Co-Diagnostics, Inc. (CODX) intrinsic value & 10-year financials
Co-Diagnostics, Inc. (CODX) has a Graham intrinsic value of $40.86 per share. At $0.65 on Oct 17, 2026, the stock trades 98% below that value. Over the last 10 fiscal years revenue grew 73.3% a year to $622.5K, with an average return on invested capital of 78.9%.
- Graham intrinsic value
- $40.86
- Share price (Oct 17, 2026)
- $0.65
- Price vs Graham value
- 98% below
- Market cap
- $870.0K
- Revenue (FY2025)
- $622.5K
- Revenue growth (10-yr CAGR)
- 73.3%
- ROIC (10-yr avg)
- 78.9%
- Free cash flow (FY2025)
- -$29.8M
CODX 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $622.5K | -$46.9M | -$35.25 | -$29.8M | -8058.8% | -156.6% |
| FY2024 | $3.9M | -$37.6M | -$1.24 | -$29.9M | -1023.7% | -63.7% |
| FY2023 | $6.8M | -$35.3M | -$1.20 | -$23.4M | -626.9% | -48.0% |
| FY2022 | $34.2M | -$14.2M | -$0.45 | $5.1M | -78.8% | -22.3% |
| FY2021 | $97.9M | $36.7M | $1.23 | $40.4M | 47.1% | 36.8% |
| FY2020 | $74.6M | $42.5M | $1.52 | $27.4M | 55.9% | 121.6% |
| FY2019 | $215.0K | -$6.2M | -$0.37 | -$5.6M | -2741.6% | -342.7% |
| FY2018 | $39.9K | -$6.3M | — | -$4.1M | -15328.6% | -522.2% |
| FY2017 | $7.7K | -$7.0M | — | -$3.3M | -59567.6% | 1651.8% |
| FY2016 | — | -$1.9M | — | -$1.3M | — | 134.3% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Co-Diagnostics, Inc. revenue growth over the past decade is N/A; insufficient history prevents a reliable 10-year CAGR calculation.
Co-Diagnostics, Inc. has earned high returns on invested capital, averaging 16.5% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Co-Diagnostics, 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, Co-Diagnostics, Inc. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $40.86 per share.