# Genie Energy (GNE.US)

Canonical: https://gigainvestors.com/s/GNE

Analysis as of: 2026-10-16T07:28:49.525Z. Financial observations: FY2009–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $16.70 per share; close as of 2026-10-15.

Estimated value: low $16.26 per share, central $19.90 per share, high $22.20 per share. Buy at or below the central value $19.90 per share. Valuation as of 2026-10-16T07:28:49.525Z; scenarios are not confidence intervals.

Expected annual return: 12.1% at the stated quote. About 12.1% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 3 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 2

- Operating margin variation: 2.38×

Chart: Operating margin; fiscal year observations.

- FY2016: -0.14×

- FY2017: -0.02×

- FY2018: 0.03×

- FY2019: 0.03×

- FY2020: 0.06×

- FY2021: 0.07×

- FY2022: 0.25×

- FY2023: 0.02×

- FY2024: 0.03×

- FY2025: 0.06×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 5.5pp below the typical margin (limit 4pp)

- ROIC, median of available years: 13.6%

- ROIC, second-lowest year: -10.7%

- Typical minus recent gross margin: 5.5 pp

- Typical gross margin (annual median): 30.4%

- Recent gross margin (lower of latest and 3-year median): 24.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.1%

- ROIC including acquisitions, ten-year median: 17.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: -45.2%

- FY2017: -10.7%

- FY2018: 15.7%

- FY2019: 11.5%

- FY2020: 27.5%

- FY2021: 81.7%

- FY2022: 72.3%

- FY2023: 9.6%

- FY2024: 10.3%

- FY2025: 66.6%

### economics: pass

- Owner earnings / net income, 5-yr: 0.89×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $154M

- Net income, five-year total: $173M

- Return on incremental invested capital: 47.8%

- Working capital / revenue, annual change: -0.1 pp

- Working capital / revenue, change between three-year averages: -0.5 pp

- Working capital / revenue, final three-year average: 10.3%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.01×

- FY2022: 0.99×

- FY2023: 0.64×

- FY2024: 0.43×

- FY2025: 0.81×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: -10.7% vs 10.3%

- Per-share earnings: -0.34 to 0.75 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 1.8%

- Ordinary dilution, 5-year annual growth: -0.2%

- Market cap gain: $235M

- Cumulative retained earnings: $188M

- Diluted shares, 10-year annual growth: 1.8%

- Diluted shares, 5-year annual growth: -0.2%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: $1.09

- Per-share value, starting three-year median: -$0.34

- Per-share value, ending three-year median: $0.75

- Buybacks concentrated in cheaper years (correlation): 0.54

- Average buyback yield: 2.1%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: $18M

- Cumulative net income, 10 years: $182M

- ROIC, first three-year median: -10.7%

- ROIC, last three-year median: 10.3%

Chart: Earnings per share; fiscal year observations.

- FY2016: -$1.08

- FY2017: -$0.30

- FY2018: $0.89

- FY2019: $0.15

- FY2020: $0.49

- FY2021: $1.11

- FY2022: $3.33

- FY2023: $0.75

- FY2024: $0.46

- FY2025: $0.90

### accounting: pass

- Sloan accruals: -5.7%

- Receivables to sales index (DSRI): 0.96×

- Restructuring years, last five: 1

- Stock compensation / operating cash flow: 5.5%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.93×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.06×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -32.9%

- FY2017: -12.9%

- FY2018: 2.3%

- FY2019: -7.4%

- FY2020: -5.3%

- FY2021: -16.5%

- FY2022: 2.6%

- FY2023: -13.0%

- FY2024: -15.7%

- FY2025: -5.7%

## Holders

- [Thomas Graham Kahn](https://gigainvestors.com/KB): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 41% since Dec 2023 · "Genie Energy Q1 Earnings Hit by Margin Pressure, Guidance Lowered" (finance.yahoo.com, May 2026) · sales +18.1%

Story as of 2026-10-16T09:58:49.915Z; price observation 2026-10-15.

Price needs cash profits to grow 2.1% a year for ten years

- 2025-11-05: Genie Energy Q3 Earnings Fall Y/Y on Cost Pressures, Revenues Rise ([finance.yahoo.com](https://finance.yahoo.com/news/genie-energy-q3-earnings-fall-174500368.html))

- 2026-05-22: Genie Energy Q1 Earnings Hit by Margin Pressure, Guidance Lowered ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/genie-energy-q1-earnings-hit-143600956.html))

### Sales · FY2024–2025

sales +18.1%; source https://www.sec.gov/Archives/edgar/data/1528356/000143774926014294/gne20251231_10k.htm; observed 2026-05-01.

