Richardson Electronics (RELL)
Market Price (6/27/2026): $17.67 | Market Cap: $256.7 MilSector: Information Technology | Industry: Electronic Components
Richardson Electronics (RELL)
Market Price (6/27/2026): $17.67Market Cap: $256.7 MilSector: Information TechnologyIndustry: Electronic Components
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -11% Megatrend and thematic driversMegatrends include Renewable Energy Transition, Datacenter Power, and 5G & Advanced Connectivity. Themes include Battery Storage & Grid Modernization, Show more. | Weak multi-year price returns3Y Excs Rtn is -66% | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 75x, P/EPrice/Earnings or Price/(Net Income) is 68x Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -6.2% Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -2.6% Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 61% Key risksRELL key risks include [1] its reliance on a limited number of vendors for essential products, Show more. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -11% |
| Megatrend and thematic driversMegatrends include Renewable Energy Transition, Datacenter Power, and 5G & Advanced Connectivity. Themes include Battery Storage & Grid Modernization, Show more. |
| Weak multi-year price returns3Y Excs Rtn is -66% |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 75x, P/EPrice/Earnings or Price/(Net Income) is 68x |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -6.2% |
| Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -2.6% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 61% |
| Key risksRELL key risks include [1] its reliance on a limited number of vendors for essential products, Show more. |
Qualitative Assessment
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Updated on 6/23/2026
Richardson Electronics (RELL) stock has gained about 45% since 2/28/2026 because of the following key factors:
1. Richardson Electronics reported a strong fiscal Q3 2026 financial performance, exceeding analyst estimates for both earnings and revenue. The company reported earnings per share (EPS) of $0.07, surpassing the consensus estimate of $0.05 by 40%. Additionally, revenue reached $55.5 million, beating the $53.1 million consensus and representing a 3.1% year-over-year increase. This period also marked a significant turnaround in profitability, with operating income improving to $1.5 million compared to a $2.7 million loss in the prior year's fiscal Q3, and net income turning positive at $0.9 million, reversing a $2.1 million loss from the same period.
2. The Power & Microwave Technologies (PMT) segment demonstrated robust growth and contributed to an expanding order backlog. PMT sales increased by 9.7% year-over-year to $38.7 million in fiscal Q3 2026, largely fueled by demand in semiconductor wafer fabrication and RF/microwave products. Excluding healthcare, PMT sales saw an even higher increase of 14.5%. This segment's strength was a primary driver for the company's total backlog, which grew by 11.4% year-over-year to $151.2 million at the end of fiscal Q3 2026, providing significant revenue visibility for future quarters.
Show more
Richardson Electronics (RELL) stock has gained about 45% since 2/28/2026 because of the following key factors:
1. Richardson Electronics reported a strong fiscal Q3 2026 financial performance, exceeding analyst estimates for both earnings and revenue. The company reported earnings per share (EPS) of $0.07, surpassing the consensus estimate of $0.05 by 40%. Additionally, revenue reached $55.5 million, beating the $53.1 million consensus and representing a 3.1% year-over-year increase. This period also marked a significant turnaround in profitability, with operating income improving to $1.5 million compared to a $2.7 million loss in the prior year's fiscal Q3, and net income turning positive at $0.9 million, reversing a $2.1 million loss from the same period.
2. The Power & Microwave Technologies (PMT) segment demonstrated robust growth and contributed to an expanding order backlog. PMT sales increased by 9.7% year-over-year to $38.7 million in fiscal Q3 2026, largely fueled by demand in semiconductor wafer fabrication and RF/microwave products. Excluding healthcare, PMT sales saw an even higher increase of 14.5%. This segment's strength was a primary driver for the company's total backlog, which grew by 11.4% year-over-year to $151.2 million at the end of fiscal Q3 2026, providing significant revenue visibility for future quarters.
Show more
Updated on 6/23/2026
Richardson Electronics (RELL) stock has gained about 45% since 2/28/2026 because of the following key factors:
1. Richardson Electronics reported a strong fiscal Q3 2026 financial performance, exceeding analyst estimates for both earnings and revenue. The company reported earnings per share (EPS) of $0.07, surpassing the consensus estimate of $0.05 by 40%. Additionally, revenue reached $55.5 million, beating the $53.1 million consensus and representing a 3.1% year-over-year increase. This period also marked a significant turnaround in profitability, with operating income improving to $1.5 million compared to a $2.7 million loss in the prior year's fiscal Q3, and net income turning positive at $0.9 million, reversing a $2.1 million loss from the same period.
2. The Power & Microwave Technologies (PMT) segment demonstrated robust growth and contributed to an expanding order backlog. PMT sales increased by 9.7% year-over-year to $38.7 million in fiscal Q3 2026, largely fueled by demand in semiconductor wafer fabrication and RF/microwave products. Excluding healthcare, PMT sales saw an even higher increase of 14.5%. This segment's strength was a primary driver for the company's total backlog, which grew by 11.4% year-over-year to $151.2 million at the end of fiscal Q3 2026, providing significant revenue visibility for future quarters.
3. Strategic initiatives and new product introductions in green energy and advanced technologies signaled future growth opportunities. During the period, Richardson Electronics launched the LaserSlat SAVER™, a new consumable for laser cutting tables, in March 2026, and expanded its availability by April 2026. Furthermore, the company announced strategic technology partnerships in May 2026, including collaboration with Gotion to deliver U.S.-manufactured Battery Energy Storage Systems (BESS) and a partnership with NoMIS Power to advance Silicon Carbide Solutions. These initiatives positioned the company for growth in high-demand, technologically advanced markets.
