Rafael Holdings, Inc. (RFL) intrinsic value & 10-year financials
Rafael Holdings, Inc. (RFL) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 10 fiscal years revenue shrank 44.1% a year to $30.0K, with an average return on invested capital of -31.6%.
- Graham intrinsic value
- —
- Share price (Oct 17, 2026)
- $1.39
- Market cap
- $40.9M
- Revenue (FY2025)
- $30.0K
- Revenue growth (10-yr CAGR)
- -44.1%
- ROIC (10-yr avg)
- -31.6%
- Free cash flow (FY2025)
- -$18.9M
RFL 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $30.0K | -$30.5M | -$1.04 | -$18.9M | -97196.7% | -30.5% |
| FY2024 | $637.0K | -$34.4M | -$1.45 | -$7.9M | -16111.0% | -104.4% |
| FY2023 | $279.0K | -$1.9M | -$0.08 | — | -5391.8% | -13.2% |
| FY2022 | $410.0K | -$140.5M | -$6.31 | -$26.1M | -14750.5% | -126.2% |
| FY2021 | $4.0M | -$24.8M | -$1.49 | -$15.8M | -750.7% | -24.9% |
| FY2020 | $4.9M | -$10.4M | — | -$5.2M | -172.4% | -7.4% |
| FY2019 | $4.9M | -$4.7M | — | -$3.5M | -135.8% | -6.1% |
| FY2018 | $4.4M | -$11.6M | -$0.93 | -$2.5M | -87.9% | -4.8% |
| FY2017 | $5.6M | $138.0K | $0.01 | -$3.4M | 3.9% | 0.3% |
| FY2016 | $5.6M | $710.0K | $0.06 | -$1.5M | 21.3% | 1.5% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Rafael Holdings, Inc. is facing top-line stagnation, with revenue contracting over the decade.
Rafael Holdings, Inc. has historically struggled to out-earn its cost of capital, averaging just -31.6% ROIC.
Rafael 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, Rafael Holdings, Inc. is modeled at -44.1% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $-0.69 per share.