Extreme Networks Inc. (EXTR) intrinsic value & 10-year financials
Extreme Networks Inc. (EXTR) has a Graham intrinsic value of $13.38 per share. At $21.73 on Oct 17, 2026, the stock trades 62% above that value. Over the last 10 fiscal years revenue grew 9.1% a year to $1.1B, with an average return on invested capital of -10.1%.
- Graham intrinsic value
- $13.38
- Share price (Oct 17, 2026)
- $21.73
- Price vs Graham value
- 62% above
- Market cap
- $2.9B
- Revenue (FY2025)
- $1.1B
- Revenue growth (10-yr CAGR)
- 9.1%
- ROIC (10-yr avg)
- -10.1%
- Free cash flow (FY2025)
- $127.3M
EXTR 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $1.1B | -$7.5M | -$0.06 | $127.3M | 1.5% | 11.8% |
| FY2024 | $1.1B | -$86.0M | -$0.66 | $37.4M | -5.8% | -55.9% |
| FY2023 | $1.3B | $78.1M | $0.58 | $235.4M | 8.3% | 48.7% |
| FY2022 | $1.1B | $44.3M | $0.33 | $112.7M | 5.8% | 26.4% |
| FY2021 | $1.0B | $1.9M | $0.02 | $127.4M | 3.4% | 7.6% |
| FY2020 | $948.0M | -$126.8M | -$1.06 | $20.6M | -10.4% | -49.7% |
| FY2019 | $995.8M | -$25.9M | -$0.22 | $82.2M | -1.5% | -9.4% |
| FY2018 | $983.1M | -$46.8M | -$0.41 | -$21.4M | -3.9% | -29.6% |
| FY2017 | $607.1M | -$8.5M | -$0.08 | $48.9M | -0.1% | -1.2% |
| FY2016 | $519.8M | -$31.9M | -$0.31 | $25.0M | -4.9% | -49.5% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
EXTREME NETWORKS INC is a consistent compounder, expanding top-line revenue at 9.1% annually over the past decade.
EXTREME NETWORKS INC has historically struggled to out-earn its cost of capital, averaging just -10.1% ROIC.
EXTREME NETWORKS 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, EXTREME NETWORKS INC is modeled at 9.1% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $13.38 per share.