ENERGY FOCUS, INC/DE
EFOIAbout the company
Energy Focus, Inc., together with its subsidiaries, engages in the design, development, manufacture, marketing, and sale of energy-efficient lighting systems and controls in the United States and internationally. The company offers military maritime markets light-emitting diode (LED) lighting products, such as Intellitube and Invisitube retrofit LEDs; and military-grade LED fixtures comprising globe lights, berth lights, and high-bay kits to serve the United States navy and allied foreign navies.
Investment snapshot
Positive
1
BUY / PASS
Neutral / negative
1 / 14
NEUTRAL / FAIL
Median fair value
—
No comparable estimates
Models with upside
0 / 17
Positive margin of safety
Strongest signal
7 of 12 pass — Graham, Buffett, Lynch +2 more object
Key risk
No clean pass — all 16 investors flag at least one profitability criterion
Framework analysis
| Verdict | Meaning |
|---|---|
| BUY | Positive purchase signal: the framework's buy requirements are met. |
| PASS | The company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state. |
| NEUTRAL | Neither a positive nor negative conclusion. It does not mean to hold an existing position. |
| FAIL | The company does not clear the framework's requirements. |
| Ranked | Ranked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL. |
Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.
| Metric | Graham Defensive Value | Buffett Quality Compounder | Lynch GARP | Greenblatt Magic Formula | Piotroski F-Score | Dreman Contrarian Value | Munger Quality Focus | Pabrai Dhandho Framework | Akre Three-Legged Stool | Marks Risk-Aware Value | Ackman Activist Value | Templeton Global Bargain Hunter | Sleep Scale Economies Shared | Asness Systematic Factors | Neff Low-P/E Total Return | Schloss Asset-Value Discipline | O'Shaughnessy Systematic Factor Composite |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Verdict | FAIL | FAIL | FAIL | FAIL · Rank #2165 (Top 69.9%) | PASS | FAIL | FAIL | FAIL | FAIL | FAIL | FAIL | FAIL | FAIL | FAIL | FAIL | FAIL | NEUTRAL |
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| Analysis | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… |
| Intrinsic Value (annual) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Margin of Safety | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Financial Basis | TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Annual history · FY 2025 Latest source filing: 2026-11-10 Score computed: 2026-11-14 | Annual history · FY 2025 Latest source filing: 2026-03-24 Score computed: 2026-11-14 | Annual history · FY 2025 · Balance sheet at 2026-09-30 · TTM ended 2026-09-30 vs 2025-09-30 · TTM ended 2026-09-30 Latest source filing: 2026-11-10 Score computed: 2026-11-14 | Annual history · FY 2025 Latest source filing: 2026-03-24 Score computed: 2026-11-14 | Annual history · FY 2025 Latest source filing: 2026-03-24 Score computed: 2026-11-14 | Annual history · FY 2025 · TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Market data at 2026-11-01 Latest source filing: 2026-11-10 Score computed: 2026-11-14 | Qualitative assessment · Annual history · FY 2025 · TTM ended 2026-09-30 · Balance sheet at 2026-09-30 Latest source filing: 2026-11-10 Score computed: 2026-11-14 | Qualitative assessment · Annual history · FY 2025 Latest source filing: 2026-03-24 Score computed: 2026-11-14 | Annual history · FY 2025 · Qualitative assessment · TTM ended 2026-09-30 · Balance sheet at 2026-09-30 