Altimmune, Inc. (ALT) intrinsic value & 10-year financials
Altimmune, Inc. (ALT) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 10 fiscal years revenue shrank 38.5% a year to $41.0K, with an average return on invested capital of -116.6%.
- Graham intrinsic value
- —
- Share price (Oct 17, 2026)
- $2.20
- Market cap
- $193.8M
- Revenue (FY2025)
- $41.0K
- Revenue growth (10-yr CAGR)
- -38.5%
- ROIC (10-yr avg)
- -116.6%
- Free cash flow (FY2025)
- -$67.5M
ALT 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $41.0K | -$88.1M | -$1.00 | -$67.5M | -230461.0% | -61.6% |
| FY2024 | $20.0K | -$95.1M | -$1.34 | — | -515860.0% | -129.2% |
| FY2023 | $426.0K | -$88.4M | -$1.66 | -$75.9M | -22518.5% | -127.6% |
| FY2022 | -$68.0K | -$84.7M | -$1.81 | -$62.7M | 129029.4% | -192.7% |
| FY2021 | $4.4M | -$97.1M | -$2.35 | -$90.4M | -2197.4% | -155.8% |
| FY2020 | $8.2M | -$49.0M | -$1.91 | -$34.6M | -669.5% | -64.4% |
| FY2019 | $5.8M | -$20.5M | — | -$9.6M | -370.0% | -76.0% |
| FY2018 | $10.3M | -$39.2M | — | -$10.4M | -414.6% | -155.3% |
| FY2017 | $10.7M | -$46.4M | — | -$20.3M | -484.7% | -148.6% |
| FY2016 | $3.2M | $193.9M | $2.95 | $201.5M | -348.1% | -54.7% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Altimmune, Inc. is facing top-line stagnation, with revenue contracting over the decade.
Altimmune, Inc. has historically struggled to out-earn its cost of capital, averaging just -66.7% ROIC.
Altimmune, 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, Altimmune, Inc. is modeled at -38.5% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $-174.08 per share.