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IDT, IDT Corporation

Telecom Operators capital-intensive Revenue in runoff

IDT is a provider of fintech and communications solutions focused on certain under-served consumer and B2B markets.

IDT's key businesses are: National Retail Solutions (NRS ): Operates a leading point-of-sale, or POS, terminal-based platform for independent retailers in the United States including convenience stores, bodegas, liquor, small-format grocery, and tobacco stores.

NRS' purpose-built integrated POS hardware and software solutions enable these stores to operate more effectively.

Latest annual: FY2025 10-K

IDT · IDT Corporation

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$1.2B

+2.1% YoY · −2% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $1.3B 5-yr avg $1.3B

Gross margin 37% 5-yr avg 30%

Operating margin 8.6% 5-yr avg 5.4%

ROIC 54% 5-yr avg 79%

Owner-earnings margin 4% 5-yr avg 4%

Free cash flow margin 4% 5-yr avg 4%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

What it is: Revenue is led by Traditional Communications (70%) and Fintech (13%), with 2 more segments behind.
Situation: Revenue in runoff. Revenue has shrunk about 2% a year across the record while operations still generate cash.
What moves the needle: Gross margin has run about 24% and operating margin about 1.8% through the cycle, a thin spread that turns the result on volume and the cost of what it sells far more than on the price it sets. On a spread this thin the operating result swings hard on small moves in cost or volume — it has ranged from −0.1% to 8.2% over the years, so the cost line is where the needle moves. Read this kind of business on subscribers, revenue per user, and network capex. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has run high across the record (median 75%, above 15% in 5 of 6 years), though buybacks and expensed R&D and brands shrink the capital base, so the figure overstates the underlying economics. Owner earnings, the cash-based check, have been thin too. Whether these returns reflect real pricing power or an accounting artifact is the judgment the 10-K is for.

Every line is arithmetic on the company's filings, shown in full in the sections below.

Where the money comes from

read the 10-K →

The biggest segment, Traditional Communications, is also where the profit is made: 70% of revenue and 58% of segment operating profit.

Revenue by reportable segment, FY2025

Operating profit same segments

Traditional Communications70%$860M58% of profit
Fintech13%$155M13% of profit
National Retail Solutions10%$129M24% of profit
Net2 phone7%$88M4% of profit

By geographyUnited States79%United Kingdom15%Others6%

From the segment footnote of the company's own 10-K. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.

The record

Ten years of arithmetic, read across the cycle.

