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Raspberry Pi Holdings PLC (RPI) Fair Value & Analysis

Technology · GB · Market cap 1.6B GBX

RP Raspberry Pi Holdings PLC RPI · LSE
Price£5.93
Fair Value£2.76
Upside-53.5%
Quality49/100
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Strengths

generates free cash flow

Risks

!Trades 53% ABOVE our fair value of £2.76
!Expensive Growth
!Thin margins · 6.7% net margin
!Trails peers (5/13)
Expensive Growth
Thin margins · 6.7% net margin
generates free cash flow
Trails peers (5/13)
Moderate moat 47/100
Evidence: High Range £1.23 – £3.45 Share as image

Fair value as of: Aug 20, 2026

From 26 valuation models · updated yesterday

Fair value updated Aug 20, 2026, revised from £2.38 to £2.76 (+15.9%) since Aug 13, 2026. Share price −13.6% over the past month.

Below-average quality, and screening another 53% overvalued on our models.

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What matters now

  • The price sits above even our optimistic bull case (£3.45). The favourable scenario is already priced in.
  • The model range is unusually wide (£1.23 to £3.45). The outcome hinges heavily on assumptions, so read the point estimate with caution.
  • Solid but not exceptional quality (49/100) and above fair value, neither a clear bargain nor a standout compounder.
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Price vs Fair Value (2 years)

£10.51 £2.57 Fair Value £2.76 Jun 2024 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 20, 2026.

How to read this chart

26‑month range £2.57 – £10.51 · fair‑value band £1.23 – £3.45 · the £5.93 price screens above the £2.76 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 20, 2026.

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Analysis

Raspberry Pi Holdings PLC (RPI) currently trades at £5.93, while our model-based Fair Value estimate is £2.76, implying the stock looks roughly 53.5% overvalued today. The Quality Score stands at 49/100 (below-average quality), in the Technology sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, Raspberry Pi Holdings PLC generated revenue of £323M at a net margin of 6.7%. Revenue grew 62.5% year over year. It earns a return on equity of 9.6%. The balance sheet holds a net cash position of £14.3M. Fundamentals as of Aug 20, 2026

Our scenario range runs from £1.23 (bear case) to £3.45 (bull case); at £5.93, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. For context, the median of 10 Technology peers we cover trades at -68% fair-value upside, at -53%, RPI screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Residual Income £0.7500 £0.8000 £0.8900 76
Growth DCF £0.2800 £0.3900 £0.6000 72
Gordon GGM £0.1600 £0.3000 £0.4100 70
All 26 models by family
DCF Models
FCF DCF £0.2900 £0.3700 £0.6200 38
Owner Earnings £1.63 £3.26 £6.28 31
5Y Revenue Exit £0.8800 £1.65 £3.25 39
5Y EBITDA Exit £1.54 £3.00 £5.82 41
5Y P/E Exit £1.38 £3.23 £5.77 38
10Y Revenue Exit £0.6400 £1.61 £2.46 36
10Y EBITDA Exit £1.11 £2.85 £6.25 37
10Y P/E Exit £1.01 £2.55 £5.36 35
Earnings-Based
Graham-Dodd £0.5800 £4.03 £5.66 54
Lynch FV £1.41 £2.02 £2.62 50
PEG = 1.0 £1.41 £2.02 £2.62 46
EPV £0.8300 £0.9200 £1.01 59
Dividend Discount
Gordon GGM £0.1600 £0.3000 £0.4100 70
DDM Multi-Stage £0.1600 £0.2700 £0.3200 61
Multiples
P/E Multiple £1.79 £2.38 £2.98 63
P/S Multiple £1.08 £1.45 £1.81 58
P/B Multiple £1.08 £1.45 £1.81 55
EV/EBIT £2.06 £2.71 £3.37 53
EV/EBITDA £2.13 £2.80 £3.48 54
EV/Revenue £1.10 £1.52 £1.94 43
Asset-Based
NCAV (Graham) £0.4600 £0.6200 £0.9200 50
Growth DCF
Growth DCF £0.2800 £0.3900 £0.6000 72
Rev-Margin DCF £0.8800 £1.87 £3.52 67
Economic Profit
Residual Income £0.7500 £0.8000 £0.8900 76
ROIC Compounder £0.8300 £0.9200 £1.12 67
Growth Earnings
Growth-Adj P/E £2.08 £2.98 £3.87 68

Widest divergence: Growth Earnings (£2.98) versus Dividend Discount (£0.2700). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) 323M GBX
Revenue growth (YoY) +62.5%
Net margin 6.7%
Return on equity 9.6%
Free cash flow 2.6M GBX FY2025
P/E ratio 197.7
More key figures
Operating margin 10.5%
EPS (TTM) £0.0300
EPS growth (YoY) +310%
Net cash 14.3M GBX FY2025

Figures from reported company fundamentals · as of Aug 20, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 49/100

Of which business quality 50 · Market factors (momentum, volatility) 65

Profitability 48
Margins and returns on capital today
Quality Growth 52
Are margins and returns improving?
Cashflow 22
Earnings quality: real cash, not paper profit
Fin. Strength 86
Balance sheet, leverage, solvency risk
Investment 33
Disciplined investing over empire-building
Low Volatility 49
Calm price path (market factor)
Momentum 75
Price trend over the last 3–12 months (market factor)
52W Momentum 65
Distance to the 52-week high (market factor)
Net Issuance 56
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Raspberry Pi Holdings plc designs and develops single-board computers, compute module, and semiconductors in the United Kingdom, Europe, the United States, Asia Pacific, and internationally. The company provides computers and microcontrollers, cameras and displays, add-on boards, power supplies and cables, cases, and peripherals.

