Supernus PHARMACEUTICALS, Inc. (SUPN) intrinsic value & 10-year financials
Supernus PHARMACEUTICALS, Inc. (SUPN) has a Graham intrinsic value of $42.36 per share. At $37.88 on Oct 17, 2026, the stock trades 11% below that value. Over the last 10 fiscal years revenue grew 14.3% a year to $719.0M, with an average return on invested capital of 15.6%.
- Graham intrinsic value
- $42.36
- Share price (Oct 17, 2026)
- $37.88
- Price vs Graham value
- 11% below
- Market cap
- $2.1B
- Revenue (FY2025)
- $719.0M
- Revenue growth (10-yr CAGR)
- 14.3%
- ROIC (10-yr avg)
- 15.6%
- Free cash flow (FY2025)
- $46.0M
SUPN 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $719.0M | -$38.5M | -$0.68 | $46.0M | -8.7% | -5.0% |
| FY2024 | $661.8M | $73.9M | $1.32 | $171.2M | 12.3% | 6.6% |
| FY2023 | $607.5M | $1.3M | $0.02 | $110.5M | -0.9% | -0.3% |
| FY2022 | $667.2M | $60.7M | $1.04 | $116.4M | 6.9% | 6.2% |
| FY2021 | $579.8M | $53.4M | $0.98 | — | 14.8% | 10.8% |
| FY2020 | $520.4M | $127.0M | $2.36 | $134.9M | 33.4% | 27.5% |
| FY2019 | $392.8M | $113.1M | $2.10 | $140.4M | 37.8% | 25.6% |
| FY2018 | $408.9M | $111.0M | $2.05 | $128.1M | 35.3% | 31.7% |
| FY2017 | $302.2M | $57.3M | $1.08 | $112.6M | 32.9% | 24.7% |
| FY2016 | $215.0M | $91.2M | $1.76 | $65.2M | 25.2% | 28.3% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
SUPERNUS PHARMACEUTICALS, INC. is a consistent compounder, expanding top-line revenue at 14.4% annually over the past decade.
SUPERNUS PHARMACEUTICALS, INC. has earned high returns on invested capital, averaging 15.6% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
SUPERNUS PHARMACEUTICALS, INC. has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, SUPERNUS PHARMACEUTICALS, INC. is modeled at 14.3% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $42.36 per share.