Valhi Inc. /DE/ (VHI) intrinsic value & 10-year financials
Valhi Inc. /DE/ (VHI) has a Graham intrinsic value of $50.88 per share. At $14.68 on Oct 17, 2026, the stock trades 71% below that value. Over the last 10 fiscal years revenue grew 3.5% a year to $2.1B, with an average return on invested capital of 17.1%.
- Graham intrinsic value
- $50.88
- Share price (Oct 17, 2026)
- $14.68
- Price vs Graham value
- 71% below
- Market cap
- $418
- Revenue (FY2025)
- $2.1B
- Revenue growth (10-yr CAGR)
- 3.5%
- ROIC (10-yr avg)
- 17.1%
- Free cash flow (FY2025)
- -$82.1M
VHI 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $2.1B | -$57.6M | -$2.02 | -$82.1M | 3.0% | 4.8% |
| FY2024 | $2.1B | $108.0M | $3.79 | $13.1M | 10.0% | 10.2% |
| FY2023 | $1.9B | -$12.1M | -$0.42 | -$44.6M | 1.8% | 1.6% |
| FY2022 | $2.2B | $90.2M | $3.16 | -$32.7M | 10.8% | 19.1% |
| FY2021 | $2.3B | $127.2M | $4.46 | $395.6M | 13.9% | 24.9% |
| FY2020 | $1.8B | $55.2M | $1.94 | $86.7M | 10.1% | 15.5% |
| FY2019 | $1.9B | $49.2M | $1.73 | $117.3M | 10.2% | 13.6% |
| FY2018 | $1.8B | $262.2M | — | $104.1M | 20.4% | 37.7% |
| FY2017 | $1.9B | $207.5M | — | $188.0M | 19.3% | 35.6% |
| FY2016 | $1.5B | -$15.9M | — | $20.9M | 5.3% | 8.1% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
VALHI INC /DE/ has demonstrated mature, steady growth, with revenue compounding at 3.5% annually over the past decade.
VALHI INC /DE/ has earned high returns on invested capital, averaging 17.1% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
VALHI INC /DE/ 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, VALHI INC /DE/ is modeled at 3.5% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $50.88 per share.