Schwab Charles Corp. (SCHW) intrinsic value & 10-year financials
Schwab Charles Corp. (SCHW) has a Graham intrinsic value of $154.45 per share. At $91.96 on Oct 17, 2026, the stock trades 40% below that value. Over the last 10 fiscal years revenue grew 13.8% a year to $23.9B, with an average return on invested capital of -101.3%.
- Graham intrinsic value
- $154.45
- Share price (Oct 17, 2026)
- $91.96
- Price vs Graham value
- 40% below
- Market cap
- $166.4B
- Revenue (FY2025)
- $23.9B
- Revenue growth (10-yr CAGR)
- 13.8%
- ROIC (10-yr avg)
- -101.3%
- Free cash flow (FY2025)
- $8.8B
SCHW 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $23.9B | $8.9B | $4.65 | $8.8B | — | 32.6% |
| FY2024 | $19.6B | $5.9B | $2.99 | $2.0B | — | 22.6% |
| FY2023 | $18.8B | $5.1B | $2.54 | $18.9B | — | 24.7% |
| FY2022 | $20.8B | $7.2B | $3.50 | $1.1B | — | 48.8% |
| FY2021 | $18.5B | $5.9B | $2.83 | $1.2B | — | 28.2% |
| FY2020 | $11.7B | $3.3B | $2.12 | $6.2B | — | 22.6% |
| FY2019 | $10.7B | $3.7B | $2.67 | $8.6B | — | -1322.9% |
| FY2018 | $10.1B | $3.5B | $2.45 | $11.9B | — | 80.9% |
| FY2017 | $8.6B | $2.4B | $1.61 | -$1.2B | — | 26.9% |
| FY2016 | $7.5B | $1.9B | $1.31 | $3.3B | — | 22.3% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Charles Schwab Corporation is a consistent compounder, expanding top-line revenue at 13.8% annually over the past decade.
Charles Schwab Corporation has earned high returns on invested capital, averaging 29.6% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Charles Schwab Corporation 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, Charles Schwab Corporation is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $154.45 per share.