Ford Motor Co. (F) intrinsic value & 10-year financials
Ford Motor Co. (F) has a Graham intrinsic value of $16.65 per share. At $12.43 on Oct 17, 2026, the stock trades 25% below that value. Over the last 10 fiscal years revenue grew 2.4% a year to $187.3B, with an average return on invested capital of 3.0%.
- Graham intrinsic value
- $16.65
- Share price (Oct 17, 2026)
- $12.43
- Price vs Graham value
- 25% below
- Market cap
- $49.5B
- Revenue (FY2025)
- $187.3B
- Revenue growth (10-yr CAGR)
- 2.4%
- ROIC (10-yr avg)
- 3.0%
- Free cash flow (FY2025)
- $12.5B
F 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $187.3B | -$8.2B | -$2.06 | $12.5B | -4.9% | -32.0% |
| FY2024 | $185.0B | $5.9B | $1.46 | $6.7B | 2.8% | 19.5% |
| FY2023 | $176.2B | $4.3B | $1.08 | $6.7B | 3.1% | 28.3% |
| FY2022 | $158.1B | -$2.0B | -$0.49 | -$13.0M | 4.0% | 18.1% |
| FY2021 | $136.3B | $17.9B | $4.45 | $9.6B | 3.3% | 25.9% |
| FY2020 | $127.1B | -$1.3B | -$0.32 | $18.5B | -3.5% | -39.7% |
| FY2019 | $155.9B | $84.0M | $0.01 | $10.0B | 0.4% | 1.6% |
| FY2018 | $160.3B | $3.7B | $0.92 | $7.2B | 2.0% | 2.9% |
| FY2017 | $156.8B | $7.6B | $1.90 | $11.0B | 3.1% | 2.8% |
| FY2016 | $151.8B | $4.6B | $1.15 | $12.8B | — | 2.9% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Ford Motor Company has demonstrated mature, steady growth, with revenue compounding at 2.4% annually over the past decade.
Ford Motor Company has historically struggled to out-earn its cost of capital, averaging just 3.0% ROIC.
Ford Motor Company 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, Ford Motor Company is modeled at 2.4% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $16.65 per share.