Luckin Coffee Inc. (LKNCY) intrinsic value & 10-year financials
Luckin Coffee Inc. (LKNCY) has a Graham intrinsic value of $46.50 per share. At $32.24 on Oct 27, 2026, the stock trades 31% below that value. Over the last 9 fiscal years revenue grew 78.9% a year to $49.3B, with an average return on invested capital of 70.7%.
- Graham intrinsic value
- $46.50
- Share price (Oct 27, 2026)
- $32.24
- Price vs Graham value
- 31% below
- Market cap
- $82.8B
- Revenue (FY2025)
- $49.3B
- Revenue growth (9-yr CAGR)
- 78.9%
- ROIC (10-yr avg)
- 70.7%
- Free cash flow (FY2025)
- $3.5B
LKNCY 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $49.3B | $3.6B | $1.40 | $3.5B | 10.3% | 24.6% |
| FY2024 | $34.5B | $2.9B | $1.15 | $1.9B | 10.3% | 29.8% |
| FY2023 | $24.9B | $2.8B | $1.12 | $150.2M | 12.1% | 51.0% |
| FY2022 | $13.3B | $488.2M | $0.19 | -$761.9M | 8.7% | 431.8% |
| FY2021 | $8.0B | $686.4M | $0.32 | -$49.8M | -6.8% | 23.7% |
| FY2020 | $4.0B | -$5.6B | -$2.76 | -$3.2B | -64.1% | -303.0% |
| FY2019 | $3.0B | -$3.2B | -$2.31 | -$3.7B | -106.2% | 257.8% |
| FY2018 | $840.7M | -$1.6B | — | -$2.3B | -190.1% | 49.7% |
| FY2017 | — | — | — | — | — | — |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Luckin Coffee Inc. revenue growth over the past decade is N/A; insufficient history prevents a reliable 10-year CAGR calculation.
Luckin Coffee Inc. has earned high returns on invested capital, averaging 22.8% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Luckin Coffee Inc. capital allocation metrics are N/A for the decade; share count and net debt history are incomplete.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Luckin Coffee Inc. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $46.50 per share.