PIXELWORKS, Inc. (PXLW) intrinsic value & 10-year financials
PIXELWORKS, Inc. (PXLW) has a Graham intrinsic value of $239.64 per share. At $5.37 on Oct 17, 2026, the stock trades 98% below that value. Over the last 10 fiscal years revenue shrank 38.3% a year to $693.0K, with an average return on invested capital of 147.7%.
- Graham intrinsic value
- $239.64
- Share price (Oct 17, 2026)
- $5.37
- Price vs Graham value
- 98% below
- Market cap
- $29.6M
- Revenue (FY2025)
- $693.0K
- Revenue growth (10-yr CAGR)
- -38.3%
- ROIC (10-yr avg)
- 147.7%
- Free cash flow (FY2025)
- -$21.1M
PXLW 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $693.0K | -$22.5M | -$4.08 | -$21.1M | -1667.5% | 35.0% |
| FY2024 | $43.2M | -$28.7M | -$0.49 | -$23.6M | -72.6% | 95.2% |
| FY2023 | $59.7M | -$26.2M | -$0.47 | -$22.6M | -48.0% | 104.7% |
| FY2022 | $70.1M | -$16.0M | -$0.30 | -$14.4M | -24.0% | 78.2% |
| FY2021 | $55.1M | -$19.8M | -$0.38 | -$12.6M | -36.3% | -485.3% |
| FY2020 | $40.9M | -$26.5M | -$0.65 | -$6.3M | -65.4% | -75.1% |
| FY2019 | $68.8M | -$9.1M | — | -$13.0M | -19.1% | -36.8% |
| FY2018 | $76.6M | -$4.6M | — | -$1.1M | -6.3% | -21.5% |
| FY2017 | $80.6M | -$4.2M | — | $9.7M | -2.5% | -23.4% |
| FY2016 | $53.4M | -$11.1M | — | -$3.7M | -19.4% | 1805.6% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
PIXELWORKS, INC is facing top-line stagnation, with revenue contracting over the decade.
PIXELWORKS, INC has earned high returns on invested capital, averaging 17.0% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
PIXELWORKS, 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, PIXELWORKS, INC is modeled at -38.3% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $239.64 per share.