Lipocine Inc. (LPCN) intrinsic value & 10-year financials
Lipocine Inc. (LPCN) has a Graham intrinsic value of $0.05 per share. At $1.56 on Oct 17, 2026, the stock trades 3020% above that value. Over the last 10 fiscal years revenue grew 24.4% a year to $2.0M, with an average return on invested capital of 215.1%.
- Graham intrinsic value
- $0.05
- Share price (Oct 17, 2026)
- $1.56
- Price vs Graham value
- 3020% above
- Market cap
- $8.9M
- Revenue (FY2025)
- $2.0M
- Revenue growth (10-yr CAGR)
- 24.4%
- ROIC (10-yr avg)
- 215.1%
- Free cash flow (FY2025)
- —
LPCN 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $2.0M | -$9.6M | -$1.69 | — | -524.7% | -58.5% |
| FY2024 | $11.2M | $8.4K | — | -$1.3M | -10.3% | -5.2% |
| FY2023 | -$2.9M | -$16.4M | -$3.14 | -$11.9M | 629.0% | -64.0% |
| FY2022 | $500.0K | -$10.8M | -$0.13 | -$12.1M | -2423.9% | -27.4% |
| FY2021 | $16.1M | -$634.4K | -$0.01 | -$4.4M | 19.5% | 14.7% |
| FY2020 | $0 | -$21.0M | -$0.38 | — | — | 2891.6% |
| FY2019 | $165.0K | -$13.0M | -$0.50 | — | -7818.8% | -298.1% |
| FY2018 | $428.0K | -$11.7M | -$0.55 | -$12.1M | -2646.0% | -94.2% |
| FY2017 | $0 | -$21.0M | -$1.05 | -$16.7M | — | -134.6% |
| FY2016 | $0 | -$19.0M | -$1.04 | -$18.3M | — | -73.7% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Lipocine Inc. revenue growth over the past decade is N/A; insufficient history prevents a reliable 10-year CAGR calculation.
Lipocine Inc. has historically struggled to out-earn its cost of capital, averaging just -41.7% ROIC.
Over the decade, Lipocine Inc. shows that management has aggressively returned capital to shareholders by retiring 68.7% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Lipocine Inc. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $0.05 per share.