Full company description

Raspberry Pi Holdings plc designs and develops single-board computers, compute module, and semiconductors in the United Kingdom, Europe, the United States, Asia Pacific, and internationally. The company provides computers and microcontrollers, cameras and displays, add-on boards, power supplies and cables, cases, and peripherals. It offers Raspberry Pi Connect, a secure remote access solution for Raspberry Pi OS which allows to connect to your Raspberry Pi desktop from any browser; Raspberry Pi Desktop for any PC or Apple Mac computer; Raspberry Pi Imager, which installs Raspberry Pi OS and other operating systems to a microSD card and OS software products; and Raspberry Pi OS, a supported operating system for organizations. In addition, the company offers Raspberry Pi Press, which produces magazines and books, as well as the Raspberry Pi Store. The company serves resellers and original equipment manufacturers; industrial and embedded applications; enthusiasts; and educators. The company was founded in 2012 and is headquartered in Cambridge, the United Kingdom.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Raspberry Pi Holdings PLC reported revenue of £245M in FY2025 versus £102M in FY2021, a compound +24.5%/yr. Reported net income was £16.5M in FY2025, compounding +11.1%/yr from FY2021.

Growth Quality 62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
£245M
Latest YoY
−5.5%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+17.2%
Avg. growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+27.4%
Avg. growth/yr (6Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+35.5%
Revenue +24.5%/yr
FY21 £102M
FY22 £153M
FY23 £214M
FY24 £260M
FY25 £245M
Net income +11.1%/yr
FY21 £10.8M
FY22 £13.9M
FY23 £25.4M
FY24 £9.2M
FY25 £16.5M

RPI screens 53% overvalued. Compare with Delta Electronics, Inc →

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Cite: Fair Value Calculator (2026). "Raspberry Pi Holdings PLC Fair Value". https://www.fairvalue-calculator.com/stock/RPI

Peer Group

Electronic Components · 647 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 49 · Below median
Fair Value upside −54% · Below median
Return on equity (TTM) 10% · Above median
Return on assets 5% · Top 25%
Net margin (TTM) 7% · Above median
Operating margin (TTM) 10% · Above median
Revenue growth 63% · Top 25%
Dividend yield (TTM) 0.2% · Bottom 25%

Valuation Multiples vs Electronic Components median · lower = cheaper

P/E (TTM) 197.7× · Pricier than 75% of peers
P/B 12.36× · Pricier than 75% of peers
P/S (TTM) 6.85× · Pricier than 75% of peers
P/FCF 857.8× · Pricier than 75% of peers
EV/EBITDA 59.9× · Pricier than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE0 · sector 0
FUTURE100 · sector 37
PAST38 · sector 24
HEALTH0 · sector 95
DIVIDEND5 · sector 24

VALUE 0: the price sits above our fair-value range.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Electronic Components stocks, each showing price versus our Fair Value estimate (as of Aug 20, 2026).

Stock Price Fair Value vs Fair Value
Delta Electronics, Inc 2308 1,790 TWD 602.37 TWD -66%
Luxshare Precision Industry Co 002475 ¥56.06 ¥38.44 -31%
Samsung Electro-Mechanics Co 009150 1,503,000 KRW 172,954 KRW -88%
Suzhou Dongshan Precision Manufacturing Co 002384 ¥202.11 ¥21.19 -90%
Shengyi Technology Co 600183 ¥143.23 ¥36.30 -75%
Victory Giant Technology (HuiZhou) Co 2476 HK$238.60 HK$75.68 -68%
Asia Vital Components Co 3017 2,910 TWD 1,369 TWD -53%
Nan Ya Printed Circuit Board Corporation 8046 1,215 TWD 1,768 TWD +46%
Zhen Ding Technology Holding 4958 477.50 TWD 136.13 TWD -71%
Jentech Precision Industrial Co 3653 5,460 TWD 938.20 TWD -83%

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Frequently asked questions

Is Raspberry Pi Holdings PLC (RPI) overvalued or undervalued?
As of Aug 20, 2026, our model estimates a fair value of £2.76 versus a price of £5.93, about −53% (overvalued).
What is the fair value of RPI?
Our model-based fair value for Raspberry Pi Holdings PLC is £2.76 (as of Aug 20, 2026), built from audited fundamentals. The current price: £5.93.
What is the quality score of RPI?
Raspberry Pi Holdings PLC has a Quality Score of 49/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Raspberry Pi Holdings PLC (RPI)?
Raspberry Pi Holdings PLC reported trailing-twelve-month revenue of about £323M (latest available figure, as of Aug 20, 2026).
What is the net profit margin of RPI?
The net profit margin of Raspberry Pi Holdings PLC is about 6.7%, meaning it keeps roughly 6.7% of revenue as net income. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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