Strategic Education, Inc. (STRA) intrinsic value & 10-year financials
Strategic Education, Inc. (STRA) has a Graham intrinsic value of $95.40 per share. At $81.20 on Oct 20, 2026, the stock trades 15% below that value. Over the last 10 fiscal years revenue grew 12.4% a year to $1.3B, with an average return on invested capital of 6.5%.
- Graham intrinsic value
- $95.40
- Share price (Oct 20, 2026)
- $81.20
- Price vs Graham value
- 15% below
- Market cap
- $1.9B
- Revenue (FY2025)
- $1.3B
- Revenue growth (10-yr CAGR)
- 12.4%
- ROIC (10-yr avg)
- 6.5%
- Free cash flow (FY2025)
- $153.9M
STRA 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $1.3B | $126.6M | $5.41 | $153.9M | 13.7% | 7.7% |
| FY2024 | $1.2B | $112.7M | $4.67 | $128.8M | 12.8% | 6.6% |
| FY2023 | $1.1B | $69.8M | $2.91 | $80.2M | 8.4% | 4.0% |
| FY2022 | $1.1B | $46.7M | $1.94 | $82.9M | 6.6% | 2.8% |
| FY2021 | $1.1B | $55.1M | $2.28 | $131.1M | 6.5% | 3.0% |
| FY2020 | $1.0B | $86.3M | $3.77 | $96.1M | 10.6% | 5.6% |
| FY2019 | $997.1M | $81.1M | $3.67 | $163.5M | 11.1% | 6.5% |
| FY2018 | $634.2M | -$15.7M | -$1.03 | $19.3M | -3.6% | -2.3% |
| FY2017 | $454.9M | $20.6M | $1.84 | $38.1M | 11.5% | 13.1% |
| FY2016 | $441.1M | $34.8M | $3.21 | $31.3M | 13.0% | 18.5% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Strategic Education, Inc. is a consistent compounder, expanding top-line revenue at 12.5% annually over the past decade.
Strategic Education, Inc. has historically struggled to out-earn its cost of capital, averaging just 6.6% ROIC.
Strategic Education, 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, Strategic Education, Inc. is modeled at 6.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $95.40 per share.