Nocopi Technologies INC/MD/ (NNUP) intrinsic value & 10-year financials
Nocopi Technologies INC/MD/ (NNUP) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 10 fiscal years revenue shrank 8.8% a year to $605.1K, with an average return on invested capital of 217.3%.
- Graham intrinsic value
- —
- Share price (Oct 17, 2026)
- $1.70
- Market cap
- $18.4M
- Revenue (FY2025)
- $605.1K
- Revenue growth (10-yr CAGR)
- -8.8%
- ROIC (10-yr avg)
- 217.3%
- Free cash flow (FY2025)
- $713.9K
NNUP 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $605.1K | -$154.9K | -$0.01 | $713.9K | -99.4% | -24.4% |
| FY2024 | $511.5K | -$2.7M | -$0.25 | $584.9K | -645.2% | -51.1% |
| FY2023 | $563.2K | -$1.4M | -$0.15 | -$47.8K | -332.1% | -25.3% |
| FY2022 | $3.6M | $1.8M | $0.24 | -$8.9K | 56.6% | 67.4% |
| FY2021 | $809.9K | $49.4K | $0.00 | $481.1K | 3.1% | 1.3% |
| FY2020 | $744.0K | $508.4K | $0.01 | $663.8K | 64.4% | 21.4% |
| FY2019 | $793.8K | $754.9K | $0.01 | $287.2K | 101.6% | 33.3% |
| FY2018 | $2.2M | $1.7M | $0.03 | $40.4K | 83.4% | 152.5% |
| FY2017 | $670.6K | $381.2K | $0.01 | $170.9K | 60.6% | 2141.6% |
| FY2016 | $1.4M | $258.5K | $0.00 | $201.2K | 19.6% | -143.9% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
NOCOPI TECHNOLOGIES INC/MD/ is facing top-line stagnation, with revenue contracting over the decade.
NOCOPI TECHNOLOGIES INC/MD/ has historically struggled to out-earn its cost of capital, averaging just -9.8% ROIC.
Over the decade, NOCOPI TECHNOLOGIES INC/MD/ shows that management has aggressively returned capital to shareholders by retiring 81.6% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, NOCOPI TECHNOLOGIES INC/MD/ is modeled at -8.8% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $-1.88 per share.