The record, 2016–2025

realized figures from each filing · older years to the left

2016’16	2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMApr 2026
											Income statement
$1.5B	$1.5B	$1.5B	$1.4B	$1.3B	$1.4B	$1.4B	$1.2B	$1.2B	$1.2B	$1.3B	RevenueRevenue
17%	15%	16%	—	—	—	24%	29%	32%	36%	37%	Gross marginGross mgn
14%	13%	13%	15%	16%	15%	16%	20%	22%	23%	24%	SG&A / revenueSG&A/rev
—	—	—	—	—	—	3%	4%	4%	4%	4%	R&D / revenueR&D/rev
$26M	$6M	$8M	($1M)	$18M	$57M	$60M	$61M	$65M	$100M	$110M	Operating incomeOp. inc.
1.8%	0.4%	0.5%	−0.1%	1.3%	3.9%	4.4%	4.9%	5.4%	8.2%	8.6%	Operating marginOp. mgn
$24M	$8M	$4M	$134K	$21M	$96M	$27M	$40M	$64M	$76M	$82M	Net incomeNet inc.
15%	—	41%	48%	—	—	18%	29%	—	25%	24%	Effective tax rateTax rate
											Cash flow & returns
$49M	$36M	$20M	$85M	($30M)	$67M	$29M	$52M	$78M	$127M	$78M	Operating cash flowOp. cash
$21M	$22M	$23M	$23M	$20M	$18M	$18M	$20M	$20M	$21M	$21M	DepreciationDeprec.
$2M	$2M	($10M)	$60M	($75M)	($49M)	($18M)	($13M)	($14M)	$27M	($35M)	Working capital & otherWC & other
$18M	$23M	$21M	$19M	$16M	$17M	$22M	$22M	$19M	$21M	$22M	CapexCapex
1.2%	1.5%	1.3%	1.3%	1.2%	1.2%	1.6%	1.8%	1.6%	1.7%	1.8%	Capex / revenueCapex/rev
$31M	$13M	($173K)	$66M	($46M)	$50M	$8M	$30M	$59M	$106M	$55M	Owner earningsOwner earn.
2.1%	0.9%	−0.0%	4.7%	−3.4%	3.4%	0.6%	2.5%	4.9%	8.6%	4.3%	Owner earnings marginOE mgn
$31M	$13M	($173K)	$66M	($46M)	$50M	$8M	$30M	$59M	$106M	$55M	Free cash flowFCF
2.1%	0.9%	−0.0%	4.7%	−3.4%	3.4%	0.6%	2.5%	4.9%	8.6%	4.3%	Free cash flow marginFCF mgn
—	$2M	—	$6M	$450K	$4M	$8M	—	—	—	$8M	AcquisitionsAcquis.
$17M	$18M	$14M	—	—	—	—	—	$3M	$6M	$6M	Dividends paidDiv. paid
$5M	$2M	$2M	$4M	$4M	$4M	$26M	$14M	$11M	$18M	—	BuybacksBuybacks
—	10%	—	—	—	99%	71%	48%	79%	96%	54%	ROICROIC
19%	6%	14%	0%	29%	59%	16%	21%	26%	25%	23%	Return on equityROE
5%	−7%	−32%	—	—	—	—	—	25%	23%	21%	Retained to equityRetained/eq
											Balance sheet
$157M	$149M	$80M	$86M	$91M	$107M	$98M	$104M	$165M	$227M	$239M	Cash & investmentsCash+inv
$47M	$65M	$71M	$58M	$44M	$47M	$40M	$32M	$42M	$43M	$42M	ReceivablesReceiv.
$30M	$41M	$46M	$37M	$25M	$25M	$29M	$22M	$25M	$19M	$15M	Accounts payablePayables
$17M	$24M	$25M	$21M	$19M	$22M	$11M	$10M	$17M	$23M	$27M	Operating working capitalOper. WC
$339M	$371M	$329M	$368M	$322M	$388M	$363M	$387M	$423M	$520M	$593M	Current assetsCur. assets
$344M	$363M	$367M	$389M	$325M	$339M	$305M	$294M	$279M	$293M	$308M	Current liabilitiesCur. liab.
1.0×	1.0×	0.9×	0.9×	1.0×	1.1×	1.2×	1.3×	1.5×	1.8×	1.9×	Current ratioCurr. ratio
$11M	$11M	$11M	$11M	$13M	$15M	$26M	$26M	$26M	$26M	$27M	GoodwillGoodwill
$470M	$519M	$400M	$444M	$405M	$513M	$497M	$511M	$550M	$626M	$698M	Total assetsAssets
$124M	$146M	$31M	$56M	$75M	$165M	$168M	$194M	$246M	$305M	$358M	Shareholders’ equityEquity
0.2%	0.2%	0.2%	0.2%	0.3%	0.1%	0.1%	0.4%	0.6%	0.2%	0.7%	Stock comp / revenueSBC/rev
											Per share
22.8M	23.3M	24.7M	25.3M	26.4M	26.1M	26.4M	25.6M	25.4M	25.3M	25.1M	Shares out (diluted)Shares
$65.58	$64.43	$62.61	$55.68	$50.90	$55.54	$51.76	$48.44	$47.48	$48.69	$50.91	Revenue / shareRev/sh
$1.03	$0.35	$0.17	$0.01	$0.81	$3.70	$1.03	$1.58	$2.54	$3.01	$3.27	EPS (diluted)EPS
$1.34	$0.56	$-0.01	$2.63	$-1.73	$1.91	$0.29	$1.19	$2.33	$4.20	$2.21	Owner earnings / shareOE/sh
$1.34	$0.56	$-0.01	$2.63	$-1.73	$1.91	$0.29	$1.19	$2.33	$4.20	$2.21	Free cash flow / shareFCF/sh
$0.76	$0.77	$0.56	—	—	—	—	—	$0.10	$0.22	$0.25	Dividends / shareDiv/sh
$0.81	$0.98	$0.83	$0.74	$0.61	$0.64	$0.83	$0.86	$0.75	$0.82	$0.89	Cap. spending / shareCapex/sh
$5.43	$6.25	$1.24	$2.22	$2.83	$6.33	$6.36	$7.57	$9.69	$12.06	$14.28	Book value / shareBVPS

