Five BELOW, Inc. (FIVE) intrinsic value & 10-year financials
Five BELOW, Inc. (FIVE) has a Graham intrinsic value of $214.91 per share. At $222.72 on Oct 17, 2026, the stock trades 4% above that value. Over the last 10 fiscal years revenue grew 18.9% a year to $4.8B, with an average return on invested capital of 17.2%.
- Graham intrinsic value
- $214.91
- Share price (Oct 17, 2026)
- $222.72
- Price vs Graham value
- 4% above
- Market cap
- $12.3B
- Revenue (FY2026)
- $4.8B
- Revenue growth (10-yr CAGR)
- 18.9%
- ROIC (10-yr avg)
- 17.2%
- Free cash flow (FY2026)
- $411.7M
FIVE 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2026 | $4.8B | $358.6M | $6.47 | $411.7M | 9.6% | 10.7% |
| FY2025 | $3.9B | $253.6M | $4.60 | $106.7M | 8.4% | 8.0% |
| FY2024 | $3.6B | $301.1M | $5.41 | $164.6M | 10.8% | 11.1% |
| FY2023 | $3.1B | $261.5M | $4.69 | $63.0M | 11.2% | 11.5% |
| FY2022 | $2.8B | $278.8M | $4.95 | $39.7M | 13.3% | 15.3% |
| FY2021 | $2.0B | $123.4M | $2.20 | $165.8M | 7.9% | 8.4% |
| FY2020 | $1.8B | $175.1M | $3.12 | -$25.3M | 11.8% | 19.5% |
| FY2019 | $1.6B | $149.6M | $2.66 | $70.4M | 12.0% | 40.2% |
| FY2018 | $1.3B | $102.5M | $1.84 | $99.6M | 12.3% | 25.7% |
| FY2017 | $1.0B | $71.8M | $1.30 | $61.8M | 11.4% | 21.6% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
FIVE BELOW, INC is a consistent compounder, expanding top-line revenue at 18.9% annually over the past decade.
FIVE BELOW, INC has earned high returns on invested capital, averaging 17.2% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
FIVE BELOW, 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, FIVE BELOW, INC is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $214.91 per share.