Pacific Biosciences Of CALIFORNIA, Inc. (PACB) intrinsic value & 10-year financials
Pacific Biosciences Of CALIFORNIA, Inc. (PACB) has a Graham intrinsic value of $3.16 per share. At $1.73 on Oct 17, 2026, the stock trades 45% below that value. Over the last 10 fiscal years revenue grew 6.5% a year to $160.0M, with an average return on invested capital of -78.8%.
- Graham intrinsic value
- $3.16
- Share price (Oct 17, 2026)
- $1.73
- Price vs Graham value
- 45% below
- Market cap
- $518.9M
- Revenue (FY2025)
- $160.0M
- Revenue growth (10-yr CAGR)
- 6.5%
- ROIC (10-yr avg)
- -78.8%
- Free cash flow (FY2025)
- -$113.9M
PACB 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $160.0M | -$546.4M | -$1.82 | -$113.9M | -346.2% | -238.5% |
| FY2024 | $154.0M | -$309.9M | -$1.59 | -$212.2M | -308.0% | -93.0% |
| FY2023 | $200.5M | -$306.7M | -$1.21 | -$268.0M | -166.8% | -37.3% |
| FY2022 | $128.3M | -$314.2M | -$1.40 | -$280.0M | -239.4% | -25.0% |
| FY2021 | $130.5M | -$181.2M | -$0.89 | -$117.1M | -161.2% | -17.7% |
| FY2020 | $78.9M | $29.4M | $0.17 | $18.5M | -132.3% | 15.7% |
| FY2019 | $90.9M | -$84.1M | -$0.55 | -$81.1M | -110.6% | -87.2% |
| FY2018 | $78.6M | -$102.6M | -$0.76 | -$68.3M | -128.4% | -106.2% |
| FY2017 | $93.5M | -$92.2M | — | -$78.0M | -96.1% | -110.2% |
| FY2016 | $90.7M | -$74.4M | — | -$76.1M | -78.5% | -88.5% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
PACIFIC BIOSCIENCES OF CALIFORNIA, INC. has demonstrated mature, steady growth, with revenue compounding at 6.5% annually over the past decade.
PACIFIC BIOSCIENCES OF CALIFORNIA, INC. has historically struggled to out-earn its cost of capital, averaging just -55.2% ROIC.
PACIFIC BIOSCIENCES OF CALIFORNIA, 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, PACIFIC BIOSCIENCES OF CALIFORNIA, INC. is modeled at 6.5% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $3.16 per share.