Per-share growththe realized rate an owner's share compounded

	9-yr	5-yr
Revenue / share	−3.3%/yr	−0.9%/yr
Owner earnings / share	+13.5%/yr	—
EPS	+12.6%/yr	+30.0%/yr
Dividends / share	−12.9%/yr	+119.7%/yr (1-yr)
Capital spending / share	+0.2%/yr	+6.2%/yr
Book value / share	+9.3%/yr	+33.7%/yr

The record, charted

FY2016–2025

Each measure over its full record; the current point and the worst year marked.

Share count

25Mpeak FY2020

ROIC

96%low FY2017

Gross margin

36%low FY2017

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

$106Mowner earningsvs.$76Mnet incomelow FY2020

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetainedBeyond op. cash

Each year's outlays against its operating cash: the mix, and how it drifts. The hatched cap is spending beyond that year's operating cash — financed from the balance sheet or borrowing, not operations.

FY2016FY2025

Owner-earnings bridge

FY2021–FY2025cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2025 the business turned $76M of profit into $106M of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.

Reported net income$76M

Owner earnings$106M · 9% of revenue

	FY2025	FY2024	FY2023	FY2022	FY2021
Reported net income	$76M	$64M	$40M	$27M	$96M
Depreciation & amortizationnon-cash charge added back	+$21M	+$20M	+$20M	+$18M	+$18M
Stock-based compensationreal costnon-cash, but a real cost	+$3M	+$7M	+$5M	+$2M	+$1M
Working capital & othertiming of cash in and out, other non-cash items	+$27M	−$14M	−$13M	−$18M	−$49M
Cash from operations	$127M	$78M	$52M	$29M	$67M
Capital expenditurecash put back in to keep running and to grow	−$21M	−$19M	−$22M	−$22M	−$17M
Owner earnings	$106M	$59M	$30M	$8M	$50M
Owner-earnings marginowner earnings ÷ revenue	9%	5%	2%	1%	3%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position . The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $3M), owner earnings is nearer $103M.

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

Will it survive?

Can it pay its interest? —

No meaningful interest burden

Little or no interest expense reported

What this means
Little or no interest expense reported, the business isn't leaning on lenders to operate.
How heavy is the debt, net of cash? +$220M

Net cash

Cash $227M + ST investments $6M − debt $13M

What this means
Cash and short-term investments exceed every dollar of debt by $220M, on net the company owes nothing, and can act from strength when others can't. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? 4d

Tight

DSO 13 + DIO 0 − DPO 9 days

What this means
Days cash is tied up between paying suppliers and collecting from customers. Lower is better; a long cycle means growth itself eats cash. (Little or no inventory, a services / asset-light model, so the inventory leg is ~0.)

Is it a good business?

Return on invested capital 71%

Very high (≥25%) through the cycle

6-yr median, range 10%–99%; 83% latest = NOPAT $76M ÷ invested capital $91M

Industry peers: median 3%

What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 6 years (it ran 83% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
Owner-earnings margin 9%

Solid, recently turned positive

latest $106M = operating cash $127M − maintenance capex $21M; positive each of the last 3 years, after an earlier loss stretch (10-yr median 2%)

Industry peers: median 3%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 9% of revenue this year, a 2% median across 10 years. Treating stock comp as the real expense it is (less $3M of SBC) leaves $103M.
Are earnings backed by cash? 1.67×

Cash-backed

Cash from ops $127M ÷ net income $76M

What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.

