Milestone Scientific Inc. (MLSS) intrinsic value & 10-year financials
Milestone Scientific Inc. (MLSS) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 10 fiscal years revenue shrank 1.7% a year to $9.0M, with an average return on invested capital of -261.0%.
- Graham intrinsic value
- —
- Share price (Oct 17, 2026)
- $0.33
- Market cap
- $26.8M
- Revenue (FY2025)
- $9.0M
- Revenue growth (10-yr CAGR)
- -1.7%
- ROIC (10-yr avg)
- -261.0%
- Free cash flow (FY2025)
- -$2.9M
MLSS 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $9.0M | -$5.7M | -$0.07 | -$2.9M | -63.5% | -251.1% |
| FY2024 | $8.6M | -$4.7M | -$0.06 | -$2.9M | -78.3% | -116.2% |
| FY2023 | $9.8M | -$6.9M | — | — | -72.3% | -196.8% |
| FY2022 | $8.8M | -$8.7M | — | -$6.0M | -100.2% | -440.6% |
| FY2021 | $10.3M | -$6.8M | -$0.10 | -$4.0M | -71.6% | -298.7% |
| FY2020 | $5.4M | -$7.3M | -$0.12 | -$7.0M | -137.1% | -262.4% |
| FY2019 | $8.4M | -$7.5M | -$0.16 | -$1.8M | -47.8% | — |
| FY2018 | $9.6M | -$7.4M | -$0.21 | -$1.6M | -83.1% | — |
| FY2017 | $11.3M | -$5.2M | -$0.16 | -$1.2M | -46.4% | — |
| FY2016 | $10.5M | -$5.9M | -$0.22 | -$5.4M | -62.1% | — |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
MILESTONE SCIENTIFIC INC. is facing top-line stagnation, with revenue contracting over the decade.
MILESTONE SCIENTIFIC INC. has historically struggled to out-earn its cost of capital, averaging just -21.8% ROIC.
MILESTONE SCIENTIFIC 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, MILESTONE SCIENTIFIC INC. is modeled at -1.7% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $-0.31 per share.