Chicago Atlantic Real Estate Finance, Inc. (REFI) intrinsic value & 10-year financials
Chicago Atlantic Real Estate Finance, Inc. (REFI) has a Graham intrinsic value of $4.70 per share. At $9.31 on Oct 17, 2026, the stock trades 98% above that value. Over the last 5 fiscal years revenue reached to -$7.5M, with an average return on invested capital of 9.5%.
- Graham intrinsic value
- $4.70
- Share price (Oct 17, 2026)
- $9.31
- Price vs Graham value
- 98% above
- Market cap
- $199.5M
- Revenue (FY2025)
- -$7.5M
- ROIC (10-yr avg)
- 9.5%
- Free cash flow (FY2025)
- —
REFI 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | -$7.5M | $36.0M | $1.68 | — | — | 10.7% |
| FY2024 | -$7.2M | $37.0M | $1.88 | — | — | 11.2% |
| FY2023 | -$5.8M | $38.7M | $2.11 | — | — | — |
| FY2022 | $48.9M | $32.3M | $1.82 | — | — | 6.6% |
| FY2021 | — | — | — | — | — | — |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Chicago Atlantic Real Estate Finance, Inc. revenue growth over the past decade is N/A; insufficient history prevents a reliable 10-year CAGR calculation.
Chicago Atlantic Real Estate Finance, Inc. returns on capital have been average, hovering around 9.5% ROIC over the decade.
Chicago Atlantic Real Estate Finance, 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, Chicago Atlantic Real Estate Finance, Inc. is modeled at -2.6% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $4.70 per share.