Latest source filing: 2026-11-10 Score computed: 2026-11-14 | Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-03-24 Score computed: 2026-11-14 | Annual history · FY 2025 · TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Market data at 2026-11-01 Latest source filing: 2026-11-10 Score computed: 2026-11-14 | Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 · Balance sheet at 2026-09-30 Latest source filing: 2026-11-10 Score computed: 2026-11-14 | Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-03-24 Score computed: 2026-11-14 | TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Price history 2025-01-01–2026-11-01 · Annual history · FY 2025 Latest source filing: 2026-11-10 Score computed: 2026-11-14 | Annual history · FY 2025 · TTM ended 2026-09-30 Latest source filing: 2026-11-10 Score computed: 2026-11-14 | Annual history · FY 2025 · Balance sheet at 2026-09-30 Latest source filing: 2026-11-10 Score computed: 2026-11-14 | TTM ended 2026-09-30 · Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 Latest source filing: 2026-11-10 Score computed: 2026-11-14 |
Where It Passes
- Debt & Leverage58% pass✓ 10✗ 5▾
7 of 12 pass — Graham, Buffett, Lynch +2 more object
LT Debt vs Net Current Assets✗GrahamLT Debt <= Net Current AssetsDebt/Equity & Interest Coverage✗BuffettD/E < 0.5 AND Interest Coverage > 5xTotal Debt / Equity0.24✓Lynch< 0.33Cash - Long-term Debt✗LynchPositive preferredLT Debt / Total Assets Change0.00% -> 0.00%✓PiotroskiDecreased YoYCurrent Assets / Current Liabilities1.75✓Dreman> 1.5✓SchlossCurrent ratio >= 1.50x (app cutoff)Total Debt / Shareholders' Equity0.24✓Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00xDebt Levels0.24✓MungerDebt/Equity < 0.5✓AkreDebt/Equity < 0.3Interest Coverage & Debt/EBITDA✗MarksInterest Coverage > 3x; Debt/EBITDA < 4xTotal Debt / Shareholders Equity0.24✓Ackman<= 1.0Negative debt-to-equity (higher means less debt)-0.2352; #1808/4210 (top 42.9%)✗AsnessTop 30% of eligible cross-section
Where It Falls Short
- Profitability0% pass✓ 3✗ 32▾
No clean pass — all 16 investors flag at least one profitability criterion
Positive EPS (10 years)1/28 years positive✗GrahamPositive EPS every year for 10 yearsEPS Growth (3-yr avg, 10-yr window)✗Graham>= 33% growthNet Income Positive (10+ years)3/28 years positive✗BuffettPositive every year for 10+ yearsROE (up to 5-year arithmetic mean)-97.5%✗Buffett> 15% arithmetic mean (app rule)Operating Margin (10-yr trend)-28.8% (latest)✗BuffettStable or rising over 10 yearsFree Cash Flow Proxy✗BuffettPositive and growingEarnings Variance (10-yr CoV)N/A (negative mean EPS)✗BuffettCoV < 0.3Retained Earnings Effectiveness✗Buffett$1 retained -> > $1 market value createdBasic earnings-growth PEG (dividends excluded)✗Lynch< 1.0 (ideally < 0.5)3-5 Year EPS CAGR✗Lynch15-30% (Fast Grower); > 0% to passROE-21.7%✗Lynch> 15%EBIT / Enterprise Value-3.8%✗Greenblatt> 10%Earnings Yield + ROC AssessmentEY=-3.8%, ROC=-37.1%✗GreenblattBoth EY > 10% and ROC > 25%Net Income / Total Assets-20.10%✗PiotroskiROA > 0ROA Change YoY-28.19% -> -20.10% (delta: +8.09%)✓PiotroskiCurrent ROA > Prior ROA(CFO / Total Assets) vs ROACFO/Assets=-27.48%, ROA=-20.10%✗PiotroskiCFO/Assets > ROAGross Margin Change YoY14.4% -> 18.9%✓PiotroskiImproved YoYPre-Tax Income / Revenue-28.8%✗Dreman>= 8%Net Income / Shareholders' Equity-21.7%✗Dreman> 12%Margin of SafetyP/B=6.8x✗PabraiP/B < 1.5 or P/E < 15Return on Equity-73.3% (3-yr avg)✗AkreROE > 20% (3-year avg)Discount to Intrinsic