MAGNITE, Inc. (MGNI) intrinsic value & 10-year financials
MAGNITE, Inc. (MGNI) has a Graham intrinsic value of $31.55 per share. At $23.37 on Oct 17, 2026, the stock trades 26% below that value. Over the last 10 fiscal years revenue grew 11.0% a year to $714.0M, with an average return on invested capital of -23.0%.
- Graham intrinsic value
- $31.55
- Share price (Oct 17, 2026)
- $23.37
- Price vs Graham value
- 26% below
- Market cap
- $3.6B
- Revenue (FY2025)
- $714.0M
- Revenue growth (10-yr CAGR)
- 11.0%
- ROIC (10-yr avg)
- -23.0%
- Free cash flow (FY2025)
- $165.6M
MGNI 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $714.0M | $144.6M | $0.95 | $165.6M | 13.7% | 11.9% |
| FY2024 | $668.2M | $22.8M | $0.16 | $202.4M | 7.6% | 4.8% |
| FY2023 | $619.7M | -$159.2M | -$1.17 | $187.6M | -25.0% | -14.4% |
| FY2022 | $577.1M | -$130.3M | -$0.98 | $161.7M | -19.5% | -8.4% |
| FY2021 | $468.4M | $65.0K | $0.00 | $108.9M | -17.3% | -4.9% |
| FY2020 | $221.6M | -$53.4M | -$0.55 | -$26.4M | -24.5% | -32.4% |
| FY2019 | $156.4M | -$25.5M | $0.03 | $20.6M | -17.6% | -68.0% |
| FY2018 | $124.7M | -$61.8M | — | -$34.1M | -51.0% | -45.0% |
| FY2017 | $155.5M | -$154.8M | -$3.17 | -$10.9M | -100.9% | -66.9% |
| FY2016 | $278.2M | -$18.1M | -$0.39 | $36.6M | -8.9% | -6.5% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
MAGNITE, INC. is a consistent compounder, expanding top-line revenue at 11.0% annually over the past decade.
MAGNITE, INC. has historically struggled to out-earn its cost of capital, averaging just -23.0% ROIC.
MAGNITE, 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, MAGNITE, INC. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $31.55 per share.