Show less
Richardson Electronics (RELL) stock has gained about 45% since 2/28/2026 because of the following key factors:
1. Richardson Electronics reported a strong fiscal Q3 2026 financial performance, exceeding analyst estimates for both earnings and revenue. The company reported earnings per share (EPS) of $0.07, surpassing the consensus estimate of $0.05 by 40%. Additionally, revenue reached $55.5 million, beating the $53.1 million consensus and representing a 3.1% year-over-year increase. This period also marked a significant turnaround in profitability, with operating income improving to $1.5 million compared to a $2.7 million loss in the prior year's fiscal Q3, and net income turning positive at $0.9 million, reversing a $2.1 million loss from the same period.
2. The Power & Microwave Technologies (PMT) segment demonstrated robust growth and contributed to an expanding order backlog. PMT sales increased by 9.7% year-over-year to $38.7 million in fiscal Q3 2026, largely fueled by demand in semiconductor wafer fabrication and RF/microwave products. Excluding healthcare, PMT sales saw an even higher increase of 14.5%. This segment's strength was a primary driver for the company's total backlog, which grew by 11.4% year-over-year to $151.2 million at the end of fiscal Q3 2026, providing significant revenue visibility for future quarters.
3. Strategic initiatives and new product introductions in green energy and advanced technologies signaled future growth opportunities. During the period, Richardson Electronics launched the LaserSlat SAVER™, a new consumable for laser cutting tables, in March 2026, and expanded its availability by April 2026. Furthermore, the company announced strategic technology partnerships in May 2026, including collaboration with Gotion to deliver U.S.-manufactured Battery Energy Storage Systems (BESS) and a partnership with NoMIS Power to advance Silicon Carbide Solutions. These initiatives positioned the company for growth in high-demand, technologically advanced markets.
Show less
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Stock Movement Drivers
Fundamental Drivers
The 44.1% change in RELL stock from 2/28/2026 to 6/26/2026 was primarily driven by a 362.4% change in the company's Net Income Margin (%).| (LTM values as of) | 2282026 | 6262026 | Change |
|---|---|---|---|
| Stock Price ($) | 12.23 | 17.63 | 44.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 213 | 214 | 0.8% |
| Net Income Margin (%) | 0.4% | 1.8% | 362.4% |
| P/E Multiple | 220.1 | 68.2 | -69.0% |
| Shares Outstanding (Mil) | 15 | 15 | -0.2% |
| Cumulative Contribution | 44.1% |
Market Drivers
2/28/2026 to 6/26/2026| Return | Correlation | |
|---|---|---|
| RELL | 44.1% | |
| Market (SPY) | 6.6% | 52.3% |
| Sector (XLK) | 30.7% | 46.9% |
Fundamental Drivers
The 70.2% change in RELL stock from 11/30/2025 to 6/26/2026 was primarily driven by a 1989.6% change in the company's Net Income Margin (%).| (LTM values as of) | 11302025 | 6262026 | Change |
|---|---|---|---|
| Stock Price ($) | 10.36 | 17.63 | 70.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 210 | 214 | 2.1% |
| Net Income Margin (%) | 0.1% | 1.8% | 1989.6% |
| P/E Multiple | 850.1 | 68.2 | -92.0% |
| Shares Outstanding (Mil) | 14 | 15 | -0.6% |
| Cumulative Contribution | 70.2% |
Market Drivers
11/30/2025 to 6/26/2026| Return | Correlation | |
|---|---|---|
| RELL | 70.2% | |
| Market (SPY) | 7.3% | 47.9% |
| Sector (XLK) | 26.9% | 44.8% |
Fundamental Drivers
The 101.3% change in RELL stock from 5/31/2025 to 6/26/2026 was primarily driven by a 94.0% change in the company's P/S Multiple.| (LTM values as of) | 5312025 | 6262026 | Change |
|---|---|---|---|
| Stock Price ($) | 8.76 | 17.63 | 101.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 204 | 214 | 4.8% |
| P/S Multiple | 0.6 | 1.2 | 94.0% |
| Shares Outstanding (Mil) | 14 | 15 | -1.0% |
| Cumulative Contribution | 101.3% |
Market Drivers
5/31/2025 to 6/26/2026| Return | Correlation | |
|---|---|---|
| RELL | 101.3% | |
| Market (SPY) | 25.1% | 48.2% |
| Sector (XLK) | 57.8% | 45.6% |
Fundamental Drivers
The 13.4% change in RELL stock from 5/31/2023 to 6/26/2026 was primarily driven by a 724.1% change in the company's P/E Multiple.| (LTM values as of) | 5312023 | 6262026 | Change |
|---|---|---|---|
| Stock Price ($) | 15.55 | 17.63 | 13.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 265 | 214 | -19.3% |
| Net Income Margin (%) | 10.0% | 1.8% | -82.4% |
| P/E Multiple | 8.3 | 68.2 | 724.1% |
| Shares Outstanding (Mil) | 14 | 15 | -3.0% |
| Cumulative Contribution | 13.4% |
Market Drivers
5/31/2023 to 6/26/2026| Return | Correlation | |
|---|---|---|
| RELL | 13.4% | |
| Market (SPY) | 81.3% | 41.0% |
| Sector (XLK) | 125.1% | 37.6% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| RELL Return | 196% | 60% | -36% | 7% | -21% | 68% | 331% |
| Peers Return | 30% | -13% | 14% | 11% | 28% | 108% | 280% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 7% | 96% |
Monthly Win Rates [3] | |||||||
| RELL Win Rate | 75% | 58% | 50% | 67% | 50% | 83% | |
| Peers Win Rate | 68% | 42% | 60% | 53% | 47% | 83% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| RELL Max Drawdown | -17% | -27% | -57% | -38% | -45% | -25% | |
| Peers Max Drawdown | -17% | -34% | -26% | -20% | -33% | -16% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: ARW, AVT, TTMI, CTS, ROG.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 6/26/2026 (YTD)
How Low Can It Go
| Event | RELL | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -39.9% | -18.8% |
| % Gain to Breakeven | 66.3% | 23.1% |
| Time to Breakeven | 306 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -28.0% | -9.5% |
| % Gain to Breakeven | 38.9% | 10.5% |
| Time to Breakeven | 391 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -10.4% | -24.5% |
| % Gain to Breakeven | 11.6% | 32.4% |
| Time to Breakeven | 10 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -31.2% | -33.7% |
| % Gain to Breakeven | 45.3% | 50.9% |
| Time to Breakeven | 155 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -21.4% | -19.2% |
| % Gain to Breakeven | 27.3% | 23.8% |
| Time to Breakeven | 10 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -17.4% | -3.7% |
| % Gain to Breakeven | 21.1% | 3.9% |
| Time to Breakeven | 310 days | 6 days |
In The Past
Richardson Electronics's stock fell -39.9% during the 2025 US Tariff Shock. Such a loss loss requires a 66.3% gain to breakeven.
