Sphere 3D Corp. (ANY) intrinsic value & 10-year financials
Sphere 3D Corp. (ANY) has a Graham intrinsic value of $190.50 per share. At $2.05 on Oct 18, 2026, the stock trades 99% below that value. Over the last 10 fiscal years revenue shrank 19.2% a year to $11.2M, with an average return on invested capital of -119.1%.
- Graham intrinsic value
- $190.50
- Share price (Oct 18, 2026)
- $2.05
- Price vs Graham value
- 99% below
- Market cap
- $6.0M
- Revenue (FY2025)
- $11.2M
- Revenue growth (10-yr CAGR)
- -19.2%
- ROIC (10-yr avg)
- -119.1%
- Free cash flow (FY2025)
- -$23.6M
ANY 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $11.2M | -$21.5M | -$7.37 | -$23.6M | -196.8% | -70.3% |
| FY2024 | $16.6M | -$9.5M | -$0.48 | -$13.5M | -128.9% | -65.0% |
| FY2023 | $21.9M | -$23.3M | -$1.93 | -$8.1M | -136.9% | -97.7% |
| FY2022 | $6.1M | -$192.8M | -$2.91 | -$48.4M | -2594.6% | -120.3% |
| FY2021 | $3.7M | -$17.3M | -$0.58 | -$130.8M | -530.1% | -17.0% |
| FY2020 | — | — | — | — | — | — |
| FY2019 | $5.6M | -$4.3M | — | -$1.8M | -108.0% | 275.9% |
| FY2018 | $9.0M | -$26.2M | — | -$7.7M | -139.8% | -519.8% |
| FY2017 | $12.6M | -$26.2M | — | -$9.1M | -189.8% | -145.7% |
| FY2016 | $76.4M | -$68.5M | — | -$17.7M | -83.5% | -312.2% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Sphere 3D Corp. is facing top-line stagnation, with revenue contracting over the decade.
Sphere 3D Corp. has historically struggled to out-earn its cost of capital, averaging just -57.9% ROIC.
Sphere 3D Corp. 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, Sphere 3D Corp. is modeled at -19.2% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $190.50 per share.