Cartesian Therapeutics, Inc. (RNAC) intrinsic value & 10-year financials
Cartesian Therapeutics, Inc. (RNAC) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 10 fiscal years revenue shrank 28.4% a year to $400.0K, with an average return on invested capital of 26.7%.
- Graham intrinsic value
- —
- Share price (Oct 17, 2026)
- $6.27
- Market cap
- $162.9M
- Revenue (FY2025)
- $400.0K
- Revenue growth (10-yr CAGR)
- -28.4%
- ROIC (10-yr avg)
- 26.7%
- Free cash flow (FY2025)
- -$79.4M
RNAC 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $400.0K | -$130.3M | -$5.02 | -$79.4M | -35851.2% | 59.4% |
| FY2024 | $38.3M | -$77.4M | -$4.49 | -$32.8M | -114.7% | 12.3% |
| FY2023 | $26.0M | -$219.7M | -$1.66 | -$51.4M | -332.3% | 31.1% |
| FY2022 | $110.8M | $35.4M | $0.10 | -$32.8M | 13.1% | -34.0% |
| FY2021 | $85.1M | -$25.7M | -$0.22 | -$61.5M | -5.4% | 4.0% |
| FY2020 | $16.6M | -$68.9M | -$0.68 | $34.1M | -342.4% | 49.7% |
| FY2019 | $6.7M | -$55.4M | -$1.22 | -$51.5M | -785.6% | 64.4% |
| FY2018 | $903.0K | -$65.3M | — | -$60.0M | -7200.7% | — |
| FY2017 | $207.0K | -$65.3M | — | -$52.8M | -30813.5% | — |
| FY2016 | $8.1M | -$36.2M | — | -$20.3M | -428.9% | — |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Cartesian Therapeutics, Inc. is facing top-line stagnation, with revenue contracting over the decade.
Cartesian Therapeutics, Inc. has earned high returns on invested capital, averaging 26.7% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Cartesian 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, Cartesian Therapeutics, Inc. is modeled at -28.4% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $-4.17 per share.