NEKTAR THERAPEUTICS (NKTR) intrinsic value & 10-year financials
NEKTAR THERAPEUTICS (NKTR) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 10 fiscal years revenue shrank 11.5% a year to $55.2M, with an average return on invested capital of -47.2%.
- Graham intrinsic value
- —
- Share price (Oct 17, 2026)
- $35.78
- Market cap
- $603.6M
- Revenue (FY2025)
- $55.2M
- Revenue growth (10-yr CAGR)
- -11.5%
- ROIC (10-yr avg)
- -47.2%
- Free cash flow (FY2025)
- -$208.7M
NKTR 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $55.2M | -$164.1M | -$9.73 | -$208.7M | -253.7% | -117.1% |
| FY2024 | $98.4M | -$119.0M | -$0.58 | -$177.2M | -106.9% | -71.6% |
| FY2023 | $90.1M | -$276.1M | -$1.45 | -$193.5M | -292.6% | -90.0% |
| FY2022 | $92.1M | -$368.2M | -$1.97 | -$309.7M | -408.6% | -64.2% |
| FY2021 | $101.9M | -$523.8M | -$2.86 | -$427.6M | -437.8% | -49.7% |
| FY2020 | $152.9M | -$444.4M | -$2.49 | -$320.5M | -278.0% | -34.5% |
| FY2019 | $114.6M | -$440.7M | -$2.52 | -$355.0M | -383.9% | -29.6% |
| FY2018 | $1.2B | $681.3M | $3.78 | $704.0M | 57.6% | 45.1% |
| FY2017 | $307.7M | -$96.7M | -$0.62 | -$90.1M | -19.4% | -21.0% |
| FY2016 | $165.4M | -$153.5M | -$1.10 | -$123.4M | -68.2% | -39.8% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
NEKTAR THERAPEUTICS is facing top-line stagnation, with revenue contracting over the decade.
NEKTAR THERAPEUTICS has historically struggled to out-earn its cost of capital, averaging just -47.2% ROIC.
Over the decade, NEKTAR THERAPEUTICS shows that management has aggressively returned capital to shareholders by retiring 87.9% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, NEKTAR THERAPEUTICS is modeled at -11.5% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $-47.16 per share.