Cheetah Mobile Inc. (CMCM) intrinsic value & 10-year financials
Cheetah Mobile Inc. (CMCM) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 10 fiscal years revenue shrank 14.2% a year to $1.2B, with an average return on invested capital of -40.5%.
- Graham intrinsic value
- —
- Revenue (FY2025)
- $1.2B
- Revenue growth (10-yr CAGR)
- -14.2%
- ROIC (10-yr avg)
- -40.5%
- Free cash flow (FY2025)
- —
CMCM 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $1.2B | -$257.7M | — | — | -15.6% | -191.1% |
| FY2024 | $806.9M | -$617.6M | -$0.42 | — | -54.2% | -163.8% |
| FY2023 | $669.5M | -$602.9M | -$0.41 | — | -31.3% | -19.6% |
| FY2022 | $884.1M | -$513.5M | -$0.36 | — | -25.5% | -13.2% |
| FY2021 | $784.6M | -$351.1M | -$0.25 | — | -29.3% | -11.0% |
| FY2020 | $1.6B | $416.7M | $0.29 | — | -34.2% | -13.2% |
| FY2019 | $3.6B | -$314.0M | -$0.25 | — | -31.0% | -27.3% |
| FY2018 | $5.0B | $1.2B | $0.78 | — | 9.4% | 8.7% |
| FY2017 | $5.0B | $1.3B | $0.94 | $606.2M | 9.0% | 26.4% |
| FY2016 | $4.6B | -$80.5M | -$0.06 | $319.4M | -0.3% | -0.7% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Cheetah Mobile Inc. is facing top-line stagnation, with revenue contracting over the decade.
Cheetah Mobile Inc. has historically struggled to out-earn its cost of capital, averaging just -6.9% ROIC.
Cheetah Mobile 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, Cheetah Mobile Inc. is modeled at -14.2% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $-4.91 per share.