Sanofi (SNY) intrinsic value & 10-year financials
Sanofi (SNY) has a Graham intrinsic value of €117.61 per share. Over the last 10 fiscal years revenue grew 2.9% a year to €43.6B, with an average return on invested capital of 8.2%.
- Graham intrinsic value
- €117.61
- Revenue (FY2025)
- €43.6B
- Revenue growth (10-yr CAGR)
- 2.9%
- ROIC (10-yr avg)
- 8.2%
- Free cash flow (FY2025)
- —
SNY 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | €43.6B | €7.9B | €6.37 | — | 14.5% | 6.6% |
| FY2024 | €41.1B | €5.6B | €4.43 | — | 17.7% | 7.1% |
| FY2023 | €43.1B | €5.4B | €4.30 | — | 18.3% | 7.4% |
| FY2022 | €43.0B | €8.5B | €6.66 | — | 24.8% | 10.7% |
| FY2021 | €37.8B | €6.3B | — | — | 21.5% | 8.6% |
| FY2020 | €36.0B | €12.3B | €9.77 | — | 39.2% | 16.9% |
| FY2019 | €36.1B | €2.8B | €2.23 | — | 8.7% | 3.9% |
| FY2018 | €34.5B | €4.4B | €3.43 | — | 13.6% | 6.0% |
| FY2017 | €35.1B | €8.6B | €6.66 | — | 16.6% | 7.5% |
| FY2016 | €33.8B | €4.8B | €3.63 | — | 19.3% | 7.8% |
Source: annual 10-K filings on SEC EDGAR. Figures in EUR.
Executive summary
Sanofi has demonstrated mature, steady growth, with revenue compounding at 2.9% annually over the past decade.
Sanofi returns on capital have been average, hovering around 8.3% ROIC over the decade.
Sanofi 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, Sanofi is modeled at 6.5% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $117.61 per share.