How is the cash used?

Where do the earnings go? 22%

Reinvests most of it

Dividends + buybacks $23M ÷ Owner Earnings $106M

What this means
Of $106M Owner Earnings, $23M (22%) went back to shareholders, $6M dividends, $18M buybacks. Net of $3M stock comp, the real buyback was about $15M. Returning most of it is the mark of a mature business with little left to reinvest at a high return; reinvesting most could mean a long runway, or empire-building. The split doesn't say which; the return earned on it (see ROIC) does.
Investing or harvesting? 0.99×

Maintaining

Capex $21M ÷ depreciation $21M

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 3 of 6 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Near

Revenue ≥ $2B · $1.2B

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Near

Current ratio ≥ 2× · 1.78×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Pass

Debt ≤ working capital · $13M vs $227M WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Earnings stability Pass

A profit every year (10-yr record) · no losses

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Miss

Uninterrupted dividends · 5 of 10 yrs

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth Pass

Earnings +33% over the record · +404%

What this means
At least a third more earnings than a decade ago, averaging three years at each end. Net income (not per-share), so stock splits don't distort it, buybacks and dilution show up in the share-count line instead.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $2.41/share (latest year $3.04), the averaged base the calculator's gate runs on, and book value is $12.19/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2016–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 10 of 10

What this means
Never lost money over the record, the earnings stability Graham insisted on.
Operating margin 1% → 6% (3-yr avg ends)

What this means
Through the cycle the operating margin widened — about 1% early to 6% lately, median 2% — pricing power intact or improving.
Owner earnings growth +16%/yr

What this means
Owner earnings grew about 16% a year over the record.
Worst year 2019 · −0.1% op. margin

What this means
Operations went underwater in 2019, understand why before trusting the good years.
Share count +1.2%/yr

What this means
The share count is rising, dilution works against you on a per-share basis.
Dividend record paid

What this means
Paid a dividend in 5 of the years on record.

Does AI threaten the moat?

Low contestability

The moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.

In its own filing Framed as a capability

The filing positions AI as something the company uses, not something it fears.

“The net2phone segment, which contributed revenue of $87.9 million in fiscal 2025 and $82.3 million in fiscal 2024 (7.1% and 6.8% of our total revenues, respectively), offers AI-driven communications solutions to businesses primarily in North and South America.”

AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat, and the company is using it that way.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of the latest quarter, Apr 30, 2026

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$593M

Cash & short-term investments$239M
Receivables$42M
Other current assets$312M

Current liabilities$308M

Debt due within a year$6M
Accounts payable$15M
Other current liabilities$286M

Current ratio1.92×all current assets ÷ what's due · Graham looked for 2×

Quick ratio1.92×stricter: inventory excluded

Cash ratio0.78×strictest: cash alone against what's due

Working capital$285Mthe cushion left after near-term bills

Debt due this year vs. cash$6M due · $239M cash covered by cash on hand, no refinancing forced · both figures from the Apr 30, 2026 balance sheet

Revenue, latest quarter vs. a year ago+4.5%the freshest read on whether the business is still growing

Current ratio, recent quarters1.5× → 1.9×

Deeper floors

Tangible book value$326Mequity stripped of goodwill & intangibles

Net current asset value$283MGraham's net-net: current assets less all liabilities

Debt incl. operating leases$14M$1M of it operating leases

Deferred revenue$26Mcustomer cash collected before delivery; operating float

From the company's latest filing.

How the cash was used, 2016–2025

Over the record, the business generated $515M of operating cash; how management split it reads as a balanced allocator, splitting cash between the business, owners, and the balance sheet.

