Lineage Cell Therapeutics, Inc. (LCTX) intrinsic value & 10-year financials
Lineage Cell Therapeutics, Inc. (LCTX) has a Graham intrinsic value of $7.19 per share. At $0.98 on Oct 17, 2026, the stock trades 86% below that value. Over the last 10 fiscal years revenue grew 10.5% a year to $14.6M, with an average return on invested capital of -51.0%.
- Graham intrinsic value
- $7.19
- Share price (Oct 17, 2026)
- $0.98
- Price vs Graham value
- 86% below
- Market cap
- $225.1M
- Revenue (FY2025)
- $14.6M
- Revenue growth (10-yr CAGR)
- 10.5%
- ROIC (10-yr avg)
- -51.0%
- Free cash flow (FY2025)
- -$19.4M
LCTX 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $14.6M | -$63.5M | -$0.28 | -$19.4M | -251.6% | -172.2% |
| FY2024 | $9.5M | -$18.6M | -$0.09 | -$23.7M | -226.1% | -67.1% |
| FY2023 | $8.9M | -$21.5M | -$0.12 | -$29.2M | -276.5% | -48.1% |
| FY2022 | $14.7M | -$26.3M | -$0.15 | $646.0K | -153.2% | -43.6% |
| FY2021 | $4.3M | -$43.0M | — | -$23.9M | -1133.6% | -82.3% |
| FY2020 | $1.8M | -$20.6M | — | -$19.8M | -1448.4% | -28.8% |
| FY2019 | $3.5M | -$11.7M | — | -$32.4M | -1106.0% | -43.3% |
| FY2018 | $5.0M | -$46.0M | — | -$31.4M | -837.9% | -41.8% |
| FY2017 | $3.5M | -$20.0M | -$0.17 | -$31.8M | -1125.0% | -18.0% |
| FY2016 | $5.9M | $33.6M | $0.34 | -$44.6M | -995.6% | 34.9% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Lineage Cell Therapeutics, Inc. is a consistent compounder, expanding top-line revenue at 10.5% annually over the past decade.
Lineage Cell Therapeutics, Inc. has historically struggled to out-earn its cost of capital, averaging just -34.0% ROIC.
Lineage Cell Therapeutics, Inc. 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, Lineage Cell Therapeutics, Inc. is modeled at 8.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $7.19 per share.