ValueN/A (negative normalized EPS)✗Marks>= 20% below intrinsic valuePositive Net Income Frequency3/19 years positive✗MarksPositive net income in >= 7 of last 10 yearsOperating Income / Revenue-8.1%✗Ackman>= 15%Net Income / Shareholders Equity-21.7%✗Ackman>= 15%5-Year EPS CAGR✗Templeton> 0% (5-year EPS CAGR)Operating Margin Trend-69.5% (2023) -> -28.8% (2025)✓TempletonNon-negative operating-margin trend over 3 yearsRevenue growth vs. gross and operating margin trendgross margin 3.9% -> 18.9%, operating margin -69.5% -> -28.8%✗SleepRevenue rising; gross margin flat or falling; operating margin holdingNet income / market capitalization-2.98%; #3675/6340 (top 58.0%)✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-sectionGross profit / total assets+14.15%; #2481/3702 (top 67.0%)✗AsnessTop 30% of eligible cross-sectionNet income / positive book equity-21.74%; #3729/5226 (top 71.4%)✗AsnessTop 30% of eligible cross-sectionNegative 5-year standard deviation of ROA-0.3588; #4729/5884 (top 80.4%)✗AsnessTop 30% of eligible cross-section3-5 Year Diluted EPS CAGR✗Neff7%-20% annualizedPositive Diluted-EPS Years0/7 years positive✗Schloss>= 70% positive over 5-10 observed years (app rule) - Valuation0% pass✓ 1✗ 27▾
No clean pass — all 13 investors flag at least one valuation criterion
Price / 3-yr avg EPS✗Graham<= 15xPrice-to-Book Ratio6.8x✗Graham<= 1.5xP/E x P/B✗Graham<= 22.5Basic earnings-growth PEG (dividends excluded)✗Lynch< 1.0 (ideally < 0.5)EBIT / Enterprise Value-3.8%✗Greenblatt> 10%Earnings Yield + ROC AssessmentEY=-3.8%, ROC=-37.1%✗GreenblattBoth EY > 10% and ROC > 25%Price / EPS✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)Price / (CFO / Shares)N/A (negative CFPS)✗Dreman< 8xPrice / Book Value per Share6.8x✗Dreman< 1.2x✗Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)Valuation Reasonableness✗MungerP/E < 25 or Owner Earnings Yield > 5%P/E or FCF YieldFCF Yield=-5.2%✗PabraiP/E < 15 or FCF Yield > 10%P/B or P/E vs. Historical AverageP/B=6.8x✗MarksP/E < 15 or P/B < 2.0Discount to Intrinsic ValueN/A (negative normalized EPS)✗Marks>= 20% below intrinsic valuePrice / FCF per ShareN/A (negative FCF)✗Ackman<= 25Price vs. Trailing Low339% of trailing low ($1.31)✗Templeton<= 120% of trailing low (certified split-adjusted live window)Net income / market capitalization-2.98%; #3675/6340 (top 58.0%)✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-sectionPositive book equity / market capitalization+0.1370; #4547/6449 (top 70.5%)✗AsnessTop 30% of eligible cross-sectionPrice / Diluted EPS✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)(EPS CAGR % + Dividend Yield %) / P/E✗Neff> 0.7 (Neff's published traditional edge)Price / Tangible Book Value per Share6.81x✗SchlossP/TBV <= 1.00x (app cutoff)Book Value per Share Change-46.0%✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)Revenue / market capitalization+0.3704; #3021/5247 (top 57.6%)✗OshaughnessyTop 10% of eligible cross-section(Operating cash flow - capex) / market capitalization+2.22%; #2222/4519 (top 49.2%)✗OshaughnessyTop 10% of eligible cross-sectionTrailing six-month price return through the evaluation date+125.62%; #255/6202 (top 4.1%)✓OshaughnessyTop 10% of eligible cross-section - Growth0% pass✓ 1✗ 12▾
No clean pass — all 8 investors flag at least one growth criterion
