Dare Bioscience, Inc. (DARE) intrinsic value & 10-year financials
Dare Bioscience, Inc. (DARE) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 10 fiscal years revenue grew 3.4% a year to $1.0M, with an average return on invested capital of -904.3%.
- Graham intrinsic value
- —
- Share price (Oct 17, 2026)
- $0.72
- Market cap
- $8.1M
- Revenue (FY2025)
- $1.0M
- Revenue growth (10-yr CAGR)
- 3.4%
- ROIC (10-yr avg)
- -904.3%
- Free cash flow (FY2025)
- -$10.3M
DARE 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $1.0M | -$13.4M | -$1.20 | -$10.3M | -1315.5% | 64.1% |
| FY2024 | $9.8K | -$4.1M | -$0.48 | $4.8M | -239692.2% | 132.0% |
| FY2023 | $2.8M | -$30.2M | -$0.35 | -$39.5M | -1101.9% | 162.6% |
| FY2022 | $10.0M | -$30.9M | -$0.37 | -$18.2M | -313.9% | 172.5% |
| FY2021 | $0 | -$38.7M | -$0.63 | -$28.8M | — | 417.9% |
| FY2020 | — | -$27.4M | -$0.46 | -$25.3M | — | 474.2% |
| FY2019 | — | -$14.3M | — | -$13.3M | — | -4631.4% |
| FY2018 | — | -$16.7M | — | -$10.3M | — | -5450.6% |
| FY2017 | — | -$11.5M | — | -$2.5M | — | -84.7% |
| FY2016 | $766.0K | -$39.3M | — | -$34.1M | -82.3% | -299.8% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Dare Bioscience, Inc. has demonstrated mature, steady growth, with revenue compounding at 3.3% annually over the past decade.
Dare Bioscience, Inc. has historically struggled to out-earn its cost of capital, averaging just 2.0% ROIC.
Dare Bioscience, 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, Dare Bioscience, Inc. is modeled at 3.4% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $-15.74 per share.