Gsk PLC (GSK) intrinsic value & 10-year financials
Gsk PLC (GSK) has a Graham intrinsic value of £92.21 per share. At £49.46 on Oct 20, 2026, the stock trades 46% below that value. Over the last 10 fiscal years revenue grew 1.8% a year to £32.7B, with an average return on invested capital of 19.8%.
- Graham intrinsic value
- £92.21
- Share price (Oct 20, 2026)
- £49.46
- Price vs Graham value
- 46% below
- Market cap
- £100.2B
- Revenue (FY2025)
- £32.7B
- Revenue growth (10-yr CAGR)
- 1.8%
- ROIC (10-yr avg)
- 19.8%
- Free cash flow (FY2025)
- £6.4B
GSK 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | £32.7B | £6.3B | £2.78 | £6.4B | 24.3% | 27.3% |
| FY2024 | £31.4B | £3.0B | £1.24 | £5.2B | 12.8% | 14.5% |
| FY2023 | £30.3B | £5.3B | £2.40 | £5.5B | 22.2% | 24.4% |
| FY2022 | £29.3B | £15.6B | £7.32 | £6.3B | 21.9% | 20.4% |
| FY2021 | £34.1B | £5.1B | £1.73 | £6.8B | 18.2% | 16.1% |
| FY2020 | £34.1B | £6.4B | £2.28 | £7.2B | 22.8% | 19.2% |
| FY2019 | £33.8B | £5.3B | £1.85 | £6.8B | 20.6% | 19.6% |
| FY2018 | £30.8B | £4.0B | £1.46 | £7.1B | 17.8% | 27.0% |
| FY2017 | £30.2B | £2.2B | £0.62 | £5.4B | 13.5% | 18.8% |
| FY2016 | £27.9B | £1.1B | £0.37 | £5.0B | 9.3% | 10.3% |
Source: annual 10-K filings on SEC EDGAR. Figures in GBP.
Executive summary
GSK PLC has demonstrated mature, steady growth, with revenue compounding at 1.8% annually over the past decade.
GSK PLC has earned high returns on invested capital, averaging 19.7% 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, GSK PLC shows that management has aggressively returned capital to shareholders by retiring 16.6% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, GSK PLC is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $92.21 per share.