REED'S, Inc. (REED) intrinsic value & 10-year financials
REED'S, Inc. (REED) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 10 fiscal years revenue shrank 2.4% a year to $34.1M, with an average return on invested capital of 135.9%.
- Graham intrinsic value
- —
- Share price (Oct 17, 2026)
- $0.39
- Market cap
- $3.2M
- Revenue (FY2025)
- $34.1M
- Revenue growth (10-yr CAGR)
- -2.4%
- ROIC (10-yr avg)
- 135.9%
- Free cash flow (FY2025)
- -$17.3M
REED 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $34.1M | -$15.8M | -$1.91 | -$17.3M | -44.5% | 938.5% |
| FY2024 | $38.0M | -$13.2M | -$1.64 | -$6.3M | -21.4% | 452.6% |
| FY2023 | $44.7M | -$15.5M | -$4.39 | -$4.4M | -21.1% | — |
| FY2022 | $53.0M | -$20.1M | -$9.07 | — | -28.0% | 944.3% |
| FY2021 | $49.6M | -$16.4M | — | -$17.9M | -32.2% | -202.0% |
| FY2020 | $41.6M | -$10.2M | — | -$9.6M | -20.7% | -160.8% |
| FY2019 | $33.8M | -$16.1M | — | -$18.5M | -43.9% | 575.9% |
| FY2018 | $38.1M | -$10.3M | — | -$9.4M | -21.3% | 129.1% |
| FY2017 | $37.7M | -$18.4M | — | -$4.2M | -31.2% | 401.0% |
| FY2016 | $42.5M | -$5.0M | — | -$2.9M | -7.2% | -1855.2% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
REED'S, INC. is facing top-line stagnation, with revenue contracting over the decade.
REED'S, INC. has earned high returns on invested capital, averaging 15.6% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
REED'S, 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, REED'S, INC. is modeled at -2.4% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $-6.03 per share.