Surrozen, Inc. (SRZN) intrinsic value & 10-year financials

Surrozen, Inc. (SRZN) has a Graham intrinsic value of $1,701.87 per share. At $23.44 on Oct 16, 2026, the stock trades 99% below that value. Over the last 7 fiscal years revenue shrank 34.7% a year to $3.5M, with an average return on invested capital of -81.6%.

Graham intrinsic value
$1,701.87
Share price (Oct 16, 2026)
$23.44
Price vs Graham value
99% below
Market cap
$175.3K
Revenue (FY2025)
$3.5M
Revenue growth (7-yr CAGR)
-34.7%
ROIC (10-yr avg)
-81.6%
Free cash flow (FY2025)
-$30.4M

SRZN 10-year financial history

Fiscal year Revenue Net income EPS (diluted) Free cash flow Operating margin ROIC
FY2025 $3.5M -$242.0M -$32.37 -$30.4M -1210.6% 26.2%
FY2024 $10.7M -$63.6M -$21.67 -$17.7M -239.7% 109.8%
FY2023 $0 -$43.0M -$21.33 -$40.8M — -159.3%
FY2022 $12.5M -$36.0M -$1.04 -$44.9M -354.7% -64.8%
FY2021 $0 -$54.6M -$2.21 -$50.1M — -116.1%
FY2020 — -$32.7M — -$30.0M — -285.2%
FY2019 — — — — — —

Source: annual 10-K filings on SEC EDGAR. Figures in USD.

Executive summary

Surrozen, Inc./DE revenue growth over the past decade is N/A; insufficient history prevents a reliable 10-year CAGR calculation.

Surrozen, Inc./DE has historically struggled to out-earn its cost of capital, averaging just -8.2% ROIC.

Surrozen, Inc./DE 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, Surrozen, Inc./DE is modeled at -34.7% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $1701.87 per share.

SRZN stock: frequently asked questions

What is the intrinsic value of Surrozen, Inc. (SRZN) stock?

Using Benjamin Graham's revised formula, V = EPS × (8.5 + 2g) × 4.4 / Y, with reported diluted earnings per share, a -34.7% normalized growth rate (capped at 15%) and a 5.1% AAA corporate bond yield, SRZN's intrinsic value is about $1,701.87 per share.

Is SRZN stock undervalued?

At $23.44 (close on Oct 16, 2026), SRZN trades 99% below its Graham value of $1,701.87. On Graham's terms that leaves a margin of safety. A formula is a starting point for research, not a recommendation.

Does Surrozen, Inc. generate free cash flow?

Surrozen, Inc. generated -$30.4M of free cash flow (operating cash flow minus capital expenditures) in fiscal 2025. Free cash flow was positive in 0 of the last 6 reported years.

What is SRZN's return on invested capital?

Average ROIC over the last 7 fiscal years was -81.6%, and average return on equity was -156.1%. Sustained ROIC above about 15% usually points to a durable competitive advantage.

Where does this SRZN data come from?

From Surrozen, Inc.'s annual 10-K filings on SEC EDGAR. Prices are end-of-day snapshots; valuations are formula outputs, not investment advice.

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