ROKU, Inc. (ROKU) intrinsic value & 10-year financials
ROKU, Inc. (ROKU) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 10 fiscal years revenue grew 31.6% a year to $4.7B, with an average return on invested capital of -13.5%.
- Graham intrinsic value
- —
- Share price (Oct 17, 2026)
- $154.54
- Market cap
- $23.3B
- Revenue (FY2025)
- $4.7B
- Revenue growth (10-yr CAGR)
- 31.6%
- ROIC (10-yr avg)
- -13.5%
- Free cash flow (FY2025)
- $478.4M
ROKU 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $4.7B | $88.4M | $0.59 | $478.4M | -0.1% | -0.5% |
| FY2024 | $4.1B | -$129.4M | -$0.89 | $213.0M | -5.3% | -25.2% |
| FY2023 | $3.5B | -$709.6M | -$5.01 | $173.2M | -22.7% | -70.9% |
| FY2022 | $3.1B | -$498.0M | -$3.62 | -$149.9M | -17.0% | -43.3% |
| FY2021 | $2.8B | $242.4M | $1.71 | $188.0M | 8.5% | 27.0% |
| FY2020 | $1.8B | -$17.5M | -$0.14 | $65.8M | -1.1% | -3.1% |
| FY2019 | $1.1B | -$59.9M | -$0.52 | -$63.5M | -5.8% | -19.0% |
| FY2018 | $742.5M | -$8.9M | — | -$4.4M | -1.8% | -39.4% |
| FY2017 | $512.8M | -$63.5M | — | $28.1M | -3.8% | 17.6% |
| FY2016 | $398.6M | -$42.8M | — | -$41.1M | -10.9% | 21.9% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
ROKU, INC is a consistent compounder, expanding top-line revenue at 31.7% annually over the past decade.
ROKU, INC has historically struggled to out-earn its cost of capital, averaging just -13.5% ROIC.
ROKU, 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, ROKU, INC is modeled at -23.4% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $-19.45 per share.