Napco Security TECHNOLOGIES, Inc. (NSSC) intrinsic value & 10-year financials
Napco Security TECHNOLOGIES, Inc. (NSSC) has a Graham intrinsic value of $39.53 per share. At $35.57 on Oct 17, 2026, the stock trades 10% below that value. Over the last 10 fiscal years revenue grew 9.2% a year to $181.6M, with an average return on invested capital of 21.9%.
- Graham intrinsic value
- $39.53
- Share price (Oct 17, 2026)
- $35.57
- Price vs Graham value
- 10% below
- Market cap
- $1.3B
- Revenue (FY2025)
- $181.6M
- Revenue growth (10-yr CAGR)
- 9.2%
- ROIC (10-yr avg)
- 21.9%
- Free cash flow (FY2025)
- $51.4M
NSSC 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $181.6M | $43.4M | $1.19 | $51.4M | 25.5% | 38.2% |
| FY2024 | $188.8M | $49.8M | $1.34 | $43.8M | 28.5% | 41.5% |
| FY2023 | $170.0M | $27.1M | $0.73 | $21.7M | 17.8% | 27.9% |
| FY2022 | $143.6M | $19.6M | $0.53 | $6.8M | 12.7% | 22.0% |
| FY2021 | $114.0M | $14.9M | $0.41 | $22.0M | 15.2% | 21.3% |
| FY2020 | $24.0M | $8.5M | $0.23 | $8.7M | 45.0% | 12.7% |
| FY2019 | $17.4M | $12.2M | $0.33 | $6.7M | 77.3% | 20.2% |
| FY2018 | $12.0M | $7.6M | $0.20 | $6.6M | 70.1% | 13.4% |
| FY2017 | $7.9M | $5.6M | $0.15 | $1.0M | 80.3% | 10.4% |
| FY2016 | $82.5M | $5.8M | $0.15 | $8.5M | 7.7% | 11.4% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
NAPCO SECURITY TECHNOLOGIES, INC is a consistent compounder, expanding top-line revenue at 9.2% annually over the past decade.
NAPCO SECURITY TECHNOLOGIES, INC has earned high returns on invested capital, averaging 21.9% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
NAPCO SECURITY TECHNOLOGIES, 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, NAPCO SECURITY TECHNOLOGIES, INC is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $39.53 per share.