HUNTINGTON INGALLS INDUSTRIES, INC.
HIIdata completeness 88%17 fiscal years on fileHUNTINGTON INGALLS INDUSTRIES, INC. earns about 12% 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 $152.67 and $586.29 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 | $9.52B1 | $10.7B2 | $11.5B3 | $11.5B3 | $12.5B3 |
| Net income | $544M4 | $579M5 | $681M6 | $550M6 | $605M6 |
| Operating cash flow | $760M7 | $766M8 | $970M9 | $393M9 | $1.2B9 |
| Capital expenditure | $331M10 | $284M11 | $292M12 | $367M12 | $402M12 |
| Free cash flow (derived) | $429M7 | $482M8 | $678M9 | $26M9 | $794M9 |
| Total debt | $6.6B13 | $5.81B14 | $2.45B14 | — | — |
| Cash & equivalents | $627M15 | $467M16 | $430M16 | $831M16 | $774M16 |
| Diluted shares | 40.3M | 40.1M | 39.9M | 39.4M | 39.3M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $1,290.84 of net worth that earned you $153.94 and generated $202.04 of cash last year.
It earned about 12% 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 63% — 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 $152.67 and $586.29 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
- fcfGrowth12.0%
- fcfBase$678M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth12.0%
- fcfBase$678M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$579M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $266.19 |
| Base | 12.0% | $430.21 |
| Bull | 17.0% | $521.05 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 12.0%= 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 0001501585-24-000007 (Revenues)
- 10-K · period ending 2022-12-31 · accession 0001501585-25-000006 (Revenues)
- 10-K · period ending 2023-12-31 · accession 0001501585-26-000006 (Revenues)
- 10-K · period ending 2021-12-31 · accession 0001501585-24-000007 (NetIncomeLoss)
- 10-K · period ending 2022-12-31 · accession 0001501585-25-000006 (NetIncomeLoss)
- 10-K · period ending 2023-12-31 · accession 0001501585-26-000006 (NetIncomeLoss)
- 10-K · period ending 2021-12-31 · accession 0001501585-24-000007 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2022-12-31 · accession 0001501585-25-000006 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-12-31 · accession 0001501585-26-000006 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2021-12-31 · accession 0001501585-24-000007 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2022-12-31 · accession 0001501585-25-000006 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2023-12-31 · accession 0001501585-26-000006 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2021-12-31 · accession 0001501585-23-000010 (LongTermDebtNoncurrent)
- 10-K · period ending 2022-12-31 · accession 0001501585-24-000007 (LongTermDebtNoncurrent)
- 10-K · period ending 2021-12-31 · accession 0001501585-22-000007 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2022-12-31 · accession 0001501585-26-000006 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)