Meta Platforms, Inc. (META) intrinsic value & 10-year financials
Meta Platforms, Inc. (META) has a Graham intrinsic value of $780.24 per share. At $709.33 on Oct 16, 2026, the stock trades 9% below that value. Over the last 10 fiscal years revenue grew 24.7% a year to $201.0B, with an average return on invested capital of 25.8%.
- Graham intrinsic value
- $780.24
- Share price (Oct 16, 2026)
- $709.33
- Price vs Graham value
- 9% below
- Market cap
- $1.8T
- Revenue (FY2025)
- $201.0B
- Revenue growth (10-yr CAGR)
- 24.7%
- ROIC (10-yr avg)
- 25.8%
- Free cash flow (FY2025)
- $46.1B
META 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $201.0B | $60.5B | $23.49 | $46.1B | 41.4% | 26.0% |
| FY2024 | $164.5B | $62.4B | $23.86 | $54.1B | 42.2% | 36.7% |
| FY2023 | $134.9B | $39.1B | $14.87 | $43.8B | 34.7% | 27.1% |
| FY2022 | $116.6B | $23.2B | $8.59 | $19.0B | 24.8% | 18.0% |
| FY2021 | $117.9B | $39.4B | $13.77 | $39.1B | 39.6% | 32.1% |
| FY2020 | $86.0B | $29.1B | $10.09 | $23.6B | 38.0% | 27.0% |
| FY2019 | $70.7B | $18.5B | $6.43 | $21.2B | 33.9% | 21.5% |
| FY2018 | $55.8B | $22.1B | $7.57 | $15.4B | 44.6% | 29.1% |
| FY2017 | $40.7B | $15.9B | $5.39 | $17.5B | 49.7% | 23.4% |
| FY2016 | $27.6B | $10.2B | $3.49 | $11.6B | 45.0% | 17.1% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Meta Platforms is a consistent compounder, expanding top-line revenue at 24.7% annually over the past decade.
Meta Platforms has earned high returns on invested capital, averaging 25.8% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Over the decade, Meta Platforms shows that management has aggressively returned capital to shareholders by retiring 12.0% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Meta Platforms is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $780.24 per share.