Castle Biosciences Inc. (CSTL) intrinsic value & 10-year financials

Castle Biosciences Inc. (CSTL) has a Graham intrinsic value of $20.59 per share. At $31.96 on Oct 17, 2026, the stock trades 55% above that value. Over the last 9 fiscal years revenue grew 47.4% a year to $344.2M, with an average return on invested capital of -32.1%.

Graham intrinsic value
$20.59
Share price (Oct 17, 2026)
$31.96
Price vs Graham value
55% above
Market cap
$926.4M
Revenue (FY2025)
$344.2M
Revenue growth (9-yr CAGR)
47.4%
ROIC (10-yr avg)
-32.1%
Free cash flow (FY2025)
$28.3M

CSTL 10-year financial history

Fiscal year Revenue Net income EPS (diluted) Free cash flow Operating margin ROIC
FY2025 $344.2M -$24.2M -$0.83 $28.3M -12.4% -9.3%
FY2024 $332.1M $18.2M $0.62 $36.5M 2.6% 2.2%
FY2023 $219.8M -$57.5M -$2.14 -$19.2M -30.9% -22.9%
FY2022 $137.0M -$67.1M -$2.58 -$47.3M -53.2% -37.7%
FY2021 $94.1M -$31.3M -$1.24 -$22.5M -42.6% -66.0%
FY2020 $62.6M -$10.3M -$0.54 $5.1M -10.4% -75.9%
FY2019 $51.9M $5.3M -$0.21 $6.1M 14.1% -57.5%
FY2018 $22.8M -$6.4M -$5.33 -$12.6M -16.8% 10.5%
FY2017 — — — — — —

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

Executive summary

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

CASTLE BIOSCIENCES INC has historically struggled to out-earn its cost of capital, averaging just -32.1% ROIC.

CASTLE BIOSCIENCES 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, CASTLE BIOSCIENCES INC is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $20.59 per share.

CSTL stock: frequently asked questions

What is the intrinsic value of Castle Biosciences Inc. (CSTL) stock?

Using Benjamin Graham's revised formula, V = EPS × (8.5 + 2g) × 4.4 / Y, with reported diluted earnings per share, a 15.0% normalized growth rate (capped at 15%) and a 5.1% AAA corporate bond yield, CSTL's intrinsic value is about $20.59 per share.

Is CSTL stock undervalued?

At $31.96 (close on Oct 17, 2026), CSTL trades 55% above its Graham value of $20.59. On Graham's terms the shares look fully priced. A formula is a starting point for research, not a recommendation.

Does Castle Biosciences Inc. generate free cash flow?

Castle Biosciences Inc. generated $28.3M of free cash flow (operating cash flow minus capital expenditures) in fiscal 2025. Free cash flow was positive in 4 of the last 8 reported years.

What is CSTL's return on invested capital?

Average ROIC over the last 9 fiscal years was -32.1%, and average return on equity was 0.7%. Sustained ROIC above about 15% usually points to a durable competitive advantage.

Where does this CSTL data come from?

From Castle Biosciences Inc.'s annual 10-K filings on SEC EDGAR, most recently filed Jul 30, 2026. Prices are end-of-day snapshots; valuations are formula outputs, not investment advice.

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