Reinvested$197M · 38%
Dividends$57M · 11%
Buybacks$90M · 17%
Retained (debt / cash)$171M · 33%

Returned to owners$147M
46% of the owner earnings the business produced over the span, $57M as dividends and $90M as buybacks.
Average price paid for buybacks—
Buybacks ran $90M over the span, but the filings don't tag the share count needed to deduce the average price paid.
Net change in share count9.8%
The diluted count rose from 23M to 25M: issuance (stock pay, deals) outran any buybacks, so owners were diluted on net.
Dividend record$0.22/sh
Paid in 5 of the years on record, the per-share dividend shrinking about 27% a year. It was cut at least once along the way.
Return on what it retained24%
Of the earnings it kept rather than paid out ($215M over the span), annual owner earnings (first three years vs last three) grew $51M, so each retained $1 added about 0.24 of yearly owner earnings. Buffett's test, run on owner earnings instead of market value.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.

Fiscal year	Chief executive	Pay, as filed	“Actually paid”	Owner earnings
2021	Shmuel Jonas	$1.1M	$1.1M	$50M
2022	Shmuel Jonas	$1.0M	$1.1M	$8M
2023	Shmuel Jonas	$1.1M	$1.1M	$30M
2024	Shmuel Jonas	$1.1M	$1.1M	$59M
2025	Shmuel Jonas	$1.5M	$1.5M	$106M

Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.

Stock-based compensation$3M
The slice of the business handed to employees in shares this year, 0% of revenue, equal to 3% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

Inverting the record

Invert: instead of why IDT Corporation is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2016–2025.

1 of the 4 tests turned up something to look into; the other 3 came back clean.

Look hereDid the share count rise anyway?9.8%
Diluted shares grew 9.8% over 2016–2025, even as the company spent $90M on buybacks. The repurchases were outrun by issuance — to staff, in a raise, or in a deal — and the filing says which; owners' slice still shrank. Read the buyback line beside this one, not on its own.

And these came back clean

Is it less profitable than it was?
Did reported profit become cash?
Did receivables and inventory outpace sales?

Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.

Peers, Telecom Operators

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
UNITUniti Group Inc.	$2.2B	—	32.9%	3%	1%
CABOCable One	$1.5B	—	27.3%	10%	19%
ZDZiff Davis	$1.5B	85%	12.3%	5%	24%
IDTIDT Corporation	$1.2B	24%	2.8%	75%	2%
TDSTelephone and Data Systems	$1.1B	—	2.2%	1%	3%
CALXCalix	$1.0B	50%	-0.8%	-2%	3%
GOGOGogo Inc.	$910M	93%	28.4%	5%	7%
ATNIATN International Inc.	$667M	—	2.5%	1%	3%
Group median	—	67%	7.6%	4%	3%

The price

What a price has to assume.

What the price implies

reverse-DCF

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what IDT Corporation has delivered.

IDT Corporation’s latest year runs above its own through-cycle margin — the reported figure may flatter a peak. So the tool opens on the through-cycle base, Graham’s averaging cutting both ways; clear the toggle below to read the latest year exactly as reported.

Today’s price $

Through the cycle, IDT Corporation earns about $28M on its 2.3% median owner-earnings margin. This year’s 8.6% margin runs above that; the reported figure may flatter a peak you'd be paying on. Normalize, below, values the price on that through-cycle figure rather than the latest year. It comes pre-checked here for that reason, the same rule that already normalizes a trough; clear it to price the year as filed.

Base Normalize · through-cycle ($28M) Net of stock comp (−$9M)

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The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth · ’21→’25+30%/yr

Owner-earnings growth · ’16→’25+16%/yr

Owner-earnings yield—

P/E (3-yr earnings ’23–’25)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Owner earnings $55M on 25M shares outstanding (a weighted basic average, the only count this filer tags); net cash $227M. The base opens on the through-cycle figure (the latest year sits above the record’s own median, and Graham’s averaging cuts both ways); clear Normalize to use the year as filed. Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh IDT against another business →

Cite: Owner Scorecard, "IDT Corporation (IDT), the owner's record," https://ownerscorecard.com/c/IDT, data as of 2026-07-09.

Manual order: ← IDR its page in the Manual IDXX →

Industry order: ← GSAT the Telecom Operators chapter IHS →