Jefferies Financial Group Inc. (JEF) intrinsic value & 10-year financials
Jefferies Financial Group Inc. (JEF) has a Graham intrinsic value of $94.00 per share. At $44.80 on Oct 17, 2026, the stock trades 52% below that value. Over the last 10 fiscal years revenue shrank 7.2% a year to $5.5B, with an average return on invested capital of 6.4%.
- Graham intrinsic value
- $94.00
- Share price (Oct 17, 2026)
- $44.80
- Price vs Graham value
- 52% below
- Market cap
- $10.0B
- Revenue (FY2025)
- $5.5B
- Revenue growth (10-yr CAGR)
- -7.2%
- ROIC (10-yr avg)
- 6.4%
- Free cash flow (FY2025)
- -$1.7B
JEF 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $5.5B | $682.0M | $2.83 | -$1.7B | — | 5.2% |
| FY2024 | $4.9B | $716.0M | $2.99 | -$391.1M | — | 6.0% |
| FY2023 | $3.2B | $262.4M | $1.10 | -$1.9B | — | 2.4% |
| FY2022 | $4.7B | $781.7M | $3.06 | $1.6B | — | 8.2% |
| FY2021 | $6.1B | $1.7B | $6.13 | $1.4B | — | 17.9% |
| FY2020 | $3.9B | $769.6M | $2.65 | $1.9B | — | 7.6% |
| FY2019 | $2.8B | $959.6M | $3.03 | — | — | 8.1% |
| FY2018 | — | — | — | — | — | — |
| FY2017 | $12.4B | $167.4M | $0.45 | — | — | 1.2% |
| FY2016 | $10.9B | $125.9M | $0.34 | — | — | 0.9% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Jefferies Financial Group Inc. is facing top-line stagnation, with revenue contracting over the decade.
Jefferies Financial Group Inc. has historically struggled to out-earn its cost of capital, averaging just 6.4% ROIC.
Over the decade, Jefferies Financial Group Inc. shows that management has aggressively returned capital to shareholders by retiring 40.0% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Jefferies Financial Group Inc. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $94.00 per share.