Novartis AG (NVS) intrinsic value & 10-year financials
Novartis AG (NVS) has a Graham intrinsic value of $151.13 per share. Over the last 10 fiscal years revenue grew 1.3% a year to $54.5B, with an average return on invested capital of 13.8%.
- Graham intrinsic value
- $151.13
- Revenue (FY2025)
- $54.5B
- Revenue growth (10-yr CAGR)
- 1.3%
- ROIC (10-yr avg)
- 13.8%
- Free cash flow (FY2025)
- $17.6B
NVS 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $54.5B | $14.0B | $7.15 | $17.6B | 32.4% | 24.9% |
| FY2024 | $50.3B | $11.9B | $5.87 | $16.3B | 28.9% | 22.9% |
| FY2023 | $45.4B | $14.9B | $7.10 | $13.4B | 21.5% | 14.7% |
| FY2022 | $50.5B | $7.0B | $3.17 | $13.0B | 18.2% | 9.8% |
| FY2021 | $51.6B | $24.0B | $10.63 | $13.7B | 22.6% | 13.7% |
| FY2020 | $48.7B | $8.1B | $3.52 | $12.4B | 20.9% | 11.7% |
| FY2019 | $47.5B | $11.7B | $5.06 | $12.2B | 19.1% | 10.0% |
| FY2018 | $51.9B | $12.6B | $5.38 | $12.5B | 15.7% | 8.3% |
| FY2017 | $49.1B | $7.7B | $3.25 | $10.9B | 17.6% | 8.3% |
| FY2016 | $48.5B | $6.7B | $2.80 | $9.6B | 17.0% | — |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
NOVARTIS AG has demonstrated mature, steady growth, with revenue compounding at 1.3% annually over the past decade.
NOVARTIS AG returns on capital have been average, hovering around 13.8% ROIC over the decade.
Over the decade, NOVARTIS AG shows that management has aggressively returned capital to shareholders by retiring 18.5% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, NOVARTIS AG is modeled at 8.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $151.13 per share.