Pioneer Power SOLUTIONS, Inc. (PPSI) intrinsic value & 10-year financials
Pioneer Power SOLUTIONS, Inc. (PPSI) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 10 fiscal years revenue shrank 14.6% a year to $27.6M, with an average return on invested capital of -55.9%.
- Graham intrinsic value
- —
- Share price (Oct 17, 2026)
- $2.71
- Market cap
- $30.3M
- Revenue (FY2025)
- $27.6M
- Revenue growth (10-yr CAGR)
- -14.6%
- ROIC (10-yr avg)
- -55.9%
- Free cash flow (FY2025)
- -$8.5M
PPSI 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $27.6M | -$6.0M | -$0.54 | -$8.5M | -23.9% | -135.4% |
| FY2024 | $22.9M | $31.9M | $2.90 | -$10.0M | -22.9% | -195.9% |
| FY2023 | $41.5M | -$1.9M | -$0.19 | -$6.4M | -6.4% | -20.0% |
| FY2022 | $27.0M | -$3.6M | -$0.37 | -$7.3M | -14.9% | -42.4% |
| FY2021 | $18.3M | -$2.2M | -$0.24 | -$2.6M | -21.1% | -40.7% |
| FY2020 | $19.5M | -$3.0M | -$0.34 | — | -22.0% | -55.6% |
| FY2019 | $20.6M | -$1.4M | -$0.17 | -$5.7M | -57.1% | -75.7% |
| FY2018 | $106.4M | -$5.7M | -$0.65 | $1.6M | -1.8% | -9.9% |
| FY2017 | $114.4M | -$9.3M | -$1.07 | -$51.0K | 3.0% | 12.6% |
| FY2016 | $114.4M | -$1.1M | -$0.12 | -$10.1M | 1.2% | 4.3% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
PIONEER POWER SOLUTIONS, INC. is facing top-line stagnation, with revenue contracting over the decade.
PIONEER POWER SOLUTIONS, INC. has historically struggled to out-earn its cost of capital, averaging just -36.5% ROIC.
PIONEER POWER SOLUTIONS, 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, PIONEER POWER SOLUTIONS, INC. is modeled at -14.6% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $-51.79 per share.