Lakeland Financial Corp. (LKFN) intrinsic value & 10-year financials
Lakeland Financial Corp. (LKFN) has a Graham intrinsic value of $82.96 per share. At $58.00 on Oct 17, 2026, the stock trades 30% below that value. Over the last 10 fiscal years revenue grew 10.1% a year to $2.2M, with an average return on invested capital of 23.3%.
- Graham intrinsic value
- $82.96
- Share price (Oct 17, 2026)
- $58.00
- Price vs Graham value
- 30% below
- Market cap
- $1.5B
- Revenue (FY2025)
- $2.2M
- Revenue growth (10-yr CAGR)
- 10.1%
- ROIC (10-yr avg)
- 23.3%
- Free cash flow (FY2025)
- $103.8M
LKFN 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $2.2M | $103.4M | $4.01 | $103.8M | — | 14.3% |
| FY2024 | $1.9M | $93.5M | $3.63 | $93.9M | — | 17.1% |
| FY2023 | $1.8M | $93.8M | $3.65 | $108.0M | — | 14.6% |
| FY2022 | $2.3M | $103.8M | $4.04 | $164.5M | — | 25.0% |
| FY2021 | $2.0M | $95.7M | $3.74 | $107.6M | — | 99.1% |
| FY2020 | $1.7M | $84.3M | $3.30 | $81.5M | — | 12.6% |
| FY2019 | $1.7M | $87.0M | $3.38 | $92.0M | — | 13.9% |
| FY2018 | $985.0K | $80.4M | $3.13 | $97.0M | — | 15.2% |
| FY2017 | $1.0M | $57.3M | $2.23 | $67.7M | — | 11.5% |
| FY2016 | $928.0K | $52.1M | $2.05 | $52.4M | — | 10.0% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
LAKELAND FINANCIAL CORP is a consistent compounder, expanding top-line revenue at 10.1% annually over the past decade.
LAKELAND FINANCIAL CORP has earned high returns on invested capital, averaging 24.3% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
LAKELAND FINANCIAL CORP 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, LAKELAND FINANCIAL CORP is modeled at 7.7% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $82.96 per share.