Seritage Growth Properties (SRG) intrinsic value & 10-year financials
Seritage Growth Properties (SRG) has a Graham intrinsic value of $99.82 per share. At $1.62 on Oct 17, 2026, the stock trades 98% below that value. Over the last 10 fiscal years revenue shrank 48.8% a year to $607.0K, with an average return on invested capital of -12.4%.
- Graham intrinsic value
- $99.82
- Share price (Oct 17, 2026)
- $1.62
- Price vs Graham value
- 98% below
- Market cap
- $91.2M
- Revenue (FY2025)
- $607.0K
- Revenue growth (10-yr CAGR)
- -48.8%
- ROIC (10-yr avg)
- -12.4%
- Free cash flow (FY2025)
- —
SRG 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $607.0K | -$68.2M | -$1.30 | — | — | -18.5% |
| FY2024 | $567.0K | -$153.5M | -$2.82 | — | — | -31.8% |
| FY2023 | $5.7M | -$154.9M | -$2.85 | — | — | -24.2% |
| FY2022 | $2.4M | -$73.9M | -$1.59 | — | — | -10.5% |
| FY2021 | $1.0M | -$28.1M | -$0.78 | — | — | -4.2% |
| FY2020 | $293.0K | -$105.0M | -$2.87 | — | — | -15.2% |
| FY2019 | $1.6M | -$59.4M | -$1.77 | — | — | -7.9% |
| FY2018 | $1.2M | -$73.5M | -$2.20 | — | — | -4.0% |
| FY2017 | $241.0M | -$73.8M | -$2.19 | — | -47.5% | -6.1% |
| FY2016 | $248.7M | -$51.6M | -$1.64 | — | -12.2% | -1.6% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Seritage Growth Properties is facing top-line stagnation, with revenue contracting over the decade.
Seritage Growth Properties has historically struggled to out-earn its cost of capital, averaging just -12.4% ROIC.
Seritage Growth Properties 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, Seritage Growth Properties is modeled at -48.8% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $99.82 per share.