Embraer S.A. (EMBJ) intrinsic value & 10-year financials
Embraer S.A. (EMBJ) has a Graham intrinsic value of $10.15 per share. Over the last 10 fiscal years revenue grew 2.2% a year to $7.6B, with an average return on invested capital of 4.1%.
- Graham intrinsic value
- $10.15
- Revenue (FY2025)
- $7.6B
- Revenue growth (10-yr CAGR)
- 2.2%
- ROIC (10-yr avg)
- 4.1%
- Free cash flow (FY2025)
- $682.8M
EMBJ 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $7.6B | $359.0M | $0.48 | $682.8M | 8.0% | 17.0% |
| FY2024 | $6.4B | $354.6M | $0.48 | $670.8M | 10.4% | 13.3% |
| FY2023 | $5.3B | $164.3M | $0.00 | $378.3M | 6.0% | 10.7% |
| FY2022 | $4.5B | -$203.5M | -$0.00 | $615.1M | -2.4% | -3.9% |
| FY2021 | $4.2B | -$43.5M | -$0.00 | $413.6M | 4.8% | 9.4% |
| FY2020 | $3.8B | -$728.3M | -$0.00 | -$1.4B | -8.6% | -16.8% |
| FY2019 | $2.6B | -$316.5M | -$0.00 | $609.3M | -6.2% | -5.6% |
| FY2018 | $5.1B | -$171.2M | -$0.00 | $953.3M | 0.7% | 1.1% |
| FY2017 | $5.8B | $262.8M | $0.00 | $519.6M | 5.6% | 9.5% |
| FY2016 | $6.2B | $167.8M | $0.00 | -$413.0M | 3.3% | 6.7% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
EMBRAER S.A. has demonstrated mature, steady growth, with revenue compounding at 2.2% annually over the past decade.
EMBRAER S.A. has historically struggled to out-earn its cost of capital, averaging just 0.7% ROIC.
Over the decade, EMBRAER S.A. shows that management has aggressively returned capital to shareholders by retiring 99.9% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, EMBRAER S.A. is modeled at 8.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $10.15 per share.