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| Event | RELL | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -39.9% | -18.8% |
| % Gain to Breakeven | 66.3% | 23.1% |
| Time to Breakeven | 306 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -28.0% | -9.5% |
| % Gain to Breakeven | 38.9% | 10.5% |
| Time to Breakeven | 391 days | 24 days |
| 2020 COVID-19 Crash | ||
| % Loss | -31.2% | -33.7% |
| % Gain to Breakeven | 45.3% | 50.9% |
| Time to Breakeven | 155 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -21.4% | -19.2% |
| % Gain to Breakeven | 27.3% | 23.8% |
| Time to Breakeven | 10 days | 105 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -50.5% | -6.8% |
| % Gain to Breakeven | 101.9% | 7.3% |
| Time to Breakeven | 802 days | 15 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -30.0% | -15.4% |
| % Gain to Breakeven | 42.8% | 18.2% |
| Time to Breakeven | 167 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -61.0% | -53.4% |
| % Gain to Breakeven | 156.1% | 114.4% |
| Time to Breakeven | 381 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -26.0% | -8.6% |
| % Gain to Breakeven | 35.0% | 9.5% |
| Time to Breakeven | 937 days | 47 days |
In The Past
Richardson Electronics's stock fell -39.9% during the 2025 US Tariff Shock. Such a loss loss requires a 66.3% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Richardson Electronics (RELL)
Richardson Electronics, Ltd. (RELL) is a global provider of engineered solutions and specialized components across three core business areas: power and microwave technologies, customized display solutions, and healthcare. The company offers a range of high-tech products and technical services designed to control, switch, or amplify electrical power signals, alongside advanced display devices and diagnostic imaging solutions.
The Power and Microwave Technologies Group delivers critical components such as power grid and microwave tubes, RF and microwave components, and flat panel detector solutions. These are vital for diverse applications including broadcast transmission, industrial heating, radar systems, medical diagnostic imaging, and alternative energy. Its Canvys segment specializes in custom display solutions, including touch screens, specialized enclosures, and application-specific software, primarily serving corporate enterprise, financial, healthcare, industrial, and medical original equipment manufacturers (OEMs).
RELL's Healthcare segment focuses on manufacturing and distributing high-quality replacement parts for diagnostic imaging equipment, including CT and MRI systems. This encompasses replacement tubes, MRI coils, cold heads, and flat panel detector upgrades, as well as pre-owned CT systems and service training. Key customers for this segment include hospitals, medical centers, independent service organizations, and multi-vendor service providers, supporting the maintenance and operation of essential medical equipment.
AI Analysis | Feedback
Here are 1-3 brief analogies to describe Richardson Electronics (RELL):
They're like the TE Connectivity (TEL) of high-power tubes, RF components, and custom displays for industrial and medical systems.
They're the LKQ Corporation (LKQ) for high-value diagnostic imaging parts (CT, MRI) and other specialized industrial electronics.
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- Power Grid & Microwave Tubes: Components used to control, switch, or amplify electrical power signals in diverse high-tech applications.
- Engineered Solutions: Custom technical solutions for power conversion, RF, microwave, and high-energy transfer applications.
- Custom Display Solutions (Canvys): Tailored display products, including touch screens, protective panels, and all-in-one computers.
- Diagnostic Imaging Replacement Parts: Components like flat panel detectors, CT/MRI tubes, coils, and amplifiers for medical imaging systems.
- Pre-owned Diagnostic Imaging Systems: Sells used CT systems and provides flat panel detector upgrades.
- Technical Services & Training: Offers technical support for microwave and industrial equipment, plus service training for diagnostic imaging systems.
- Specialized Vacuum Tubes: Distributes hydrogen thyratrons, klystrons, and magnetrons for high-power applications.
