Chemed Corp. (CHE) intrinsic value & 10-year financials
Chemed Corp. (CHE) has a Graham intrinsic value of $387.66 per share. At $512.38 on Oct 17, 2026, the stock trades 32% above that value. Over the last 10 fiscal years revenue grew 5.4% a year to $2.5B, with an average return on invested capital of 26.9%.
- Graham intrinsic value
- $387.66
- Share price (Oct 17, 2026)
- $512.38
- Price vs Graham value
- 32% above
- Market cap
- $7.4B
- Revenue (FY2025)
- $2.5B
- Revenue growth (10-yr CAGR)
- 5.4%
- ROIC (10-yr avg)
- 26.9%
- Free cash flow (FY2025)
- $325.5M
CHE 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $2.5B | $265.2M | $18.34 | $325.5M | 13.4% | 24.6% |
| FY2024 | $1.5B | $302.0M | $19.89 | $368.0M | 23.9% | 27.9% |
| FY2023 | $1.3B | $272.5M | $17.93 | $273.4M | 25.9% | 28.2% |
| FY2022 | $1.2B | $249.6M | $16.53 | $252.6M | 28.6% | 28.8% |
| FY2021 | $1.3B | $268.6M | $16.85 | $249.9M | 27.2% | 30.7% |
| FY2020 | $1.3B | $319.5M | $19.48 | $430.5M | 29.2% | 36.2% |
| FY2019 | $1.3B | $219.9M | $13.31 | $248.2M | 20.1% | 27.5% |
| FY2018 | $1.2B | $205.5M | $12.23 | $234.3M | 20.3% | 32.0% |
| FY2017 | $1.7B | $98.2M | $5.86 | $98.2M | 6.8% | 15.2% |
| FY2016 | $1.6B | $108.7M | $6.48 | $95.6M | 11.3% | 17.8% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
CHEMED CORP has demonstrated mature, steady growth, with revenue compounding at 5.4% annually over the past decade.
CHEMED CORP has earned high returns on invested capital, averaging 26.9% 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, CHEMED CORP shows that management has aggressively returned capital to shareholders by retiring 13.9% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, CHEMED CORP is modeled at 8.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $387.66 per share.