RICHARDSON ELECTRONICS, LTD. RELL
Richardson Electronics, Ltd. (the "Company," "we," "our") is a global manufacturer of engineered solutions, green energy products, power grid and microwave tubes, and related consumables; power conversion and RF and microwave components including green energy solutions; tubes for diagnostic imaging equipment; and customized display solutions. We have manufacturing at our facilities located in LaFox, Illinois, Marlborough, Massachusetts, and Donaueschingen, Germany.
We serve customers in alternative energy, healthcare, aviation, broadcast, communications, industrial, marine, medical, military, scientific, and semiconductor markets. The Company's strategy is to provide specialized technical expertise and "engineered solutions" based on our core engineering and manufacturing capabilities. The Company products and services include design-in support, systems integration, prototype design and manufacturing, testing, logistics, and aftermarket technical service and repair. Our products include electron tubes and related components, microwave generators, subsystems used in semiconductor manufacturing and visual technology solutions. These products are used to control, switch or amplify electrical power signals, or are used as display devices in a variety of industrial, commercial, medical and communication applications.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2016 | FY2015 | FY2014 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $228.6M | $196.5M | $262.7M | $224.6M | $176.9M | $155.9M | $163.2M | $136.9M | $142.0M | $137.0M |
| Cost of revenue | $157.2M | $136.5M | $179.0M | $152.9M | $118.1M | $106.2M | $108.1M | $93.0M | $97.2M | $95.8M |
| Gross profit | $71.3M | $60.0M | $83.7M | $71.7M | $58.8M | $49.7M | $55.1M | $43.9M | $44.8M | $41.1M |
| SG&A | $65.7M | $59.5M | $58.7M | $55.7M | $55.9M | $51.3M | $51.7M | $49.9M | $51.6M | $49.2M |
| Operating income | $6.5M | $348.0K | $25.0M | $16.0M | $2.9M | -$1.7M | $3.6M | -$5.8M | -$6.6M | -$8.1M |
| Pre-tax income | $7.5M | $157.0K | $25.0M | $15.8M | $2.3M | -$1.2M | $3.9M | -$6.1M | -$6.2M | -$7.0M |
| Income tax | $1.1M | $96.0K | $2.7M | $2.2M | $653.0K | $624.0K | $1.5M | $812.0K | $546.0K | $1.5M |
| Net income | $6.4M | $61.0K | $22.3M | $17.9M | $1.7M | -$1.8M | $3.8M | -$6.9M | -$6.8M | -$5.6M |
| Shares, diluted (wtd. avg.) | $12.7M | $12.5M | $12.5M | $11.8M | $11.2M | $11.0M | — | $12.8M | $13.0M | $13.8M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2016 | FY2015 | FY2014 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $31.8M | $35.9M | $25.0M | $35.5M | $43.3M | $30.5M | $60.5M | $55.3M | $60.5M | $74.5M |
| Short-term investments | — | — | $0 | $5.0M | $0 | $16.0M | — | $6.4M | $2.3M | $23.7M |
| Receivables | $33.2M | $24.8M | $30.1M | $29.9M | $25.1M | $20.2M | $22.9M | $20.8M | $24.9M | $20.8M |
| Inventory | $103.0M | $102.8M | $110.4M | $80.4M | $63.5M | $57.5M | $50.7M | $42.7M | $45.4M | $38.8M |
| Total current assets | $172.7M | $165.9M | $168.1M | $153.2M | $134.3M | $126.7M | $137.8M | $128.4M | $135.9M | $161.2M |
| Property, plant and equipment | $19.0M | $18.4M | $20.8M | $17.0M | $17.1M | $17.7M | $18.2M | $15.8M | $13.0M | $10.1M |
| Goodwill | — | — | — | — | — | — | $6.3M | $6.3M | $6.3M | $0 |
| Other intangibles | $285.0K | $345.0K | $1.9M | $2.0M | $2.3M | $2.5M | $3.0M | $3.4M | $3.8M | $743.0K |
| Total assets | $202.0M | $195.8M | $198.0M | $179.8M | $156.8M | $150.7M | $166.3M | $157.5M | $168.1M | $185.0M |
| Accounts payable | $19.6M | $21.3M | $23.5M | $24.0M | $17.0M | $17.4M | $19.6M | $15.9M | $14.9M | $15.8M |
| Total current liabilities | $36.4M | $36.8M | $36.6M | $41.2M | $32.2M | $29.2M | $29.9M | $24.2M | $24.0M | $25.9M |
| Total liabilities | $38.3M | $39.2M | $38.7M | $44.0M | $35.2M | $32.1M | $31.1M | $25.1M | $26.5M | $28.3M |
| Retained earnings | $82.3M | $79.3M | $87.0M | $68.0M | $53.3M | $54.8M | $70.1M | $69.3M | $79.3M | $89.1M |
| Total equity | $163.7M | $158.0M | $159.3M | $135.8M | $121.6M | $118.7M | $135.2M | $132.3M | $141.7M | $156.7M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2016 | FY2015 | FY2014 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $762.0K | $6.5M | -$8.2M | $1.9M | $832.0K | $1.9M | $3.0M | $1.8M | -$13.6M | -$9.8M |
| Depreciation and amortisation | $3.8M | $4.3M | $3.7M | $3.4M | $3.4M | $3.4M | $3.0M | $2.7M | $2.4M | $1.7M |
| Stock-based compensation | $1.6M | $1.3M | $936.0K | $654.0K | $675.0K | $683.0K | $533.0K | $437.0K | $548.0K | $726.0K |
| Capital expenditure | $4.4M | $4.0M | $7.4M | $3.1M | $2.6M | $1.8M | $5.2M | $5.2M | $4.8M | $4.7M |
| Investing cash flow | -$3.1M | -$4.0M | -$2.2M | -$8.1M | $13.4M | -$9.8M | $4.2M | -$3.8M | $8.2M | -$6.9M |
| Financing cash flow | -$2.5M | -$2.9M | $389.0K | -$352.0K | -$3.0M | -$3.2M | -$3.0M | -$3.0M | -$8.0M | -$6.9M |
| Dividends paid | $3.4M | $3.4M | $3.3M | $3.2M | $3.1M | $3.1M | $3.0M | $3.0M | $3.1M | $3.3M |
| Buybacks | — | — | — | — | — | — | — | — | $5.0M | $3.9M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000355948-26-000010.
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