FiscalNote Holdings, Inc. (NOTE) intrinsic value & 10-year financials
FiscalNote Holdings, Inc. (NOTE) has a Graham intrinsic value of $0.94 per share. At $0.01 on Oct 17, 2026, the stock trades 99% below that value. Over the last 6 fiscal years revenue grew 3.6% a year to $95.4M, with an average return on invested capital of -20.2%.
- Graham intrinsic value
- $0.94
- Share price (Oct 17, 2026)
- $0.01
- Price vs Graham value
- 99% below
- Market cap
- $202.0K
- Revenue (FY2025)
- $95.4M
- Revenue growth (6-yr CAGR)
- 3.6%
- ROIC (10-yr avg)
- -20.2%
- Free cash flow (FY2025)
- -$18.6M
NOTE 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $95.4M | -$65.2M | -$4.65 | -$18.6M | -51.9% | -22.9% |
| FY2024 | $120.3M | $9.5M | $0.07 | -$14.2M | -26.6% | -11.8% |
| FY2023 | $132.6M | -$115.5M | -$0.88 | -$43.4M | -73.7% | -35.5% |
| FY2022 | $113.8M | -$218.3M | -$1.84 | -$84.0M | -77.5% | -30.1% |
| FY2021 | $82.9M | -$3.7M | -$9.90 | -$6.6M | -7.2% | -1.0% |
| FY2020 | — | — | — | — | — | — |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
FiscalNote Holdings, Inc. revenue growth over the past decade is N/A; insufficient history prevents a reliable 10-year CAGR calculation.
FiscalNote Holdings, Inc. has historically struggled to out-earn its cost of capital, averaging just -20.3% ROIC.
FiscalNote Holdings, 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, FiscalNote Holdings, Inc. is modeled at 3.6% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $0.94 per share.