Ocugen, Inc. (OCGN) intrinsic value & 10-year financials
Ocugen, Inc. (OCGN) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 10 fiscal years revenue grew 152.9% a year to $4.4M, with an average return on invested capital of -1067.7%.
- Graham intrinsic value
- —
- Share price (Oct 17, 2026)
- $0.78
- Market cap
- $190.6M
- Revenue (FY2025)
- $4.4M
- Revenue growth (10-yr CAGR)
- 152.9%
- ROIC (10-yr avg)
- -1067.7%
- Free cash flow (FY2025)
- -$57.1M
OCGN 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $4.4M | -$67.8M | — | -$57.1M | -1425.7% | -2705.5% |
| FY2024 | $4.1M | -$54.1M | — | -$45.5M | -1350.4% | -1036.0% |
| FY2023 | $6.0M | -$63.1M | -$0.26 | -$72.5M | -1085.7% | -660.8% |
| FY2022 | $2.5M | -$81.4M | -$0.38 | -$64.5M | -3411.1% | -1049.8% |
| FY2021 | $0 | -$58.4M | -$0.30 | -$48.9M | — | -3083.4% |
| FY2020 | $42.6K | -$21.8M | -$0.31 | -$15.0M | -49940.7% | -893.0% |
| FY2019 | $0 | -$20.2M | -$0.18 | -$16.9M | — | 1053.1% |
| FY2018 | $0 | -$8.6M | -$0.10 | -$17.8M | — | 115.2% |
| FY2017 | $0 | -$26.4M | -$0.12 | -$23.3M | — | -2297.9% |
| FY2016 | $0 | -$16.2M | -$0.27 | -$26.1M | — | -119.5% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Ocugen, Inc. revenue growth over the past decade is N/A; insufficient history prevents a reliable 10-year CAGR calculation.
Ocugen, Inc. has historically struggled to out-earn its cost of capital, averaging just -11.1% ROIC.
Ocugen, 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, Ocugen, Inc. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $-9.22 per share.