Cpi Card Group Inc. (PMTS) intrinsic value & 10-year financials
Cpi Card Group Inc. (PMTS) has a Graham intrinsic value of $26.42 per share. At $24.82 on Oct 17, 2026, the stock trades 6% below that value. Over the last 10 fiscal years revenue grew 6.5% a year to $543.5M, with an average return on invested capital of 16.2%.
- Graham intrinsic value
- $26.42
- Share price (Oct 17, 2026)
- $24.82
- Price vs Graham value
- 6% below
- Market cap
- $295.9M
- Revenue (FY2025)
- $543.5M
- Revenue growth (10-yr CAGR)
- 6.5%
- ROIC (10-yr avg)
- 16.2%
- Free cash flow (FY2025)
- $41.3M
PMTS 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $543.5M | $14.9M | $1.25 | $41.3M | 10.1% | 14.5% |
| FY2024 | $480.6M | $19.5M | $1.64 | $34.1M | 13.1% | 21.3% |
| FY2023 | $444.5M | $24.0M | $2.01 | $27.6M | 13.9% | 19.8% |
| FY2022 | $475.7M | $36.5M | $3.11 | $13.5M | 16.6% | 30.6% |
| FY2021 | $375.1M | $15.9M | $1.36 | $10.2M | 15.9% | 24.5% |
| FY2020 | $312.2M | $16.1M | $1.44 | $15.0M | 12.3% | 26.0% |
| FY2019 | $278.1M | -$4.5M | -$0.46 | -$1.2M | 9.2% | 18.1% |
| FY2018 | $255.8M | -$37.5M | — | $1.4M | 1.8% | 2.8% |
| FY2017 | $223.7M | -$22.0M | — | -$6.4M | -8.1% | -6.3% |
| FY2016 | $308.7M | $5.4M | — | $45.7M | 9.4% | 10.8% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
CPI Card Group Inc. has demonstrated mature, steady growth, with revenue compounding at 6.5% annually over the past decade.
CPI Card Group Inc. has earned high returns on invested capital, averaging 16.2% 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, CPI Card Group Inc. shows that management has aggressively returned capital to shareholders by retiring 78.8% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, CPI Card Group Inc. is modeled at 8.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $26.42 per share.