Inovio PHARMACEUTICALS, Inc. (INO) intrinsic value & 10-year financials
Inovio PHARMACEUTICALS, Inc. (INO) has a Graham intrinsic value of $143.85 per share. At $0.99 on Oct 17, 2026, the stock trades 99% below that value. Over the last 10 fiscal years revenue shrank 50.3% a year to $65.3K, with an average return on invested capital of 351.8%.
- Graham intrinsic value
- $143.85
- Share price (Oct 17, 2026)
- $0.99
- Price vs Graham value
- 99% below
- Market cap
- $46.4M
- Revenue (FY2025)
- $65.3K
- Revenue growth (10-yr CAGR)
- -50.3%
- ROIC (10-yr avg)
- 351.8%
- Free cash flow (FY2025)
- -$88.9M
INO 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $65.3K | -$84.9M | -$1.81 | -$88.9M | -132871.3% | 11035.4% |
| FY2024 | $217.8K | -$107.3M | -$3.95 | -$104.6M | -51616.9% | -178.2% |
| FY2023 | $832.0K | -$135.1M | -$6.09 | -$124.7M | -17300.3% | -95.1% |
| FY2022 | $10.3M | -$279.8M | -$1.17 | -$217.2M | -2607.4% | -100.5% |
| FY2021 | $1.8M | -$303.7M | -$1.45 | -$216.9M | -16972.3% | -105.2% |
| FY2020 | $7.4M | -$166.4M | -$1.07 | -$179.5M | -1674.2% | -107.8% |
| FY2019 | $4.1M | -$119.4M | -$1.21 | -$98.8M | -2702.1% | -6723.7% |
| FY2018 | $30.5M | -$97.0M | -$1.05 | -$75.6M | -308.7% | -82.1% |
| FY2017 | $42.2M | -$88.2M | -$1.09 | -$73.5M | -198.1% | -63.0% |
| FY2016 | $35.4M | -$73.7M | -$1.01 | -$65.3M | -215.5% | -61.8% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
INOVIO PHARMACEUTICALS, INC. is facing top-line stagnation, with revenue contracting over the decade.
INOVIO PHARMACEUTICALS, INC. has historically struggled to out-earn its cost of capital, averaging just -57.4% ROIC.
Over the decade, INOVIO PHARMACEUTICALS, INC. shows that management has aggressively returned capital to shareholders by retiring 36.0% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, INOVIO PHARMACEUTICALS, INC. is modeled at -50.3% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $143.85 per share.