Accel Entertainment, Inc. (ACEL) intrinsic value & 10-year financials

Accel Entertainment, Inc. (ACEL) has a Graham intrinsic value of $19.93 per share. At $10.88 on Oct 17, 2026, the stock trades 45% below that value. Over the last 10 fiscal years revenue grew 23.3% a year to $1.3B, with an average return on invested capital of 19.7%.

Graham intrinsic value
$19.93
Share price (Oct 17, 2026)
$10.88
Price vs Graham value
45% below
Market cap
$939.7M
Revenue (FY2025)
$1.3B
Revenue growth (10-yr CAGR)
23.3%
ROIC (10-yr avg)
19.7%
Free cash flow (FY2025)
$62.0M

ACEL 10-year financial history

Fiscal year Revenue Net income EPS (diluted) Free cash flow Operating margin ROIC
FY2025 $1.3B $51.5M $0.60 $62.0M 8.1% 13.2%
FY2024 $1.2B $35.3M $0.41 $54.7M 7.4% 11.2%
FY2023 $1.2B $45.6M $0.53 $50.8M 9.2% 15.1%
FY2022 $969.8M $74.1M $0.81 $60.6M 10.0% 18.9%
FY2021 $734.7M $31.6M $0.33 $81.0M 9.6% 15.0%
FY2020 $316.4M -$13.0M -$0.16 -$29.5M -7.8% -3.8%
FY2019 $424.4M -$5.9M -$0.09 $24.8M 3.1% 4.9%
FY2018 $332.0M $10.8M $0.17 -$23.1M -0.2% -0.3%
FY2017 $248.4M $8.3M $0.14 $9.5M 7.3% 103.0%
FY2016 — — — — — —

Source: annual 10-K filings on SEC EDGAR. Figures in USD.

Executive summary

Accel Entertainment, Inc. revenue growth over the past decade is N/A; insufficient history prevents a reliable 10-year CAGR calculation.

Accel Entertainment, Inc. returns on capital have been average, hovering around 9.3% ROIC over the decade.

Accel Entertainment, Inc. capital allocation metrics are N/A for the decade; share count and net debt history are incomplete.

Benjamin Graham lens

Under Benjamin Graham's formula using SEC EDGAR fundamentals, Accel Entertainment, Inc. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $19.93 per share.

ACEL stock: frequently asked questions

What is the intrinsic value of Accel Entertainment, Inc. (ACEL) stock?

Using Benjamin Graham's revised formula, V = EPS × (8.5 + 2g) × 4.4 / Y, with reported diluted earnings per share, a 15.0% normalized growth rate (capped at 15%) and a 5.1% AAA corporate bond yield, ACEL's intrinsic value is about $19.93 per share.

Is ACEL stock undervalued?

At $10.88 (close on Oct 17, 2026), ACEL trades 45% below its Graham value of $19.93. On Graham's terms that leaves a margin of safety. A formula is a starting point for research, not a recommendation.

Does Accel Entertainment, Inc. generate free cash flow?

Accel Entertainment, Inc. generated $62.0M of free cash flow (operating cash flow minus capital expenditures) in fiscal 2025. Free cash flow was positive in 7 of the last 9 reported years.

What is ACEL's return on invested capital?

Average ROIC over the last 10 fiscal years was 19.7%, and average return on equity was 41.5%. Sustained ROIC above about 15% usually points to a durable competitive advantage.

Where does this ACEL data come from?

From Accel Entertainment, Inc.'s annual 10-K filings on SEC EDGAR, most recently filed Aug 4, 2026. Prices are end-of-day snapshots; valuations are formula outputs, not investment advice.

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