Citigroup Inc. (C) intrinsic value & 10-year financials
Citigroup Inc. (C) has a Graham intrinsic value of $105.05 per share. At $121.69 on Oct 20, 2026, the stock trades 16% above that value. Over the last 10 fiscal years revenue grew 2.2% a year to $85.2B, with an average return on invested capital of 6.4%.
- Graham intrinsic value
- $105.05
- Share price (Oct 20, 2026)
- $121.69
- Price vs Graham value
- 16% above
- Market cap
- $227.9B
- Revenue (FY2025)
- $85.2B
- Revenue growth (10-yr CAGR)
- 2.2%
- ROIC (10-yr avg)
- 6.4%
- Free cash flow (FY2025)
- -$74.2B
C 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $85.2B | $14.3B | $6.99 | -$74.2B | — | — |
| FY2024 | $81.1B | $12.7B | $5.94 | -$26.2B | — | — |
| FY2023 | $78.5B | $9.2B | $4.04 | -$80.0B | — | — |
| FY2022 | $75.3B | $14.8B | $7.00 | $19.4B | — | — |
| FY2021 | $71.9B | $22.0B | $10.14 | $57.1B | — | — |
| FY2020 | $74.3B | $11.0B | $4.72 | -$24.1B | — | — |
| FY2019 | $74.3B | $19.4B | $8.04 | -$18.2B | — | — |
| FY2018 | $72.9B | $18.0B | $6.68 | $33.2B | — | — |
| FY2017 | $71.4B | -$6.8B | -$2.98 | -$11.9B | — | — |
| FY2016 | $69.9B | $14.9B | $4.72 | $51.2B | — | — |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Citigroup has demonstrated mature, steady growth, with revenue compounding at 2.2% annually over the past decade.
Citigroup is evaluated as a financial franchise, with average ROE near 6.4% over the available history. Bank and fintech returns are not comparable to industrial ROIC and can be amplified by leverage; they do not by themselves prove an economic moat.
Over the decade, Citigroup shows that management has aggressively returned capital to shareholders by retiring 35.1% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Citigroup is modeled at 4.5% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $105.05 per share.