Yext, Inc.

Where It Passes

Where It Falls Short

• Debt & Leverage0% pass✗ 15▾

  All 12 investors flag YEXT's debt & leverage

  LT Debt vs Net Current AssetsLT Debt $147.7M vs NCA $-41.3M

  ✗GrahamLT Debt <= Net Current Assets

  Debt/Equity & Interest CoverageD/E: 4.14, IC: 3.3x

  ✗BuffettD/E < 0.5 AND Interest Coverage > 5x

  Total Debt / Equity4.14

  ✗Lynch< 0.33

  Cash - Long-term Debt$-60.9M

  ✗LynchPositive preferred

  LT Debt / Total Assets Change0.00% -> 15.75%

  ✗PiotroskiDecreased YoY

  Current Assets / Current Liabilities0.83

  ✗Dreman> 1.5✗SchlossCurrent ratio >= 1.50x (app cutoff)

  Total Debt / Shareholders' Equity4.14

  ✗Dreman< 0.8✗Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✗SchlossD/E < 1.00x

  Debt Levels4.14

  ✗MungerDebt/Equity < 0.5✗AkreDebt/Equity < 0.3

  Interest Coverage & Debt/EBITDAIC=6.9x, D/EBITDA=N/A (D&A unavailable)

  ✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x

  Total Debt / Shareholders Equity4.14

  ✗Ackman<= 1.0

  Negative debt-to-equity (higher means less debt)-4.1418; #4041/4210 (top 96.0%)

  ✗AsnessTop 30% of eligible cross-section
• Growth0% pass✓ 2✗ 11▾

  No clean pass — all 8 investors flag at least one growth criterion

  EPS Growth (3-yr avg, 10-yr window)

  ✗Graham>= 33% growth

  Basic earnings-growth PEG (dividends excluded)P/E 109.6x (growth N/A)

  ✗Lynch< 1.0 (ideally < 0.5)

  3-5 Year EPS CAGR

  ✗Lynch15-30% (Fast Grower); > 0% to pass

  Inventory Growth vs Revenue GrowthN/A (no inventory)

  ✓LynchInventory growth < Revenue growth

  EPS Growth Direction

  ✗DremanPositive over recent years

  EPS CAGR

  ✗Dreman> 5% annualized

  Positive Net Income Frequency1/11 years positive

  ✗MarksPositive net income in >= 7 of last 10 years

  3yr Median Revenue Growth4.1%

  ✗Ackman>= 5%

  Positive EPS Growth Frequency

  ✗AckmanPositive EPS growth in >= 3 of last 5 years

  5-Year EPS CAGR

  ✗Templeton> 0% (5-year EPS CAGR)

  Revenue growth vs. gross and operating margin trendgross margin 78.4% -> 74.5%, operating margin -1.5% -> 10.0%

  ✓SleepRevenue rising; gross margin flat or falling; operating margin holding

  5-year Revenue CAGR4.7%

  ✗SleepCAGR > 7%

  3-5 Year Diluted EPS CAGR

  ✗Neff7%-20% annualized
• Valuation models0% pass✗ 4▾

  YEXT overvalued: all 4 models price fair value below $7.67 (median $3.99)

  Graham fair value$1.43

  ✗Graham-436.4% margin vs $7.67

  Greenblatt fair value$0.13

  ✗Greenblatt-5800.0% margin vs $7.67

  Munger fair value$6.55

  ✗Munger-17.1% margin vs $7.67

  Ackman fair value$6.92

  ✗Ackman-10.8% margin vs $7.67
• Profitability6% pass✓ 11✗ 24▾

  15 of 16 flag YEXT's profitability — Graham, Buffett, Lynch +12 more

  Positive EPS (10 years)1/12 years positive

  ✗GrahamPositive EPS every year for 10 years

  EPS Growth (3-yr avg, 10-yr window)

  ✗Graham>= 33% growth

  Net Income Positive (10+ years)1/12 years positive

  ✗BuffettPositive every year for 10+ years

  ROE (up to 5-year arithmetic mean)-18.4%

  ✗Buffett> 15% arithmetic mean (app rule)

  Operating Margin (10-yr trend)10.0% (latest)

  ✓BuffettStable or rising over 10 years

  Free Cash Flow Proxy

  ✗BuffettPositive and growing

  Earnings Variance (10-yr CoV)

  ✗BuffettCoV < 0.3

  Retained Earnings Effectiveness

  ✗Buffett$1 retained -> > $1 market value created

  Basic earnings-growth PEG (dividends excluded)P/E 109.6x (growth N/A)

  ✗Lynch< 1.0 (ideally < 0.5)

