Baidu, Inc. (BIDU) intrinsic value & 10-year financials
Baidu, Inc. (BIDU) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 10 fiscal years revenue grew 6.9% a year to $18.5B, with an average return on invested capital of 5.5%.
- Graham intrinsic value
- —
- Share price (Oct 22, 2026)
- $77.98
- Revenue (FY2025)
- $18.5B
- Revenue growth (10-yr CAGR)
- 6.9%
- ROIC (10-yr avg)
- 5.5%
- Free cash flow (FY2025)
- -$2.2B
BIDU 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $18.5B | $799.0M | — | -$2.2B | -4.5% | -1.7% |
| FY2024 | $18.2B | $3.3B | — | $1.8B | 16.0% | 6.5% |
| FY2023 | $19.0B | $2.9B | — | $3.6B | 16.2% | 7.4% |
| FY2022 | $17.9B | $1.1B | — | $2.6B | 12.9% | 4.9% |
| FY2021 | $19.5B | $1.6B | — | $1.4B | 8.5% | 3.7% |
| FY2020 | $16.4B | $3.4B | — | $2.9B | 13.4% | 6.5% |
| FY2019 | $15.4B | $296.0M | — | $3.2B | 5.9% | 1.8% |
| FY2018 | $14.9B | $4.0B | — | $4.0B | 15.2% | 7.9% |
| FY2017 | $13.0B | $2.8B | — | $4.3B | 18.5% | 10.8% |
| FY2016 | $10.2B | $1.7B | — | $2.6B | 14.2% | 7.0% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Baidu, Inc. has demonstrated mature, steady growth, with revenue compounding at 6.9% annually over the past decade.
Baidu, Inc. has historically struggled to out-earn its cost of capital, averaging just 5.5% ROIC.
Baidu, 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, Baidu, Inc. is modeled at 6.9% normalized earnings growth with a 5.1% bond-yield adjustment.