374Water Inc. (SCWO) intrinsic value & 10-year financials
374Water Inc. (SCWO) has a Graham intrinsic value of $15.05 per share. At $2.43 on Oct 17, 2026, the stock trades 84% below that value. Over the last 10 fiscal years revenue shrank 10.6% a year to $215.0K, with an average return on invested capital of 28.4%.
- Graham intrinsic value
- $15.05
- Share price (Oct 17, 2026)
- $2.43
- Price vs Graham value
- 84% below
- Market cap
- $37.0M
- Revenue (FY2025)
- $215.0K
- Revenue growth (10-yr CAGR)
- -10.6%
- ROIC (10-yr avg)
- 28.4%
- Free cash flow (FY2025)
- -$16.2M
SCWO 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $215.0K | -$21.0M | -$1.38 | -$16.2M | -9834.2% | -453.2% |
| FY2024 | $445.4K | -$12.4M | -$0.09 | -$11.1M | -2874.3% | -264.6% |
| FY2023 | $744.0K | -$8.1M | -$0.06 | -$9.1M | -1161.8% | -200.9% |
| FY2022 | $3.0M | -$4.7M | — | -$5.1M | -157.7% | -46.2% |
| FY2021 | $48.1K | -$3.2M | — | -$1.8M | -6582.1% | -53.4% |
| FY2020 | $40.0K | -$533.7K | — | -$502.0K | -995.9% | 476.1% |
| FY2019 | $24.0K | -$514.9K | — | — | -1718.5% | 492.9% |
| FY2018 | $190.1K | -$679.1K | — | — | -357.7% | -414.0% |
| FY2017 | $852.4K | $404.4K | — | — | 50.6% | 659.9% |
| FY2016 | $587.6K | -$123.8K | — | — | -10.5% | 87.8% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
374Water Inc. is facing top-line stagnation, with revenue contracting over the decade.
374Water Inc. has historically struggled to out-earn its cost of capital, averaging just -0.9% ROIC.
374Water 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, 374Water Inc. is modeled at -10.6% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $15.05 per share.