Archer-Daniels-Midland Co. (ADM) intrinsic value & 10-year financials
Archer-Daniels-Midland Co. (ADM) has a Graham intrinsic value of $17.70 per share. At $82.61 on Oct 17, 2026, the stock trades 367% above that value. Over the last 10 fiscal years revenue shrank 9.7% a year to $25.0B, with an average return on invested capital of 7.4%.
- Graham intrinsic value
- $17.70
- Share price (Oct 17, 2026)
- $82.61
- Price vs Graham value
- 367% above
- Market cap
- $40.0B
- Revenue (FY2025)
- $25.0B
- Revenue growth (10-yr CAGR)
- -9.7%
- ROIC (10-yr avg)
- 7.4%
- Free cash flow (FY2025)
- $4.2B
ADM 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $25.0B | $1.1B | $2.23 | $4.2B | — | 3.5% |
| FY2024 | $24.4B | $1.8B | $3.65 | $1.2B | — | 5.7% |
| FY2023 | $25.7B | $3.5B | $6.43 | $3.0B | — | 10.8% |
| FY2022 | $27.6B | $4.3B | $7.71 | $2.2B | — | 13.6% |
| FY2021 | $85.2B | $2.7B | $4.79 | $5.4B | — | 9.2% |
| FY2020 | $64.4B | $1.8B | $3.15 | -$3.2B | — | 6.5% |
| FY2019 | $64.7B | $1.4B | $2.44 | -$6.3B | — | 5.3% |
| FY2018 | $64.3B | $1.8B | $3.19 | -$5.6B | — | 7.3% |
| FY2017 | $60.8B | $1.6B | $2.79 | $1.2B | — | 6.7% |
| FY2016 | $62.3B | $1.3B | $2.16 | $593.0M | — | 5.5% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
ADMIRAL GROUP PLC is facing top-line stagnation, with revenue contracting over the decade.
ADMIRAL GROUP PLC has historically struggled to out-earn its cost of capital, averaging just 7.4% ROIC.
Over the decade, ADMIRAL GROUP PLC shows that management has aggressively returned capital to shareholders by retiring 18.1% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, ADMIRAL GROUP PLC is modeled at 0.3% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $17.70 per share.