Humana Inc. (HUM) intrinsic value & 10-year financials
Humana Inc. (HUM) has a Graham intrinsic value of $247.21 per share. At $413.16 on Oct 17, 2026, the stock trades 67% above that value. Over the last 10 fiscal years revenue grew 22.1% a year to $5.8B, with an average return on invested capital of 15.4%.
- Graham intrinsic value
- $247.21
- Share price (Oct 17, 2026)
- $413.16
- Price vs Graham value
- 67% above
- Market cap
- $49.9B
- Revenue (FY2025)
- $5.8B
- Revenue growth (10-yr CAGR)
- 22.1%
- ROIC (10-yr avg)
- 15.4%
- Free cash flow (FY2025)
- $375.0M
HUM 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $5.8B | $1.2B | $9.84 | $375.0M | 46.4% | 8.6% |
| FY2024 | $4.4B | $1.2B | $9.98 | $2.4B | 57.8% | 8.0% |
| FY2023 | $4.0B | $2.5B | $20.00 | $3.0B | 99.5% | 14.3% |
| FY2022 | $4.8B | $2.8B | $22.08 | $3.5B | 79.6% | 13.7% |
| FY2021 | $3.1B | $2.9B | $22.67 | $946.0M | 103.0% | 13.8% |
| FY2020 | $1.8B | $3.4B | $25.31 | $4.7B | 274.7% | 25.0% |
| FY2019 | $1.4B | $2.7B | $20.10 | $4.5B | 221.8% | 18.3% |
| FY2018 | $1.5B | $1.7B | $12.16 | $1.6B | 212.8% | 20.4% |
| FY2017 | $982.0M | $2.4B | $16.81 | $3.5B | 434.0% | 24.0% |
| FY2016 | $969.0M | $614.0M | $4.07 | $1.4B | 179.7% | 8.0% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Humana is a consistent compounder, expanding top-line revenue at 22.1% annually over the past decade.
Humana has earned high returns on invested capital, averaging 15.4% 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, Humana shows that management has aggressively returned capital to shareholders by retiring 19.9% 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, Humana is modeled at 10.3% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $247.21 per share.