  3-5 Year EPS CAGR

  ✗Lynch15-30% (Fast Grower); > 0% to pass

  ROE73.3%

  ✓Lynch> 15%

  EBIT / Enterprise Value4.5%

  ✗Greenblatt> 10%

  Earnings Yield + ROC AssessmentEY=4.5%, ROC=N/A (invested capital <= 0)

  ✗GreenblattBoth EY > 10% and ROC > 25%

  Net Income / Total Assets6.09%

  ✓PiotroskiROA > 0

  ROA Change YoY-4.58% -> 6.09% (delta: +10.67%)

  ✓PiotroskiCurrent ROA > Prior ROA

  (CFO / Total Assets) vs ROACFO/Assets=8.98%, ROA=6.09%

  ✓PiotroskiCFO/Assets > ROA

  Gross Margin Change YoY77.1% -> 74.5%

  ✗PiotroskiImproved YoY

  Pre-Tax Income / Revenue6.3%

  ✗Dreman>= 8%

  Net Income / Shareholders' Equity73.3%

  ✓Dreman> 12%

  Margin of SafetyP/E=109.6x, P/B=5.9x

  ✗PabraiP/B < 1.5 or P/E < 15

  Return on Equity1.2% (3-yr avg)

  ✗AkreROE > 20% (3-year avg)

  Discount to Intrinsic Value

  ✗Marks>= 20% below intrinsic value

  Positive Net Income Frequency1/11 years positive

  ✗MarksPositive net income in >= 7 of last 10 years

  Operating Income / Revenue8.3%

  ✗Ackman>= 15%

  Net Income / Shareholders Equity73.3%

  ✓Ackman>= 15%

  5-Year EPS CAGR

  ✗Templeton> 0% (5-year EPS CAGR)

  Operating Margin Trend-1.5% (2023) -> 10.0% (2025)

  ✓TempletonNon-negative operating-margin trend over 3 years

  Revenue growth vs. gross and operating margin trendgross margin 78.4% -> 74.5%, operating margin -1.5% -> 10.0%

  ✓SleepRevenue rising; gross margin flat or falling; operating margin holding

  Net income / market capitalization+3.44%; #2230/6340 (top 35.2%)

  ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section

  Gross profit / total assets+67.71%; #365/3702 (top 9.9%)

  ✓AsnessTop 30% of eligible cross-section

  Net income / positive book equity+73.25%; #130/5226 (top 2.5%)

  ✓AsnessTop 30% of eligible cross-section

  Negative 5-year standard deviation of ROA-0.0776; #3158/5884 (top 53.7%)

  ✗AsnessTop 30% of eligible cross-section

  3-5 Year Diluted EPS CAGR

  ✗Neff7%-20% annualized

  Positive Diluted-EPS Years1/10 years positive

  ✗Schloss>= 70% positive over 5-10 observed years (app rule)
• Valuation8% pass✓ 2✗ 26▾

  12 of 13 flag YEXT's valuation — Graham, Lynch, Greenblatt +9 more

  Price / 3-yr avg EPS

  ✗Graham<= 15x

  Price-to-Book Ratio5.9x

  ✗Graham<= 1.5x

  P/E x P/B

  ✗Graham<= 22.5

  Basic earnings-growth PEG (dividends excluded)P/E 109.6x (growth N/A)

  ✗Lynch< 1.0 (ideally < 0.5)

  EBIT / Enterprise Value4.5%

  ✗Greenblatt> 10%

  Earnings Yield + ROC AssessmentEY=4.5%, ROC=N/A (invested capital <= 0)

  ✗GreenblattBoth EY > 10% and ROC > 25%

  Price / EPS109.6x

  ✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)

  Price / (CFO / Shares)16.9x

  ✗Dreman< 8x

  Price / Book Value per Share5.9x

  ✗Dreman< 1.2x✗Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)

  Valuation ReasonablenessP/E=109.6x

  ✗MungerP/E < 25 or Owner Earnings Yield > 5%

  P/E or FCF YieldP/E=109.6x, FCF Yield=7.0%

  ✗PabraiP/E < 15 or FCF Yield > 10%

  P/B or P/E vs. Historical AverageP/E=109.6x, P/B=5.9x

  ✗MarksP/E < 15 or P/B < 2.0

  Discount to Intrinsic Value

  ✗Marks>= 20% below intrinsic value

  Price / FCF per Share17.7x

  ✓Ackman<= 25

  Price vs. Trailing Low200% of trailing low ($3.84)

  ✗Templeton<= 120% of trailing low (certified split-adjusted live window)

  Net income / market capitalization+3.44%; #2230/6340 (top 35.2%)

  ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section

  Positive book equity / market capitalization+0.0470; #5018/6449 (top 77.8%)

  ✗AsnessTop 30% of eligible cross-section

  Price / Diluted EPS109.6x

  ✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)

  (EPS CAGR % + Dividend Yield %) / P/E

  ✗Neff> 0.7 (Neff's published traditional edge)

  Price / Tangible Book Value per ShareN/A (non-positive TBVPS)

  ✗SchlossP/TBV <= 1.00x (app cutoff)

  Book Value per Share Change-22.4%

  ✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)

  Revenue / market capitalization+0.5836; #2414/5247 (top 46.0%)

  ✗OshaughnessyTop 10% of eligible cross-section

  (Operating cash flow - capex) / market capitalization+6.98%; #1169/4519 (top 25.9%)

  ✗OshaughnessyTop 10% of eligible cross-section

  Trailing six-month price return through the evaluation date+98.70%; #337/6202 (top 5.4%)

  ✓OshaughnessyTop 10% of eligible cross-section
• Verdicts21% pass✓ 3✗ 11▾

  Split decision: 11 FAIL · 3 PASS · 2 NEUTRAL

  Overall verdict

  ✗GrahamFAIL (1/9)✗BuffettFAIL (1/9)✗LynchFAIL (2/7)•GreenblattNot ranked•PiotroskiNEUTRAL (F-Score 7)✗DremanFAIL (1/11)✓MungerPASS (2/4)✗PabraiFAIL (0/3)✗AkreFAIL (2/6)✗MarksFAIL (0/5)✓AckmanPASS (4/9)✗TempletonFAIL (2/8)✓SleepPASS (3/6)✗AsnessFAIL (Rank #1527/2370 (Top 64.4%))✗NeffFAIL (2/6)✗SchlossFAIL (0/7)•OshaughnessyNEUTRAL (Not ranked)
• Efficiency25% pass✓ 4✗ 7▾

  6 of 8 flag YEXT's efficiency — Graham, Buffett, Greenblatt +3 more

  Current Ratio0.83

  ✗Graham>= 2.0

  ROIC (3-5 yr avg)-54.3%

  ✗Buffett> 10%

  ROIC - WACC-64.3%

  ✗BuffettPositive (WACC = 10%)

  EBIT / (NWC + Net Fixed Assets)N/A (invested capital <= 0)

  ✗Greenblatt> 25%

  Current Ratio Change YoY0.83 -> 1.07

  ✓PiotroskiIncreased YoY

  Revenue / Total Assets Change YoY0.69x -> 0.72x

  ✓PiotroskiImproved YoY

  Current Assets / Current Liabilities0.83

  ✗Dreman> 1.5

  Return on Invested Capital15.9%

  ✓Munger> 15%

  ROIC (high and growing)FY2023: ROIC=unavailable; FY2024: ROIC=-16.7%; FY2025: ROIC=13.7%

  ✗AkreLatest 3 consecutive FYs: ROIC > 15% in each

  Reinvestment Rate x ROIC13.7% (RR=100% x ROIC=13.7%)

  ✓AkreReinvestment Rate * ROIC > 10%

  ROIC (5-year)1/2 years above 12% (latest 13.7%)

  ✗SleepROIC > 12% in a majority of years
• Cash Flow30% pass✓ 5✗ 7▾

  7 of 10 flag YEXT's cash flow — Buffett, Lynch, Dreman +4 more

  Free Cash Flow Proxy

  ✗BuffettPositive and growing

  FCF Positive and Growing$53.0M

  ✗LynchPositive and growing

  Operating Cash Flow$55.8M

  ✓PiotroskiCFO > 0

  (CFO / Total Assets) vs ROACFO/Assets=8.98%, ROA=6.09%

  ✓PiotroskiCFO/Assets > ROA

  Price / (CFO / Shares)16.9x

  ✗Dreman< 8x

  P/E or FCF YieldP/E=109.6x, FCF Yield=7.0%

  ✗PabraiP/E < 15 or FCF Yield > 10%

  FCF Positive5/11 years FCF positive

  ✗MarksPositive FCF in majority of recent years

  (OCF - CapEx) / Market Cap5.6%

  ✓Ackman>= 4%

  Price / FCF per Share17.7x

  ✓Ackman<= 25

  Positive Operating Cash Flow frequency7/11 years positive

  ✗SleepPositive OCF in >= 70% of available years

  Operating Cash Flow - Capital Expenditures$53.0M

  ✓Neff> $0 (app proxy for a strong fundamental case)

  (Operating cash flow - capex) / market capitalization+6.98%; #1169/4519 (top 25.9%)

  ✗OshaughnessyTop 10% of eligible cross-section