Soluna Holdings, Inc. (SLNHP) intrinsic value & 10-year financials
Soluna Holdings, Inc. (SLNHP) has a Graham intrinsic value of $1.33 per share. Over the last 10 fiscal years revenue grew 17.3% a year to $29.7M, with an average return on invested capital of -195.8%.
- Graham intrinsic value
- $1.33
- Revenue (FY2025)
- $29.7M
- Revenue growth (10-yr CAGR)
- 17.3%
- ROIC (10-yr avg)
- -195.8%
- Free cash flow (FY2025)
- -$37.2M
SLNHP 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $29.7M | -$53.4M | -$2.38 | -$37.2M | -113.3% | -833.9% |
| FY2024 | $38.0M | -$63.3M | -$12.15 | -$14.2M | -125.0% | -419.6% |
| FY2023 | $21.1M | -$29.2M | -$5.56 | -$15.7M | -96.1% | -52.7% |
| FY2022 | $28.5M | -$98.7M | -$34.88 | -$69.8M | -297.0% | -117.9% |
| FY2021 | $14.3M | -$5.3M | -$0.10 | -$41.2M | -31.2% | -9.8% |
| FY2020 | $9.6M | $1.9M | $0.04 | $787.0K | 15.1% | 51.0% |
| FY2019 | $6.6M | $323.0K | $0.01 | $206.0K | 3.9% | 12.3% |
| FY2018 | — | — | — | — | — | — |
| FY2017 | $7.1M | $582.0K | $0.01 | $256.0K | 8.3% | — |
| FY2016 | $7.1M | -$359.0K | -$0.01 | $386.0K | -5.1% | — |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Soluna Holdings, Inc is a consistent compounder, expanding top-line revenue at 17.3% annually over the past decade.
Soluna Holdings, Inc has historically struggled to out-earn its cost of capital, averaging just -18.5% ROIC.
Soluna 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, Soluna Holdings, Inc is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $1.33 per share.