Kraft Heinz Co. (KHC) intrinsic value & 10-year financials
Kraft Heinz Co. (KHC) has a Graham intrinsic value of $14.27 per share. At $23.68 on Oct 17, 2026, the stock trades 66% above that value. Over the last 10 fiscal years revenue shrank 0.6% a year to $24.9B, with an average return on invested capital of 1.4%.
- Graham intrinsic value
- $14.27
- Share price (Oct 17, 2026)
- $23.68
- Price vs Graham value
- 66% above
- Market cap
- $28.1B
- Revenue (FY2025)
- $24.9B
- Revenue growth (10-yr CAGR)
- -0.6%
- ROIC (10-yr avg)
- 1.4%
- Free cash flow (FY2025)
- $3.7B
KHC 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $24.9B | -$5.8B | -$4.93 | $3.7B | -18.7% | -7.3% |
| FY2024 | $25.8B | $2.7B | $2.26 | $3.2B | 6.5% | 2.5% |
| FY2023 | $26.6B | $2.9B | $2.31 | $3.0B | 17.2% | 5.3% |
| FY2022 | $26.5B | $2.4B | $1.91 | $1.6B | 13.7% | 4.3% |
| FY2021 | $26.0B | $1.0B | $0.82 | $4.5B | 13.3% | 2.9% |
| FY2020 | $26.2B | $356.0M | $0.29 | $4.3B | 8.1% | 1.4% |
| FY2019 | $25.0B | $1.9B | $1.58 | $2.8B | 12.3% | 2.8% |
| FY2018 | $26.3B | -$10.2B | -$8.36 | $1.7B | -38.9% | -10.4% |
| FY2017 | $26.1B | $11.0B | $8.95 | -$690.0M | 26.0% | 7.5% |
| FY2016 | $26.3B | $3.6B | $2.81 | $4.0B | 23.4% | 5.2% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Kraft Heinz is facing top-line stagnation, with revenue contracting over the decade.
Kraft Heinz has historically struggled to out-earn its cost of capital, averaging just 1.4% ROIC.
Kraft Heinz 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, Kraft Heinz is modeled at -0.6% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $14.27 per share.