Breaking Down Intapp, Inc. (INTA) Financial Health: Key Insights for Investors

You're looking at Intapp, Inc. (INTA) and trying to cut through the noise on this high-growth, AI-powered software-as-a-service (SaaS) provider, wondering if the recent financial strength is a sustainable trend or just a blip. The fiscal year 2025 results, which wrapped up in June, give us a defintely clear signal on their cloud pivot: it's working. Total revenue climbed to $504.1 million, a solid 17% increase year-over-year, but the real story is the underlying engine-SaaS revenue surged 28% to $331.9 million, driving Cloud Annual Recurring Revenue (ARR) to $383.1 million, up 29% from the prior year. This growth is translating to the bottom line, with non-GAAP diluted earnings per share (EPS) more than doubling to $0.94, and the company generating $123.5 million in net cash from operations, a critical sign of financial health. We need to map out if this momentum, particularly the strong client expansion and AI product adoption, can overcome the valuation pressure that has kept the stock price volatile, because a growth stock that generates real cash flow is a rare find.

Revenue Analysis

You need to understand exactly where Intapp, Inc. (INTA)'s growth engine is firing, because the headline revenue figure doesn't tell the whole story. The direct takeaway is that the company is successfully executing its cloud migration strategy, with high-margin Software-as-a-Service (SaaS) revenue driving the vast majority of growth and representing the core of the business model now.

For the fiscal year ended June 30, 2025, Intapp, Inc. reported total revenue of $504.1 million, marking a significant year-over-year increase of 17% (or 17.09% to be defintely precise). This solid growth rate is a clear sign of continued market penetration in the professional and financial services sectors, but the quality of that revenue is what matters most to a seasoned analyst.

The primary revenue source is unequivocally the cloud-based subscription model. This shift from one-time license sales to recurring revenue is a crucial positive trend.

• SaaS Revenue: The core driver, totaling $331.9 million in FY2025.
• SaaS Growth: This segment grew by a robust 28% year-over-year.
• SaaS Contribution: It accounted for approximately 65.84% of the total revenue.

The remaining revenue, totaling approximately $172.2 million, comes from a combination of term license agreements and professional services (like implementation and consulting). The high growth in SaaS revenue, nearly double the overall total revenue growth, demonstrates the successful transition to a more predictable, high-margin recurring revenue stream. That's a strong signal of future stability.

Looking at the geographical split, the company's revenue base is still heavily concentrated in the US, but international markets are growing fast. International operations-primarily the United Kingdom and the Rest of World-now account for nearly a third of the total business.

Here's the quick math: International revenue (UK + Rest of World) totaled about $165.09 million for the year. This geographic diversification helps mitigate risk, and the fact that international revenue was growing at a strong clip in Q3 2025-around 20% year-over-year-suggests this will continue to be a key growth vector.

The significant change in revenue streams is the acceleration of the cloud migration, which is exactly what you want to see in a modern software company. The shift means a higher percentage of annual recurring revenue (ARR), which is the foundation for a premium valuation. You can dive deeper into the valuation metrics in our full report: Breaking Down Intapp, Inc. (INTA) Financial Health: Key Insights for Investors.

Next step: Check the non-GAAP operating income for the full year 2025, which was $75.6 million, to see how efficiently this high-quality revenue is translating to profitability.

Profitability Metrics

You're looking for clarity on whether Intapp, Inc. (INTA) is actually making money, or if its growth is just a costly pursuit. The direct takeaway is this: Intapp, Inc. is now a highly profitable company on a non-GAAP basis (adjusted for non-cash expenses), but still registers a loss under strict Generally Accepted Accounting Principles (GAAP). This is a common and defintely important distinction for a growth-focused Software-as-a-Service (SaaS) business.

For the fiscal year 2025, which ended on June 30, 2025, Intapp, Inc. reported total revenue of $504.1 million. The key to understanding its financial health lies in the difference between its GAAP and non-GAAP figures, where the latter strips out significant non-cash expenses like stock-based compensation and amortization of intangible assets.

Gross, Operating, and Net Margins

The company's gross profit margin (the profit left after covering the direct costs of delivering the software service) is excellent and signals a highly scalable business model. Its Non-GAAP Gross Margin for FY 2025 was a strong 77.3%. This compares very favorably to the typical SaaS industry average, which often hovers around 76%, and is well above the attractive benchmark of 75%.

Moving down the income statement, the shift to true operating profitability is clear.

• Gross Profit Margin: 77.3% (Non-GAAP). Highly efficient.
• Operating Margin: 14.99% (Non-GAAP). This is calculated from Non-GAAP Operating Income of $75.6 million on $504.1 million in revenue.
• Net Profit Margin: 15.65% (Non-GAAP). This is based on Non-GAAP Net Income of $78.9 million.

