Clene Inc. (CLNN) intrinsic value & 10-year financials

Clene Inc. (CLNN) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 8 fiscal years revenue shrank 0.6% a year to $200.0K, with an average return on invested capital of 184.0%.

Graham intrinsic value
—
Share price (Oct 17, 2026)
$3.10
Revenue (FY2025)
$200.0K
Revenue growth (8-yr CAGR)
-0.6%
ROIC (10-yr avg)
184.0%
Free cash flow (FY2025)
-$18.6M

CLNN 10-year financial history

Fiscal year Revenue Net income EPS (diluted) Free cash flow Operating margin ROIC
FY2025 $200.0K -$26.2M — -$18.6M -11541.5% 247.9%
FY2024 $342.0K -$39.4M — -$21.3M -9676.3% 241.5%
FY2023 $654.0K -$49.5M — -$30.5M -6198.8% 404.8%
FY2022 $473.0K -$29.9M — -$44.2M -10234.5% 226.3%
FY2021 $723.0K -$9.7M — -$36.0M -6912.6% 113.6%
FY2020 $206.0K -$19.3M — -$19.3M -9812.6% 32.1%
FY2019 — -$16.2M — -$13.5M — 21.6%
FY2018 — — — — — —

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

Executive summary

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

Clene Inc. has earned high returns on invested capital, averaging 25.5% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.

Clene 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, Clene Inc. is modeled at -0.6% normalized earnings growth with a 5.1% bond-yield adjustment.

CLNN stock: frequently asked questions

Does Clene Inc. generate free cash flow?

Clene Inc. generated -$18.6M of free cash flow (operating cash flow minus capital expenditures) in fiscal 2025. Free cash flow was positive in 0 of the last 7 reported years.

What is CLNN's return on invested capital?

Average ROIC over the last 8 fiscal years was 184.0%, and average return on equity was -368.6%. Sustained ROIC above about 15% usually points to a durable competitive advantage.

Where does this CLNN data come from?

From Clene Inc.'s annual 10-K filings on SEC EDGAR, most recently filed May 14, 2026. Prices are end-of-day snapshots; valuations are formula outputs, not investment advice.

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