GoDaddy Inc.
GDDY 6.5Price and target zones价格与目标区间
In the buy zone在买入区间内
What the company does公司做什么
GoDaddy helps small businesses get online. The company sells domain names and website hosting. It also gives businesses tools to build a website, open an online store, and market to customers by email.GoDaddy帮助小型企业上线经营。公司销售域名和网站托管服务。公司还为企业提供工具，用来建立网站、开设网上商店，以及通过电子邮件开展营销。
Earns from营收来源 GoDaddy earns money from yearly fees for domain names and hosting, and from fees for website-builder and online-store tools.GoDaddy的收入来自域名和网站托管的年费，以及建站工具和网上商店工具的费用。
Read the full description查看完整介绍
GoDaddy Inc. engages in the design and development of cloud-based products in the United States and internationally. It operates in two segments: Applications and Commerce (A&C), and Core Platform (Core). The A&C segment offers applications products, including Websites + Marketing, a mobile-optimized online tool that enables customers to build websites and e-commerce enabled online stores; and Managed WordPress, a streamlined and optimized website building that allows customers to build and manage a WordPress site; marketing tools and services, such as GoDaddy Studio and search engine optimization designed to help businesses acquire and engage customers and create content; and digital marketing services include email marketing, reputation management, and development of brand guides. This segment also offers Microsoft 365 that connects to customers' domains; email service plans with a multi-feature web interface; email backup, encryption, archiving, and other advanced e-mail security services; added security functionality services; GoDaddy Payments, a payment facilitator that enables customers to accept various forms of payments; Smart Terminal, a dual screen all-in-one point-of-sale system that allows customers to manage in-store inventory and product catalogs and accept payments; payment acceptance solutions; and online store capabilities. The Core segment offers domain products, including primary registrations, domain aftermarket platform, and domain name add-ons, as well as GoDaddy Registry, a provider of domain name registry services; and hosting and security services comprising shared website hosting and virtual private servers, as well as security products with a suite of tools designed to help secure customers' online presence; and SSL certificates. The company serves small businesses, individuals, organizations, developers, designers, and domain investors. GoDaddy Inc. was founded in 1997 and is headquartered in Tempe, Arizona.
Revenue breakdown营收构成 share of revenue营收占比
Core Platform is GoDaddy's original business. It sells domain name registration and renewal, and it resells domain names that other people already own. It also sells website hosting and website security products, when these are not part of a bundle with other products.核心平台是GoDaddy最初的业务。公司销售域名注册和续费服务，也转售他人已拥有的域名。公司还销售网站托管和网站安全产品（当这些产品不属于捆绑套餐时）。
Applications and Commerce sells the tools that turn a domain name into a working business. This includes a website builder, tools to open and run an online store, and email marketing and other productivity tools from other companies.应用与商务业务销售能把域名变成实际经营业务的工具。这包括建站工具、用于开设和运营网上商店的工具，以及来自其他公司的电子邮件营销和其他办公工具。
Company facts公司资料
- Founded成立时间
- 1997
- Headquarters总部
- Tempe, Arizona
- Employees员工人数
- 5,845
- Industry行业
- Software - Infrastructure
- Country国家
- United States
Investment thesis投资逻辑 from the watchlist来自关注列表
What's working
- Q2 beat: rev $1.30B +7%, A&C +11%, op income +29%, FCF $443M +13%, TTM FCF $1.73B
- Revenue CAGR 6.6% vs FCF/share CAGR 25.4% — the 19-pt gap is margin (op margin 12.6%→26.3%, incremental op margin 54.4%) plus retirement (−21.6% shares in 4yrs, ~10%/yr now). Capex 0.5% of revenue; FCF converts at 32% of revenue; buybacks are 101% of FCF, fully self-funded, $0 debt issued. ROIC 21.9%, gross margin flat 63.6% four years running
Red flags
- The bear case is a count, not a story: −1.25M .com domains YoY vs Namecheap +1.86M and Hostinger +1.25M. Harvesting units for ARPU has a ceiling
- Agentic/vibe-coding disintermediation attacks the "type godaddy.com" brand moat directly — the single reason conviction is capped at 6.5
Watch
- EXITED ≤$95 by 2.8% (8/27) — but FALLING TOWARD IT (−7.1% on the month), one of only two on-deck names moving the right way. ANALYZED 8/04, first file ever. Passes this sleeve's test cleanly: a specific fixable problem with a date. The problem is a revenue guide contaminated by the .co registry contract expiry (>200bps, one-time, named by management) plus the deliberate exclusion of high-value Aftermarket transactions; the date is the Q3 print in late October, when the headwind begins to annualise. The market took −21.1% on 7/31 for that guide while the company left FY free-cash-flow guidance untouched at ~$1.8B — revenue was cut, cash was not
- SBC-adjusted: 8.2x P/FCF, 12.2% FCF yield; net debt/EBITDA 2.2x, coverage 7.5x. 🔍 Reverse-DCF says $89.09 embeds −2.2% decline in perpetuity.
