MAGNA INTERNATIONAL INC
MGAdata completeness 100%17 fiscal years on fileMAGNA INTERNATIONAL INC earns about 7% on invested capital, below its ~9% cost of capital, and has bought back 7% of its shares over 5 years — no moat visible in the numbers. The estimate methods put fair value between $37.01 and $45.99 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 | $36.2B1 | $37.8B2 | $42.8B3 | $42.8B4 | $42B4 |
| Net income | $1.51B5 | $592M6 | $1.21B7 | $1.01B8 | $829M8 |
| Operating cash flow | $2.94B9 | $2.1B10 | $3.15B11 | $3.63B12 | $3.6B12 |
| Capital expenditure | $1.37B13 | $1.68B14 | $2.5B15 | $2.18B16 | $1.31B16 |
| Free cash flow (derived) | $1.57B9 | $414M10 | $649M11 | $1.46B12 | $2.29B12 |
| Total debt | $7.99B17 | $7.01B18 | $10.5B19 | $9.96B20 | $9.42B20 |
| Cash & equivalents | $2.95B21 | $1.23B22 | $1.2B23 | $1.25B24 | $1.61B24 |
| Diluted shares | 302.8M | 291.2M | 286.6M | 286.9M | 282.5M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $442.23 of net worth that earned you $29.35 and generated $80.88 of cash last year, against $333.59 of debt.
It earned about 7% on invested capital against a ~9% cost of capital — below the cost of funding. The numbers show no moat.
seeing a moat in the numbers →Share count is down 7% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 18% over the same window.
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 $37.01 and $45.99 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$1.46B
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth0.0%
- fcfBase$1.46B
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$1.01B
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $45.99 |
| Base | 0.0% | $45.99 |
| Bull | 5.0% | $63.81 |
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.
- 40-F · period ending 2021-12-31 · accession 0001193125-23-087951 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 40-F · period ending 2022-12-31 · accession 0001193125-24-080656 (RevenueFromContractWithCustomerExcludingAssessedTax)
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- 40-F · period ending 2024-12-31 · accession 0001193125-26-128771 (RevenueFromContractWithCustomerExcludingAssessedTax)
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- 40-F · period ending 2023-12-31 · accession 0001193125-25-066935 (NetIncomeLoss)
- 40-F · period ending 2024-12-31 · accession 0001193125-26-128771 (NetIncomeLoss)
- 40-F · period ending 2021-12-31 · accession 0001193125-23-087951 (NetCashProvidedByUsedInOperatingActivities)
- 40-F · period ending 2022-12-31 · accession 0001193125-24-080656 (NetCashProvidedByUsedInOperatingActivities)
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- 40-F · period ending 2024-12-31 · accession 0001193125-26-128771 (NetCashProvidedByUsedInOperatingActivities)
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- 40-F · period ending 2021-12-31 · accession 0001193125-23-087951 (LongTermDebtNoncurrent)
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- 40-F · period ending 2024-12-31 · accession 0001193125-26-128771 (LongTermDebtNoncurrent)
- 40-F · period ending 2021-12-31 · accession 0001193125-23-087951 (CashAndCashEquivalentsAtCarryingValue)
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- 40-F · period ending 2023-12-31 · accession 0001193125-25-066935 (CashAndCashEquivalentsAtCarryingValue)
- 40-F · period ending 2024-12-31 · accession 0001193125-26-128771 (CashAndCashEquivalentsAtCarryingValue)