- FY2016: $212M 

- FY2017: $264M 

- FY2018: $280M 

- FY2019: $315M 

- FY2020: $357M 

- FY2021: $323M 

- FY2022: $316M 

- FY2023: $429M 

- FY2024: $425M 

- FY2025: $502M 

### Gross margin · FY2025

gross margin 24.8%; source https://www.sec.gov/Archives/edgar/data/1528356/000143774926014294/gne20251231_10k.htm; observed 2026-05-01.

- FY2016: 36.3% 

- FY2017: 32.4% 

- FY2018: 27.3% 

- FY2019: 26.3% 

- FY2020: 26.6% 

- FY2021: 28.3% 

- FY2022: 49.1% 

- FY2023: 34.1% 

- FY2024: 32.6% 

- FY2025: 24.8% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in utilities regulated electric; annual sales are USD 502 million.

- Source: https://www.sec.gov/Archives/edgar/data/1528356/000143774926014294/gne20251231_10k.htm (filed 2026-05-01); FY2025: revenue 501971000; grossProfit 124685000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-05); GNE.US: Genie Energy Ltd., through its subsidiaries, engages in the provision of energy services in the United States and internationally. The company operates through two segments, Genie Retail Energy and Genie Renewables. It resells electricity and natural gas to residential and small business customers in the Eastern and Midwestern United States and Texas; and develops, constructs, and operates utility-scale solar energy projects. The company also distributes solar panels; offers energy procurement and advisory services to industrial, commercial, and municipal customers; and markets solar and alternative products and services. Genie Energy Ltd. was incorporated in 2011 and is headquartered in Newark, New Jersey.

### Why customers stay

Margins ranged from 24.8% to 34.1% during 2023–25; it earns 13.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-01); FY2023: grossProfit / revenue = 34.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-01); FY2024: grossProfit / revenue = 32.6%.

- Source: https://www.sec.gov/Archives/edgar/data/1528356/000143774926014294/gne20251231_10k.htm (filed 2026-05-01); FY2025: grossProfit / revenue = 24.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-01); 10-year return on capital observations [[2016,-0.45204444444444447],[2017,-0.10672588308200785],[2018,0.15705440314549765],[2019,0.11477803738317757],[2020,0.27458350671602977],[2021,0.8171427059828169],[2022,0.7234713094420845],[2023,0.09637235359606769],[2024,0.1029252986131199],[2025,0.6663938976979465]]; median 0.1359162202643376. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 13.9% of cash earnings on expansion; earns 47.8% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-01); FY2018: growth capex 0; upkeep 1329000; owner earnings 23518000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-01); FY2019: growth capex 0; upkeep 404000; owner earnings 7398000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-01); FY2020: growth capex 0; upkeep 167000; owner earnings 15950000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-01); FY2021: growth capex 0; upkeep 126000; owner earnings 29524000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-01); FY2022: growth capex 0; upkeep 1019000; owner earnings 87171000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-01); FY2023: growth capex 1525908.7708280217; upkeep 7502091.229171978; owner earnings 12498908.770828022. Growth capex / owner earnings = 0.12208335934009173.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-01); FY2024: growth capex 0; upkeep 8040000; owner earnings 5432000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1528356/000143774926014294/gne20251231_10k.htm (filed 2026-05-01); FY2025: growth capex 2718543.8464517184; upkeep 5455456.153548282; owner earnings 19555543.84645172. Growth capex / owner earnings = 0.1390165299312291.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-01); Incremental return on capital 0.47771377637638424, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-01); Dividend observations: [[2016,7395000],[2017,8908000],[2018,9256000],[2019,9595000],[2020,10142000],[2021,1480000],[2022,9158000],[2023,8873000],[2024,8210000],[2025,8023000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1528356/000143774926014294/gne20251231_10k.htm (filed 2026-05-01); FY2025: cash repurchases 8663000 USD.

### Are managers owners

Insiders own 18% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-05); GNE.US SharesStats.PercentInsiders = 18.004 percentage points; cache date 2026-10-05.

### What the price says

The price assumes cash profits grow 2.1% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-01); Ten-year compound average after fade. Initial solved rate 0.017382364079744507. Price 16.7; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share -1.550576010842557 → FY2025 0.7369716919710465. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $5.21 per share

