Noble Romans Inc. (NROM) intrinsic value & 10-year financials
Noble Romans Inc. (NROM) has a Graham intrinsic value of $1.33 per share. At $0.58 on Oct 17, 2026, the stock trades 56% below that value. Over the last 10 fiscal years revenue grew 8.4% a year to $16.2M, with an average return on invested capital of 23.0%.
- Graham intrinsic value
- $1.33
- Share price (Oct 17, 2026)
- $0.58
- Price vs Graham value
- 56% below
- Market cap
- $18.8M
- Revenue (FY2025)
- $16.2M
- Revenue growth (10-yr CAGR)
- 8.4%
- ROIC (10-yr avg)
- 23.0%
- Free cash flow (FY2025)
- $1.1M
NROM 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $16.2M | $1.2M | $0.04 | $1.1M | 14.9% | 28.9% |
| FY2024 | $15.1M | -$3.2K | $0.00 | $808.7K | 9.8% | 11.9% |
| FY2023 | $14.4M | $1.5M | $0.06 | $1.6M | 23.9% | 54.2% |
| FY2022 | $14.5M | -$1.1M | -$0.05 | -$478.0K | 3.0% | 5.6% |
| FY2021 | $13.9M | $509.5K | $0.02 | $69.2K | 12.6% | 24.5% |
| FY2020 | $11.5M | -$5.4M | -$0.24 | -$409.0K | 20.1% | 24.8% |
| FY2019 | $11.7M | -$378.1K | -$0.02 | $1.2M | 22.3% | 13.3% |
| FY2018 | $12.4M | -$3.1M | -$0.14 | $319.7K | 21.3% | 32.9% |
| FY2017 | $9.8M | -$3.4M | -$0.16 | -$1.1M | 29.9% | 11.9% |
| FY2016 | $7.8M | -$870.8K | -$0.04 | -$1.9M | 39.3% | 22.0% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
NOBLE ROMANS INC is a consistent compounder, expanding top-line revenue at 8.4% annually over the past decade.
NOBLE ROMANS INC has earned high returns on invested capital, averaging 23.0% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
NOBLE ROMANS 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, NOBLE ROMANS INC is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $1.33 per share.