Eastman Kodak Co. (KODK) intrinsic value & 10-year financials
Eastman Kodak Co. (KODK) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 10 fiscal years revenue shrank 4.7% a year to $1.1B, with an average return on invested capital of 42.8%.
- Graham intrinsic value
- —
- Share price (Oct 17, 2026)
- $8.85
- Market cap
- $770.0M
- Revenue (FY2025)
- $1.1B
- Revenue growth (10-yr CAGR)
- -4.7%
- ROIC (10-yr avg)
- 42.8%
- Free cash flow (FY2025)
- $446.0M
KODK 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $1.1B | -$128.0M | -$1.78 | $446.0M | 0.0% | 0.0% |
| FY2024 | $1.0B | $102.0M | $0.90 | -$63.0M | -0.7% | -0.6% |
| FY2023 | $1.1B | $75.0M | $0.67 | $6.0M | 0.4% | 0.3% |
| FY2022 | $1.2B | $26.0M | $0.16 | -$147.0M | -2.2% | -2.4% |
| FY2021 | $1.1B | $24.0M | $0.27 | -$68.0M | -4.0% | -12.6% |
| FY2020 | $1.0B | -$541.0M | -$9.77 | -$52.0M | -7.2% | 778.9% |
| FY2019 | $1.2B | $116.0M | $2.23 | -$3.0M | -8.2% | -88.5% |
| FY2018 | $1.3B | -$16.0M | -$0.84 | -$95.0M | -8.9% | -70.2% |
| FY2017 | $1.4B | $94.0M | $1.76 | -$105.0M | -1.3% | -105.9% |
| FY2016 | $1.6B | $15.0M | $0.28 | -$54.0M | 8.5% | -70.7% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
EASTMAN KODAK CO is facing top-line stagnation, with revenue contracting over the decade.
EASTMAN KODAK CO has historically struggled to out-earn its cost of capital, averaging just -34.3% ROIC.
EASTMAN KODAK CO 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, EASTMAN KODAK CO is modeled at -4.7% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $-0.64 per share.