ENERGY FOCUS, INC/DE

EFOI
About 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.

Country: United StatesPrice: $4.44Market Cap: $28.3M

Investment snapshot

6%positive consensus
Scored 1d ago

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

VerdictMeaning
BUYPositive purchase signal: the framework's buy requirements are met.
PASSThe 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.
NEUTRALNeither a positive nor negative conclusion. It does not mean to hold an existing position.
FAILThe company does not clear the framework's requirements.
RankedRanked 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.

MetricGraham

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

VerdictFAILFAILFAILFAIL · Rank #2165 (Top 69.9%)PASSFAILFAILFAILFAILFAILFAILFAILFAILFAILFAILFAILNEUTRAL
Score
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Intrinsic Value (annual)N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Margin of SafetyN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/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 Assets
    Debt/Equity & Interest Coverage
    ✗BuffettD/E < 0.5 AND Interest Coverage > 5x
    Total Debt / Equity0.24
    ✓Lynch< 0.33
    Cash - Long-term Debt
    ✗LynchPositive preferred
    LT Debt / Total Assets Change0.00% -> 0.00%
    ✓PiotroskiDecreased YoY
    Current 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 < 1.00x
    Debt Levels0.24
    ✓MungerDebt/Equity < 0.5✓AkreDebt/Equity < 0.3
    Interest Coverage & Debt/EBITDA
    ✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x
    Total Debt / Shareholders Equity0.24
    ✓Ackman<= 1.0
    Negative 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 years
    EPS Growth (3-yr avg, 10-yr window)
    ✗Graham>= 33% growth
    Net Income Positive (10+ years)3/28 years positive
    ✗BuffettPositive every year for 10+ years
    ROE (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 years
    Free Cash Flow Proxy
    ✗BuffettPositive and growing
    Earnings Variance (10-yr CoV)N/A (negative mean EPS)
    ✗BuffettCoV < 0.3
    Retained Earnings Effectiveness
    ✗Buffett$1 retained -> > $1 market value created
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR
    ✗Lynch15-30% (Fast Grower); > 0% to pass
    ROE-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 > 0
    ROA 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 > ROA
    Gross Margin Change YoY14.4% -> 18.9%
    ✓PiotroskiImproved YoY
    Pre-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 < 15
    Return on Equity-73.3% (3-yr avg)
    ✗AkreROE > 20% (3-year avg)
    Discount to Intrinsic ValueN/A (negative normalized EPS)
    ✗Marks>= 20% below intrinsic value
    Positive Net Income Frequency3/19 years positive
    ✗MarksPositive net income in >= 7 of last 10 years
    Operating 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 years
    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 holding
    Net income / market capitalization-2.98%; #3675/6340 (top 58.0%)
    ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
    Gross profit / total assets+14.15%; #2481/3702 (top 67.0%)
    ✗AsnessTop 30% of eligible cross-section
    Net income / positive book equity-21.74%; #3729/5226 (top 71.4%)
    ✗AsnessTop 30% of eligible cross-section
    Negative 5-year standard deviation of ROA-0.3588; #4729/5884 (top 80.4%)
    ✗AsnessTop 30% of eligible cross-section
    3-5 Year Diluted EPS CAGR
    ✗Neff7%-20% annualized
    Positive 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<= 15x
    Price-to-Book Ratio6.8x
    ✗Graham<= 1.5x
    P/E x P/B
    ✗Graham<= 22.5
    Basic 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< 8x
    Price / 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 < 2.0
    Discount to Intrinsic ValueN/A (negative normalized EPS)
    ✗Marks>= 20% below intrinsic value
    Price / FCF per ShareN/A (negative FCF)
    ✗Ackman<= 25
    Price 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-section
    Positive book equity / market capitalization+0.1370; #4547/6449 (top 70.5%)
    ✗AsnessTop 30% of eligible cross-section
    Price / 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-section
    Trailing 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% growth
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR
    ✗Lynch15-30% (Fast Grower); > 0% to pass
    Inventory Growth vs Revenue GrowthInv: -66.3% vs Rev: 171.1%
    ✓LynchInventory growth < Revenue growth
    EPS Growth Direction$-0.70 (2009) -> $-0.18 (2025)
    ✗DremanPositive over recent years
    EPS CAGR
    ✗Dreman> 5% annualized
    Positive Net Income Frequency3/19 years positive
    ✗MarksPositive net income in >= 7 of last 10 years
    3yr 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 years
    5-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 holding
    5-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>= 2.0
    ROIC (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 YoY
    Revenue / Total Assets Change YoY0.87x -> 0.70x
    ✗PiotroskiImproved YoY
    Current Assets / Current Liabilities1.75
    ✓Dreman> 1.5
    Return 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 each
    Reinvestment 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 growing
    FCF Positive and Growing$0.6M
    ✓LynchPositive and growing
    Operating Cash Flow$-1.4M
    ✗PiotroskiCFO > 0
    (CFO / Total Assets) vs ROACFO/Assets=-27.48%, ROA=-20.10%
    ✗PiotroskiCFO/Assets > ROA
    Price / (CFO / Shares)N/A (negative CFPS)
    ✗Dreman< 8x
    P/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<= 25
    Positive Operating Cash Flow frequency2/17 years positive
    ✗SleepPositive OCF in >= 70% of available years
    Operating 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

