Spectral AI, Inc. (MDAI) intrinsic value & 10-year financials
Spectral AI, Inc. (MDAI) has a Graham intrinsic value of $1.96 per share. At $1.51 on Oct 17, 2026, the stock trades 23% below that value. Over the last 6 fiscal years revenue shrank 8.2% a year to $19.6M, with an average return on invested capital of 52.5%.
- Graham intrinsic value
- $1.96
- Share price (Oct 17, 2026)
- $1.51
- Price vs Graham value
- 23% below
- Market cap
- $40.0M
- Revenue (FY2025)
- $19.6M
- Revenue growth (6-yr CAGR)
- -8.2%
- ROIC (10-yr avg)
- 52.5%
- Free cash flow (FY2025)
- —
MDAI 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $19.6M | -$7.6M | -$0.29 | — | -43.8% | 67.8% |
| FY2024 | $29.6M | -$15.3M | -$0.85 | — | -22.3% | 61.2% |
| FY2023 | $18.1M | -$20.9M | -$1.48 | — | -71.9% | 103.6% |
| FY2022 | $25.4M | $11.0M | -$0.22 | — | -4.9% | 9.5% |
| FY2021 | — | -$2.1M | — | — | — | 20.7% |
| FY2020 | — | — | — | — | — | — |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Spectral AI, Inc. revenue growth over the past decade is N/A; insufficient history prevents a reliable 10-year CAGR calculation.
Spectral AI, Inc. has earned high returns on invested capital, averaging 52.5% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Spectral AI, 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, Spectral AI, Inc. is modeled at -8.2% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $1.96 per share.