Richardson Electronics Ltd RELL

Information TechnologyElectronic Equipment & PartsUnited States of America

Last close 19.50 USD on Nov 2, 2026, +81.4% year to date

Quant rating

Quant rating A Rank 25 of 389 in Information Technology

Growth C 205 of 389
Valuation D 315 of 389
Quality B 98 of 389
Revisions A 4 of 389
Momentum A 33 of 389

Wall Street consensus Buy (2.00)Average target 21.50 USD +10.3%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 290M
Enterprise value: 253M
52-week range: 9.41 – 23.10
3-year range: 8.12 – 23.10
Dividend yield: 1.22%
Beta (5 years): 1.28
Shares outstanding: 14.9M
Next earnings: Jan 5, 2027

About the company

Richardson Electronics, Ltd. is a manufacturer of engineered solutions. The Company offers green energy products, power grid and microwave tubes and related consumables; power conversion and radio frequency (RF) and microwave components including green energy solutions; tubes for diagnostic imaging equipment; and customized display solutions. Its segments include Power and Microwave Technologies (PMT), Green Energy Solutions (GES), Canvys, and Healthcare. The PMT segment combines engineered solutions capabilities, power grid and microwave tube business with disruptive RF, wireless and power technologies. The GES segment combines technology partners and engineered solutions capabilities that design and manufacture products for the energy storage market and power management applications. The Canvys segment provides customized display solutions serving the corporate enterprise, financial, healthcare, industrial and medical original equipment manufacturers markets.

Growth and profitability fiscal year ends May 31

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	229	209	196	263	225	–
Revenue growth	9.4%	6.3%	−25.2%	16.9%	26.9%	5.3%
EPS (basic, normalized)	0.44	−0.08	0.00	1.55	1.31	–
EPS growth	–	–	−99.7%	18.3%	–	–
Gross margin	31.2%	31.0%	30.5%	31.9%	31.9%	31.3%
Net margin	2.8%	−0.5%	0.0%	8.5%	8.0%	3.8%
ROE	4.0%	−0.7%	0.0%	15.1%	13.9%	6.5%

Balance sheet, last quarter
Cash & short-term investments (mil)	36.9
Current ratio	4.65x
Long-term debt (mil)	0
Net debt (mil)	−36.9
Total equity (mil)	169
Net debt / equity	−0.22x
Net debt / EBITDA	−3.54x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2026 actual	229	+9.4%	1.1x	10.4	+129.0%	24.3x	0.44	+650.0%	44.3x
2027	258	+12.7%	1.0x	18.4	+76.6%	13.8x	0.78	+77.2%	25.0x
2028	281	+9.2%	0.9x	21.2	+15.2%	11.9x	0.94	+20.8%	20.7x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2027	258	+5.0%	+5.0%	+7.0%	0.78	+54.4%	+54.4%	+65.9%
2028	281	+5.0%	+5.0%	–	0.94	+27.5%	+27.5%	–
2029	–	–	–	–	–	–	–	–

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	May 2024	Aug 2024	Nov 2024	Feb 2025	May 2025	Aug 2025	Nov 2025	Feb 2026	May 2026	Aug 2026
Sales reported (mil)	47.4	53.7	49.5	53.8	51.9	54.6	52.3	55.5	66.2	64.9
Sales mean (mil)	48.0	49.4	51.3	54.7	53.9	51.5	49.9	53.1	56.3	59.0
Surprise	−1.3%	+8.7%	−3.5%	−1.7%	−3.7%	+6.0%	+4.8%	+4.4%	+17.6%	+10.1%
EPS reported	−0.01	0.04	−0.05	0.11	0.08	0.13	−0.01	0.07	0.25	0.27
EPS mean	−0.04	−0.01	−0.02	0.10	0.10	0.01	−0.01	0.04	0.07	0.09
Surprise	+77.8%	−500.0%	−150.0%	+4.8%	−20.0%	+766.7%	0.0%	+55.6%	+284.6%	+200.0%

Peer comparison Electronic Equipment & Parts

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
RELL Richardson Electronics Ltd	290M	−3.54x	2.8%	1.71x	25.0x	20.7x	13.8x	11.9x
AVT Avnet, Inc.	7.1B	3.27x	1.2%	1.41x	7.6x	6.9x	6.2x	5.9x
BELFA Bel Fuse Inc.	3.3B	−1.53x	9.1%	2.93x	17.4x	15.7x	17.5x	15.3x
OUST Ouster, Inc.	2.0B	21.02x	−35.6%	5.21x	−28.6x	−52.7x	−65.1x	−554.4x
ADIG ADI Global Distribution Inc.	1.4B	–	−5.5%	0.84x	12.4x	10.0x	9.7x	8.2x
KTCC Key Tronic Corp	23M	–	−12.4%	0.32x	–	–	–	–
Mean		4.80x	−6.7%	2.07x	6.8x	0.1x	−3.6x	−102.6x
Median		0.87x	−2.1%	1.56x	12.4x	10.0x	9.7x	8.2x

