Adtran Holdings, Inc. (ADTN) intrinsic value & 10-year financials
Adtran Holdings, Inc. (ADTN) has a Graham intrinsic value of $0.89 per share. At $6.31 on Oct 17, 2026, the stock trades 609% above that value. Over the last 10 fiscal years revenue grew 6.1% a year to $1.1B, with an average return on invested capital of -19.6%.
- Graham intrinsic value
- $0.89
- Share price (Oct 17, 2026)
- $6.31
- Price vs Graham value
- 609% above
- Market cap
- $503.2M
- Revenue (FY2025)
- $1.1B
- Revenue growth (10-yr CAGR)
- 6.1%
- ROIC (10-yr avg)
- -19.6%
- Free cash flow (FY2025)
- $98.0M
ADTN 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $1.1B | -$45.7M | -$0.52 | $98.0M | -1.4% | -19.5% |
| FY2024 | $922.7M | -$450.9M | -$5.67 | $70.6M | -45.2% | -134.4% |
| FY2023 | $1.1B | -$267.7M | -$3.41 | -$88.7M | -19.3% | -24.9% |
| FY2022 | $1.0B | -$2.0M | -$0.03 | -$61.3M | -7.1% | -4.7% |
| FY2021 | $563.0M | -$8.6M | -$0.18 | -$2.7M | -2.6% | -4.7% |
| FY2020 | $506.5M | $2.4M | $0.05 | -$22.9M | -1.9% | -1.4% |
| FY2019 | $530.1M | -$53.0M | -$1.11 | -$12.0M | -7.5% | -11.0% |
| FY2018 | $529.3M | -$19.3M | -$0.40 | $47.3M | -8.6% | -6.6% |
| FY2017 | $666.9M | $23.8M | $0.49 | -$57.1M | 5.7% | 4.7% |
| FY2016 | $636.8M | $35.2M | $0.72 | $20.6M | 5.5% | 6.1% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
ADTRAN Holdings, Inc. has demonstrated mature, steady growth, with revenue compounding at 6.1% annually over the past decade.
ADTRAN Holdings, Inc. has historically struggled to out-earn its cost of capital, averaging just -19.6% ROIC.
ADTRAN Holdings, Inc. has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, ADTRAN Holdings, Inc. is modeled at 6.1% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $0.89 per share.