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Richardson Electronics (RELL) primarily sells to other companies. Based on the provided company description, specific names of major customer companies are not detailed. However, the description identifies several key categories of businesses and organizations that serve as its major customers across its segments:
- Healthcare Sector Entities: This includes hospitals, medical centers, asset management companies, independent service organizations (ISOs), multi-vendor service providers, and medical original equipment manufacturers (OEMs). These customers utilize RELL's diagnostic imaging replacement parts, CT/MRI systems, tubes, coils, and flat panel detector upgrades, as well as customized display solutions.
- Industrial and Technology Original Equipment Manufacturers (OEMs): This broad category encompasses manufacturers across various industries such as corporate enterprise, financial services, industrial, and semiconductor markets. These OEMs integrate RELL's power grid and microwave tubes, engineered solutions, power conversion and RF/microwave components, and customized display solutions into their products for applications like CO2 laser cutting, dielectric/induction heating, high energy transfer, high voltage switching, plasma, radar, and radiation oncology.
- Specialized Market & Infrastructure Providers: Customers include companies operating in alternative energy, aviation, communications, marine, and military markets. They purchase RELL's components and solutions for applications requiring control, switching, or amplification of electrical power signals, and display devices. This also includes customers requiring technical services for microwave and industrial equipment.
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Edward J. Richardson, Chairman, Chief Executive Officer and President
Edward J. Richardson has been employed by Richardson Electronics since 1961 and has held various positions during his tenure. He served as Chairman of the Board, Chief Executive Officer, and President from September 1989 to November 1996, and has continued to hold the offices of Chairman of the Board and Chief Executive Officer since then. In April 2006, he also became President. Mr. Richardson's father, Arthur Richardson, founded the company in 1947.
Robert J. Ben, Executive Vice President, Chief Financial Officer and Corporate Secretary
Robert J. Ben joined Richardson Electronics after serving as Senior Vice-President and Chief Financial Officer at Cobra Electronics Corporation from April 2000 through November 2014. Cobra Electronics Corporation was acquired by a private equity firm in 2014. Prior to Cobra, Mr. Ben worked for Ivex Packaging Corporation, Abbott Laboratories, and KPMG Advisory in Mergers and Acquisitions, and as a senior auditor for Ernst & Young.
Wendy Diddell, Executive Vice President and Chief Operating Officer
Wendy Diddell has been an employee of Richardson Electronics since 2003, holding various positions in several business units and corporate functions before becoming Chief Operating Officer. From 1997 to 2003, Ms. Diddell was the Senior Vice President of Sales and Marketing for Ultrak, Inc., a global manufacturer of closed-circuit television and access control systems.
Greg Peloquin, Executive Vice President – Power & Microwave Technologies
Gregory Peloquin has served as Executive Vice President, Power & Microwave Technologies Group since 2014. Before this role, he was President of Arrow RFPD from 2011 to 2014. He also held the position of Executive Vice President and General Manager of the RF, Wireless & Power Division of Richardson Electronics from January 2002 to March 2011. Mr. Peloquin joined Richardson Electronics in 2002 from Motorola Semiconductor, where he was Director of Global Marketing for the RF Division.
Jens Ruppert, Executive Vice President and General Manager, Canvys
Jens Ruppert joined Richardson Electronics in July 2015. Prior to that, he was the Managing Director of Envinet GmbH, a German-based high-tech company. From April 2006 through December 2013, Mr. Ruppert was with NDS Surgical Imaging, where he held various management positions, including Vice President and General Manager. He also held management positions at Heraeus-Med (Maquet/Getinge) and Gebrueder Martin (KLS Martin Group). Mr. Ruppert began his career as an engineer and progressed through sales, marketing, and general management roles within the medical display and operating room equipment market.
Edward J. Richardson has been employed by Richardson Electronics since 1961 and has held various positions during his tenure. He served as Chairman of the Board, Chief Executive Officer, and President from September 1989 to November 1996, and has continued to hold the offices of Chairman of the Board and Chief Executive Officer since then. In April 2006, he also became President. Mr. Richardson's father, Arthur Richardson, founded the company in 1947.
Robert J. Ben, Executive Vice President, Chief Financial Officer and Corporate Secretary
Robert J. Ben joined Richardson Electronics after serving as Senior Vice-President and Chief Financial Officer at Cobra Electronics Corporation from April 2000 through November 2014. Cobra Electronics Corporation was acquired by a private equity firm in 2014. Prior to Cobra, Mr. Ben worked for Ivex Packaging Corporation, Abbott Laboratories, and KPMG Advisory in Mergers and Acquisitions, and as a senior auditor for Ernst & Young.
Wendy Diddell, Executive Vice President and Chief Operating Officer
Wendy Diddell has been an employee of Richardson Electronics since 2003, holding various positions in several business units and corporate functions before becoming Chief Operating Officer. From 1997 to 2003, Ms. Diddell was the Senior Vice President of Sales and Marketing for Ultrak, Inc., a global manufacturer of closed-circuit television and access control systems.
Greg Peloquin, Executive Vice President – Power & Microwave Technologies
Gregory Peloquin has served as Executive Vice President, Power & Microwave Technologies Group since 2014. Before this role, he was President of Arrow RFPD from 2011 to 2014. He also held the position of Executive Vice President and General Manager of the RF, Wireless & Power Division of Richardson Electronics from January 2002 to March 2011. Mr. Peloquin joined Richardson Electronics in 2002 from Motorola Semiconductor, where he was Director of Global Marketing for the RF Division.
