Espey Mfg & Electronics Corp. (ESP) intrinsic value & 10-year financials
Espey Mfg & Electronics Corp. (ESP) has a Graham intrinsic value of $63.83 per share. At $55.58 on Oct 17, 2026, the stock trades 13% below that value. Over the last 10 fiscal years revenue shrank 20.1% a year to $3.7M, with an average return on invested capital of 7.3%.
- Graham intrinsic value
- $63.83
- Share price (Oct 17, 2026)
- $55.58
- Price vs Graham value
- 13% below
- Market cap
- $149.9M
- Revenue (FY2025)
- $3.7M
- Revenue growth (10-yr CAGR)
- -20.1%
- ROIC (10-yr avg)
- 7.3%
- Free cash flow (FY2025)
- $16.6M
ESP 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $3.7M | $8.1M | $3.02 | $16.6M | 221.6% | 14.8% |
| FY2024 | $1.2M | $5.8M | $2.29 | $5.4M | 548.6% | 13.5% |
| FY2023 | $35.6M | $3.7M | $1.49 | $3.4M | 12.1% | 9.9% |
| FY2022 | $32.1M | $1.3M | $0.52 | $1.9M | 4.8% | 3.9% |
| FY2021 | $27.7M | -$181.5K | -$0.08 | $551.4K | -1.5% | -0.7% |
| FY2020 | $31.5M | $1.2M | $0.49 | $5.8M | 3.7% | 3.3% |
| FY2019 | $36.5M | $2.3M | $0.98 | -$4.2M | 7.3% | 6.6% |
| FY2018 | $32.5M | $3.1M | $1.31 | -$1.7M | 11.9% | 8.9% |
| FY2017 | $22.5M | $1.1M | $0.49 | $6.1M | 6.8% | 3.3% |
| FY2016 | $27.5M | $3.2M | $1.38 | $5.5M | 15.8% | 9.5% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
ESPEY MFG & ELECTRONICS CORP is facing top-line stagnation, with revenue contracting over the decade.
ESPEY MFG & ELECTRONICS CORP has historically struggled to out-earn its cost of capital, averaging just 7.3% ROIC.
ESPEY MFG & ELECTRONICS CORP has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, ESPEY MFG & ELECTRONICS CORP is modeled at 8.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $63.83 per share.