Marchex Inc. (MCHX) intrinsic value & 10-year financials
Marchex Inc. (MCHX) has a Graham intrinsic value of $1.40 per share. At $1.26 on Oct 17, 2026, the stock trades 10% below that value. Over the last 10 fiscal years revenue shrank 11.0% a year to $45.4M, with an average return on invested capital of -35.0%.
- Graham intrinsic value
- $1.40
- Share price (Oct 17, 2026)
- $1.26
- Price vs Graham value
- 10% below
- Market cap
- $55.0M
- Revenue (FY2025)
- $45.4M
- Revenue growth (10-yr CAGR)
- -11.0%
- ROIC (10-yr avg)
- -35.0%
- Free cash flow (FY2025)
- -$1.4M
MCHX 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $45.4M | -$5.2M | -$0.12 | -$1.4M | -12.6% | -27.9% |
| FY2024 | $48.1M | -$4.9M | -$0.11 | -$1.5M | -9.2% | -20.1% |
| FY2023 | $49.9M | -$9.9M | -$0.23 | -$5.8M | -19.3% | -40.4% |
| FY2022 | $52.2M | -$8.2M | -$0.19 | -$5.2M | -15.6% | -32.7% |
| FY2021 | $53.5M | -$4.4M | -$0.10 | -$7.7M | -22.1% | -44.5% |
| FY2020 | $51.2M | -$38.4M | — | -$4.7M | -86.0% | -93.2% |
| FY2019 | $106.1M | -$4.0M | — | $3.4M | -6.1% | -7.3% |
| FY2018 | $85.3M | -$2.7M | — | $3.4M | -4.6% | -4.0% |
| FY2017 | $90.3M | -$6.1M | — | $130.0K | -7.0% | -6.3% |
| FY2016 | $129.5M | -$84.1M | — | -$4.7M | -64.8% | -74.1% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
MARCHEX INC is facing top-line stagnation, with revenue contracting over the decade.
MARCHEX INC has historically struggled to out-earn its cost of capital, averaging just -35.0% ROIC.
MARCHEX 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, MARCHEX INC is modeled at -11.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $1.40 per share.