Lumen Technologies, Inc. (LUMN) intrinsic value & 10-year financials
Lumen Technologies, Inc. (LUMN) 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 $11.3B, with an average return on invested capital of -2.7%.
- Graham intrinsic value
- —
- Share price (Oct 17, 2026)
- $4.65
- Market cap
- $4.6B
- Revenue (FY2025)
- $11.3B
- Revenue growth (10-yr CAGR)
- -4.7%
- ROIC (10-yr avg)
- -2.7%
- Free cash flow (FY2025)
- $371.0M
LUMN 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $11.3B | -$1.7B | -$1.75 | $371.0M | -7.2% | -3.2% |
| FY2024 | $12.1B | -$55.0M | -$0.06 | $1.1B | 3.8% | 1.3% |
| FY2023 | $13.5B | -$10.3B | -$10.48 | -$940.0M | -70.9% | -39.7% |
| FY2022 | $16.1B | -$1.5B | -$1.54 | $1.7B | 0.6% | 0.3% |
| FY2021 | $17.8B | $2.0B | $1.91 | $3.6B | 24.1% | 8.0% |
| FY2020 | $18.8B | -$1.2B | -$1.14 | $2.8B | 5.1% | 2.3% |
| FY2019 | $20.4B | -$5.3B | -$4.92 | $3.1B | -13.3% | -5.5% |
| FY2018 | $21.9B | -$1.7B | -$1.63 | $3.9B | 2.6% | 1.0% |
| FY2017 | $17.7B | $1.4B | $2.21 | $772.0M | 11.4% | 4.4% |
| FY2016 | $17.5B | $626.0M | $1.16 | $1.6B | 13.3% | 4.6% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Lumen Technologies, Inc. is facing top-line stagnation, with revenue contracting over the decade.
Lumen Technologies, Inc. has historically struggled to out-earn its cost of capital, averaging just -2.7% ROIC.
Lumen Technologies, Inc. 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, Lumen Technologies, Inc. is modeled at -4.7% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $-1.48 per share.