Intchains Group Ltd. (ICG) intrinsic value & 10-year financials
Intchains Group Ltd. (ICG) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 6 fiscal years revenue shrank 22.8% a year to $31.6M, with an average return on invested capital of 28.2%.
- Graham intrinsic value
- —
- Share price (Oct 17, 2026)
- $1.36
- Market cap
- $164.4M
- Revenue (FY2025)
- $31.6M
- Revenue growth (6-yr CAGR)
- -22.8%
- ROIC (10-yr avg)
- 28.2%
- Free cash flow (FY2025)
- -$14.0M
ICG 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $31.6M | -$6.8M | -$0.06 | -$14.0M | -47.4% | -8.4% |
| FY2024 | $38.6M | $7.1M | $0.06 | -$20.3M | 1.0% | 0.6% |
| FY2023 | $11.6M | -$3.8M | -$0.03 | -$7.3M | -79.0% | -20.2% |
| FY2022 | $68.7M | $51.5M | $0.44 | $46.8M | 68.1% | 140.9% |
| FY2021 | — | — | $4.46 | — | — | — |
| FY2020 | — | — | $0.08 | — | — | — |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Intchains Group Ltd revenue growth over the past decade is N/A; insufficient history prevents a reliable 10-year CAGR calculation.
Intchains Group Ltd has earned high returns on invested capital, averaging 28.2% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Intchains Group Ltd 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, Intchains Group Ltd is modeled at -22.8% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $-1.92 per share.