Viatris Inc. (VTRS) intrinsic value & 10-year financials

Viatris Inc. (VTRS) has a Graham intrinsic value of $0.66 per share. At $18.66 on Oct 17, 2026, the stock trades 2727% above that value. Over the last 9 fiscal years revenue grew 3.4% a year to $14.3B, with an average return on invested capital of 0.6%.

Graham intrinsic value
$0.66
Share price (Oct 17, 2026)
$18.66
Price vs Graham value
2727% above
Market cap
$22.3B
Revenue (FY2025)
$14.3B
Revenue growth (9-yr CAGR)
3.4%
ROIC (10-yr avg)
0.6%
Free cash flow (FY2025)
$1.9B

VTRS 10-year financial history

Fiscal year Revenue Net income EPS (diluted) Free cash flow Operating margin ROIC
FY2025 $14.3B -$3.5B -$3.00 $1.9B -18.7% -8.5%
FY2024 $14.7B -$634.2M -$0.53 $2.0B 0.1% 0.0%
FY2023 $15.4B $54.7M $0.05 $2.4B 5.0% 1.0%
FY2022 $16.2B $2.1B $1.71 $2.5B 10.0% 3.0%
FY2021 $17.8B -$1.3B -$1.05 $2.6B -0.2% -0.1%
FY2020 $11.8B -$669.9M -$0.56 $988.8M -1.8% -0.7%
FY2019 $11.4B $16.8M $0.01 $1.6B 6.3% 2.9%
FY2018 $11.3B $352.5M $0.34 $2.1B 8.0% 7.1%
FY2017 — — — — — —

Source: annual 10-K filings on SEC EDGAR. Figures in USD.

Executive summary

Viatris Inc revenue growth over the past decade is N/A; insufficient history prevents a reliable 10-year CAGR calculation.

Viatris Inc has historically struggled to out-earn its cost of capital, averaging just 0.6% ROIC.

Viatris Inc capital allocation metrics are N/A for the decade; share count and net debt history are incomplete.

Benjamin Graham lens

Under Benjamin Graham's formula using SEC EDGAR fundamentals, Viatris Inc is modeled at 3.4% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $0.66 per share.

VTRS stock: frequently asked questions

What is the intrinsic value of Viatris Inc. (VTRS) stock?

Using Benjamin Graham's revised formula, V = EPS × (8.5 + 2g) × 4.4 / Y, with reported diluted earnings per share, a 3.4% normalized growth rate (capped at 15%) and a 5.1% AAA corporate bond yield, VTRS's intrinsic value is about $0.66 per share.

Is VTRS stock undervalued?

At $18.66 (close on Oct 17, 2026), VTRS trades 2727% above its Graham value of $0.66. On Graham's terms the shares look fully priced. A formula is a starting point for research, not a recommendation.

Does Viatris Inc. generate free cash flow?

Viatris Inc. generated $1.9B of free cash flow (operating cash flow minus capital expenditures) in fiscal 2025. Free cash flow was positive in 8 of the last 8 reported years.

What is VTRS's return on invested capital?

Average ROIC over the last 9 fiscal years was 0.6%, and average return on equity was -2.8%. Sustained ROIC above about 15% usually points to a durable competitive advantage.

Where does this VTRS data come from?

From Viatris Inc.'s annual 10-K filings on SEC EDGAR. Prices are end-of-day snapshots; valuations are formula outputs, not investment advice.

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