To be fair, the GAAP figures show a different picture, with a GAAP Operating Loss of ($27.4) million and a GAAP Net Loss of ($18.2) million for the year. The gap mostly reflects the cost of attracting and retaining top talent through stock compensation, a necessary expense for a high-growth tech firm.

Trends in Operational Efficiency and Profitability

The trend in profitability is one of rapid and meaningful improvement, which is what investors want to see in a maturing SaaS business. Non-GAAP Operating Income nearly doubled from $38.7 million in fiscal year 2024 to $75.6 million in fiscal year 2025. Here's the quick math on the operational leverage:

This jump in gross margin-from 74.2% to 77.3%-shows excellent cost management and cloud efficiency gains. The company is successfully shifting to a partner-led delivery model for professional services, which reduces the cost of revenue (COGS) and drives the margin expansion. Plus, the median operating margin for the broader SaaS sector in Q2 2025 was around -8%, so Intapp, Inc.'s Non-GAAP Operating Margin of 14.99% is a significant outperformance.

The real kicker is the cash flow. Intapp, Inc. generated $121.9 million in Free Cash Flow (FCF) for FY 2025, representing a FCF margin of 24% of total revenue. That's a powerful sign of financial health and operational maturity. For a deeper look at who is investing in this profitable growth story, you should check out Exploring Intapp, Inc. (INTA) Investor Profile: Who's Buying and Why?

Debt vs. Equity Structure

You're looking at Intapp, Inc. (INTA) and wondering how a high-growth software company, especially one focused on finance and legal firms, manages its balance sheet. The direct takeaway is that Intapp is a rare bird in the tech world: it's essentially an unlevered growth story, relying almost entirely on equity and internally generated cash flow, not debt.

As of the end of its fiscal year 2025 (June 30, 2025), Intapp, Inc. maintained a remarkably clean balance sheet. The company reported its total debt-covering both long-term and short-term obligations-at approximately $0.0. This is a powerful statement about financial health, especially when you consider their total shareholder equity stood at a strong $486.4 million.

Here's the quick math on what that means for leverage (the use of borrowed money to finance assets):

• Total Debt (FY 2025): $0.0
• Total Equity (FY 2025): $486.4 million
• Debt-to-Equity Ratio: Near 0.00

This near-zero Debt-to-Equity (D/E) ratio is a key insight. It tells you that for every dollar of shareholder capital, Intapp, Inc. has virtually no debt financing its operations. To be fair, a D/E ratio of 0.00 is extremely low compared to the industry average for a company like Intapp, Inc. For context, the average D/E ratio for companies in the broader Capital Markets sector, which includes many of Intapp's clients, is around 0.53. Intapp's strategy is clear: fund growth with equity and cash, not credit risk. That's defintely a low-risk profile.

This capital structure choice also explains the lack of recent debt activity. Since Intapp, Inc. operates with essentially no debt, there have been no major credit ratings, debt issuances, or refinancing activities to report in 2025. The company is balancing its growth entirely through equity funding-primarily through its initial public offering (IPO) proceeds and subsequent stock offerings-plus the significant cash generated from its operations, which hit $123.5 million in net cash provided by operating activities for FY 2025.

This balance between debt and equity is heavily skewed toward equity, which is typical for a Software as a Service (SaaS) company focused on high-margin, recurring revenue. The upside is minimal interest expense and maximum financial flexibility. The trade-off is that they aren't using cheap debt to potentially accelerate growth, but honestly, given the current interest rate environment, this conservative approach feels smart.

To dig deeper into the company's financial trajectory, you can read the full analysis in Breaking Down Intapp, Inc. (INTA) Financial Health: Key Insights for Investors. Your next step is to check if this low-leverage model is helping them generate superior returns on equity (ROE) compared to their peers.

Liquidity and Solvency

You need to know if Intapp, Inc. (INTA) can cover its short-term bills, and honestly, the picture is solid. The company's liquidity position for the fiscal year (FY) ended June 30, 2025, shows a healthy buffer, which is exactly what you want to see in a growth-focused software-as-a-service (SaaS) business.

Their Current Ratio-a key measure of short-term financial health (Current Assets divided by Current Liabilities)-was a strong 1.30 as of the end of FY 2025. This means Intapp, Inc. had $1.30 in liquid assets for every dollar of current liability. Plus, the Quick Ratio, which strips out less-liquid assets like inventory (which is negligible for a SaaS firm anyway), was very close at 1.22. This small difference confirms they have high-quality, easily convertible current assets, mostly cash and receivables.

Here's the quick math on their short-term position:

• Total Current Assets: $455.88 million
• Total Current Liabilities: $350.68 million (Calculated from Current Ratio of 1.30)
• Working Capital: $105.2 million

This positive working capital trend is defintely a strength, showing that the growth in their business is not outstripping their ability to manage near-term obligations. This is a crucial distinction for a tech company still reporting a GAAP net loss of ($18.2 million) for FY 2025.

