Immunome Inc. (IMNM) intrinsic value & 10-year financials

Immunome Inc. (IMNM) has a Graham intrinsic value of $106.42 per share. At $16.47 on Oct 17, 2026, the stock trades 85% below that value. Over the last 8 fiscal years revenue shrank 29.6% a year to $6.9M, with an average return on invested capital of -707.0%.

Graham intrinsic value
$106.42
Share price (Oct 17, 2026)
$16.47
Price vs Graham value
85% below
Market cap
$1.4B
Revenue (FY2025)
$6.9M
Revenue growth (8-yr CAGR)
-29.6%
ROIC (10-yr avg)
-707.0%
Free cash flow (FY2025)
-$200.6M

IMNM 10-year financial history

Fiscal year Revenue Net income EPS (diluted) Free cash flow Operating margin ROIC
FY2025 $6.9M -$212.4M -$2.43 -$200.6M -3228.8% -1641.9%
FY2024 $9.0M -$293.0M -$5.00 -$118.0M -3382.4% -939.1%
FY2023 $14.0M -$106.8M -$1.79 -$8.4M -781.4% -485.9%
FY2022 — -$36.9M -$1.03 -$28.9M — -113.8%
FY2021 — -$24.7M -$0.71 -$18.3M — -1212.3%
FY2020 -$38.0K -$17.8M -$1.75 -$12.7M 32265.8% -589.8%
FY2019 -$96.0K -$10.4M — -$9.8M 10779.2% 34.0%
FY2018 — — — — — —

Source: annual 10-K filings on SEC EDGAR. Figures in USD.

Executive summary

Immunome Inc. revenue growth over the past decade is N/A; insufficient history prevents a reliable 10-year CAGR calculation.

Immunome Inc. has historically struggled to out-earn its cost of capital, averaging just -9.7% ROIC.

Immunome 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, Immunome Inc. is modeled at -29.6% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $106.42 per share.

IMNM stock: frequently asked questions

What is the intrinsic value of Immunome Inc. (IMNM) stock?

Using Benjamin Graham's revised formula, V = EPS × (8.5 + 2g) × 4.4 / Y, with reported diluted earnings per share, a -29.6% normalized growth rate (capped at 15%) and a 5.1% AAA corporate bond yield, IMNM's intrinsic value is about $106.42 per share.

Is IMNM stock undervalued?

At $16.47 (close on Oct 17, 2026), IMNM trades 85% below its Graham value of $106.42. On Graham's terms that leaves a margin of safety. A formula is a starting point for research, not a recommendation.

Does Immunome Inc. generate free cash flow?

Immunome Inc. generated -$200.6M of free cash flow (operating cash flow minus capital expenditures) in fiscal 2025. Free cash flow was positive in 0 of the last 7 reported years.

What is IMNM's return on invested capital?

Average ROIC over the last 8 fiscal years was -707.0%, and average return on equity was -166.0%. Sustained ROIC above about 15% usually points to a durable competitive advantage.

Where does this IMNM data come from?

From Immunome Inc.'s annual 10-K filings on SEC EDGAR, most recently filed Aug 11, 2026. Prices are end-of-day snapshots; valuations are formula outputs, not investment advice.

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