Quest Resource Holding Corp. (QRHC) intrinsic value & 10-year financials

Quest Resource Holding Corp. (QRHC) has a Graham intrinsic value of $1.07 per share. At $1.14 on Oct 17, 2026, the stock trades 7% above that value. Over the last 10 fiscal years revenue grew 3.5% a year to $250.2M, with an average return on invested capital of -0.0%.

Graham intrinsic value
$1.07
Share price (Oct 17, 2026)
$1.14
Price vs Graham value
7% above
Market cap
$23.9M
Revenue (FY2025)
$250.2M
Revenue growth (10-yr CAGR)
3.5%
ROIC (10-yr avg)
-0.0%
Free cash flow (FY2025)
$9.3M

QRHC 10-year financial history

Fiscal year Revenue Net income EPS (diluted) Free cash flow Operating margin ROIC
FY2025 $250.2M -$15.4M -$0.73 $9.3M -2.5% -5.2%
FY2024 $288.5M -$15.1M -$0.73 -$10.8M -1.5% -3.4%
FY2023 $288.4M -$7.3M -$0.36 -$1.6M 1.0% 2.1%
FY2022 $284.0M -$6.0M -$0.31 -$3.2M 0.5% 1.1%
FY2021 $155.7M $1.7M $0.08 $2.0M 3.0% 3.8%
FY2020 $98.7M $1.0M $0.05 $2.7M 0.8% 0.9%
FY2019 $99.0M -$55.2K $0.00 $2.1M 0.6% 0.5%
FY2018 $103.8M -$2.4M -$0.16 $2.9M -1.9% —
FY2017 $138.3M -$5.8M — -$1.7M -3.9% —
FY2016 $183.8M -$8.0M — -$4.9M -4.2% —

Source: annual 10-K filings on SEC EDGAR. Figures in USD.

Executive summary

Quest Resource Holding Corp has demonstrated mature, steady growth, with revenue compounding at 3.5% annually over the past decade.

Quest Resource Holding Corp has historically struggled to out-earn its cost of capital, averaging just -0.0% ROIC.

Quest Resource Holding Corp capital allocation metrics are N/A for the decade; share count and net debt history are incomplete.

Benjamin Graham lens

Under Benjamin Graham's formula using SEC EDGAR fundamentals, Quest Resource Holding Corp is modeled at 3.5% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $1.07 per share.

QRHC stock: frequently asked questions

What is the intrinsic value of Quest Resource Holding Corp. (QRHC) stock?

Using Benjamin Graham's revised formula, V = EPS × (8.5 + 2g) × 4.4 / Y, with reported diluted earnings per share, a 3.5% normalized growth rate (capped at 15%) and a 5.1% AAA corporate bond yield, QRHC's intrinsic value is about $1.07 per share.

Is QRHC stock undervalued?

At $1.14 (close on Oct 17, 2026), QRHC trades 7% above its Graham value of $1.07. On Graham's terms the shares look fully priced. A formula is a starting point for research, not a recommendation.

How fast has Quest Resource Holding Corp. grown?

Revenue went from $183.8M in fiscal 2016 to $250.2M in fiscal 2025, a compound annual growth rate of 3.5%. Net income was -$15.4M in fiscal 2025.

Does Quest Resource Holding Corp. generate free cash flow?

Quest Resource Holding Corp. generated $9.3M of free cash flow (operating cash flow minus capital expenditures) in fiscal 2025. Free cash flow was positive in 5 of the last 10 reported years.

What is QRHC's return on invested capital?

Average ROIC over the last 10 fiscal years was -0.0%, and average return on equity was -9.8%. Sustained ROIC above about 15% usually points to a durable competitive advantage.

Where does this QRHC data come from?

From Quest Resource Holding Corp.'s annual 10-K filings on SEC EDGAR, most recently filed Aug 7, 2026. Prices are end-of-day snapshots; valuations are formula outputs, not investment advice.

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