Motorola Solutions, Inc. (MSI) intrinsic value & 10-year financials
Motorola Solutions, Inc. (MSI) has a Graham intrinsic value of $423.50 per share. At $463.15 on Oct 17, 2026, the stock trades 9% above that value. Over the last 10 fiscal years revenue grew 7.6% a year to $11.7B, with an average return on invested capital of 35.0%.
- Graham intrinsic value
- $423.50
- Share price (Oct 17, 2026)
- $463.15
- Price vs Graham value
- 9% above
- Market cap
- $78.3B
- Revenue (FY2025)
- $11.7B
- Revenue growth (10-yr CAGR)
- 7.6%
- ROIC (10-yr avg)
- 35.0%
- Free cash flow (FY2025)
- $2.6B
MSI 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $11.7B | $2.2B | $12.75 | $2.6B | 25.6% | 28.4% |
| FY2024 | $10.8B | $1.6B | $9.23 | $2.1B | 24.8% | 37.6% |
| FY2023 | $10.0B | $1.7B | $9.93 | $1.8B | 23.0% | 34.3% |
| FY2022 | $9.1B | $1.4B | $7.93 | $1.6B | 18.2% | 32.2% |
| FY2021 | $8.2B | $1.2B | $7.17 | $1.6B | 20.4% | 34.1% |
| FY2020 | $7.4B | $949.0M | $5.45 | $1.4B | 18.7% | 29.1% |
| FY2019 | $7.9B | $868.0M | $4.95 | $1.6B | 20.0% | 40.9% |
| FY2018 | $7.3B | $966.0M | $5.62 | $878.0M | 17.1% | 51.2% |
| FY2017 | $6.4B | -$155.0M | -$0.95 | $1.1B | 20.1% | 32.7% |
| FY2016 | $6.0B | $560.0M | $3.24 | $894.0M | 17.7% | 29.5% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Motorola Solutions has demonstrated mature, steady growth, with revenue compounding at 7.6% annually over the past decade.
Motorola Solutions has earned high returns on invested capital, averaging 35.0% 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, Motorola Solutions shows that the company has leveraged its balance sheet to sustain operations.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Motorola Solutions is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $423.50 per share.