Dolby Laboratories, Inc. (DLB) intrinsic value & 10-year financials
Dolby Laboratories, Inc. (DLB) has a Graham intrinsic value of $38.20 per share. At $59.95 on Oct 17, 2026, the stock trades 57% above that value. Over the last 10 fiscal years revenue grew 3.1% a year to $1.3B, with an average return on invested capital of 12.2%.
- Graham intrinsic value
- $38.20
- Share price (Oct 17, 2026)
- $59.95
- Price vs Graham value
- 57% above
- Market cap
- $5.8B
- Revenue (FY2025)
- $1.3B
- Revenue growth (10-yr CAGR)
- 3.1%
- ROIC (10-yr avg)
- 12.2%
- Free cash flow (FY2025)
- $435.9M
DLB 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $1.3B | $255.0M | $2.62 | $435.9M | 19.6% | 11.2% |
| FY2024 | $1.3B | $261.8M | $2.69 | $297.2M | 20.3% | 11.9% |
| FY2023 | $1.3B | $200.7M | $2.05 | $336.7M | 16.6% | 10.5% |
| FY2022 | $1.3B | $184.1M | $1.81 | $270.6M | 16.5% | 11.4% |
| FY2021 | $1.3B | $310.2M | $2.97 | $393.3M | 26.9% | 21.6% |
| FY2020 | $1.2B | $231.4M | $2.25 | $277.5M | 18.8% | 14.4% |
| FY2019 | $1.2B | $255.2M | $2.44 | $231.4M | 20.7% | 15.4% |
| FY2018 | $1.1B | $122.2M | $1.14 | $279.4M | 28.4% | 6.9% |
| FY2017 | $1.1B | $201.8M | $1.95 | $271.4M | 23.0% | 9.5% |
| FY2016 | $1.0B | $185.9M | $1.81 | $256.1M | 22.6% | 9.3% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Dolby Laboratories, Inc. has demonstrated mature, steady growth, with revenue compounding at 3.1% annually over the past decade.
Dolby Laboratories, Inc. returns on capital have been average, hovering around 13.8% ROIC over the decade.
Dolby Laboratories, 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, Dolby Laboratories, Inc. is modeled at 4.2% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $38.20 per share.