Aurinia Pharmaceuticals Inc. (AUPH) intrinsic value & 10-year financials

Aurinia Pharmaceuticals Inc. (AUPH) has a Graham intrinsic value of $68.76 per share. At $16.51 on Oct 17, 2026, the stock trades 76% below that value. Over the last 9 fiscal years revenue grew 150.1% a year to $283.1M, with an average return on invested capital of 113.0%.

Graham intrinsic value
$68.76
Share price (Oct 17, 2026)
$16.51
Price vs Graham value
76% below
Market cap
$2.3B
Revenue (FY2025)
$283.1M
Revenue growth (9-yr CAGR)
150.1%
ROIC (10-yr avg)
113.0%
Free cash flow (FY2025)
$135.4M

AUPH 10-year financial history

Fiscal year Revenue Net income EPS (diluted) Free cash flow Operating margin ROIC
FY2025 $283.1M $287.2M $2.07 $135.4M 37.1% 22.9%
FY2024 $235.1M $5.8M $0.04 $44.1M -2.0% -0.9%
FY2023 $175.5M -$78.0M -$0.54 -$34.2M -52.2% -25.1%
FY2022 $134.0M -$108.2M -$0.76 -$79.8M -83.2% -38.9%
FY2021 $45.6M -$181.0M -$1.40 -$158.0M -396.3% -90.8%
FY2020 $50.1M -$102.7M -$0.87 -$75.4M -208.1% -153.7%
FY2019 $318.0K -$88.4M -$0.95 -$63.7M -28598.4% 1225.8%
FY2018 $463.0K -$53.1M — -$51.7M -11930.9% -35.2%
FY2017 — — — — — —

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

Executive summary

Aurinia Pharmaceuticals Inc. revenue growth over the past decade is N/A; insufficient history prevents a reliable 10-year CAGR calculation.

Aurinia Pharmaceuticals Inc. has historically struggled to out-earn its cost of capital, averaging just -17.4% ROIC.

Aurinia Pharmaceuticals Inc. 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, Aurinia Pharmaceuticals Inc. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $68.76 per share.

AUPH stock: frequently asked questions

What is the intrinsic value of Aurinia Pharmaceuticals Inc. (AUPH) stock?

Using Benjamin Graham's revised formula, V = EPS × (8.5 + 2g) × 4.4 / Y, with reported diluted earnings per share, a 15.0% normalized growth rate (capped at 15%) and a 5.1% AAA corporate bond yield, AUPH's intrinsic value is about $68.76 per share.

Is AUPH stock undervalued?

At $16.51 (close on Oct 17, 2026), AUPH trades 76% below its Graham value of $68.76. On Graham's terms that leaves a margin of safety. A formula is a starting point for research, not a recommendation.

Does Aurinia Pharmaceuticals Inc. generate free cash flow?

Aurinia Pharmaceuticals Inc. generated $135.4M of free cash flow (operating cash flow minus capital expenditures) in fiscal 2025. Free cash flow was positive in 2 of the last 8 reported years.

What is AUPH's return on invested capital?

Average ROIC over the last 9 fiscal years was 113.0%, and average return on equity was -15.9%. Sustained ROIC above about 15% usually points to a durable competitive advantage.

Where does this AUPH data come from?

From Aurinia Pharmaceuticals Inc.'s annual 10-K filings on SEC EDGAR, most recently filed Aug 6, 2026. Prices are end-of-day snapshots; valuations are formula outputs, not investment advice.

Similar pharmaceutical preparations stocks