FreightCar America, Inc. (RAIL) intrinsic value & 10-year financials
FreightCar America, Inc. (RAIL) has a Graham intrinsic value of $9.80 per share. At $5.92 on Oct 17, 2026, the stock trades 40% below that value. Over the last 10 fiscal years revenue shrank 0.5% a year to $500.7M, with an average return on invested capital of -55.6%.
- Graham intrinsic value
- $9.80
- Share price (Oct 17, 2026)
- $5.92
- Price vs Graham value
- 40% below
- Market cap
- $200.0M
- Revenue (FY2025)
- $500.7M
- Revenue growth (10-yr CAGR)
- -0.5%
- ROIC (10-yr avg)
- -55.6%
- Free cash flow (FY2025)
- $31.4M
RAIL 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $500.7M | $38.1M | $1.09 | $31.4M | 6.8% | -58.3% |
| FY2024 | $557.7M | -$75.8M | -$3.12 | $39.9M | 6.7% | -149.7% |
| FY2023 | $356.8M | -$23.6M | -$1.18 | -$8.0M | 2.9% | 43.9% |
| FY2022 | $361.5M | -$38.8M | -$1.56 | $3.7M | -4.2% | -23.3% |
| FY2021 | $199.8M | -$41.4M | -$2.00 | -$57.7M | -11.4% | -38.4% |
| FY2020 | $104.1M | -$84.4M | -$6.29 | -$68.8M | -77.5% | -97.6% |
| FY2019 | $223.5M | -$75.2M | -$5.95 | -$24.6M | -33.8% | -65.7% |
| FY2018 | $310.6M | -$40.6M | -$3.26 | -$33.8M | -10.3% | — |
| FY2017 | $407.2M | -$22.6M | -$1.82 | $39.4M | -7.8% | — |
| FY2016 | $523.7M | $12.3M | $1.00 | -$13.6M | 3.0% | — |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
FreightCar America, Inc. is facing top-line stagnation, with revenue contracting over the decade.
FreightCar America, Inc. has historically struggled to out-earn its cost of capital, averaging just -55.6% ROIC.
FreightCar America, 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, FreightCar America, Inc. is modeled at 1.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $9.80 per share.