Technical analysis

1M+2.7%
3M+6.9%
1Y+84.1%
3Y+83.8%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Richardson Electronics Ltd, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Total revenue	229	209	196	263	225	177
Cost of revenue	157	144	136	179	153	118
Gross profit	71.3	64.8	60.0	83.7	71.7	58.8
Selling, general & administrative expenses	61.9	58.2	59.2	58.7	55.7	54.3
Research & development	–	–	–	–	–	–
Depreciation/amortization	3.8	4.0	0.3	–	–	–
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	−0.8	5.1	0.1	0	0	1.6
Other operating expenses	0	0	0	0	0	0
Operating income	6.5	−2.5	0.3	25.0	16.0	2.9
Net interest income (expense)	0.1	0.9	−0.2	0	−0.2	−0.7
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0.9	0	0	0	0	0.1
Net income before taxes	7.5	−1.5	0.2	25.0	15.8	2.3
Provision for taxes	1.1	−0.4	0.1	2.7	−2.2	0.7
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	6.4	−1.1	0.1	22.3	17.9	1.7
Extraordinary items	–	–	–	–	–	–
Net income	6.4	−1.1	0.1	22.3	17.9	1.7
EBIT, normalized	5.6	2.6	0.4	25.0	16.0	4.5
EBITDA, normalized	9.4	6.6	4.7	28.7	19.5	8.1
Basic EPS, normalized	0.44	−0.08	0.00	1.55	1.31	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Richardson Electronics Ltd, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	31.8	35.9	24.3	25.0	40.5	43.3
Receivables	33.2	24.1	24.8	30.1	29.9	25.1
Total inventory	103	103	110	110	80.4	63.5
Prepaid expenses	4.8	3.1	2.4	2.6	2.4	2.4
Other current assets	0	0	0	0	0	0
Total current assets	173	166	162	168	153	134
Property, plant & equipment	20.4	20.6	23.4	23.3	20.2	19.6
Goodwill	–	–	–	–	–	–
Intangibles	0.3	0.3	1.6	1.9	2.0	2.3
Long-term investments	–	–	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	8.6	9.0	5.7	4.8	4.4	0.5
Total assets	202	196	192	198	180	157
Liabilities
Accounts payable	19.6	21.3	15.5	23.5	24.0	17.0
Payable/accrued	–	–	–	–	–	–
Accrued expenses	11.9	10.9	12.1	9.8	12.3	11.8
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	–	–	–	0	0	0.1
Other current liabilities	4.9	4.5	4.5	3.3	5.0	3.3
Total current liabilities	36.4	36.8	32.0	36.6	41.2	32.2
Long-term debt	0	0	0	0	0	0
Minority interest	–	–	–	–	–	–
Other liabilities	1.9	2.4	2.5	2.1	2.8	3.0
Total liabilities	38.3	39.2	34.5	38.7	44.0	35.2
Shareholders' equity
Preferred stock	–	–	–	0	0	–
Common stock	0.7	0.7	0.7	0.7	0.7	0.7
Additional paid-in capital	77.0	74.4	72.7	71.0	66.3	62.7
Retained earnings (accumulated deficit)	82.3	79.3	83.7	87.0	68.0	53.3
Treasury stock	–	–	–	–	–	–
Other equity	3.7	2.2	0.8	0.6	0.8	4.9
Total equity	164	157	158	159	136	122
Total liabilities & shareholders' equity	202	196	192	198	180	157

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Richardson Electronics Ltd, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	6.4	−1.1	0.1	22.3	17.9	1.7
Depreciation, depletion & amortization	3.8	4.0	4.3	3.7	3.4	3.4
Deferred taxes	1.1	−3.3	−1.0	−0.1	−4.0	0
Non-cash items	1.3	6.2	2.0	1.4	1.1	1.7
Changes in working capital	−11.7	4.8	1.2	−35.5	−16.5	−6.0
Cash from operations	0.8	10.6	6.5	−8.2	1.9	0.8
Investing activities
Capital expenditures	−4.4	−2.8	−4.0	−7.4	−3.1	−2.6
Other investing cash flows	1.3	6.8	0	5.2	−5.0	16.0
Cash from investing	−3.1	4.0	−4.0	−2.2	−8.1	13.4
Financing activities
Financing cash flow items	−0.1	−0.2	−0.1	–	–	–
Cash dividends paid	−3.4	−3.4	−3.4	−3.3	−3.2	−3.1
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	1.0	0.3	0.6	3.7	2.8	0.1
Cash from financing	−2.5	−3.2	−2.9	0.4	−0.4	−3.0
Foreign exchange effects	0.7	0.3	−0.3	−0.5	−1.3	1.6
Net change in cash	−4.1	11.6	−0.7	−10.5	−7.8	12.8
Free cash flow	−3.6	7.7	2.5	−15.6	−1.2	−1.8

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.