Intapp Inc Dossier - Source-backed chat

Intapp Inc

INTANASDAQ

SectorInformation Technology

IndustrySoftware - Application

Beta (adjusted)0.62

Intrinsic Value $57.99median of 3 methodsbased on filings through 30 Jun 2026

Market Price $37.59Price as of 1 Oct 2026

Significantly undervaluedIntrinsic value is 54% above the market price

−50% · IV below pricenear fair value ±15%IV above price · +50%

marker beyond scale (+54%)

Data confidence Sign in to view data confidence

Market Cap $2.9B

Enterprise Value $2.7B

Shares Outstanding 79.6M diluted

Moat Rating None

Next Earnings Date10 Nov 2026

All prices and values are periodic snapshots, not live quotes. Source dates are shown for reference.

Thesis

Street consensus, scenarios, merits, risks, and invalidation triggers

AI-assisted

Thesis Summary

Intapp is uniquely positioned as the leading governed AI and vertical SaaS platform for highly regulated professional services sectors (legal, accounting, consulting, investment banking, and private capital). The company's transition to a cloud-first model is yielding highly predictable recurring revenue, highlighted by a 31% YoY increase in Cloud ARR to $459.3 million and a strong 123% cloud net revenue retention rate as of Q3 FY2026. The launch of Celeste, an AI-native agentic platform, expands Intapp's addressable market into a $30B+ agentic AI opportunity and is already driving over 15% of net new bookings. With expanding non-GAAP operating margins and record free cash flow generation, Intapp represents a high-quality growth asset with a defensible industry-specific moat.

This section is the 12-month view: analyst targets and the probability-weighted scenarios built from them. The intrinsic value at the top of this page answers a different question: what the business is worth today.

Street view · analyst 12-month targets7 analysts · as of 18 Aug 2026

Low · most bearish analyst$29.00

Mean target$39.43

High · most bullish analyst$47.00

Our research · scenarios, merits, risks, and invalidation triggersResearch as of 18 Sep 2026

Scenarios · 12-month scenario targetsAnchored at research date

Bear CaseDownside scenario

The bear case reflects potential macroeconomic headwinds that compress IT budgets at major law and financial advisory firms, leading to longer sales cycles and slower cloud migrations. Increased competition from legacy horizontal CRM/ERP players or specialized legal-tech startups could pressure pricing, while slower-than-expected monetization of Celeste pilots could lead to multiple contraction. In this scenario, Cloud ARR growth slows to the high teens and NRR drops toward 110%.

Base CaseCentral scenario

The base case assumes steady execution of the cloud migration strategy and continued adoption of the Celeste AI platform. Cloud ARR grows at a 25-30% CAGR, supported by strong cross-selling (120%+ NRR) and expansion of the enterprise customer base (> $100k ARR). Non-GAAP operating margins continue to expand toward mid-term targets as the company achieves operating leverage, and Celeste successfully transitions from pilot phases to broad commercial availability, contributing consistently to high-value bookings.

Scenarios are anchored to street consensus at the research date, with our probabilities and rationale.

Key Investment Merits

Highly defensible moat built on industry-specific compliance, ethical walls, and complex relationship graph data models that horizontal software providers cannot easily replicate.
Strong financial profile characterized by high-velocity recurring revenue (82% of total ARR is cloud-based) and a record free cash flow margin of 43.4% in Q3 FY2026.
Early leadership in professional services AI with the Celeste platform, which is already monetizing and accounted for over 15% of net new bookings in its launch quarter.

Key Investment Risks

Sensitivity of professional services firms' IT budgets to macroeconomic cycles, interest rates, and capital markets activity.
Execution risks associated with the transition of core applications to AI-native agentic architectures and consumption-based pricing models.
Potential near-term revenue recognition volatility as legacy on-premise licenses are phased out in favor of cloud subscriptions.

All scenarios are estimates and subject to change. Past performance is not indicative of future results.

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Explore this dossier

ValuationIntrinsic value, the six-method breakdown, peer medians, and your assumptions sandbox.Financial SnapshotRevenue, profitability, returns, balance sheet, dividends, and the filing-level detail.Qualitative AnalysisBusiness overview, strategic initiatives, and mergers, acquisitions & partnerships.Outlook & Key DatesForward estimates, reporting calendar, and the monitoring framework.