Alibaba Group Holding Ltd. (BABA) intrinsic value & 10-year financials
Alibaba Group Holding Ltd. (BABA) has a Graham intrinsic value of $146.34 per share. Over the last 10 fiscal years revenue grew 23.1% a year to $1.0T, with an average return on invested capital of 14.5%.
- Graham intrinsic value
- $146.34
- Revenue (FY2026)
- $1.0T
- Revenue growth (10-yr CAGR)
- 23.1%
- ROIC (10-yr avg)
- 14.5%
- Free cash flow (FY2026)
- —
BABA 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2026 | $1.0T | $103.6B | $5.50 | — | 4.9% | 4.3% |
| FY2025 | $996.3B | $130.1B | $6.70 | — | 14.1% | 13.5% |
| FY2024 | $941.2B | $80.0B | $3.91 | — | 12.0% | 11.1% |
| FY2023 | $868.7B | $72.8B | $3.43 | — | 11.6% | 10.2% |
| FY2022 | $853.1B | $62.2B | $2.84 | — | 8.2% | 6.8% |
| FY2021 | $717.3B | $150.6B | $6.84 | — | 12.5% | 13.8% |
| FY2020 | $509.7B | $149.4B | $6.99 | $155.9B | 17.9% | 21.3% |
| FY2019 | $376.8B | $87.9B | $4.17 | $118.6B | 15.1% | 19.9% |
| FY2018 | $250.3B | $64.1B | $3.06 | $109.6B | 27.7% | 31.3% |
| FY2017 | $158.3B | $43.7B | $2.12 | $74.6B | 30.4% | 13.1% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Alibaba Group Holding Ltd is a consistent compounder, expanding top-line revenue at 23.1% annually over the past decade.
Alibaba Group Holding Ltd returns on capital have been average, hovering around 14.5% ROIC over the decade.
Alibaba Group Holding Ltd 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, Alibaba Group Holding Ltd is modeled at 11.2% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $146.34 per share.