Capital One Financial Corp. (COF) intrinsic value & 10-year financials
Capital One Financial Corp. (COF) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 10 fiscal years revenue shrank 12.0% a year to $8.1B, with an average return on invested capital of 6.8%.
- Graham intrinsic value
- —
- Share price (Oct 17, 2026)
- $201.74
- Market cap
- $109.2B
- Revenue (FY2025)
- $8.1B
- Revenue growth (10-yr CAGR)
- -12.0%
- ROIC (10-yr avg)
- 6.8%
- Free cash flow (FY2025)
- $26.1B
COF 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $8.1B | $2.5B | $4.03 | $26.1B | — | 3.0% |
| FY2024 | $5.9B | $4.8B | $11.59 | $17.0B | — | 7.6% |
| FY2023 | $5.6B | $4.9B | $11.95 | $19.6B | — | 7.4% |
| FY2022 | $5.4B | $7.4B | $17.91 | $12.9B | — | 9.8% |
| FY2021 | $4.8B | $12.4B | $26.94 | $11.6B | — | 17.6% |
| FY2020 | $3.7B | $2.7B | $5.18 | $16.0B | — | 3.6% |
| FY2019 | $3.8B | $5.5B | $11.05 | $15.8B | — | 6.2% |
| FY2018 | $3.4B | $6.0B | $11.82 | $12.1B | — | 6.6% |
| FY2017 | $27.2B | $2.0B | $3.49 | $13.2B | — | 2.1% |
| FY2016 | $25.5B | $3.8B | $6.89 | $11.1B | — | 4.0% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Capital One is facing top-line stagnation, with revenue contracting over the decade.
Capital One has historically struggled to out-earn its cost of capital, averaging just 6.8% ROIC.
Capital One 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, Capital One is modeled at -5.8% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $-10.64 per share.