Endava PLC (DAVA) intrinsic value & 10-year financials
Endava PLC (DAVA) has a Graham intrinsic value of £3.04 per share. Over the last 10 fiscal years revenue grew 23.5% a year to £772.3M, with an average return on invested capital of 25.6%.
- Graham intrinsic value
- £3.04
- Revenue (FY2025)
- £772.3M
- Revenue growth (10-yr CAGR)
- 23.5%
- ROIC (10-yr avg)
- 25.6%
- Free cash flow (FY2025)
- —
DAVA 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | £772.3M | £21.2M | £0.36 | — | 4.1% | 3.9% |
| FY2024 | £740.8M | £17.1M | £0.29 | — | 2.7% | 2.3% |
| FY2023 | £794.7M | £94.2M | £1.62 | — | 14.2% | 27.5% |
| FY2022 | £654.8M | £83.1M | £1.43 | — | 14.6% | 30.9% |
| FY2021 | £446.3M | £43.4M | £0.76 | — | 14.2% | 27.8% |
| FY2020 | £350.9M | £21.4M | £0.38 | — | 6.2% | 16.0% |
| FY2019 | £287.9M | £24.0M | £0.44 | — | 11.5% | 30.9% |
| FY2018 | £217.6M | £19.0M | £0.38 | — | 11.7% | 30.4% |
| FY2017 | £159.4M | £16.8M | £0.34 | — | 14.5% | 32.7% |
| FY2016 | £115.4M | £16.7M | £0.34 | — | 17.3% | 53.7% |
Source: annual 10-K filings on SEC EDGAR. Figures in GBP.
Executive summary
Endava plc is a consistent compounder, expanding top-line revenue at 23.5% annually over the past decade.
Endava plc has earned high returns on invested capital, averaging 22.5% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Endava plc 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, Endava plc is modeled at 0.6% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $3.04 per share.