Infosys Ltd. (INFY) intrinsic value & 10-year financials
Infosys Ltd. (INFY) has a Graham intrinsic value of $13.44 per share. Over the last 10 fiscal years revenue grew 8.2% a year to $19.3B, with an average return on invested capital of 25.4%.
- Graham intrinsic value
- $13.44
- Revenue (FY2025)
- $19.3B
- Revenue growth (10-yr CAGR)
- 8.2%
- ROIC (10-yr avg)
- 25.4%
- Free cash flow (FY2025)
- —
INFY 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $19.3B | $3.2B | $0.76 | — | 21.1% | 26.5% |
| FY2024 | $18.6B | $3.2B | $0.76 | — | 20.7% | 28.2% |
| FY2023 | $18.2B | $3.0B | $0.71 | — | 21.0% | 28.8% |
| FY2022 | $16.3B | $3.0B | $0.70 | — | 23.0% | 26.9% |
| FY2021 | $13.6B | $2.6B | $0.61 | — | 24.5% | 25.3% |
| FY2020 | $12.8B | $2.3B | $0.55 | $2.1B | 21.3% | 22.7% |
| FY2019 | $11.8B | $2.2B | $0.51 | $1.9B | 22.8% | 28.5% |
| FY2018 | $10.9B | $2.5B | $0.55 | $1.9B | 24.3% | 30.4% |
| FY2017 | $10.2B | $2.1B | $0.47 | $1.7B | 24.7% | 18.2% |
| FY2016 | $9.5B | $2.1B | $0.45 | $1.4B | 25.0% | 18.3% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Infosys Ltd is a consistent compounder, expanding top-line revenue at 8.2% annually over the past decade.
Infosys Ltd has earned high returns on invested capital, averaging 29.5% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Infosys Ltd 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, Infosys Ltd is modeled at 6.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $13.44 per share.