Estee Lauder Companies Inc. (EL) intrinsic value & 10-year financials
Estee Lauder Companies Inc. (EL) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 10 fiscal years revenue grew 2.7% a year to $15.0B, with an average return on invested capital of 18.0%.
- Graham intrinsic value
- —
- Share price (Oct 17, 2026)
- $104.54
- Market cap
- $38.1B
- Revenue (FY2026)
- $15.0B
- Revenue growth (10-yr CAGR)
- 2.7%
- ROIC (10-yr avg)
- 18.0%
- Free cash flow (FY2026)
- $1.3B
EL 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2026 | $15.0B | $182.0M | $0.50 | $1.3B | 5.2% | 5.1% |
| FY2025 | $14.3B | -$1.1B | -$3.15 | $670.0M | -5.5% | -9.0% |
| FY2024 | $15.6B | $409.0M | $1.08 | $1.4B | 6.2% | 5.8% |
| FY2023 | $15.9B | $1.0B | $2.79 | $728.0M | 9.5% | 14.1% |
| FY2022 | $17.7B | $2.4B | $6.55 | $2.0B | 17.9% | 37.5% |
| FY2021 | $16.2B | $2.9B | $7.79 | $3.0B | 16.1% | 43.2% |
| FY2020 | $14.3B | $684.0M | $1.86 | $1.7B | 4.2% | 9.9% |
| FY2019 | $14.9B | $1.8B | $4.82 | $1.8B | 15.6% | 35.4% |
| FY2018 | $13.7B | $1.1B | $2.95 | $1.9B | 15.0% | 18.5% |
| FY2017 | $11.8B | $1.2B | $3.35 | $1.3B | 14.3% | 19.8% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Estée Lauder Companies (The) has demonstrated mature, steady growth, with revenue compounding at 2.7% annually over the past decade.
Estée Lauder Companies (The) has earned high returns on invested capital, averaging 18.0% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Estée Lauder Companies (The) 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, Estée Lauder Companies (The) is modeled at -19.1% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $-12.77 per share.