- 2016-11: $5.75 per share

- 2016-12: $5.75 per share

- 2017-01: $5.77 per share

- 2017-02: $5.45 per share

- 2017-03: $7.24 per share

- 2017-04: $7.95 per share

- 2017-05: $7.69 per share

- 2017-06: $7.62 per share

- 2017-07: $6.63 per share

- 2017-08: $6.15 per share

- 2017-09: $6.55 per share

- 2017-10: $5.72 per share

- 2017-11: $4.33 per share

- 2017-12: $4.36 per share

- 2018-01: $4.37 per share

- 2018-02: $4.45 per share

- 2018-03: $4.99 per share

- 2018-04: $4.16 per share

- 2018-05: $5.58 per share

- 2018-06: $4.96 per share

- 2018-07: $5.20 per share

- 2018-08: $5.41 per share

- 2018-09: $5.40 per share

- 2018-10: $5.30 per share

- 2018-11: $6.38 per share

- 2018-12: $6.03 per share

- 2019-01: $8.42 per share

- 2019-02: $9.08 per share

- 2019-03: $8.50 per share

- 2019-04: $8.69 per share

- 2019-05: $9.34 per share

- 2019-06: $10.65 per share

- 2019-07: $11.02 per share

- 2019-08: $7.16 per share

- 2019-09: $7.46 per share

- 2019-10: $7.45 per share

- 2019-11: $8.09 per share

- 2019-12: $7.73 per share

- 2020-01: $7.23 per share

- 2020-02: $6.92 per share

- 2020-03: $7.18 per share

- 2020-04: $7.88 per share

- 2020-05: $8.61 per share

- 2020-06: $7.36 per share

- 2020-07: $8.13 per share

- 2020-08: $8.84 per share

- 2020-09: $8.00 per share

- 2020-10: $8.29 per share

- 2020-11: $8.30 per share

- 2020-12: $7.21 per share

- 2021-01: $7.38 per share

- 2021-02: $7.55 per share

- 2021-03: $6.34 per share

- 2021-04: $5.60 per share

- 2021-05: $6.10 per share

- 2021-06: $6.32 per share

- 2021-07: $5.89 per share

- 2021-08: $6.76 per share

- 2021-09: $6.53 per share

- 2021-10: $4.95 per share

- 2021-11: $5.15 per share

- 2021-12: $5.57 per share

- 2022-01: $5.03 per share

- 2022-02: $6.16 per share

- 2022-03: $6.75 per share

- 2022-04: $6.49 per share

- 2022-05: $8.23 per share

- 2022-06: $9.16 per share

- 2022-07: $9.63 per share

- 2022-08: $10.44 per share

- 2022-09: $9.35 per share

- 2022-10: $9.77 per share

- 2022-11: $9.97 per share

- 2022-12: $10.34 per share

- 2023-01: $10.95 per share

- 2023-02: $11.42 per share

- 2023-03: $13.82 per share

- 2023-04: $15.57 per share

- 2023-05: $14.09 per share

- 2023-06: $14.14 per share

- 2023-07: $13.41 per share

- 2023-08: $15.31 per share

- 2023-09: $14.73 per share

- 2023-10: $19.84 per share

- 2023-11: $24.25 per share

- 2023-12: $28.13 per share

- 2024-01: $18.61 per share

- 2024-02: $18.24 per share

- 2024-03: $15.08 per share

- 2024-04: $15.29 per share

- 2024-05: $15.26 per share

- 2024-06: $14.62 per share

- 2024-07: $16.96 per share

- 2024-08: $16.74 per share

- 2024-09: $16.25 per share

- 2024-10: $15.72 per share

- 2024-11: $15.26 per share

- 2024-12: $15.59 per share

- 2025-01: $14.33 per share

- 2025-02: $14.30 per share

- 2025-03: $15.05 per share

- 2025-04: $14.77 per share

- 2025-05: $21.14 per share

- 2025-06: $26.88 per share

- 2025-07: $20.32 per share

- 2025-08: $15.30 per share

- 2025-09: $14.95 per share

- 2025-10: $15.05 per share

- 2025-11: $14.48 per share

- 2025-12: $13.78 per share

- 2026-01: $13.77 per share

- 2026-02: $14.53 per share

- 2026-03: $14.14 per share

- 2026-04: $13.97 per share

- 2026-05: $13.88 per share

- 2026-06: $14.45 per share

- 2026-07: $13.91 per share

- 2026-08: $14.84 per share

- 2026-09: $15.98 per share

- 2026-10: $16.70 per share

## Annual estimated value (USD per share)

- FY2020: low $4.53 per share, central $5.00 per share, high $5.62 per share

- FY2021: low $9.82 per share, central $11.30 per share, high $12.62 per share

- FY2022: low $14.69 per share, central $16.48 per share, high $18.58 per share

- FY2023: low $12.16 per share, central $13.69 per share, high $15.31 per share

- FY2024: low $11.57 per share, central $13.16 per share, high $14.75 per share

- FY2025: low $17.30 per share, central $20.94 per share, high $23.23 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1528356/000143774926014294/gne20251231_10k.htm); period 2025-12-31, filed 2026-05-01.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.