EPS Growth (3-yr avg, 10-yr window)✗Graham>= 33% growthBasic earnings-growth PEG (dividends excluded)✗Lynch< 1.0 (ideally < 0.5)3-5 Year EPS CAGR✗Lynch15-30% (Fast Grower); > 0% to passInventory Growth vs Revenue GrowthInv: -66.3% vs Rev: 171.1%✓LynchInventory growth < Revenue growthEPS Growth Direction$-0.70 (2009) -> $-0.18 (2025)✗DremanPositive over recent yearsEPS CAGR✗Dreman> 5% annualizedPositive Net Income Frequency3/19 years positive✗MarksPositive net income in >= 7 of last 10 years3yr Median Revenue Growth-15.0%✗Ackman>= 5%Positive EPS Growth Frequency1/1 years with positive EPS growth✗AckmanPositive EPS growth in >= 3 of last 5 years5-Year EPS CAGR✗Templeton> 0% (5-year EPS CAGR)Revenue growth vs. gross and operating margin trendgross margin 3.9% -> 18.9%, operating margin -69.5% -> -28.8%✗SleepRevenue rising; gross margin flat or falling; operating margin holding5-year Revenue CAGR-26.7%✗SleepCAGR > 7%3-5 Year Diluted EPS CAGR✗Neff7%-20% annualized - Verdicts6% pass✓ 1✗ 15▾
Split decision: 14 FAIL · 1 PASS · 1 NEUTRAL
Overall verdict✗GrahamFAIL (0/9)✗BuffettFAIL (0/9)✗LynchFAIL (3/7)✗GreenblattRank #2165✓PiotroskiPASS (F-Score 4)✗DremanFAIL (2/11)✗MungerFAIL (1/4)✗PabraiFAIL (0/3)✗AkreFAIL (2/6)✗MarksFAIL (0/5)✗AckmanFAIL (2/9)✗TempletonFAIL (3/8)✗SleepFAIL (1/6)✗AsnessFAIL (Rank #1678/2370 (Top 70.8%))✗NeffFAIL (1/6)✗SchlossFAIL (2/7)•OshaughnessyNEUTRAL (Not ranked) - Efficiency13% pass✓ 2✗ 9▾
7 of 8 flag EFOI's efficiency — Graham, Buffett, Greenblatt +4 more
Current Ratio1.75✗Graham>= 2.0ROIC (3-5 yr avg)-127.3%✗Buffett> 10%ROIC - WACC-137.3%✗BuffettPositive (WACC = 10%)EBIT / (NWC + Net Fixed Assets)-37.1%✗Greenblatt> 25%Current Ratio Change YoY2.11 -> 5.04✓PiotroskiIncreased YoYRevenue / Total Assets Change YoY0.87x -> 0.70x✗PiotroskiImproved YoYCurrent Assets / Current Liabilities1.75✓Dreman> 1.5Return on Invested Capital-14.0%✗Munger> 15%ROIC (high and growing)FY2023: ROIC=-65.0%; FY2024: ROIC=-49.9%; FY2025: ROIC=unavailable✗AkreLatest 3 consecutive FYs: ROIC > 15% in eachReinvestment Rate x ROIC✗AkreReinvestment Rate * ROIC > 10%ROIC (5-year)0/3 years above 12% (latest -49.9%)✗SleepROIC > 12% in a majority of years - Cash Flow20% pass✓ 2✗ 10▾
8 of 10 flag EFOI's cash flow — Buffett, Piotroski, Dreman +5 more
Free Cash Flow Proxy✗BuffettPositive and growingFCF Positive and Growing$0.6M✓LynchPositive and growingOperating Cash Flow$-1.4M✗PiotroskiCFO > 0(CFO / Total Assets) vs ROACFO/Assets=-27.48%, ROA=-20.10%✗PiotroskiCFO/Assets > ROAPrice / (CFO / Shares)N/A (negative CFPS)✗Dreman< 8xP/E or FCF YieldFCF Yield=-5.2%✗PabraiP/E < 15 or FCF Yield > 10%FCF Positive2/17 years FCF positive✗MarksPositive FCF in majority of recent years(OCF - CapEx) / Market Cap2.2%✗Ackman>= 4%Price / FCF per ShareN/A (negative FCF)✗Ackman<= 25Positive Operating Cash Flow frequency2/17 years positive✗SleepPositive OCF in >= 70% of available yearsOperating Cash Flow - Capital Expenditures$0.6M✓Neff> $0 (app proxy for a strong fundamental case)(Operating cash flow - capex) / market capitalization+2.22%; #2222/4519 (top 49.2%)✗OshaughnessyTop 10% of eligible cross-section
Business & financials
Financial snapshot: annual FY 2025. Current investor scores may use newer quarterly data.
Company Profile
Financial Snapshot
Shareholder Return
Fiscal 2025
Issued 19.9% of shares last year, 45.0% issued over two.
- Buybacks
- —
- Dividends
- —
Company Financials
Latest TTM and quarters alongside annual years
TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.
The latest annual period end is unavailable. Showing the latest fiscal cycle’s quarters; quarter and annual columns may overlap. Quarterly shows the full quarter history.
