Emerald Holding, Inc. (EEX) intrinsic value & 10-year financials
Emerald Holding, Inc. (EEX) has a Graham intrinsic value of $6.60 per share. Over the last 10 fiscal years revenue grew 4.1% a year to $463.4M, with an average return on invested capital of -18.9%.
- Graham intrinsic value
- $6.60
- Revenue (FY2025)
- $463.4M
- Revenue growth (10-yr CAGR)
- 4.1%
- ROIC (10-yr avg)
- -18.9%
- Free cash flow (FY2025)
- $41.4M
EEX 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $463.4M | -$30.7M | -$0.15 | $41.4M | 4.9% | 10.3% |
| FY2024 | $398.8M | $2.2M | -$0.07 | $45.5M | 11.7% | -51.3% |
| FY2023 | $382.8M | -$8.2M | -$0.78 | $39.7M | 9.1% | -12.6% |
| FY2022 | $325.9M | $130.8M | $0.46 | $173.3M | 55.2% | -49.7% |
| FY2021 | $145.5M | -$78.1M | -$1.59 | $88.5M | -43.4% | 55.2% |
| FY2020 | $127.4M | -$633.6M | -$9.07 | -$38.0M | -526.4% | -162.0% |
| FY2019 | $360.9M | -$50.0M | -$0.70 | $66.2M | -6.8% | -3.5% |
| FY2018 | $380.7M | -$25.1M | -$0.34 | $103.1M | -1.1% | -0.4% |
| FY2017 | $341.7M | $81.8M | $1.13 | $109.9M | 25.8% | 13.7% |
| FY2016 | $323.7M | $22.2M | $0.35 | $90.6M | 31.0% | 11.7% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Emerald Holding, Inc. has demonstrated mature, steady growth, with revenue compounding at 4.1% annually over the past decade.
Emerald Holding, Inc. has historically struggled to out-earn its cost of capital, averaging just -2.8% ROIC.
Emerald Holding, 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, Emerald Holding, Inc. is modeled at 4.1% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $6.60 per share.