Jens Ruppert, Executive Vice President and General Manager, Canvys
Jens Ruppert joined Richardson Electronics in July 2015. Prior to that, he was the Managing Director of Envinet GmbH, a German-based high-tech company. From April 2006 through December 2013, Mr. Ruppert was with NDS Surgical Imaging, where he held various management positions, including Vice President and General Manager. He also held management positions at Heraeus-Med (Maquet/Getinge) and Gebrueder Martin (KLS Martin Group). Mr. Ruppert began his career as an engineer and progressed through sales, marketing, and general management roles within the medical display and operating room equipment market.
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<h3>Key Risks</h3>
<ol>
<li>
<strong>Technological Obsolescence and Rapid Innovation:</strong> Richardson Electronics supplies power grid and microwave tubes, replacement parts for diagnostic imaging equipment (such as CT and MRI tubes), and customized display solutions. Many of these products are susceptible to becoming obsolete or facing diminished demand due to rapid technological advancements. For instance, the emergence of newer, more efficient, or entirely different technologies (e.g., solid-state components replacing vacuum tubes, novel imaging modalities, or next-generation display technologies) could significantly impact the market for their current offerings. A failure to adapt, innovate, or secure distribution rights for cutting-edge alternatives could lead to a substantial decline in revenue across its Power and Microwave Technologies, Canvys, and Healthcare segments.
</li>
<li>
<strong>Intense Competition and Original Equipment Manufacturer (OEM) Strategies:</strong> The company operates in markets with significant competition, particularly from Original Equipment Manufacturers (OEMs) in industries such as diagnostic imaging. OEMs often have their own service divisions and may implement strategies to limit the market for third-party replacement parts and services, or to vertically integrate their component sourcing and display solution development. This could include restricting access to proprietary information, making systems more difficult for third parties to service, or offering more aggressive pricing on their own parts and solutions. Additionally, the broader markets for electronic components and custom displays are highly competitive, which could exert downward pressure on pricing, reduce market share, and impact profitability for Richardson Electronics.</li>
</ol>AI Analysis | Feedback
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Richardson Electronics, Ltd. operates in several key markets globally, providing a range of specialized products and services across its Power and Microwave Technologies Group, Canvys, and Healthcare segments.
Power and Microwave Technologies Group
This segment focuses on engineered solutions, power grid and microwave tubes, and RF and microwave components.
- Microwave Tubes: The global microwave tube market was valued at approximately USD 1.51 billion in 2024 and is projected to reach USD 2.69 billion by 2032, exhibiting a Compound Annual Growth Rate (CAGR) of 7.44% between 2025 and 2032. North America held the largest market share at 36% in 2024.
- RF and Microwave Components: The global radio frequency (RF) components market was valued at USD 48.06 billion in 2025 and is projected to grow to USD 163.84 billion by 2034, with a CAGR of 14.60% from 2026. Another estimate places the global RF components market size at USD 44.84 billion in 2025, expected to reach USD 140.54 billion by 2035, growing at a CAGR of 12.10% from 2026 to 2035.
Canvys Segment (Customized Display Solutions)
Richardson Electronics' Canvys segment provides custom display solutions.
- Custom Display Solutions: The custom LCD display market, a significant part of custom display solutions, expanded from USD 86.86 billion in 2025 to USD 92.84 billion in 2026. It is projected to reach USD 140.25 billion by 2032, with a CAGR of 7.08%. More broadly, the global display market was valued at USD 166.8 billion in 2025 and is projected to grow to USD 346.92 billion by 2034, with a CAGR of 8.70%.
Healthcare Segment
The Healthcare segment specializes in diagnostic imaging replacement parts for CT and MRI systems, tubes, coils, and flat panel detectors.
- Diagnostic Imaging Equipment: The global diagnostic imaging equipment market was valued at USD 53.60 billion in 2024 and is expected to reach USD 78.59 billion by 2032, growing at a CAGR of 4.90%. North America holds the largest revenue share in this market, with the U.S. accounting for 42% in 2024. The global diagnostic imaging market size is projected to surpass USD 50.12 billion in 2025 and is anticipated to reach around USD 76.69 billion by 2034, expanding at a CAGR of 4.84%.
- Flat Panel Detectors (FPDs): The global flat panel detectors market is projected to grow from USD 1.07 billion in 2024 to USD 1.46 billion by 2032, at a CAGR of 3.89% between 2025 and 2032. Another report estimates the global Flat Panel Detector (FPD) market size at USD 1.03 billion in 2025 and projected to reach USD 1.41 billion by 2033, growing at a CAGR of 4.01% from 2026. North America held a significant share of USD 495.0 million in 2024.
- MRI Systems and Components: The global MRI (Magnetic Resonance Imaging) market size is anticipated to grow from USD 7.54 billion in 2025 to USD 14.18 billion by 2035, with a CAGR of 6.52% from 2026 to 2035. North America dominated the MRI market with 38% of the revenue share in 2023.
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Richardson Electronics, Ltd. (RELL) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:
- Expansion of Green Energy Solutions (GES) Segment: The company anticipates continued revenue growth from its Green Energy Solutions segment, particularly through increased sales of wind turbine modules, such as the patented ULTRA3000 and ultracapacitor-based pitch systems. Richardson Electronics is also strategically expanding its presence in the rapidly growing Energy Storage Solutions (ESS) market and is actively pursuing market share gains in Europe and Asia.
- Increased Demand in the Semiconductor Market: Management expects sustained growth in the semiconductor market through calendar year 2026. This trend is projected to increase demand for the company's Power and Microwave Technologies (PMT) products, especially from semiconductor wafer fab customers.
