Forensic Analysis · Trading Companies & Distributors · as of Aug 12, 2026

Richardson Electronics, Ltd. (RELL)

A forensic read on Richardson Electronics, Ltd. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

D · Weak — demands caution

Forensic grade

Safe

Financial health

14.1

Distress distance

Clean

Earnings quality

Forensic signals

46.9

P / E (ttm)

3.9%

ROE

$297M

Market cap

1.16%

Dividend yield

9.4%

Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Richardson Electronics, Ltd. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 14.1, placing it in the Safe zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.

What the filings flag

4.1%

FY2026

Return on invested capital. Return on invested capital is 4.1% in the latest fiscal year and slipping from 16% — well below its ~8% cost of capital, so reinvested dollars may be destroying value, not building it.

FCF ($4M)

FY2026

Shareholder returns. Returned $3M to shareholders (buybacks + dividends) in FY2026, but free cash flow was ($4M) after capex — there was no free cash flow to fund the payout from at all, though operating cash flow alone was $762,000 — 451% of that. The entire return is coming from debt or cash reserves, not cash the business itself generated — a harder case than returns merely running ahead of free cash flow, since here there was none to run ahead of.

+0.4%/yr

FY2023–FY2026

Share count. Diluted share count changed +1% over the last 3 years to FY2026 (+0.4%/yr). Roughly flat — the count is neither shrinking nor growing meaningfully. Per-share value isn't being meaningfully helped or hurt by the count.

Key fundamentals

Latest Revenue$228.6M

Revenue Growth YoY+9.4%

Net Margin2.8%

Free Cash Flow-$3.6M

Return on Equity3.9%

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Data from SEC EDGAR public filings · metrics as of Aug 12, 2026. Forensic signals flag probability, not certainty.