Canaan Inc. (CAN) intrinsic value & 10-year financials
Canaan Inc. (CAN) has a Graham intrinsic value of $91.01 per share. Over the last 9 fiscal years revenue grew 17.2% a year to $529.7M, with an average return on invested capital of -80.0%.
- Graham intrinsic value
- $91.01
- Revenue (FY2025)
- $529.7M
- Revenue growth (9-yr CAGR)
- 17.2%
- ROIC (10-yr avg)
- -80.0%
- Free cash flow (FY2025)
- -$295.8M
CAN 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $529.7M | -$210.3M | -$2.99 | -$295.8M | -21.2% | -37.1% |
| FY2024 | $269.3M | -$249.8M | -$6.13 | -$218.6M | -84.3% | -101.5% |
| FY2023 | $211.5M | -$414.2M | -$16.06 | -$126.9M | -194.3% | -455.4% |
| FY2022 | $634.9M | $70.5M | $2.74 | -$259.8M | 7.0% | -3.2% |
| FY2021 | $782.5M | $313.9M | $12.18 | $219.9M | 36.7% | -23.0% |
| FY2020 | $68.6M | -$33.0M | -$1.41 | $6.1M | -56.7% | 12.9% |
| FY2019 | $204.3M | -$148.6M | -$6.90 | -$41.4M | — | 47.1% |
| FY2018 | $0 | — | — | — | — | — |
| FY2017 | $0 | — | — | — | — | — |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Canaan Inc. revenue growth over the past decade is N/A; insufficient history prevents a reliable 10-year CAGR calculation.
Canaan Inc. has historically struggled to out-earn its cost of capital, averaging just -15.6% ROIC.
Canaan 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, Canaan Inc. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $91.01 per share.