Energy FOCUS, Inc. (EFOI) intrinsic value & 10-year financials
Energy FOCUS, Inc. (EFOI) has a Graham intrinsic value of $5.32 per share. At $2.60 on Oct 17, 2026, the stock trades 51% below that value. Over the last 10 fiscal years revenue shrank 21.4% a year to $3.6M, with an average return on invested capital of -155.9%.
- Graham intrinsic value
- $5.32
- Share price (Oct 17, 2026)
- $2.60
- Price vs Graham value
- 51% below
- Market cap
- $14.4M
- Revenue (FY2025)
- $3.6M
- Revenue growth (10-yr CAGR)
- -21.4%
- ROIC (10-yr avg)
- -155.9%
- Free cash flow (FY2025)
- -$1.5M
EFOI 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $3.6M | -$1.0M | -$0.18 | -$1.5M | -28.8% | -35.8% |
| FY2024 | $4.9M | -$1.6M | -$0.32 | -$1.3M | -37.9% | -75.6% |
| FY2023 | $5.7M | -$4.3M | — | -$2.5M | -69.5% | -286.8% |
| FY2022 | $6.0M | -$10.3M | — | -$6.8M | -155.7% | -458.7% |
| FY2021 | $9.9M | -$7.9M | — | -$10.2M | -88.3% | -276.8% |
| FY2020 | $16.8M | -$6.0M | — | -$2.7M | -24.2% | -111.5% |
| FY2019 | $12.7M | -$7.4M | — | -$6.8M | -54.7% | -152.7% |
| FY2018 | $18.1M | -$9.1M | — | -$6.9M | -50.2% | -59.9% |
| FY2017 | $19.8M | -$11.3M | -$0.95 | -$6.0M | -56.8% | -45.4% |
| FY2016 | $31.0M | -$16.9M | -$1.45 | -$18.2M | -54.3% | -56.2% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
ENERGY FOCUS, INC/DE is facing top-line stagnation, with revenue contracting over the decade.
ENERGY FOCUS, INC/DE has historically struggled to out-earn its cost of capital, averaging just -39.6% ROIC.
Over the decade, ENERGY FOCUS, INC/DE shows that management has aggressively returned capital to shareholders by retiring 52.4% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, ENERGY FOCUS, INC/DE is modeled at -21.4% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $5.32 per share.