Denali Therapeutics Inc. (DNLI) intrinsic value & 10-year financials
Denali Therapeutics Inc. (DNLI) has a Graham intrinsic value of $20.93 per share. At $17.61 on Oct 17, 2026, the stock trades 16% below that value. Over the last 10 fiscal years revenue grew 20.7% a year to $0, with an average return on invested capital of -22.0%.
- Graham intrinsic value
- $20.93
- Share price (Oct 17, 2026)
- $17.61
- Price vs Graham value
- 16% below
- Market cap
- $3.0B
- Revenue (FY2025)
- $0
- Revenue growth (10-yr CAGR)
- 20.7%
- ROIC (10-yr avg)
- -22.0%
- Free cash flow (FY2025)
- -$422.1M
DNLI 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $0 | -$512.5M | -$2.97 | -$422.1M | — | -57.3% |
| FY2024 | $0 | -$422.8M | -$2.57 | -$363.6M | — | -47.6% |
| FY2023 | $330.5M | -$145.2M | -$1.06 | -$370.9M | -59.5% | -21.5% |
| FY2022 | $105.1M | -$326.0M | -$2.60 | -$262.5M | -324.3% | -42.5% |
| FY2021 | $48.7M | -$290.6M | -$2.39 | -$219.9M | -607.8% | -41.1% |
| FY2020 | $335.6M | $71.1M | $0.63 | $413.1M | 18.7% | 11.5% |
| FY2019 | $26.7M | -$197.6M | -$2.07 | -$169.5M | -799.1% | -55.4% |
| FY2018 | $129.2M | -$36.2M | -$0.39 | $46.7M | -35.9% | -9.2% |
| FY2017 | $0 | -$88.2M | — | -$79.5M | — | -48.5% |
| FY2016 | $0 | -$86.7M | — | -$78.0M | — | 92.0% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Denali Therapeutics Inc. revenue growth over the past decade is N/A; insufficient history prevents a reliable 10-year CAGR calculation.
Denali Therapeutics Inc. has historically struggled to out-earn its cost of capital, averaging just -36.3% ROIC.
Denali Therapeutics 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, Denali Therapeutics Inc. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $20.93 per share.