Ac Immune SA (ACIU) intrinsic value & 10-year financials
Ac Immune SA (ACIU) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 10 fiscal years revenue shrank 18.8% a year to CHF 3.6M, with an average return on invested capital of -29.4%.
- Graham intrinsic value
- —
- Revenue (FY2025)
- CHF 3.6M
- Revenue growth (10-yr CAGR)
- -18.8%
- ROIC (10-yr avg)
- -29.4%
- Free cash flow (FY2025)
- -CHF 70.2M
ACIU 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | CHF 3.6M | -CHF 70.4M | -CHF 0.70 | -CHF 70.2M | -1940.1% | -88.2% |
| FY2024 | CHF 27.3M | -CHF 50.9M | -CHF 0.51 | CHF 65.3M | -191.8% | -38.4% |
| FY2023 | CHF 14.8M | -CHF 54.2M | -CHF 0.64 | -CHF 61.2M | -362.3% | -32.5% |
| FY2022 | CHF 3.9M | -CHF 70.8M | -CHF 0.85 | -CHF 74.8M | -1800.4% | -35.3% |
| FY2021 | CHF 0 | -CHF 73.0M | -CHF 0.97 | -CHF 68.3M | — | -35.3% |
| FY2020 | CHF 15.4M | -CHF 61.9M | -CHF 0.86 | -CHF 61.2M | -397.0% | -25.1% |
| FY2019 | CHF 111.0M | CHF 45.4M | CHF 0.64 | CHF 53.3M | 40.1% | 19.8% |
| FY2018 | CHF 7.2M | -CHF 51.0M | -CHF 0.82 | -CHF 45.9M | -688.8% | -33.7% |
| FY2017 | CHF 20.3M | -CHF 26.4M | -CHF 0.46 | -CHF 23.9M | -111.3% | -17.4% |
| FY2016 | CHF 23.2M | -CHF 7.1M | -CHF 0.14 | -CHF 6.5M | -45.0% | -7.3% |
Source: annual 10-K filings on SEC EDGAR. Figures in CHF.
Executive summary
AC Immune SA is facing top-line stagnation, with revenue contracting over the decade.
AC Immune SA has historically struggled to out-earn its cost of capital, averaging just -29.3% ROIC.
AC Immune SA has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, AC Immune SA is modeled at -18.8% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $-16.03 per share.