International Paper Co. /NEW/ (IP) intrinsic value & 10-year financials
International Paper Co. /NEW/ (IP) has a Graham intrinsic value of $17.36 per share. At $34.05 on Oct 17, 2026, the stock trades 96% above that value. Over the last 10 fiscal years revenue grew 2.2% a year to $23.6B, with an average return on invested capital of 5.2%.
- Graham intrinsic value
- $17.36
- Share price (Oct 17, 2026)
- $34.05
- Price vs Graham value
- 96% above
- Market cap
- $17.2B
- Revenue (FY2025)
- $23.6B
- Revenue growth (10-yr CAGR)
- 2.2%
- ROIC (10-yr avg)
- 5.2%
- Free cash flow (FY2025)
- -$159.0M
IP 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $23.6B | -$3.5B | -$6.95 | -$159.0M | — | -19.4% |
| FY2024 | $18.6B | $557.0M | $1.57 | $757.0M | — | 4.4% |
| FY2023 | $18.9B | $288.0M | $0.82 | $692.0M | — | 2.2% |
| FY2022 | $21.2B | $1.5B | $4.10 | $1.2B | — | 11.3% |
| FY2021 | $19.4B | $1.8B | $4.47 | $1.5B | — | 12.2% |
| FY2020 | $20.6B | $482.0M | $1.22 | $2.3B | — | 3.0% |
| FY2019 | $22.4B | $1.2B | $3.07 | $2.3B | — | 7.1% |
| FY2018 | $23.3B | $2.0B | $4.85 | $1.7B | — | 11.8% |
| FY2017 | $21.7B | $2.1B | $5.13 | $477.0M | — | 13.7% |
| FY2016 | $19.5B | $904.0M | $2.18 | $1.1B | — | 6.2% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
International Paper has demonstrated mature, steady growth, with revenue compounding at 2.2% annually over the past decade.
International Paper has historically struggled to out-earn its cost of capital, averaging just 5.2% ROIC.
International Paper 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, International Paper is modeled at 2.2% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $17.36 per share.