The cash flow statement provides the clearest view of how this liquidity is being generated and deployed. For the fiscal year ended June 30, 2025, Intapp, Inc. saw a massive improvement in cash generation from its core business:

The net cash provided by operating activities (CFO) grew by over 83% year-over-year, hitting $123.5 million. This is the single most important metric for a software company, showing that the business model is highly cash-generative, even while GAAP net income remains negative. The cash used in investing activities (CFI) was $62.875 million, which is a necessary outflow for a growth company focused on acquisitions and internal software development. Finally, the net cash from financing activities (CFF) was a positive $44.075 million, largely due to capital raises and stock option exercises, which further bolstered their cash reserves to $313.1 million.

The biggest liquidity strength is the high proportion of current liabilities represented by Current Deferred Revenue, which stood at around $219 million in FY 2024 (a major component of current liabilities), indicating cash collected upfront for services yet to be delivered. This is a liability in accounting terms, but it's a massive cash-flow strength in reality. The company is not debt-laden, with Long-Term Liabilities at just $24.54 million. The liquidity is robust, but the key action for investors is to watch the ratio of CFO growth to new acquisitions-make sure the cash engine is funding smart growth, not just covering losses. For a deeper dive, check out the full post: Breaking Down Intapp, Inc. (INTA) Financial Health: Key Insights for Investors.

Valuation Analysis

When you're looking at Intapp, Inc. (INTA), the quick takeaway is this: the stock currently trades at a premium to its peers, but analysts see a substantial upside, suggesting it's undervalued based on future growth. The market is pricing in a major shift to profitability, which is a high-stakes bet.

As of November 2025, the stock closed around $41.55. That's a significant drop from its 52-week high of $77.74, which it hit earlier in the year. Over the last 12 months, the stock price has decreased by about 28.82%, a clear signal of investor caution despite strong revenue growth. The market is defintely punishing companies that are not yet consistently profitable, and Intapp is no exception.

Is Intapp Overvalued or Undervalued?

Honestly, Intapp's valuation ratios paint a mixed picture, which is typical for a high-growth Software-as-a-Service (SaaS) company still scaling its operations. Because the company is not yet profitable on a trailing basis, the traditional Price-to-Earnings (P/E) ratio is a negative, sitting at approximately -692.5 for the 2025 fiscal year. This number just tells you they are losing money, not how much you're paying for future earnings power.

Here's the quick math on what the market is actually valuing:

• Price-to-Sales (P/S): The P/S ratio is around 6.36x. This is above the US software industry average, suggesting a premium valuation for their revenue.
• Price-to-Book (P/B): This is high at 6.98x, which is common for software firms where the real value is in intangible assets like their AI-powered platform and client relationships.
• Forward P/E: This is the crucial number, sitting at about 31.60x. It's based on the expectation that Intapp will finally turn a profit next year, with an estimated forward Earnings Per Share (EPS) of $0.09.

What this estimate hides is the ongoing investment in their cloud and AI products, which you can read more about in their Mission Statement, Vision, & Core Values of Intapp, Inc. (INTA).

Near-Term Financial Health and Analyst View

For the 2025 fiscal year, Intapp reported total revenue of $504.12 million, an increase of 17.09% year-over-year. That's solid growth. But, the company still posted a net loss of -$18.22 million. The good news is that this loss was 43.11% less than the previous year, showing a clear trend toward margin improvement.

Intapp does not pay a dividend, so the dividend yield and payout ratios are both 0.00%. This is standard for a growth-focused technology company that reinvests all its cash back into the business.

The Wall Street consensus is surprisingly strong, given the stock performance. Out of the analysts covering the stock, the consensus rating is a firm Buy. The average 12-month price target is $54.86, which implies a potential upside of 32.03% from the current price. That's a big vote of confidence that the company will execute on its profitability roadmap.

The bottom line for you is that Intapp is a growth stock, not a value stock. You're buying the future margin expansion and AI adoption, not current earnings. The analyst consensus suggests the market is wrong about the current price, but you need to be comfortable with the volatility that comes with a high P/S multiple and a focus on forward earnings.

Risk Factors

You're looking at Intapp, Inc. (INTA)'s strong growth-total revenue hit $504.1 million in fiscal year 2025, up 17% year-over-year-but you need to see the potholes on the road ahead. The risks are real, mostly tied to their concentrated customer base and the fiercely competitive AI landscape they operate in. Intapp is defintely a growth story, but it's not without significant operational and market challenges.

