Mcdonalds Corp. (MCD) intrinsic value & 10-year financials
Mcdonalds Corp. (MCD) has a Graham intrinsic value of $252.59 per share. At $242.97 on Oct 17, 2026, the stock trades 4% below that value. Over the last 10 fiscal years revenue grew 1.0% a year to $26.9B, with an average return on invested capital of 23.6%.
- Graham intrinsic value
- $252.59
- Share price (Oct 17, 2026)
- $242.97
- Price vs Graham value
- 4% below
- Market cap
- $174.1K
- Revenue (FY2025)
- $26.9B
- Revenue growth (10-yr CAGR)
- 1.0%
- ROIC (10-yr avg)
- 23.6%
- Free cash flow (FY2025)
- $7.2B
MCD 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $26.9B | $8.6B | $11.95 | $7.2B | 46.1% | 25.4% |
| FY2024 | $25.9B | $8.2B | $11.39 | $6.7B | 45.2% | 29.0% |
| FY2023 | $25.5B | $8.5B | $11.56 | $7.3B | 45.7% | 27.7% |
| FY2022 | $23.2B | $6.2B | $8.33 | $5.5B | 40.4% | 18.8% |
| FY2021 | $23.2B | $7.5B | $10.04 | $7.1B | 44.6% | 21.7% |
| FY2020 | $19.2B | $4.7B | $6.31 | $4.6B | 38.1% | 14.6% |
| FY2019 | $21.1B | $6.0B | $7.88 | $5.7B | 43.0% | 22.1% |
| FY2018 | $21.0B | $5.9B | $7.54 | $4.2B | 42.0% | 28.0% |
| FY2017 | $22.8B | $5.2B | $6.37 | $3.7B | 41.9% | 25.0% |
| FY2016 | $24.6B | $4.7B | $5.44 | $4.2B | 31.5% | 23.5% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
McDonald's has demonstrated mature, steady growth, with revenue compounding at 1.0% annually over the past decade.
McDonald's has earned high returns on invested capital, averaging 23.6% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Over the decade, McDonald's shows that management has aggressively returned capital to shareholders by retiring 100.0% of outstanding shares, and that the company has leveraged its balance sheet to sustain operations.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, McDonald's is modeled at 8.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $252.59 per share.