- Growth in Canvys Custom Display Solutions: The Canvys segment, which provides custom display solutions, is a significant growth driver. The segment has demonstrated strong year-over-year revenue increases, securing orders from both new and existing medical OEM customers for applications such as robotic-assisted surgery, navigation endoscopy, and human-machine interface (HMI) solutions. Improved market conditions in Europe are also contributing to this growth.
- Profitable Contributions from Siemens Tube Repairs: Richardson Electronics anticipates profitable contributions from its Siemens tube repair services, which are expected to commence in the first quarter of fiscal year 2027. This specialized service will be consolidated within the Power and Microwave Technologies (PMT) segment.
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Share Repurchases
- No significant share repurchases have been reported over the last 3-5 years. The number of shares outstanding decreased by a minor 0.24% in one year.
Share Issuance
- Richardson Electronics issued common stock valued at $320,000 in fiscal year 2025, $591,000 in fiscal year 2024, $3.8 million in fiscal year 2023, and $3.0 million in fiscal year 2022.
Capital Expenditures
- Total capital expenditures were $2.8 million in fiscal year 2025, primarily directed towards the manufacturing business, facility improvements, and IT systems.
- In fiscal year 2024, capital expenditures amounted to $4.0 million.
- Between fiscal years 2023 and 2024, the company invested $4.8 million in facility renovations to support the increasing demand for Green Energy Solutions (GES) products.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Richardson Electronics Earnings Notes | 12/16/2025 | |
| With Richardson Electronics Stock Surging, Have You Considered The Downside? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
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Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 123.45 |
| Mkt Cap | 5.0 |
| Rev LTM | 1,962 |
| Op Inc LTM | 189 |
| FCF LTM | 51 |
| FCF 3Y Avg | 80 |
| CFO LTM | 127 |
| CFO 3Y Avg | 174 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 10.2% |
| Rev Chg 3Y Avg | -1.7% |
| Rev Chg Q | 20.6% |
| QoQ Delta Rev Chg LTM | 4.6% |
| Op Inc Chg LTM | 41.5% |
| Op Inc Chg 3Y Avg | -0.6% |
| Op Mgn LTM | 5.6% |
| Op Mgn 3Y Avg | 5.3% |
| QoQ Delta Op Mgn LTM | 0.3% |
| CFO/Rev LTM | 5.8% |
| CFO/Rev 3Y Avg | 5.8% |
| FCF/Rev LTM | 0.5% |
| FCF/Rev 3Y Avg | 2.0% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Power and Microwave Technologies (PMT) | 138 | 129 | 164 | 155 | 137 |
| Canvys | 33 | 32 | 39 | 35 | 29 |
| Green Energy Solutions (GES) | 29 | 23 | 48 | 23 | |
| Healthcare | 9 | 12 | 11 | 11 | 10 |
| Total | 209 | 196 | 263 | 225 | 177 |
| $ Mil | 2003 | 2002 | 1999 |
|---|---|---|---|
| RF & Wireless Communications (RFWC) | 50 | ||
| Industrial Power Group (IPG) | 25 | ||
| Security Systems Division (SSD) | 23 | 10 | 16 |
| Display Systems Group (DSG) | 16 | ||
| Electron Device Group (EDG) | 25 | 37 | |
| Medical | 2 | ||
| Solid State & Components (SSC) | 18 | 27 | |
| Display Products Group (DPG) | 12 | ||
| Total | 114 | 54 | 91 |
| $ Mil | 2025 | 2024 | 2008 | 2006 | 2005 |
|---|---|---|---|---|---|
| Power and Microwave Technologies (PMT) | 73 | 67 | |||
| Cash and cash equivalents | 36 | 24 | |||
| Accounts receivable | 24 | 25 | |||
| Property, plant and equipment, net | 18 | 21 | |||
| Green Energy Solutions (GES) | 17 | 21 | |||
| Canvys | 9 | 9 | |||
| Deferred income tax assets | 9 | 6 | |||
| Healthcare | 4 | 13 | |||
| Prepaid expenses and other assets | 3 | 2 | |||
| Right of use lease assets | 2 | 3 | |||
| Intangible assets, net | 0 | 2 | |||
| Other non-current assets | 0 | 0 | |||
| Display Systems Group (DSG) | 26 | 38 | 25 | ||
| EDG | 44 | ||||
| RFPD | 129 | ||||
| Security Systems Division (SSD) | 36 | 34 | |||
| Industrial Power Group (IPG) | 55 | ||||
