Tecogen Inc. (TGEN) intrinsic value & 10-year financials
Tecogen Inc. (TGEN) has a Graham intrinsic value of $1.39 per share. At $2.09 on Oct 17, 2026, the stock trades 50% above that value. Over the last 10 fiscal years revenue grew 1.1% a year to $27.1M, with an average return on invested capital of -26.2%.
- Graham intrinsic value
- $1.39
- Share price (Oct 17, 2026)
- $2.09
- Price vs Graham value
- 50% above
- Market cap
- $56.9M
- Revenue (FY2025)
- $27.1M
- Revenue growth (10-yr CAGR)
- 1.1%
- ROIC (10-yr avg)
- -26.2%
- Free cash flow (FY2025)
- -$10.3M
TGEN 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $27.1M | -$8.2M | -$0.30 | -$10.3M | -30.5% | -93.1% |
| FY2024 | $22.6M | -$4.8M | -$0.19 | $3.1M | -20.0% | -44.1% |
| FY2023 | $25.1M | -$4.6M | -$0.19 | -$870.2K | -17.6% | -27.7% |
| FY2022 | $25.0M | -$2.4M | -$0.10 | -$1.7M | -9.4% | -12.8% |
| FY2021 | $24.4M | $3.7M | $0.15 | $373.6K | -5.0% | -6.7% |
| FY2020 | $28.3M | -$6.2M | -$0.25 | $1.3M | -21.1% | -35.0% |
| FY2019 | $33.4M | -$4.7M | — | -$4.6M | -13.9% | -18.3% |
| FY2018 | $35.9M | -$5.7M | -$0.23 | -$4.7M | -15.4% | -18.2% |
| FY2017 | $33.2M | $47.4K | $0.00 | -$1.2M | 0.7% | 0.9% |
| FY2016 | $24.5M | -$1.1M | -$0.06 | -$2.9M | -4.1% | -6.9% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
TECOGEN INC. has demonstrated mature, steady growth, with revenue compounding at 1.1% annually over the past decade.
TECOGEN INC. has historically struggled to out-earn its cost of capital, averaging just -26.2% ROIC.
TECOGEN 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, TECOGEN INC. is modeled at 1.1% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $1.39 per share.