Nortech Systems Inc. (NSYS) intrinsic value & 10-year financials
Nortech Systems Inc. (NSYS) has a Graham intrinsic value of $18.11 per share. At $10.32 on Oct 17, 2026, the stock trades 43% below that value. Over the last 10 fiscal years revenue grew 0.2% a year to $118.4M, with an average return on invested capital of 2.6%.
- Graham intrinsic value
- $18.11
- Share price (Oct 17, 2026)
- $10.32
- Price vs Graham value
- 43% below
- Market cap
- $28.7M
- Revenue (FY2025)
- $118.4M
- Revenue growth (10-yr CAGR)
- 0.2%
- ROIC (10-yr avg)
- 2.6%
- Free cash flow (FY2025)
- $2.1M
NSYS 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $118.4M | -$252.0K | -$0.09 | $2.1M | 0.8% | 1.2% |
| FY2024 | $128.1M | -$1.3M | -$0.47 | -$3.5M | -0.2% | -0.5% |
| FY2023 | $139.3M | $6.9M | $2.38 | $485.0K | 4.3% | 15.6% |
| FY2022 | $134.1M | $2.0M | $0.70 | $3.0M | 2.9% | 6.4% |
| FY2021 | $115.2M | $7.2M | $2.54 | -$5.8M | 2.0% | 5.7% |
| FY2020 | $104.1M | -$1.5M | -$0.58 | $878.0K | -0.6% | -1.9% |
| FY2019 | $116.3M | -$1.2M | -$0.46 | $278.0K | 0.2% | 0.8% |
| FY2018 | $113.4M | $166.0K | $0.06 | $1.0M | 1.1% | 2.5% |
| FY2017 | $112.3M | -$2.4M | -$0.89 | -$7.1K | -1.1% | -4.8% |
| FY2016 | $116.6M | $43.8K | $0.02 | $1.6M | 0.5% | 1.2% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
NORTECH SYSTEMS INC has demonstrated mature, steady growth, with revenue compounding at 0.2% annually over the past decade.
NORTECH SYSTEMS INC has historically struggled to out-earn its cost of capital, averaging just 2.6% ROIC.
NORTECH SYSTEMS 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, NORTECH SYSTEMS INC is modeled at 0.2% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $18.11 per share.