Cnh Industrial N.V. (CNH) intrinsic value & 10-year financials
Cnh Industrial N.V. (CNH) has a Graham intrinsic value of $8.67 per share. At $11.60 on Oct 17, 2026, the stock trades 34% above that value. Over the last 10 fiscal years revenue shrank 4.5% a year to $15.3B, with an average return on invested capital of 4.5%.
- Graham intrinsic value
- $8.67
- Share price (Oct 17, 2026)
- $11.60
- Price vs Graham value
- 34% above
- Market cap
- $14.5B
- Revenue (FY2025)
- $15.3B
- Revenue growth (10-yr CAGR)
- -4.5%
- ROIC (10-yr avg)
- 4.5%
- Free cash flow (FY2025)
- —
CNH 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $15.3B | $510.0M | $0.41 | — | — | 1.6% |
| FY2024 | $17.1B | $1.2B | $0.99 | — | — | 4.0% |
| FY2023 | $22.1B | $2.4B | $1.76 | — | — | 8.4% |
| FY2022 | $21.5B | $2.0B | $1.49 | — | — | 8.6% |
| FY2021 | $31.6B | $1.7B | $1.27 | — | — | 7.8% |
| FY2020 | $24.3B | -$493.0M | -$0.36 | — | — | -2.0% |
| FY2019 | $26.1B | $1.4B | $1.05 | — | — | 5.6% |
| FY2018 | $27.8B | $1.1B | $0.78 | — | — | 4.3% |
| FY2017 | $25.8B | $295.0M | $0.22 | — | 6.4% | 3.4% |
| FY2016 | $23.2B | -$252.0M | -$0.18 | $634.0M | 6.2% | 2.9% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
CNH Industrial N.V. is facing top-line stagnation, with revenue contracting over the decade.
CNH Industrial N.V. has historically struggled to out-earn its cost of capital, averaging just 4.5% ROIC.
CNH Industrial N.V. 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, CNH Industrial N.V. is modeled at 8.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $8.67 per share.