Immucell Corp. /DE/ (ICCC) intrinsic value & 10-year financials
Immucell Corp. /DE/ (ICCC) has a Graham intrinsic value of $3.48 per share. At $10.75 on Oct 17, 2026, the stock trades 209% above that value. Over the last 10 fiscal years revenue grew 12.5% a year to $27.6M, with an average return on invested capital of -3.1%.
- Graham intrinsic value
- $3.48
- Share price (Oct 17, 2026)
- $10.75
- Price vs Graham value
- 209% above
- Market cap
- $97.0M
- Revenue (FY2025)
- $27.6M
- Revenue growth (10-yr CAGR)
- 12.5%
- ROIC (10-yr avg)
- -3.1%
- Free cash flow (FY2025)
- $1.2M
ICCC 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $27.6M | -$1.0M | -$0.12 | $1.2M | 6.0% | 4.8% |
| FY2024 | $26.5M | -$2.2M | -$0.26 | -$107.8K | -6.2% | -4.9% |
| FY2023 | $17.5M | -$5.8M | -$0.75 | -$6.6M | -32.9% | -16.8% |
| FY2022 | $18.6M | -$2.5M | -$0.32 | -$5.5M | -12.4% | -7.9% |
| FY2021 | $19.2M | -$78.3K | -$0.01 | -$1.7M | 1.3% | 0.9% |
| FY2020 | $15.3M | -$1.0M | -$0.14 | -$2.8M | -9.0% | -3.8% |
| FY2019 | $13.7M | -$1.3M | -$0.19 | -$1.2M | -7.0% | -2.5% |
| FY2018 | $11.0M | -$2.3M | -$0.42 | -$2.4M | -13.2% | -3.8% |
| FY2017 | $10.4M | -$168.1K | -$0.03 | -$16.6M | -2.3% | -0.3% |
| FY2016 | $9.5M | $508.4K | $0.12 | -$3.9M | 9.3% | 3.0% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
IMMUCELL CORP /DE/ is a consistent compounder, expanding top-line revenue at 12.5% annually over the past decade.
IMMUCELL CORP /DE/ has historically struggled to out-earn its cost of capital, averaging just -3.1% ROIC.
IMMUCELL CORP /DE/ 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, IMMUCELL CORP /DE/ is modeled at 12.5% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $3.48 per share.