Financial Institutions Inc. (FISI) intrinsic value & 10-year financials
Financial Institutions Inc. (FISI) has a Graham intrinsic value of $65.09 per share. At $39.31 on Oct 17, 2026, the stock trades 40% below that value. Over the last 10 fiscal years revenue grew 9.4% a year to $11.7M, with an average return on invested capital of 5.9%.
- Graham intrinsic value
- $65.09
- Share price (Oct 17, 2026)
- $39.31
- Price vs Graham value
- 40% below
- Market cap
- $798.7M
- Revenue (FY2025)
- $11.7M
- Revenue growth (10-yr CAGR)
- 9.4%
- ROIC (10-yr avg)
- 5.9%
- Free cash flow (FY2025)
- $13.3M
FISI 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $11.7M | $74.9M | $3.61 | $13.3M | — | 9.8% |
| FY2024 | $10.7M | -$41.6M | -$2.75 | $72.2M | — | -6.2% |
| FY2023 | $11.0M | $50.3M | $3.15 | $7.9M | — | 7.7% |
| FY2022 | $11.5M | $56.6M | $3.56 | $125.2M | — | 8.8% |
| FY2021 | $11.7M | $77.7M | $4.78 | $63.6M | — | 13.5% |
| FY2020 | $9.5M | $38.3M | $2.30 | $39.2M | — | 5.9% |
| FY2019 | $9.2M | $48.9M | $2.96 | $54.1M | — | 5.9% |
| FY2018 | $8.1M | $39.5M | $2.39 | $62.3M | — | 4.5% |
| FY2017 | $6.1M | $33.5M | $2.13 | $38.5M | — | 4.3% |
| FY2016 | $5.2M | $31.9M | $2.10 | $39.1M | — | 4.7% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
FINANCIAL INSTITUTIONS INC is a consistent compounder, expanding top-line revenue at 9.4% annually over the past decade.
FINANCIAL INSTITUTIONS INC has historically struggled to out-earn its cost of capital, averaging just 5.9% ROIC.
FINANCIAL INSTITUTIONS 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, FINANCIAL INSTITUTIONS INC is modeled at 6.2% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $65.09 per share.