Aware Inc. /MA/ (AWRE) intrinsic value & 10-year financials
Aware Inc. /MA/ (AWRE) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 10 fiscal years revenue shrank 2.4% a year to $17.3M, with an average return on invested capital of -11.4%.
- Graham intrinsic value
- —
- Share price (Oct 17, 2026)
- $0.90
- Market cap
- $19.0M
- Revenue (FY2025)
- $17.3M
- Revenue growth (10-yr CAGR)
- -2.4%
- ROIC (10-yr avg)
- -11.4%
- Free cash flow (FY2025)
- -$5.6M
AWRE 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $17.3M | -$5.9M | -$0.28 | -$5.6M | -37.9% | -30.0% |
| FY2024 | $17.4M | -$4.4M | -$0.21 | -$3.2M | -31.9% | -22.3% |
| FY2023 | $18.2M | -$7.3M | -$0.35 | $1.8M | -46.8% | -28.2% |
| FY2022 | $16.0M | -$1.7M | -$0.08 | -$5.8M | -13.8% | -6.8% |
| FY2021 | $16.9M | -$5.8M | -$0.27 | -$6.3M | -36.2% | -13.4% |
| FY2020 | $11.3M | -$7.6M | -$0.35 | -$5.8M | -83.3% | -15.7% |
| FY2019 | $12.2M | -$8.3M | -$0.39 | -$3.1M | -33.8% | -7.2% |
| FY2018 | $16.1M | $1.2M | $0.00 | $454.0K | 2.4% | 0.6% |
| FY2017 | $15.5M | $1.3M | $0.00 | $3.6M | 11.7% | 1.8% |
| FY2016 | $21.6M | $4.1M | $0.00 | $3.7M | 27.4% | 6.8% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
AWARE INC /MA/ is facing top-line stagnation, with revenue contracting over the decade.
AWARE INC /MA/ has historically struggled to out-earn its cost of capital, averaging just -21.8% ROIC.
Over the decade, AWARE INC /MA/ shows that management has aggressively returned capital to shareholders by retiring 99.9% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, AWARE INC /MA/ is modeled at -2.4% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $0.00 per share.