversification, a tax bill or a plan fixed months earlier, and an award is pay, not a purchase. Nothing here is a reason to buy or sell anything.
Which large funds report holding it
From the Form 13F of the 28 institutions followed on this site, as of the end of their last reported quarter. A 13F is filed up to 45 days later and shows only long positions in US-listed shares.
Accounts from the company's own SEC filings; lines some companies do not report are shown as a dash rather than estimated. The risk-free rate is the 10-year US Treasury yield. A DCF is a way of making assumptions explicit, not a forecast: it states what the company would be worth if the assumptions held. The scores are screens that point where to look, not verdicts. Nothing here is a recommendation to buy or sell.
