Richardson ELECTRONICS, Ltd. (RELL) intrinsic value & 10-year financials
Richardson ELECTRONICS, Ltd. (RELL) has a Graham intrinsic value of $10.63 per share. At $18.33 on Oct 17, 2026, the stock trades 72% above that value. Over the last 10 fiscal years revenue grew 5.9% a year to $228.6M, with an average return on invested capital of 5.7%.
- Graham intrinsic value
- $10.63
- Share price (Oct 17, 2026)
- $18.33
- Price vs Graham value
- 72% above
- Market cap
- $232.6M
- Revenue (FY2026)
- $228.6M
- Revenue growth (10-yr CAGR)
- 5.9%
- ROIC (10-yr avg)
- 5.7%
- Free cash flow (FY2026)
- -$3.6M
RELL 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2026 | $228.6M | $6.4M | — | -$3.6M | 2.8% | 4.3% |
| FY2025 | $208.9M | -$1.1M | — | $7.7M | -1.2% | -1.4% |
| FY2024 | $196.5M | $61.0K | — | $2.5M | 0.2% | 0.1% |
| FY2023 | $262.7M | $22.3M | — | -$15.6M | 9.5% | 18.7% |
| FY2022 | $224.6M | $17.9M | — | -$1.2M | 7.1% | 17.5% |
| FY2021 | $176.9M | $1.7M | — | -$1.8M | 1.6% | 2.4% |
| FY2020 | $155.9M | -$1.8M | — | $147.0K | -1.1% | -1.8% |
| FY2019 | $166.7M | -$7.3M | — | -$6.4M | -4.1% | — |
| FY2018 | $163.2M | $3.8M | — | -$2.3M | 2.2% | — |
| FY2017 | $136.9M | -$6.9M | — | -$3.4M | -4.2% | — |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
RICHARDSON ELECTRONICS, LTD. has demonstrated mature, steady growth, with revenue compounding at 5.9% annually over the past decade.
RICHARDSON ELECTRONICS, LTD. has historically struggled to out-earn its cost of capital, averaging just 5.7% ROIC.
RICHARDSON ELECTRONICS, LTD. 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, RICHARDSON ELECTRONICS, LTD. is modeled at 8.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $10.63 per share.