Adlai Nortye Ltd. (ANL) intrinsic value & 10-year financials

Adlai Nortye Ltd. (ANL) has a Graham intrinsic value of $58.40 per share.

Graham intrinsic value
$58.40
Revenue (FY2024)
—
Revenue growth (5-yr CAGR)
-66.9%
ROIC (10-yr avg)
23.5%
Free cash flow (FY2024)
-$52.0M

ANL 10-year financial history

Fiscal year Revenue Net income EPS (diluted) Free cash flow Operating margin ROIC
FY2024 — -$51.9M -$0.54 -$52.0M — -98.9%
FY2023 $5.0M -$104.9M -$2.42 -$56.9M — 129.6%
FY2022 — -$58.8M -$2.31 -$44.5M — 27.6%
FY2021 $45.7M -$56.7M -$2.23 -$4.1M — 35.7%
FY2020 — — — — — —

Source: annual 10-K filings on SEC EDGAR. Figures in USD.

Executive summary

Adlai Nortye Ltd. revenue growth over the past decade is N/A; insufficient history prevents a reliable 10-year CAGR calculation.

Adlai Nortye Ltd. has earned high returns on invested capital, averaging 23.5% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.

Adlai Nortye Ltd. capital allocation metrics are N/A for the decade; share count and net debt history are incomplete.

Benjamin Graham lens

Under Benjamin Graham's formula using SEC EDGAR fundamentals, Adlai Nortye Ltd. is modeled at -66.9% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $58.40 per share.

ANL stock: frequently asked questions

What is the intrinsic value of Adlai Nortye Ltd. (ANL) stock?

Using Benjamin Graham's revised formula, V = EPS × (8.5 + 2g) × 4.4 / Y, with reported diluted earnings per share, a -66.9% normalized growth rate (capped at 15%) and a 5.1% AAA corporate bond yield, ANL's intrinsic value is about $58.40 per share.

Does Adlai Nortye Ltd. generate free cash flow?

Adlai Nortye Ltd. generated -$52.0M of free cash flow (operating cash flow minus capital expenditures) in fiscal 2024. Free cash flow was positive in 0 of the last 4 reported years.

What is ANL's return on invested capital?

Average ROIC over the last 5 fiscal years was 23.5%, and average return on equity was 23.5%. Sustained ROIC above about 15% usually points to a durable competitive advantage.

Where does this ANL data come from?

From Adlai Nortye Ltd.'s annual 10-K filings on SEC EDGAR, most recently filed Apr 10, 2026. Prices are end-of-day snapshots; valuations are formula outputs, not investment advice.

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