Netlist Inc. (NLST) intrinsic value & 10-year financials
Netlist Inc. (NLST) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 10 fiscal years revenue grew 28.9% a year to $188.6M, with an average return on invested capital of 1136.4%.
- Graham intrinsic value
- —
- Share price (Oct 17, 2026)
- $5.71
- Market cap
- $1.6B
- Revenue (FY2025)
- $188.6M
- Revenue growth (10-yr CAGR)
- 28.9%
- ROIC (10-yr avg)
- 1136.4%
- Free cash flow (FY2025)
- -$14.8M
NLST 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $188.6M | -$24.8M | -$0.09 | -$14.8M | -13.5% | 76.5% |
| FY2024 | $147.1M | -$53.9M | -$0.21 | -$34.7M | -37.5% | 254.6% |
| FY2023 | $69.2M | -$60.4M | -$0.25 | — | -89.2% | 1083.4% |
| FY2022 | $161.6M | -$33.4M | -$0.14 | -$15.5M | -20.7% | 573.2% |
| FY2021 | $47.2M | -$7.3M | -$0.04 | -$8.2M | -14.5% | 81.7% |
| FY2019 | $26.1M | -$12.5M | -$0.08 | -$11.6M | -44.0% | 560.4% |
| FY2018 | $33.5M | -$17.1M | — | -$10.6M | -48.8% | 8024.6% |
| FY2017 | $38.3M | -$13.4M | — | -$11.1M | -33.5% | -361.2% |
| FY2016 | $19.7M | -$11.2M | — | -$21.1M | -56.1% | -616.6% |
| FY2014 | $19.2M | -$15.4M | — | -$6.5M | -71.9% | 1687.7% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
NETLIST INC is a consistent compounder, expanding top-line revenue at 28.9% annually over the past decade.
NETLIST INC has earned high returns on invested capital, averaging 27.0% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
NETLIST INC 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, NETLIST INC is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $-2.99 per share.