| RF & Wireless Communications (RFWC) | 89 | ||||
| Total | 196 | 192 | 200 | 74 | 204 |
Price Behavior
Price Behavior
| Market Price | $17.63 | |
| Market Cap ($ Bil) | 0.3 | |
| First Trading Date | 03/26/1990 | |
| Distance from 52W High | -5.2% | |
| 50 Days | 200 Days | |
| DMA Price | $16.13 | $12.30 |
| DMA Trend | up | up |
| Distance from DMA | 9.3% | 43.3% |
| 3M | 1YR | |
| Volatility | 76.3% | 60.1% |
| Downside Capture | 395.29 | 244.95 |
| Upside Capture | 373.09 | 267.42 |
| Correlation (SPY) | 48.0% | 47.9% |
RELL Betas & Captures as of 5/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 4.26 | 3.08 | 2.36 | 2.40 | 2.25 | 1.32 |
| Up Beta | 4.05 | 1.89 | 1.09 | 1.76 | 1.73 | 1.02 |
| Down Beta | -0.41 | -0.83 | 1.20 | 2.48 | 2.41 | 1.21 |
| Up Capture | 514% | 480% | 442% | 459% | 503% | 320% |
| Bmk +ve Days | 13 | 28 | 36 | 67 | 141 | 432 |
| Stock +ve Days | 11 | 23 | 34 | 65 | 129 | 369 |
| Down Capture | 611% | 532% | 265% | 191% | 169% | 111% |
| Bmk -ve Days | 7 | 13 | 27 | 57 | 109 | 318 |
| Stock -ve Days | 9 | 18 | 29 | 57 | 117 | 373 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with RELL | |
|---|---|---|---|---|
| RELL | 89.1% | 59.9% | 1.28 | - |
| Sector ETF (XLK) | 46.1% | 23.5% | 1.55 | 45.1% |
| Equity (SPY) | 21.2% | 12.4% | 1.26 | 47.9% |
| Gold (GLD) | 21.8% | 27.7% | 0.70 | 15.8% |
| Commodities (DBC) | 21.8% | 18.6% | 0.92 | -7.3% |
| Real Estate (VNQ) | 16.1% | 13.6% | 0.85 | 18.7% |
| Bitcoin (BTCUSD) | -44.7% | 42.5% | -1.27 | 33.5% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with RELL | |
|---|---|---|---|---|
| RELL | 19.5% | 53.0% | 0.53 | - |
| Sector ETF (XLK) | 21.5% | 25.3% | 0.75 | 35.5% |
| Equity (SPY) | 13.4% | 17.1% | 0.61 | 37.6% |
| Gold (GLD) | 17.8% | 18.3% | 0.79 | 11.3% |
| Commodities (DBC) | 7.4% | 19.5% | 0.28 | 11.6% |
| Real Estate (VNQ) | 3.4% | 18.9% | 0.08 | 26.9% |
| Bitcoin (BTCUSD) | 10.7% | 54.0% | 0.39 | 20.2% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with RELL | |
|---|---|---|---|---|
| RELL | 16.3% | 44.7% | 0.50 | - |
| Sector ETF (XLK) | 25.0% | 24.7% | 0.91 | 26.8% |
| Equity (SPY) | 15.2% | 18.0% | 0.72 | 27.9% |
| Gold (GLD) | 11.8% | 16.1% | 0.60 | 9.0% |
| Commodities (DBC) | 5.9% | 18.0% | 0.26 | 11.4% |
| Real Estate (VNQ) | 5.6% | 20.7% | 0.23 | 20.7% |
| Bitcoin (BTCUSD) | 54.6% | 66.4% | 0.95 | 11.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 6/2/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/8/2026 | 22.7% | 12.9% | 26.4% |
| 1/7/2026 | -11.7% | -8.1% | -2.2% |
| 10/8/2025 | 11.8% | 10.3% | -2.7% |
| 7/23/2025 | 11.0% | 4.4% | -1.2% |
| 4/9/2025 | -17.1% | -13.7% | -8.6% |
| 1/7/2025 | -12.8% | -9.6% | -11.3% |
| 10/9/2024 | -2.6% | 4.8% | 12.9% |
| 7/24/2024 | 2.4% | 7.5% | 5.3% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 10 | 12 | 10 |
| # Negative | 14 | 12 | 14 |
| Median Positive | 14.3% | 9.4% | 16.3% |
| Median Negative | -10.8% | -8.2% | -3.9% |
| Max Positive | 24.6% | 23.2% | 57.6% |
| Max Negative | -19.0% | -18.6% | -27.1% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/8/2026 | 22.7% | 12.9% | 26.4% |
| 1/7/2026 | -11.7% | -8.1% | -2.2% |
| 10/8/2025 | 11.8% | 10.3% | -2.7% |
| 7/23/2025 | 11.0% | 4.4% | -1.2% |
| 4/9/2025 | -17.1% | -13.7% | -8.6% |
| 1/7/2025 | -12.8% | -9.6% | -11.3% |
| 10/9/2024 | -2.6% | 4.8% | 12.9% |
| 7/24/2024 | 2.4% | 7.5% | 5.3% |
| 4/10/2024 | 15.1% | 5.5% | 15.9% |
| 1/10/2024 | -19.0% | -18.6% | -21.1% |
| 10/11/2023 | -6.0% | -5.1% | -3.9% |
| 7/19/2023 | -11.8% | -8.2% | -24.5% |
| 4/5/2023 | -15.5% | -16.8% | -27.1% |
| 1/4/2023 | -13.2% | 8.6% | 16.7% |
| 10/5/2022 | 24.6% | 23.2% | 57.6% |
| 7/20/2022 | -9.8% | -8.9% | 5.5% |
| 4/6/2022 | -5.5% | -5.1% | -2.2% |
| 1/5/2022 | 13.6% | 19.0% | -3.9% |
| 10/6/2021 | 15.5% | 18.1% | 19.5% |
| 7/21/2021 | -2.8% | -7.3% | -5.7% |
| 4/7/2021 | -0.5% | -1.9% | -1.9% |
| 1/6/2021 | 20.9% | 19.1% | 30.4% |
| 10/7/2020 | 1.6% | -1.3% | -2.0% |
| 7/22/2020 | -2.8% | 4.2% | 5.7% |
