Cyanotech Corp. (CYAN) intrinsic value & 10-year financials
Cyanotech Corp. (CYAN) has a Graham intrinsic value of $0.75 per share. At $0.70 on Oct 17, 2026, the stock trades 7% below that value. Over the last 10 fiscal years revenue shrank 3.0% a year to $24.2M, with an average return on invested capital of -4.3%.
- Graham intrinsic value
- $0.75
- Share price (Oct 17, 2026)
- $0.70
- Price vs Graham value
- 7% below
- Market cap
- $4.6K
- Revenue (FY2025)
- $24.2M
- Revenue growth (10-yr CAGR)
- -3.0%
- ROIC (10-yr avg)
- -4.3%
- Free cash flow (FY2025)
- —
CYAN 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $24.2M | -$3.2M | — | — | -10.4% | -13.4% |
| FY2024 | $23.1M | -$5.3M | -$0.81 | — | -19.9% | -19.3% |
| FY2023 | $23.2M | -$3.4M | -$0.55 | — | -12.6% | -11.4% |
| FY2022 | $36.0M | $2.2M | $0.35 | — | 7.2% | 10.5% |
| FY2021 | $32.3M | $920.0K | $0.15 | — | 0.3% | 0.3% |
| FY2020 | $31.9M | $387.0K | $0.06 | — | 3.3% | 4.5% |
| FY2019 | $30.2M | -$3.6M | -$0.62 | -$1.3M | -9.9% | -13.8% |
| FY2018 | $34.1M | $1.0M | $0.18 | $485.0K | 4.1% | 6.2% |
| FY2017 | $32.0M | -$1.2M | -$0.21 | $373.0K | -2.1% | -2.9% |
| FY2016 | $31.8M | -$4.4M | -$0.79 | -$3.6M | -2.5% | -3.2% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
CYANOTECH CORP is facing top-line stagnation, with revenue contracting over the decade.
CYANOTECH CORP has historically struggled to out-earn its cost of capital, averaging just -4.3% ROIC.
CYANOTECH CORP 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, CYANOTECH CORP is modeled at -3.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $0.75 per share.