Agenus Inc. (AGEN) intrinsic value & 10-year financials
Agenus Inc. (AGEN) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 10 fiscal years revenue grew 19.7% a year to $114.2M, with an average return on invested capital of -57.7%.
- Graham intrinsic value
- —
- Share price (Oct 17, 2026)
- $6.04
- Market cap
- $179.6M
- Revenue (FY2025)
- $114.2M
- Revenue growth (10-yr CAGR)
- 19.7%
- ROIC (10-yr avg)
- -57.7%
- Free cash flow (FY2025)
- -$77.2M
AGEN 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $114.2M | -$3.1M | $0.00 | -$77.2M | -17.7% | 8.1% |
| FY2024 | $103.5M | -$232.3M | -$10.59 | -$158.9M | -116.4% | 47.9% |
| FY2023 | $156.3M | -$257.4M | -$0.01 | -$234.2M | -102.1% | 70.9% |
| FY2022 | $98.0M | -$230.7M | -$0.01 | -$228.4M | -183.0% | 76.2% |
| FY2021 | $295.7M | -$28.7M | -$0.00 | -$23.7M | 8.7% | -9.8% |
| FY2020 | $88.2M | -$182.9M | -$0.02 | -$142.6M | -133.0% | 42.1% |
| FY2019 | $150.0M | -$111.6M | — | -$23.3M | -46.7% | 28.9% |
| FY2018 | $36.8M | -$162.0M | — | -$134.7M | -336.6% | 133.8% |
| FY2017 | $42.9M | -$120.7M | — | -$97.3M | -242.1% | -440.4% |
| FY2016 | $22.6M | -$127.0M | — | -$92.5M | -476.1% | -534.3% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
AGENUS INC is a consistent compounder, expanding top-line revenue at 19.7% annually over the past decade.
AGENUS INC has earned high returns on invested capital, averaging 38.8% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
AGENUS INC 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, AGENUS INC is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $0.00 per share.