Northern Technologies International Corp. (NTIC) intrinsic value & 10-year financials
Northern Technologies International Corp. (NTIC) has a Graham intrinsic value of $11.63 per share. At $7.71 on Oct 17, 2026, the stock trades 34% below that value. Over the last 10 fiscal years revenue grew 11.0% a year to $84.2M, with an average return on invested capital of 7.5%.
- Graham intrinsic value
- $11.63
- Share price (Oct 17, 2026)
- $7.71
- Price vs Graham value
- 34% below
- Market cap
- $74.3M
- Revenue (FY2025)
- $84.2M
- Revenue growth (10-yr CAGR)
- 11.0%
- ROIC (10-yr avg)
- 7.5%
- Free cash flow (FY2025)
- $916.5K
NTIC 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $84.2M | $17.6K | $0.00 | $916.5K | 3.1% | 2.0% |
| FY2024 | $85.1M | $5.4M | $0.55 | $2.6M | 9.3% | 9.9% |
| FY2023 | $79.9M | $2.9M | $0.30 | $2.3M | 7.5% | 6.9% |
| FY2022 | $74.2M | $6.3M | $0.66 | -$350.6K | 6.9% | 7.0% |
| FY2021 | $56.5M | $6.3M | $0.64 | -$2.6M | 14.7% | 12.8% |
| FY2020 | $47.6M | -$1.3M | -$0.15 | $4.2M | 3.3% | 1.6% |
| FY2019 | $55.8M | $5.2M | $0.55 | $4.5M | 11.8% | 10.4% |
| FY2018 | $51.4M | $6.7M | $0.71 | -$71.8K | 15.6% | 13.9% |
| FY2017 | $39.6M | $3.4M | $0.38 | $4.8M | 11.6% | 8.2% |
| FY2016 | $32.9M | -$867.5K | -$0.10 | $1.4M | 3.9% | 2.9% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
NORTHERN TECHNOLOGIES INTERNATIONAL CORP is a consistent compounder, expanding top-line revenue at 11.0% annually over the past decade.
NORTHERN TECHNOLOGIES INTERNATIONAL CORP has historically struggled to out-earn its cost of capital, averaging just 7.5% ROIC.
NORTHERN TECHNOLOGIES INTERNATIONAL CORP 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, NORTHERN TECHNOLOGIES INTERNATIONAL CORP is modeled at 8.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $11.63 per share.