Greenlight Capital RE, Ltd. (GLRE) intrinsic value & 10-year financials

Greenlight Capital RE, Ltd. (GLRE) has a Graham intrinsic value of $41.37 per share. At $14.82 on Oct 17, 2026, the stock trades 64% below that value. Over the last 10 fiscal years revenue grew 2.4% a year to $729.8M, with an average return on invested capital of -1.1%.

Graham intrinsic value
$41.37
Share price (Oct 17, 2026)
$14.82
Price vs Graham value
64% below
Market cap
$511.3M
Revenue (FY2025)
$729.8M
Revenue growth (10-yr CAGR)
2.4%
ROIC (10-yr avg)
-1.1%
Free cash flow (FY2025)
$209.8M

GLRE 10-year financial history

Fiscal year Revenue Net income EPS (diluted) Free cash flow Operating margin ROIC
FY2025 $729.8M $74.8M $2.17 $209.8M — 12.1%
FY2024 $696.0M $42.8M $1.24 $110.4M — 6.8%
FY2023 $667.1M $86.8M $2.50 $7.5M — 14.9%
FY2022 $526.7M $25.3M $0.73 -$31.8M — 4.6%
FY2021 $588.6M $17.6M $0.51 — — 3.7%
FY2020 $484.1M $3.9M $0.11 — — 0.8%
FY2019 $538.2M -$4.0M -$0.11 — — -0.8%
FY2018 $183.0M -$350.1M -$9.74 — — -53.5%
FY2017 $645.7M -$45.0M -$1.21 — — -5.3%
FY2016 $588.4M $44.9M $1.20 — — 5.1%

Source: annual 10-K filings on SEC EDGAR. Figures in USD.

Executive summary

GREENLIGHT CAPITAL RE, LTD. has demonstrated mature, steady growth, with revenue compounding at 2.4% annually over the past decade.

GREENLIGHT CAPITAL RE, LTD. has historically struggled to out-earn its cost of capital, averaging just -1.1% ROIC.

GREENLIGHT CAPITAL RE, LTD. 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, GREENLIGHT CAPITAL RE, LTD. is modeled at 6.8% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $41.37 per share.

GLRE stock: frequently asked questions

What is the intrinsic value of Greenlight Capital RE, Ltd. (GLRE) stock?

Using Benjamin Graham's revised formula, V = EPS × (8.5 + 2g) × 4.4 / Y, with reported diluted earnings per share, a 6.8% normalized growth rate (capped at 15%) and a 5.1% AAA corporate bond yield, GLRE's intrinsic value is about $41.37 per share.

Is GLRE stock undervalued?

At $14.82 (close on Oct 17, 2026), GLRE trades 64% below its Graham value of $41.37. On Graham's terms that leaves a margin of safety. A formula is a starting point for research, not a recommendation.

How fast has Greenlight Capital RE, Ltd. grown?

Revenue went from $588.4M in fiscal 2016 to $729.8M in fiscal 2025, a compound annual growth rate of 2.4%. Net income was $74.8M in fiscal 2025.

Does Greenlight Capital RE, Ltd. generate free cash flow?

Greenlight Capital RE, Ltd. generated $209.8M of free cash flow (operating cash flow minus capital expenditures) in fiscal 2025. Free cash flow was positive in 3 of the last 4 reported years.

What is GLRE's return on invested capital?

Average ROIC over the last 10 fiscal years was -1.1%, and average return on equity was -1.1%. Sustained ROIC above about 15% usually points to a durable competitive advantage.

Where does this GLRE data come from?

From Greenlight Capital RE, Ltd.'s annual 10-K filings on SEC EDGAR. Prices are end-of-day snapshots; valuations are formula outputs, not investment advice.

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