Mercury General Corp. (MCY) intrinsic value & 10-year financials
Mercury General Corp. (MCY) has a Graham intrinsic value of $324.52 per share. At $102.80 on Oct 17, 2026, the stock trades 68% below that value. Over the last 10 fiscal years revenue shrank 40.6% a year to $29.6M, with an average return on invested capital of 9.8%.
- Graham intrinsic value
- $324.52
- Share price (Oct 17, 2026)
- $102.80
- Price vs Graham value
- 68% below
- Market cap
- $5.7B
- Revenue (FY2025)
- $29.6M
- Revenue growth (10-yr CAGR)
- -40.6%
- ROIC (10-yr avg)
- 9.8%
- Free cash flow (FY2025)
- $1.0B
MCY 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $29.6M | $541.1M | $9.77 | $1.0B | — | 31.1% |
| FY2024 | $25.2M | $468.0M | $8.45 | $991.0M | — | 27.7% |
| FY2023 | $20.8M | $96.3M | $1.74 | $416.2M | — | 6.0% |
| FY2022 | $18.2M | -$512.7M | -$9.26 | $317.1M | — | -26.9% |
| FY2021 | $20.2M | $247.9M | $4.48 | $460.1M | — | 11.7% |
| FY2020 | $18.0M | $374.6M | $6.77 | $565.7M | — | 19.0% |
| FY2019 | $16.3M | $320.1M | $5.78 | $479.6M | — | 18.0% |
| FY2018 | $16.0M | -$5.7M | -$0.10 | $355.5M | — | -0.3% |
| FY2017 | $15.2M | $144.9M | $2.62 | $322.0M | — | 7.9% |
| FY2016 | $3.2B | $73.0M | $1.32 | $270.5M | — | 4.2% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
MERCURY GENERAL CORP is facing top-line stagnation, with revenue contracting over the decade.
MERCURY GENERAL CORP returns on capital have been average, hovering around 9.8% ROIC over the decade.
MERCURY GENERAL 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, MERCURY GENERAL CORP is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $324.52 per share.