Barnes & Noble Education, Inc. (BNED) intrinsic value & 10-year financials
Barnes & Noble Education, Inc. (BNED) has a Graham intrinsic value of $0.04 per share. At $12.95 on Oct 17, 2026, the stock trades 32275% above that value. Over the last 10 fiscal years revenue shrank 2.3% a year to $1.5B, with an average return on invested capital of -8.8%.
- Graham intrinsic value
- $0.04
- Share price (Oct 17, 2026)
- $12.95
- Price vs Graham value
- 32275% above
- Market cap
- $340.6M
- Revenue (FY2025)
- $1.5B
- Revenue growth (10-yr CAGR)
- -2.3%
- ROIC (10-yr avg)
- -8.8%
- Free cash flow (FY2025)
- -$98.3M
BNED 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $1.5B | -$65.8M | -$2.50 | -$98.3M | 1.1% | 3.6% |
| FY2024 | $1.4B | -$63.2M | -$2.38 | -$19.2M | -1.5% | -5.0% |
| FY2023 | $1.5B | -$101.9M | -$0.19 | $66.6M | -4.3% | -11.6% |
| FY2022 | $1.5B | -$68.9M | -$0.13 | -$41.5M | -4.4% | -10.1% |
| FY2021 | $1.4B | -$131.8M | -$0.27 | -$4.3M | -12.3% | -21.0% |
| FY2020 | $1.9B | -$38.2M | -$0.08 | -$52.3M | -2.3% | -5.4% |
| FY2019 | $2.0B | -$24.4M | -$0.05 | $74.4M | -1.4% | -3.3% |
| FY2018 | $2.2B | -$252.6M | -$0.54 | $17.2M | -11.9% | -36.1% |
| FY2017 | $1.9B | $5.4M | $0.01 | $33.3M | 0.7% | 1.0% |
| FY2016 | $1.8B | $84.0K | $0.00 | $32.0M | 0.3% | 0.3% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Barnes & Noble Education, Inc. is facing top-line stagnation, with revenue contracting over the decade.
Barnes & Noble Education, Inc. has historically struggled to out-earn its cost of capital, averaging just -8.8% ROIC.
Over the decade, Barnes & Noble Education, Inc. shows that management has aggressively returned capital to shareholders by retiring 94.3% of outstanding shares, and that the company has leveraged its balance sheet to sustain operations.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Barnes & Noble Education, Inc. is modeled at -2.3% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $0.04 per share.