Visa Inc. (V) intrinsic value & 10-year financials
Visa Inc. (V) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 10 fiscal years revenue grew 11.4% a year to $40.0B, with an average return on invested capital of 29.7%.
- Graham intrinsic value
- —
- Share price (Oct 17, 2026)
- $402.61
- Revenue (FY2025)
- $40.0B
- Revenue growth (10-yr CAGR)
- 11.4%
- ROIC (10-yr avg)
- 29.7%
- Free cash flow (FY2025)
- $21.6B
V 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $40.0B | $20.1B | — | $21.6B | 60.0% | 41.7% |
| FY2024 | $35.9B | $19.7B | — | $18.7B | 65.7% | 42.3% |
| FY2023 | $32.7B | $17.3B | — | $19.7B | 64.3% | 40.1% |
| FY2022 | $29.3B | $15.0B | — | $17.9B | 64.2% | 36.4% |
| FY2021 | $24.1B | $12.3B | — | $14.5B | 65.6% | 27.8% |
| FY2020 | $21.8B | $10.9B | — | $9.7B | 64.5% | 25.2% |
| FY2019 | $23.0B | $12.1B | — | $12.0B | 65.3% | 28.3% |
| FY2018 | $20.6B | $10.3B | — | $12.0B | 62.9% | 24.9% |
| FY2017 | $18.4B | $6.7B | — | $8.5B | 66.2% | 16.5% |
| FY2016 | $15.1B | $6.0B | — | $5.1B | 52.3% | 13.7% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Visa Inc. is a consistent compounder, expanding top-line revenue at 11.4% annually over the past decade.
Visa Inc. has earned high returns on invested capital, averaging 29.7% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Visa 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, Visa Inc. is modeled at 11.4% normalized earnings growth with a 5.1% bond-yield adjustment.