Quad/Graphics, Inc. (QUAD) intrinsic value & 10-year financials
Quad/Graphics, Inc. (QUAD) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 10 fiscal years revenue shrank 6.3% a year to $2.4B, with an average return on invested capital of 6.7%.
- Graham intrinsic value
- —
- Share price (Oct 17, 2026)
- $9.45
- Market cap
- $471.6M
- Revenue (FY2025)
- $2.4B
- Revenue growth (10-yr CAGR)
- -6.3%
- ROIC (10-yr avg)
- 6.7%
- Free cash flow (FY2025)
- $50.7M
QUAD 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $2.4B | $27.0M | $0.54 | $50.7M | 4.0% | 27.9% |
| FY2024 | $2.7B | -$50.9M | -$1.07 | $55.7M | 0.7% | 5.4% |
| FY2023 | $3.0B | -$55.4M | -$1.14 | $76.8M | 0.9% | 4.2% |
| FY2022 | $3.2B | $9.3M | $0.18 | $94.3M | 1.7% | 3.4% |
| FY2021 | $3.0B | $37.8M | $0.71 | $86.5M | 3.1% | 7.9% |
| FY2020 | $2.9B | -$128.3M | -$2.53 | $129.2M | -1.6% | -4.0% |
| FY2019 | $3.9B | -$156.3M | -$3.12 | $44.5M | 0.9% | 2.4% |
| FY2018 | $4.2B | $8.5M | $0.16 | $164.3M | 1.4% | 2.2% |
| FY2017 | $4.1B | $107.2M | $2.07 | $258.1M | 4.0% | 11.6% |
| FY2016 | $4.3B | $44.9M | $0.90 | $246.4M | 2.8% | 6.5% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Quad/Graphics, Inc. is facing top-line stagnation, with revenue contracting over the decade.
Quad/Graphics, Inc. has historically struggled to out-earn its cost of capital, averaging just 6.7% ROIC.
Quad/Graphics, 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, Quad/Graphics, Inc. is modeled at -5.5% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $-1.18 per share.