Bread Financial HOLDINGS, Inc. (BFH) intrinsic value & 10-year financials
Bread Financial HOLDINGS, Inc. (BFH) has a Graham intrinsic value of $164.04 per share. At $102.56 on Oct 17, 2026, the stock trades 37% below that value. Over the last 10 fiscal years revenue shrank 6.6% a year to $3.8B, with an average return on invested capital of 22.4%.
- Graham intrinsic value
- $164.04
- Share price (Oct 17, 2026)
- $102.56
- Price vs Graham value
- 37% below
- Market cap
- $4.9B
- Revenue (FY2025)
- $3.8B
- Revenue growth (10-yr CAGR)
- -6.6%
- ROIC (10-yr avg)
- 22.4%
- Free cash flow (FY2025)
- —
BFH 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $3.8B | $518.0M | $10.89 | — | — | 11.6% |
| FY2024 | $3.8B | $277.0M | $5.49 | — | — | 5.8% |
| FY2023 | $4.3B | $718.0M | $14.34 | — | — | 13.1% |
| FY2022 | $3.8B | $223.0M | $4.46 | $1.8B | — | 3.5% |
| FY2021 | $3.3B | $801.0M | $16.02 | $1.5B | — | 20.0% |
| FY2020 | $577.2M | $213.7M | $4.46 | $1.8B | 153.9% | 51.0% |
| FY2019 | $840.2M | $278.0M | $5.46 | $1.1B | 155.6% | 33.4% |
| FY2018 | $3.1B | $963.1M | $17.49 | $2.6B | 61.4% | 38.9% |
| FY2017 | $7.7B | $788.7M | $14.10 | $2.4B | 21.3% | 29.3% |
| FY2016 | $7.1B | $517.6M | $7.34 | $1.9B | 17.7% | 17.1% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
BREAD FINANCIAL HOLDINGS, INC. is facing top-line stagnation, with revenue contracting over the decade.
BREAD FINANCIAL HOLDINGS, INC. has earned high returns on invested capital, averaging 22.3% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Over the decade, BREAD FINANCIAL HOLDINGS, INC. shows that management has aggressively returned capital to shareholders by retiring 19.2% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, BREAD FINANCIAL HOLDINGS, INC. is modeled at 4.5% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $164.04 per share.