Leatt Corp. (LEAT) intrinsic value & 10-year financials
Leatt Corp. (LEAT) has a Graham intrinsic value of $16.94 per share. At $10.90 on Oct 17, 2026, the stock trades 36% below that value. Over the last 10 fiscal years revenue grew 15.9% a year to $61.9M, with an average return on invested capital of 16.7%.
- Graham intrinsic value
- $16.94
- Share price (Oct 17, 2026)
- $10.90
- Price vs Graham value
- 36% below
- Market cap
- $70.3M
- Revenue (FY2025)
- $61.9M
- Revenue growth (10-yr CAGR)
- 15.9%
- ROIC (10-yr avg)
- 16.7%
- Free cash flow (FY2025)
- $725.9K
LEAT 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $61.9M | $3.3M | $0.51 | $725.9K | 6.5% | 10.4% |
| FY2024 | $44.0M | -$2.2M | -$0.34 | $1.6M | -6.8% | -8.4% |
| FY2023 | $47.2M | $803.2K | $0.13 | $4.7M | 3.0% | 2.5% |
| FY2022 | $76.3M | $10.0M | $1.62 | $1.9M | 17.1% | 32.9% |
| FY2021 | $72.5M | $12.6M | $2.07 | $1.6M | 22.9% | 64.4% |
| FY2020 | $38.6M | $4.4M | $0.74 | $869.8K | 15.1% | 37.8% |
| FY2019 | $28.3M | $1.4M | $0.25 | -$28.5K | 7.0% | 16.1% |
| FY2018 | $24.4M | $1.2M | $0.22 | $160.7K | 6.1% | 15.8% |
| FY2017 | $20.1M | $237.3K | $0.04 | $357.2K | 1.1% | 3.4% |
| FY2016 | $16.4M | -$455.2K | -$0.08 | $80.9K | -4.5% | -7.9% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Leatt Corp is a consistent compounder, expanding top-line revenue at 15.9% annually over the past decade.
Leatt Corp has earned high returns on invested capital, averaging 16.7% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Leatt 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, Leatt Corp is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $16.94 per share.