Relay Therapeutics, Inc. (RLAY) intrinsic value & 10-year financials
Relay Therapeutics, Inc. (RLAY) has a Graham intrinsic value of $67.59 per share. At $16.28 on Oct 17, 2026, the stock trades 76% below that value. Over the last 8 fiscal years revenue shrank 28.6% a year to $15.4M, with an average return on invested capital of -43.9%.
- Graham intrinsic value
- $67.59
- Share price (Oct 17, 2026)
- $16.28
- Price vs Graham value
- 76% below
- Market cap
- $2.8B
- Revenue (FY2025)
- $15.4M
- Revenue growth (8-yr CAGR)
- -28.6%
- ROIC (10-yr avg)
- -43.9%
- Free cash flow (FY2025)
- -$235.9M
RLAY 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $15.4M | -$276.5M | -$1.61 | -$235.9M | -1971.6% | -50.1% |
| FY2024 | $10.0M | -$337.7M | -$2.36 | -$251.1M | -3722.1% | -55.1% |
| FY2023 | $25.5M | -$342.0M | -$2.79 | -$304.4M | -1460.1% | -49.4% |
| FY2022 | $1.4M | -$290.5M | -$2.59 | -$238.6M | -21670.9% | -40.2% |
| FY2021 | $3.0M | -$363.9M | -$3.82 | -$77.9M | -12040.2% | -74.6% |
| FY2020 | $82.7M | -$52.4M | -$5.40 | -$104.4M | -67.5% | -79.9% |
| FY2019 | — | -$75.3M | — | -$74.1M | — | 42.3% |
| FY2018 | — | — | — | — | — | — |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Relay Therapeutics, Inc. revenue growth over the past decade is N/A; insufficient history prevents a reliable 10-year CAGR calculation.
Relay Therapeutics, Inc. has historically struggled to out-earn its cost of capital, averaging just -43.9% ROIC.
Relay Therapeutics, 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, Relay Therapeutics, Inc. is modeled at -28.6% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $67.59 per share.