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.