Industry: Electrical Equipment
SIC Sector: Electronic & Electrical Equipment
Size: Micro Cap($28.3M)
Revenue: $3.6M-26.7% YoY
Net Income: $1.0M+35.1% YoY

Financial Snapshot

Operating Margin-28.8%
Return on Equity-25.0%
Debt / Equity--
Current Ratio5.04
EPS (Diluted)$-0.18
Shares Retired−19.9% / −45.0% 2y

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.

MetricTTM · 2026-09-30

2025-10-01 – 2026-09-30

Sources · derived quarter values

Derived 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 2025
Sources
  • 10-K · 2026-03-24
FY 2024
Sources
  • 10-K · 2025-03-25
FY 2023
Sources
  • 10-K · 2024-03-22
FY 2022
Sources
  • 10-K · 2023-03-23
FY 2021
Sources
  • 10-K · 2022-03-17
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 Margin10.8%↓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 Ratio1.75↓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 / Equity0.240.240.27——0.00↓100%0.580.00↓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

Revenue$3.6MBottom 25%
Net Income$1.0MBottom 25%
ROE-25.0%Bottom 25%
D/E—
Op. Margin-28.8%Bottom 25%
Curr. Ratio5.04Top 25%
CompanyMarket CapPriceRevenueNet IncomeROED/EOp. MarginCurr. RatioGrahamBuffettLynchGreenblattPiotroskiDreman
GENERAL ELECTRIC COGE$342.9B$331.81$45.9B$8.7B46.6%1.1018.6%1.042/91/93/70/3F-Score 53/11
ABB LTDABBNY$151.6B$83.75$32.2B$3.8B28.5%0.5815.1%1.181/94/94/71/3F-Score 85/11
EMERSON ELECTRIC COEMR$91.3B$166.38$18.0B$2.3B11.3%0.65—0.884/93/92/70/3F-Score 75/11
Woodward, Inc.WWD$19.5B$329.86$3.6B$442.1M17.2%0.23—2.083/92/95/71/3F-Score 87/11
ACUITY INC. (DE)AYI$9.9B$330.53$4.3B$396.6M14.6%0.3313.0%1.953/96/96/71/3F-Score 55/11
LITTELFUSE INC /DELFUS$9.8B$387.64$2.4B$71.7M-3.0%0.331.6%2.695/92/94/70/3F-Score 54/11
CAE INCCAE$8.9B$27.93$3.3B$283.2M8.3%0.6315.5%0.801/91/92/71/3F-Score 63/11
Forgent Power Solutions, Inc.FPS$6.7B$22.12————————————