Aqua Metals, Inc. (AQMS) intrinsic value & 10-year financials
Aqua Metals, Inc. (AQMS) has no Graham intrinsic value right now because the formula needs positive earnings.
- Graham intrinsic value
- —
- Share price (Oct 17, 2026)
- $1.70
- Revenue (FY2025)
- —
- Revenue growth (10-yr CAGR)
- -52.2%
- ROIC (10-yr avg)
- -101.0%
- Free cash flow (FY2025)
- -$10.7M
AQMS 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | — | -$22.6M | — | -$10.7M | — | -228.9% |
| FY2024 | $0 | -$24.6M | — | -$21.6M | — | -166.5% |
| FY2023 | $25.0K | -$23.9M | — | -$8.8M | -97856.0% | -151.8% |
| FY2022 | $4.0K | -$15.4M | — | -$14.9M | -389575.0% | -79.6% |
| FY2021 | $173.0K | -$18.2M | — | -$10.0M | -10095.4% | -78.7% |
| FY2020 | $108.0K | -$25.8M | — | -$14.4M | -14252.8% | -39.8% |
| FY2019 | $4.9M | -$44.8M | — | -$38.0M | -837.0% | -89.2% |
| FY2018 | $4.4M | -$40.3M | — | -$30.0M | -832.3% | -87.7% |
| FY2017 | $2.1M | -$26.6M | — | -$27.8M | -1190.5% | -57.0% |
| FY2016 | $0 | -$13.6M | — | -$37.6M | — | -31.0% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Aqua Metals, Inc. revenue growth over the past decade is N/A; insufficient history prevents a reliable 10-year CAGR calculation.
Aqua Metals, Inc. has historically struggled to out-earn its cost of capital, averaging just -46.8% ROIC.
Aqua Metals, 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, Aqua Metals, Inc. is modeled at -52.2% normalized earnings growth with a 5.1% bond-yield adjustment.