The biggest external risk is simple: Intapp, Inc. sells specialized software to professional services firms-accounting, legal, investment banking, and capital markets. So, a downturn in the U.S. or global economy that hits these industries directly impacts Intapp's revenue. If your clients are facing a slowdown in deal flow or litigation, their budget for new software, even AI-powered solutions, shrinks. This is a classic concentration risk.

Internally, the transition to a cloud-first model, while successful (Cloud Annual Recurring Revenue, or ARR, was $383.1 million as of June 30, 2025), creates near-term financial volatility. Honestly, moving customers from licensed software to subscriptions can cause quarterly revenue fluctuations, which can spook the market. Another key financial risk is the ongoing GAAP net loss, which was ($18.2) million for fiscal year 2025. While Non-GAAP operating income was strong at $75.6 million, the path to sustained GAAP profitability is still a multi-year journey, with analysts projecting positive profit margins only by 2028.

• Competition is fierce, especially in AI.

Here's a quick breakdown of the core risks and the company's counter-moves:

The company is trying to mitigate some financial risks by using its strong cash position-it had $313.1 million in cash and cash equivalents as of June 30, 2025-to authorize a $150.0 million stock repurchase plan. This is a clear action to counter the projected share dilution and support the stock price. Still, for investors, the long-term reward is tied to their ability to execute on their cloud and AI strategy, which you can read more about in Breaking Down Intapp, Inc. (INTA) Financial Health: Key Insights for Investors. They have to keep their foot on the gas with product innovation and sales execution, or that growth story stalls.

Growth Opportunities

You're looking at Intapp, Inc. (INTA) and wondering if the growth story has legs beyond a single strong year, and the short answer is yes-the pivot to cloud and AI is defintely working. The company's fiscal year 2025 results show a clear, structural shift that positions them for continued expansion, especially in their niche markets.

The core of Intapp's future growth isn't just adding new clients; it's deepening their hold on existing, high-value relationships. For fiscal year 2025, total revenue hit $504.1 million, a solid 17% increase, but the real signal is in the cloud metrics. Cloud Annual Recurring Revenue (ARR) surged 29% year-over-year to $383.1 million, now making up 79% of their total ARR. That's a powerful, predictable revenue engine. Plus, their Cloud Net Revenue Retention rate-which measures how much existing clients spend-stood at an impressive 120% as of June 30, 2025. That means clients aren't just staying; they're buying more.

Here's the quick math on profitability: Non-GAAP Operating Income for FY2025 was $75.6 million, a significant jump, and Non-GAAP Earnings Per Share (EPS) came in at $0.94. For fiscal year 2026, the company is guiding for total revenue between $566.7 million and $570.7 million, with Non-GAAP EPS projected to be in the $1.09 to $1.13 range. That's a clear trajectory of scaling operational leverage.

Key Growth Drivers and Strategic Moves

Intapp's strategy is built on three pillars: AI, vertical specialization, and strategic partnerships. They aren't trying to be all things to all people; they're doubling down on their expertise in regulated professional services-legal, capital markets, and advisory firms.

• AI-Powered Solutions: The push into Applied AI is a major driver. Adoption of AI among professionals in their target markets jumped from 48% in 2024 to 72% in 2025, fueling demand for products like Intapp DealCloud Activator, which embeds AI into client workflow.
• Strategic Acquisitions: They expanded their footprint in the real assets space by acquiring TermSheet in April 2025, immediately leveraging the deal for new customer contracts in the fourth quarter of FY2025.
• Deepening Partnerships: The deep integration with Microsoft is a huge competitive advantage. Nearly half of all large customer deals in Q4 FY2025 were closed with Microsoft's assistance, and they also expanded key technology partnerships with firms like MSCI and Snowflake.

This vertical-specific approach, offering solutions that handle complex compliance and relationship management, creates high switching costs for clients. That's a strong moat.

Competitive Advantages and Future Outlook

What truly sets Intapp, Inc. apart is their niche dominance and the sticky nature of their platform. Serving over 2,700 clients, with 109 of them now generating over $1 million in ARR (up from 73 a year ago), shows they are successfully moving upmarket. The deep integration with Microsoft Azure and Teams makes their software an embedded part of a firm's infrastructure, making it extremely inconvenient for a company to change providers. You can read more about their underlying philosophy here: Mission Statement, Vision, & Core Values of Intapp, Inc. (INTA).

Still, you need to watch the stock-based compensation and share dilution, which analysts project will grow at about 7.0% annually for the next three years. Future earnings growth will have to outpace that to lift per-share value. But the revenue growth rate is forecast to grow at 12.3% per year, which tops the US market average of 10.5% annual growth, so the top-line momentum is there to support the long-term story.

The next concrete step for you is to model the impact of the projected 2026 revenue guidance against the potential share dilution to see if the growth in earnings per share justifies the current valuation premium.