Origin Agritech Ltd. (SEED) intrinsic value & 10-year financials
Origin Agritech Ltd. (SEED) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 10 fiscal years revenue shrank 13.5% a year to CNY 91.3M, with an average return on invested capital of -149.5%.
- Graham intrinsic value
- —
- Revenue (FY2025)
- CNY 91.3M
- Revenue growth (10-yr CAGR)
- -13.5%
- ROIC (10-yr avg)
- -149.5%
- Free cash flow (FY2025)
- -CNY 34.1M
SEED 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | CNY 91.3M | -CNY 53.3M | -CNY 7.12 | -CNY 34.1M | — | 225.6% |
| FY2024 | CNY 113.4M | CNY 20.7M | CNY 3.20 | -CNY 20.0M | — | -40.0% |
| FY2023 | CNY 93.3M | CNY 55.3M | CNY 8.43 | -CNY 14.4M | — | -151.7% |
| FY2022 | CNY 52.6M | -CNY 6.3M | -CNY 1.09 | CNY 2.7M | — | -713.1% |
| FY2021 | CNY 46.4M | -CNY 91.5M | -CNY 16.29 | -CNY 25.8M | — | -451.3% |
| FY2020 | CNY 52.5M | -CNY 85.3M | -CNY 16.95 | — | — | -99.1% |
| FY2019 | CNY 92.4M | -CNY 62.1M | -CNY 14.85 | — | — | -67.9% |
| FY2018 | CNY 12.9M | -CNY 153.7M | — | -CNY 13.0M | — | -121.5% |
| FY2017 | CNY 0 | -CNY 75.7M | -CNY 3.24 | -CNY 122.8M | — | -40.4% |
| FY2016 | CNY 335.3M | -CNY 65.6M | -CNY 2.87 | CNY 32.2M | -18.3% | -35.5% |
Source: annual 10-K filings on SEC EDGAR. Figures in CNY.
Executive summary
Origin Agritech LTD is facing top-line stagnation, with revenue contracting over the decade.
Origin Agritech LTD has historically struggled to out-earn its cost of capital, averaging just -41.5% ROIC.
Over the decade, Origin Agritech LTD shows that management has aggressively returned capital to shareholders by retiring 67.2% of outstanding shares, and that the company has leveraged its balance sheet to sustain operations.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Origin Agritech LTD is modeled at -13.5% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $-50.85 per share.