AtriCure, Inc. (ATRC) intrinsic value & 10-year financials
AtriCure, Inc. (ATRC) has a Graham intrinsic value of $35.72 per share. At $56.07 on Oct 17, 2026, the stock trades 57% above that value. Over the last 10 fiscal years revenue grew 14.7% a year to $534.5M, with an average return on invested capital of -7.7%.
- Graham intrinsic value
- $35.72
- Share price (Oct 17, 2026)
- $56.07
- Price vs Graham value
- 57% above
- Market cap
- $2.7B
- Revenue (FY2025)
- $534.5M
- Revenue growth (10-yr CAGR)
- 14.7%
- ROIC (10-yr avg)
- -7.7%
- Free cash flow (FY2025)
- $48.3M
ATRC 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $534.5M | -$11.4M | -$0.24 | $48.3M | -1.8% | -2.3% |
| FY2024 | $465.3M | -$44.7M | -$0.95 | $745.0K | -8.6% | -9.2% |
| FY2023 | $399.2M | -$30.4M | -$0.66 | -$7.5M | -6.7% | -5.8% |
| FY2022 | $330.4M | -$46.5M | -$1.02 | -$39.0M | -12.9% | -8.7% |
| FY2021 | $274.3M | $50.2M | $1.09 | -$23.5M | 20.1% | 11.7% |
| FY2020 | $206.5M | -$48.2M | -$1.14 | -$25.1M | -21.4% | -12.3% |
| FY2019 | $230.8M | -$35.2M | -$0.94 | -$28.0M | -14.4% | -11.8% |
| FY2018 | $201.6M | -$21.1M | — | -$10.4M | -8.5% | -7.7% |
| FY2017 | $174.7M | -$26.9M | — | -$15.3M | -14.3% | -13.9% |
| FY2016 | $155.1M | -$33.3M | — | -$22.8M | -20.1% | -17.0% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
AtriCure, Inc. is a consistent compounder, expanding top-line revenue at 14.7% annually over the past decade.
AtriCure, Inc. has historically struggled to out-earn its cost of capital, averaging just -7.7% ROIC.
AtriCure, 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, AtriCure, Inc. is modeled at 14.7% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $35.72 per share.