Alphabet Inc. (GOOG) intrinsic value & 10-year financials
Alphabet Inc. (GOOG) has a Graham intrinsic value of $359.06 per share. At $336.91 on Oct 16, 2026, the stock trades 6% below that value. Over the last 10 fiscal years revenue grew 18.1% a year to $402.8B, with an average return on invested capital of 21.6%.
- Graham intrinsic value
- $359.06
- Share price (Oct 16, 2026)
- $336.91
- Price vs Graham value
- 6% below
- Market cap
- $4.1T
- Revenue (FY2025)
- $402.8B
- Revenue growth (10-yr CAGR)
- 18.1%
- ROIC (10-yr avg)
- 21.6%
- Free cash flow (FY2025)
- $73.3B
GOOG 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $402.8B | $132.2B | $10.81 | $73.3B | 32.0% | 28.2% |
| FY2024 | $350.0B | $100.1B | $8.04 | $72.8B | 32.1% | 32.0% |
| FY2023 | $307.4B | $73.8B | $5.80 | $69.5B | 27.4% | 27.7% |
| FY2022 | $282.8B | $60.0B | $4.56 | $60.0B | 26.5% | 25.4% |
| FY2021 | $257.6B | $76.0B | $5.61 | $67.0B | 30.6% | 28.9% |
| FY2020 | $182.5B | $40.3B | $2.93 | $42.8B | 22.6% | 17.3% |
| FY2019 | $161.9B | $34.3B | $2.46 | $31.0B | 21.1% | 16.8% |
| FY2018 | $136.8B | $30.7B | $2.19 | $22.8B | 19.2% | 14.9% |
| FY2017 | $110.9B | $12.7B | $0.90 | $23.9B | 23.6% | 9.5% |
| FY2016 | $90.3B | $19.5B | $1.39 | $25.8B | 26.3% | 14.7% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Alphabet Inc. is a consistent compounder, expanding top-line revenue at 18.1% annually over the past decade.
Alphabet Inc. has earned high returns on invested capital, averaging 21.6% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Over the decade, Alphabet Inc. shows that management has aggressively returned capital to shareholders by retiring 12.6% of outstanding shares, and that the company has leveraged its balance sheet to sustain operations.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Alphabet Inc. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $359.06 per share.