Comtech Telecommunications Corp. /DE/ (CMTL) intrinsic value & 10-year financials
Comtech Telecommunications Corp. /DE/ (CMTL) has a Graham intrinsic value of $3.11 per share. At $1.39 on Oct 17, 2026, the stock trades 55% below that value. Over the last 10 fiscal years revenue grew 2.2% a year to $499.5M, with an average return on invested capital of -6.2%.
- Graham intrinsic value
- $3.11
- Share price (Oct 17, 2026)
- $1.39
- Price vs Graham value
- 55% below
- Market cap
- $40.9M
- Revenue (FY2025)
- $499.5M
- Revenue growth (10-yr CAGR)
- 2.2%
- ROIC (10-yr avg)
- -6.2%
- Free cash flow (FY2025)
- -$16.9M
CMTL 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $499.5M | -$155.3M | -$6.95 | -$16.9M | -27.8% | -48.2% |
| FY2024 | $540.4M | -$100.0M | -$4.70 | -$67.6M | -14.8% | -14.4% |
| FY2023 | $550.0M | -$26.9M | -$1.21 | -$22.7M | -2.7% | -2.1% |
| FY2022 | $486.2M | -$33.1M | -$1.63 | -$17.6M | -6.9% | -4.5% |
| FY2021 | $581.7M | -$73.5M | -$2.86 | -$56.7M | -11.7% | -9.7% |
| FY2020 | $616.7M | $7.0M | $0.28 | $45.5M | 2.5% | 1.7% |
| FY2019 | $671.8M | $25.0M | $1.03 | $59.2M | 6.2% | 5.6% |
| FY2018 | $570.6M | $29.8M | $1.24 | $41.7M | 6.1% | 5.6% |
| FY2017 | $550.4M | $15.8M | $0.67 | $58.5M | 6.7% | 3.6% |
| FY2016 | $411.0M | -$7.7M | -$0.46 | $9.3M | -0.1% | -0.1% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
COMTECH TELECOMMUNICATIONS CORP /DE/ has demonstrated mature, steady growth, with revenue compounding at 2.2% annually over the past decade.
COMTECH TELECOMMUNICATIONS CORP /DE/ has historically struggled to out-earn its cost of capital, averaging just -6.3% ROIC.
COMTECH TELECOMMUNICATIONS CORP /DE/ 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, COMTECH TELECOMMUNICATIONS CORP /DE/ is modeled at 2.2% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $3.11 per share.