Red Cat Holdings, Inc. (RCAT) intrinsic value & 10-year financials
Red Cat Holdings, Inc. (RCAT) has a Graham intrinsic value of $0.66 per share. At $4.72 on Oct 17, 2026, the stock trades 615% above that value. Over the last 10 fiscal years revenue grew 80.2% a year to $40.7M, with an average return on invested capital of -84.2%.
- Graham intrinsic value
- $0.66
- Share price (Oct 17, 2026)
- $4.72
- Price vs Graham value
- 615% above
- Market cap
- $467.1M
- Revenue (FY2025)
- $40.7M
- Revenue growth (10-yr CAGR)
- 80.2%
- ROIC (10-yr avg)
- -84.2%
- Free cash flow (FY2025)
- -$95.8M
RCAT 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $40.7M | -$72.1M | -$0.73 | -$95.8M | -163.5% | -102.1% |
| FY2024 | $4.2M | -$24.1M | -$0.40 | -$17.9M | -515.9% | -45.9% |
| FY2023 | $1.3M | -$27.1M | — | -$31.6M | -2009.8% | -41.5% |
| FY2022 | $6.4M | -$11.7M | — | -$16.4M | — | -28.6% |
| FY2021 | $5.0M | -$13.2M | — | — | — | -396.9% |
| FY2020 | $403.9K | -$1.6M | — | — | -410.7% | -113.5% |
| FY2019 | — | -$751.3K | — | — | — | — |
| FY2018 | $105.1K | -$2.6M | -$0.02 | -$1.9M | -1979.0% | 83.9% |
| FY2017 | $933 | $1.1M | $0.02 | — | -288121.2% | -29.2% |
| FY2016 | $203.6K | -$3.4M | -$0.12 | -$1.6M | -713.2% | — |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Red Cat Holdings, Inc. is a consistent compounder, expanding top-line revenue at 80.2% annually over the past decade.
Red Cat Holdings, Inc. has historically struggled to out-earn its cost of capital, averaging just -35.1% ROIC.
Red Cat Holdings, 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, Red Cat Holdings, Inc. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $0.66 per share.