- Airo $50M ARR = 1.1% of ARR
- No insider buying after the drop
- Ignore Graham ($14.96), P/B 1,681 and D/E 57,334 — all artifacts of a buyback-hollowed book (tangible BVPS −$32.69). FV $95-150 central $120; bear 8x = $87 ≈ spot. Entry ≤$95, strong <$78. Trim 14x fwd.
- Sleeve rule applies — exit when the gap closes; this is not a forever hold. FY FCF guide <$1.7B (the load-bearing number, not revenue) retention <82% buyback paused or debt-funded a 2nd year of >1M domain losses GM <61%.
Would upgrade on
- Upgrade: Airo ARR >$200M domain units return to growth insider buying here.
⭐ 守住了买入区间，连续第二次扫描在区间内。 ** 8.26x 前瞻市盈率，较高点低 39.4%，目标价 $104.80（+15.0%）。 8/04 已分析，首份文件。 它干净地通过了这个板块的检验标准：一个具体的、可修复的问题，配一个明确日期。 问题是被 .co 注册局合同到期（超过 200 个基点，一次性，管理层自己点名）以及主动排除高价值 Aftermarket 交易污染了的收入指引；日期是 10 月底的 Q3 财报，那时这个逆风开始进入同比基数。 市场在 7/31 为这份指引给了 −21.1%，而公司把全年自由现金流指引原封不动地留在约 $1.8B——收入被下调，现金没有。 ✅ 收入年复合增速 6.6% vs 每股自由现金流年复合增速 25.4%。 🔍 反向 DCF 显示 $89.09 隐含永续 −2.2% 的衰退。 ** 🚩 看空理由是一个数字，不是一个故事：.com 域名同比减少 125 万个，而 Namecheap 增加 186 万、Hostinger 增加 125 万。 🚩 智能体/氛围编程式的去中介化直接攻击「输入 godaddy.com」这个品牌护城河——这是信心被限制在 6.5 的唯一原因。 合理价值 $95-150、中枢 $120。 减持 14x 前瞻市盈率。
Historical results历史业绩 past fiscal years — these values do not change过去财年——这些数值不会变动
Profit margins利润率 the share of revenue that stays as profit营收中留存为利润的比例
of every $1 of revenue每 $1 营收中的占比
- Return on equity净资产收益率
- 443%
- Revenue growth营收增长
- +7%
Competitors竞争对手
Why customers stay客户为什么留下
GoDaddy is the largest domain name registrar in the world. This gives it a huge customer base to sell more products to, such as website builders and online stores. Its brand is well known, and it competes on price and simplicity for small businesses that do not have a technical team.GoDaddy是全球最大的域名注册商。这让公司拥有庞大的客户群，可以向这些客户销售更多产品，例如建站工具和网上商店。公司的品牌知名度高，并以价格和简单易用取胜，面向没有技术团队的小型企业。