Fullnet Communications Inc. (FULO) intrinsic value & 10-year financials
Fullnet Communications Inc. (FULO) has a Graham intrinsic value of $0.90 per share. At $0.33 on Oct 17, 2026, the stock trades 63% below that value. Over the last 10 fiscal years revenue grew 10.2% a year to $4.2M, with an average return on invested capital of -38.5%.
- Graham intrinsic value
- $0.90
- Share price (Oct 17, 2026)
- $0.33
- Price vs Graham value
- 63% below
- Market cap
- $6.5M
- Revenue (FY2023)
- $4.2M
- Revenue growth (10-yr CAGR)
- 10.2%
- ROIC (10-yr avg)
- -38.5%
- Free cash flow (FY2023)
- $690.3K
FULO 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2023 | $4.2M | $532.1K | — | $690.3K | 12.2% | -30.4% |
| FY2022 | $4.3M | $672.2K | — | $724.8K | 19.4% | -55.5% |
| FY2021 | $4.1M | $893.0K | — | $1.4M | 28.4% | -115.1% |
| FY2020 | $3.5M | $1.1M | — | $973.9K | 20.8% | -157.6% |
| FY2019 | $2.4M | $317.3K | $0.01 | $413.2K | 8.3% | -28.8% |
| FY2018 | $2.1M | $267.1K | $0.01 | $179.2K | -0.7% | -26.6% |
| FY2017 | $1.9M | -$26.8K | — | $140.4K | 4.2% | 2.7% |
| FY2016 | $1.9M | -$6.0K | — | $46.5K | 0.5% | 0.6% |
| FY2015 | $1.9M | -$54.0K | — | $32.4K | -2.0% | 5.9% |
| FY2014 | $1.8M | -$167.7K | -$0.03 | $15.9K | -8.7% | 19.6% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
FULLNET COMMUNICATIONS INC is a consistent compounder, expanding top-line revenue at 10.2% annually over the past decade.
FULLNET COMMUNICATIONS INC has historically struggled to out-earn its cost of capital, averaging just -22.9% ROIC.
FULLNET COMMUNICATIONS 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, FULLNET COMMUNICATIONS INC is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $0.90 per share.