Pdf Solutions Inc. (PDFS) intrinsic value & 10-year financials
Pdf Solutions Inc. (PDFS) has a Graham intrinsic value of $2.11 per share. At $39.22 on Oct 17, 2026, the stock trades 1759% above that value. Over the last 10 fiscal years revenue grew 8.2% a year to $219.0M, with an average return on invested capital of -4.1%.
- Graham intrinsic value
- $2.11
- Share price (Oct 17, 2026)
- $39.22
- Price vs Graham value
- 1759% above
- Market cap
- $1.5B
- Revenue (FY2025)
- $219.0M
- Revenue growth (10-yr CAGR)
- 8.2%
- ROIC (10-yr avg)
- -4.1%
- Free cash flow (FY2025)
- -$8.6M
PDFS 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $219.0M | -$640.0K | -$0.02 | -$8.6M | 2.7% | 1.3% |
| FY2024 | $179.5M | $4.1M | $0.10 | -$7.5M | 0.5% | 0.4% |
| FY2023 | $165.8M | $3.1M | $0.08 | $3.4M | -0.1% | -0.1% |
| FY2022 | $148.5M | -$3.4M | -$0.09 | $23.9M | — | -2.3% |
| FY2021 | $111.1M | -$21.5M | -$0.58 | $571.0K | — | -10.5% |
| FY2020 | $88.0M | -$40.4M | -$1.17 | $15.8M | — | -25.5% |
| FY2019 | $85.6M | -$5.4M | -$0.17 | $14.0M | — | -5.1% |
| FY2018 | $85.8M | -$7.7M | -$0.24 | $222.0K | -11.6% | -4.1% |
| FY2017 | $101.9M | -$1.3M | -$0.04 | $290.0K | 0.2% | 0.1% |
| FY2016 | $107.5M | $9.1M | $0.28 | -$9.3M | 12.1% | 4.6% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
PDF SOLUTIONS INC is a consistent compounder, expanding top-line revenue at 8.2% annually over the past decade.
PDF SOLUTIONS INC has historically struggled to out-earn its cost of capital, averaging just -4.1% ROIC.
PDF SOLUTIONS 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, PDF SOLUTIONS INC is modeled at 8.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $2.11 per share.