Anika Therapeutics, Inc. (ANIK) intrinsic value & 10-year financials
Anika Therapeutics, Inc. (ANIK) has a Graham intrinsic value of $2.53 per share. At $19.98 on Oct 17, 2026, the stock trades 690% above that value. Over the last 10 fiscal years revenue grew 1.0% a year to $112.8M, with an average return on invested capital of -2.4%.
- Graham intrinsic value
- $2.53
- Share price (Oct 17, 2026)
- $19.98
- Price vs Graham value
- 690% above
- Market cap
- $286.5M
- Revenue (FY2025)
- $112.8M
- Revenue growth (10-yr CAGR)
- 1.0%
- ROIC (10-yr avg)
- -2.4%
- Free cash flow (FY2025)
- $4.4M
ANIK 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $112.8M | -$10.9M | -$0.76 | $4.4M | -9.8% | -9.5% |
| FY2024 | $119.9M | -$56.4M | -$3.83 | -$2.3M | -4.3% | -3.5% |
| FY2023 | $166.7M | -$82.7M | -$5.64 | -$7.2M | -52.6% | -43.2% |
| FY2022 | $156.2M | -$14.9M | -$1.02 | -$3.1M | -12.4% | -7.0% |
| FY2021 | $147.8M | $4.1M | $0.28 | $3.3M | 1.8% | 1.3% |
| FY2020 | $130.5M | -$24.0M | -$1.69 | $11.4M | -21.7% | -13.6% |
| FY2019 | $114.6M | $27.2M | $1.89 | $34.2M | 29.9% | 16.9% |
| FY2018 | $105.6M | $18.7M | $1.27 | $30.3M | 20.6% | 6.7% |
| FY2017 | $113.4M | $31.8M | $2.11 | $31.8M | 40.3% | 13.0% |
| FY2016 | $103.4M | $32.5M | $2.15 | $9.8M | 49.0% | 14.5% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Anika Therapeutics, Inc. has demonstrated mature, steady growth, with revenue compounding at 1.0% annually over the past decade.
Anika Therapeutics, Inc. has historically struggled to out-earn its cost of capital, averaging just -8.4% ROIC.
Anika Therapeutics, 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, Anika Therapeutics, Inc. is modeled at 1.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $2.53 per share.