Spar Group, Inc. (SGRP) intrinsic value & 10-year financials
Spar Group, Inc. (SGRP) has a Graham intrinsic value of $1.21 per share. At $0.65 on Oct 17, 2026, the stock trades 46% below that value. Over the last 10 fiscal years revenue grew 0.1% a year to $136.1M, with an average return on invested capital of -12.9%.
- Graham intrinsic value
- $1.21
- Share price (Oct 17, 2026)
- $0.65
- Price vs Graham value
- 46% below
- Market cap
- $15.4M
- Revenue (FY2025)
- $136.1M
- Revenue growth (10-yr CAGR)
- 0.1%
- ROIC (10-yr avg)
- -12.9%
- Free cash flow (FY2025)
- -$21.4M
SGRP 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $136.1M | -$24.6M | -$1.04 | -$21.4M | -12.4% | -277.1% |
| FY2024 | $196.8M | -$3.1M | -$0.13 | -$1.8M | 0.5% | 4.1% |
| FY2023 | $262.7M | $3.9M | $0.16 | $5.6M | 3.6% | 16.9% |
| FY2022 | $261.3M | -$732.0K | -$0.03 | -$6.8M | 2.1% | 10.4% |
| FY2021 | $255.7M | -$1.8M | -$0.08 | $907.0K | 1.6% | 11.4% |
| FY2020 | $230.5M | $3.4M | $0.16 | $7.2M | 4.2% | 45.8% |
| FY2019 | $252.9M | $2.4M | $0.11 | $4.8M | 4.0% | 24.1% |
| FY2018 | $229.2M | -$1.6M | -$0.07 | $428.0K | 1.6% | 19.0% |
| FY2017 | $181.4M | -$923.0K | -$0.04 | $5.3M | 2.3% | 10.7% |
| FY2016 | $134.3M | $173.0K | $0.01 | -$212.0K | 1.6% | 5.4% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
SPAR Group, Inc. has demonstrated mature, steady growth, with revenue compounding at 0.1% annually over the past decade.
SPAR Group, Inc. returns on capital have been average, hovering around 14.5% ROIC over the decade.
SPAR Group, 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, SPAR Group, Inc. is modeled at 0.1% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $1.21 per share.