Via Renewables, Inc. (VIASP) intrinsic value & 10-year financials
Via Renewables, Inc. (VIASP) has a Graham intrinsic value of $57.07 per share. Over the last 10 fiscal years revenue shrank 1.8% a year to $463.5M, with an average return on invested capital of 27.1%.
- Graham intrinsic value
- $57.07
- Revenue (FY2025)
- $463.5M
- Revenue growth (10-yr CAGR)
- -1.8%
- ROIC (10-yr avg)
- 27.1%
- Free cash flow (FY2025)
- $39.1M
VIASP 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $463.5M | $19.1M | $2.70 | $39.1M | 11.6% | 26.0% |
| FY2024 | $398.9M | $28.3M | $5.48 | $48.9M | 21.1% | 48.4% |
| FY2023 | $435.2M | $15.0M | $1.36 | $47.9M | 10.7% | 23.2% |
| FY2022 | $462.8M | $7.6M | -$0.15 | $14.1M | 5.4% | 10.7% |
| FY2021 | $397.7M | $5.2M | -$0.17 | $10.0M | 1.1% | 2.4% |
| FY2020 | $555.5M | $29.3M | $1.48 | $89.7M | 16.0% | 54.8% |
| FY2019 | $811.0M | $8.4M | $0.02 | $90.6M | 3.0% | 9.6% |
| FY2018 | $1.0B | -$1.2M | -$0.69 | $58.3M | -0.4% | -1.2% |
| FY2017 | $798.8M | $18.9M | $1.19 | $62.2M | 12.8% | 42.3% |
| FY2016 | $547.3M | $14.4M | $2.23 | $65.5M | 15.3% | 54.4% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Via Renewables, Inc. is facing top-line stagnation, with revenue contracting over the decade.
Via Renewables, Inc. has earned high returns on invested capital, averaging 27.1% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Over the decade, Via Renewables, Inc. shows that management has aggressively returned capital to shareholders by retiring 41.2% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Via Renewables, Inc. is modeled at 8.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $57.07 per share.