ABBOTT LABORATORIES
ABTdata completeness 100%19 fiscal years on fileData notes: no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'realEstateImpairment'
ABBOTT LABORATORIES earns about 11% on invested capital, comfortably above its ~9% cost of capital, and has bought back 2% of its shares over 5 years — the marks of a durable business run for its owners. The estimate methods put fair value between $37.47 and $41.31 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | $43.1B1 | $43.7B2 | $40.1B3 | $42B3 | $44.3B3 |
| Net income | $7.07B4 | $6.93B5 | $5.72B6 | $13.4B6 | $6.52B6 |
| Operating cash flow | $10.5B7 | $9.58B8 | $7.26B9 | $8.56B9 | $9.57B9 |
| Capital expenditure | $1.89B10 | $1.78B11 | $2.2B12 | $2.21B12 | $2.17B12 |
| Free cash flow (derived) | $8.65B7 | $7.8B8 | $5.06B9 | $6.35B9 | $7.4B9 |
| Total debt | $36.1B13 | $33.5B14 | $29.4B15 | $28.3B16 | $25.9B16 |
| Cash & equivalents | $9.8B17 | $9.88B18 | $6.9B19 | $7.62B20 | $8.52B20 |
| Diluted shares | 1.79B | 1.76B | 1.75B | 1.75B | 1.75B |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $298.23 of net worth that earned you $37.32 and generated $42.31 of cash last year, against $147.93 of debt.
It earned about 11% on invested capital against a ~9% cost of capital — comfortably above the cost of funding, a moderate advantage.
seeing a moat in the numbers →Share count is down 2% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 28% — deleveraging.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $37.47 and $41.31 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth0.0%
- fcfBase$6.35B
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth0.0%
- fcfBase$6.35B
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$6.93B
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $41.31 |
| Base | 0.0% | $41.31 |
| Bull | 5.0% | $53.69 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 0.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 10-K · period ending 2021-12-31 · accession 0001628280-24-005348 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2022-12-31 · accession 0001628280-25-007110 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2023-12-31 · accession 0001628280-26-010185 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2021-12-31 · accession 0001628280-24-005348 (NetIncomeLoss)
- 10-K · period ending 2022-12-31 · accession 0001628280-25-007110 (NetIncomeLoss)
- 10-K · period ending 2023-12-31 · accession 0001628280-26-010185 (NetIncomeLoss)
- 10-K · period ending 2021-12-31 · accession 0001628280-24-005348 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2022-12-31 · accession 0001628280-25-007110 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-12-31 · accession 0001628280-26-010185 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2021-12-31 · accession 0001628280-24-005348 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2022-12-31 · accession 0001628280-25-007110 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2023-12-31 · accession 0001628280-26-010185 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2021-12-31 · accession 0001628280-23-004026 (LongTermDebtNoncurrent)
- 10-K · period ending 2022-12-31 · accession 0001628280-24-005348 (LongTermDebtNoncurrent)
- 10-K · period ending 2023-12-31 · accession 0001628280-25-007110 (LongTermDebtNoncurrent)
- 10-K · period ending 2024-12-31 · accession 0001628280-26-010185 (LongTermDebtNoncurrent)
- 10-K · period ending 2021-12-31 · accession 0001628280-23-004026 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2022-12-31 · accession 0001628280-24-005348 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2023-12-31 · accession 0001628280-25-007110 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2024-12-31 · accession 0001628280-26-010185 (CashAndCashEquivalentsAtCarryingValue)