Collegium PHARMACEUTICAL, Inc. (COLL) intrinsic value & 10-year financials
Collegium PHARMACEUTICAL, Inc. (COLL) has a Graham intrinsic value of $57.46 per share. At $23.19 on Oct 17, 2026, the stock trades 60% below that value. Over the last 10 fiscal years revenue grew 97.5% a year to $780.6M, with an average return on invested capital of -82.5%.
- Graham intrinsic value
- $57.46
- Share price (Oct 17, 2026)
- $23.19
- Price vs Graham value
- 60% below
- Market cap
- $920.7M
- Revenue (FY2025)
- $780.6M
- Revenue growth (10-yr CAGR)
- 97.5%
- ROIC (10-yr avg)
- -82.5%
- Free cash flow (FY2025)
- $327.6M
COLL 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $780.6M | $62.9M | $1.73 | $327.6M | 23.0% | 102.3% |
| FY2024 | $631.4M | $69.2M | $1.86 | $203.3M | 26.9% | 188.7% |
| FY2023 | $566.8M | $48.2M | $1.29 | $274.3M | 29.5% | -2326.6% |
| FY2022 | $463.9M | -$25.0M | -$0.74 | $122.6M | 7.2% | 109.6% |
| FY2021 | $276.9M | $71.5M | $1.86 | $101.6M | 6.4% | 39.1% |
| FY2020 | $310.0M | $26.8M | $0.76 | $88.4M | 18.1% | -266.2% |
| FY2019 | $296.7M | -$22.7M | -$0.68 | $21.3M | -8.0% | 45.1% |
| FY2018 | $280.4M | -$39.1M | -$1.19 | $163.9M | -7.4% | 89.9% |
| FY2017 | $28.5M | -$74.9M | — | -$68.0M | -264.9% | 528.3% |
| FY2016 | $1.7M | -$94.2M | — | -$75.5M | -5498.7% | 664.6% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
COLLEGIUM PHARMACEUTICAL, INC is a consistent compounder, expanding top-line revenue at 97.5% annually over the past decade.
COLLEGIUM PHARMACEUTICAL, INC has earned high returns on invested capital, averaging 37.4% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
COLLEGIUM PHARMACEUTICAL, 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, COLLEGIUM PHARMACEUTICAL, INC is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $57.46 per share.