| SUMMARY STATS | |||
| # Positive | 10 | 12 | 10 |
| # Negative | 14 | 12 | 14 |
| Median Positive | 14.3% | 9.4% | 16.3% |
| Median Negative | -10.8% | -8.2% | -3.9% |
| Max Positive | 24.6% | 23.2% | 57.6% |
| Max Negative | -19.0% | -18.6% | -27.1% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 02/28/2026 | 04/09/2026 | 10-Q |
| 11/30/2025 | 01/08/2026 | 10-Q |
| 08/31/2025 | 10/09/2025 | 10-Q |
| 05/31/2025 | 08/04/2025 | 10-K |
| 02/28/2025 | 04/10/2025 | 10-Q |
| 11/30/2024 | 01/10/2025 | 10-Q |
| 08/31/2024 | 10/10/2024 | 10-Q |
| 05/31/2024 | 08/05/2024 | 10-K |
| 02/29/2024 | 04/11/2024 | 10-Q |
| 11/30/2023 | 01/11/2024 | 10-Q |
| 08/31/2023 | 10/12/2023 | 10-Q |
| 05/31/2023 | 07/31/2023 | 10-K |
| 02/28/2023 | 04/06/2023 | 10-Q |
| 11/30/2022 | 01/05/2023 | 10-Q |
| 08/31/2022 | 10/06/2022 | 10-Q |
| 05/31/2022 | 08/01/2022 | 10-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 02/28/2026 | 04/09/2026 | 10-Q |
| 11/30/2025 | 01/08/2026 | 10-Q |
| 08/31/2025 | 10/09/2025 | 10-Q |
| 05/31/2025 | 08/04/2025 | 10-K |
| 02/28/2025 | 04/10/2025 | 10-Q |
| 11/30/2024 | 01/10/2025 | 10-Q |
| 08/31/2024 | 10/10/2024 | 10-Q |
| 05/31/2024 | 08/05/2024 | 10-K |
| 02/29/2024 | 04/11/2024 | 10-Q |
| 11/30/2023 | 01/11/2024 | 10-Q |
| 08/31/2023 | 10/12/2023 | 10-Q |
| 05/31/2023 | 07/31/2023 | 10-K |
| 02/28/2023 | 04/06/2023 | 10-Q |
| 11/30/2022 | 01/05/2023 | 10-Q |
| 08/31/2022 | 10/06/2022 | 10-Q |
| 05/31/2022 | 08/01/2022 | 10-K |
| 02/28/2022 | 04/07/2022 | 10-Q |
| 11/30/2021 | 01/06/2022 | 10-Q |
| 08/31/2021 | 10/07/2021 | 10-Q |
| 05/31/2021 | 08/02/2021 | 10-K |
| 02/28/2021 | 04/08/2021 | 10-Q |
| 11/30/2020 | 01/07/2021 | 10-Q |
| 08/31/2020 | 10/08/2020 | 10-Q |
| 05/31/2020 | 08/03/2020 | 10-K |
| 02/29/2020 | 04/09/2020 | 10-Q |
| 11/30/2019 | 01/09/2020 | 10-Q |
| 08/31/2019 | 10/10/2019 | 10-Q |
| 05/31/2019 | 08/05/2019 | 10-K |
Insider Activity
Updated 5/22/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | McNally, Kathleen | EVP Global Supply Chain | Direct | Sell | 5222026 | 16.85 | 6,636 | 111,834 | 770,484 | Form |
| 2 | Halverson, Kenneth | Direct | Sell | 5072026 | 14.69 | 10,000 | 146,942 | 210,788 | Form | |
| 3 | Ben, Robert J | CFO, CAO, Corporate Secretary | Direct | Sell | 2232026 | 12.99 | 4,000 | 51,948 | 688,753 | Form |
| 4 | Halverson, Kenneth | Direct | Sell | 2172026 | 13.09 | 10,000 | 130,850 | 187,704 | Form | |
| 5 | Ben, Robert J | CFO, CAO, Corporate Secretary | Direct | Sell | 2062026 | 11.90 | 5,000 | 59,503 | 678,740 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | McNally, Kathleen | EVP Global Supply Chain | Direct | Sell | 5222026 | 16.85 | 6,636 | 111,834 | 770,484 | Form |
| 2 | Halverson, Kenneth | Direct | Sell | 5072026 | 14.69 | 10,000 | 146,942 | 210,788 | Form | |
| 3 | Ben, Robert J | CFO, CAO, Corporate Secretary | Direct | Sell | 2232026 | 12.99 | 4,000 | 51,948 | 688,753 | Form |
| 4 | Halverson, Kenneth | Direct | Sell | 2172026 | 13.09 | 10,000 | 130,850 | 187,704 | Form | |
| 5 | Ben, Robert J | CFO, CAO, Corporate Secretary | Direct | Sell | 2062026 | 11.90 | 5,000 | 59,503 | 678,740 | Form |
| 6 | Ruppert, Jens Frank | EVP Canvys | Direct | Sell | 1292026 | 12.09 | 17,000 | 205,480 | 477,439 | Form |
| 7 | Halverson, Kenneth | Direct | Sell | 10202025 | 11.33 | 4,200 | 47,602 | 162,582 | Form | |
| 8 | Ben, Robert J | CFO, CAO, Corporate Secretary | Direct | Sell | 10162025 | 11.45 | 9,500 | 108,750 | 710,126 | Form |
| 9 | McNally, Kathleen | EVP Global Supply Chain | Direct | Sell | 8142025 | 10.01 | 8,417 | 84,235 | 457,542 | Form |
Industry Resources
| Information Technology Resources |
| TechCrunch |
| Wired |
| CIO |
| MIT Technology Review |
| Gartner Insights |
| Ars Technica |
| Electronic Components Resources |
| Electronic Products |
| DigiKey Insights |
| Mouser Insights |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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Core Cache Last Updated: 6/26/2026