Compugen Ltd. (CGEN) intrinsic value & 10-year financials
Compugen Ltd. (CGEN) has a Graham intrinsic value of $12.62 per share. Over the last 10 fiscal years revenue grew 78.3% a year to $72.8M, with an average return on invested capital of -34.1%.
- Graham intrinsic value
- $12.62
- Revenue (FY2025)
- $72.8M
- Revenue growth (10-yr CAGR)
- 78.3%
- ROIC (10-yr avg)
- -34.1%
- Free cash flow (FY2025)
- $31.3M
CGEN 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $72.8M | $35.3M | $0.38 | $31.3M | 43.1% | 116.4% |
| FY2024 | $27.9M | -$14.2M | -$0.16 | $49.5M | -53.4% | -32.5% |
| FY2023 | $33.5M | -$18.8M | -$0.21 | -$36.1M | -38.8% | -21.6% |
| FY2022 | $7.5M | -$33.7M | -$0.39 | -$35.0M | -471.7% | -41.9% |
| FY2021 | $6.0M | -$34.2M | -$0.41 | -$23.0M | -584.6% | -32.5% |
| FY2020 | $2.0M | -$29.7M | -$0.37 | -$28.5M | -1574.8% | -42.8% |
| FY2019 | — | -$27.3M | -$0.43 | -$28.0M | — | -87.6% |
| FY2018 | $17.8M | -$22.6M | -$0.41 | -$13.4M | -130.5% | -67.9% |
| FY2017 | — | -$37.1M | -$0.72 | -$31.0M | — | -79.9% |
| FY2016 | $400.0K | -$31.5M | -$0.62 | -$22.4M | -8145.8% | -51.3% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
COMPUGEN LTD is a consistent compounder, expanding top-line revenue at 78.3% annually over the past decade.
COMPUGEN LTD has historically struggled to out-earn its cost of capital, averaging just -20.4% ROIC.
COMPUGEN LTD 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, COMPUGEN LTD is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $12.62 per share.