| Metric | TTM · 2026-09-30 2025-10-01 – 2026-09-30 Sources · derived quarter valuesDerived from cumulative filings: revenue, net income, operating income, gross profit, ebit, interest expense, operating cash flow, capex. | Q3 FY 2026 2026-07-01 – 2026-09-30 Sources | Q2 FY 2026 2026-04-01 – 2026-06-30 Sources | Q1 FY 2026 2026-01-01 – 2026-03-31 Sources | FY 2025Sources
| FY 2024Sources
| FY 2023Sources
| FY 2022Sources
| FY 2021Sources
|
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $28.3Mcurrent | -- | -- | -- | $13.8Mest. | $6.9Mest. | $5.9Mest. | $55.2Mest. | $73.6Mest. |
| Revenue | $10.5M↑171% | $4.8M↑481% | $3.7M↑228% | $949.0K↑54% | $3.6M↓27% | $4.9M↓15% | $5.7M↓4% | $6.0M↓40% | $9.9M |
| Operating Income | -$845.0K↑12% | $521.0K↑398% | -$868.0K↓288% | -$141.0K↑47% | -$1.0M↑44% | -$1.8M↑54% | -$4.0M↑57% | -$9.3M↓7% | -$8.7M |
| Net Income | -$842.0K↑13% | $531.0K↑409% | -$877.0K↓280% | -$140.0K↑48% | -$1.0M↑35% | -$1.6M↑63% | -$4.3M↑58% | -$10.3M↓30% | -$7.9M |
| EPS (Diluted) | -- | $0.08↑367% | -- | -- | $-0.18↑44% | $-0.32 | -- | -- | -- |
| Gross Margin | 10.8%↓44% | 20.5%↑15% | -6.8%↓153% | 23.3%↓26% | 18.9%↑31% | 14.4%↑269% | 3.9%↑173% | -5.3%↓131% | 17.2% |
| Operating Margin | -8.1%↑67% | 10.9%↑151% | -23.2%↓18% | -14.9%↑66% | -28.8%↑24% | -37.9%↑45% | -69.5%↑55% | -155.7%↓76% | -88.3% |
| ROE | -21.7%↑29% | — | — | — | -25.0%↑54% | -54.3%↑61% | -140.7%↓107% | 2154.9%↑1797% | -127.0% |
| Total Debt | $911.0K | $911.0K | $911.0K | -- | -- | $0↓100% | $1.8M | $0↓100% | $1.7M |
| Shareholders' Equity | $3.9M↑23% | $3.9M↑23% | $3.3M↑19% | $4.0M↑40% | $4.1M↑41% | $2.9M↓4% | $3.1M↑740% | -$477.0K↓108% | $6.2M |
| Current Ratio | 1.75↓30% | 1.75↓30% | 1.54↓36% | 2.85↑35% | 5.04↑139% | 2.11↑46% | 1.45↑59% | 0.91↓45% | 1.65 |
| Debt / Equity | 0.24 | 0.24 | 0.27 | — | — | 0.00↓100% | 0.58 | 0.00↓100% | 0.28 |
| Operating Cash Flow | $663.0K↑183% | $2.3M↑4236% | -$819.0K↓281% | $69.0K↑125% | -$1.4M↓8% | -$1.3M↑47% | -$2.4M↑64% | -$6.7M↑31% | -$9.8M |
| Free Cash Flow | $629.0K↑174% | $2.2M↑2255% | -$819.0K↓281% | $69.0K↑125% | -$1.5M↓11% | -$1.3M↑48% | -$2.5M↑63% | -$6.8M↑34% | -$10.2M |
Score history
Historical Score Timeline
Industry peers
Industry Peers
Similar companies in Electrical Equipment
EFOI vs Peers — Financial Grading
| Company | Market Cap | Price | Revenue | Net Income | ROE | D/E | Op. Margin | Curr. Ratio | Graham | Buffett | Lynch | Greenblatt | Piotroski | Dreman |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| GENERAL ELECTRIC COGE | $342.9B | $331.81 | $45.9B | $8.7B | 46.6% | 1.10 | 18.6% | 1.04 | 2/9 | 1/9 | 3/7 | 0/3 | F-Score 5 | 3/11 |
| ABB LTDABBNY | $151.6B | $83.75 | $32.2B | $3.8B | 28.5% | 0.58 | 15.1% | 1.18 | 1/9 | 4/9 | 4/7 | 1/3 | F-Score 8 | 5/11 |
| EMERSON ELECTRIC COEMR | $91.3B | $166.38 | $18.0B | $2.3B | 11.3% | 0.65 | — | 0.88 | 4/9 | 3/9 | 2/7 | 0/3 | F-Score 7 | 5/11 |
| Woodward, Inc.WWD | $19.5B | $329.86 | $3.6B | $442.1M | 17.2% | 0.23 | — | 2.08 | 3/9 | 2/9 | 5/7 | 1/3 | F-Score 8 | 7/11 |
| ACUITY INC. (DE)AYI | $9.9B | $330.53 | $4.3B | $396.6M | 14.6% | 0.33 | 13.0% | 1.95 | 3/9 | 6/9 | 6/7 | 1/3 | F-Score 5 | 5/11 |
| LITTELFUSE INC /DELFUS | $9.8B | $387.64 | $2.4B | $71.7M | -3.0% | 0.33 | 1.6% | 2.69 | 5/9 | 2/9 | 4/7 | 0/3 | F-Score 5 | 4/11 |
| CAE INCCAE | $8.9B | $27.93 | $3.3B | $283.2M | 8.3% | 0.63 | 15.5% | 0.80 | 1/9 | 1/9 | 2/7 | 1/3 | F-Score 6 | 3/11 |
| Forgent Power Solutions, Inc.FPS | $6.7B | $22.12 | — | — | — | — | — | — | — | — | — | — | — | — |