TALPHERA, Inc. (TLPH) intrinsic value & 10-year financials
TALPHERA, Inc. (TLPH) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 10 fiscal years revenue shrank 51.0% a year to $28.0K, with an average return on invested capital of 47.5%.
- Graham intrinsic value
- —
- Share price (Oct 17, 2026)
- $1.08
- Market cap
- $15.4M
- Revenue (FY2025)
- $28.0K
- Revenue growth (10-yr CAGR)
- -51.0%
- ROIC (10-yr avg)
- 47.5%
- Free cash flow (FY2025)
- —
TLPH 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $28.0K | -$14.3M | — | — | -48157.1% | -107.7% |
| FY2024 | $0 | -$13.0M | — | -$12.7M | — | -181.9% |
| FY2023 | $651.0K | -$18.4M | -$1.29 | -$17.6M | -2594.3% | -142.9% |
| FY2022 | $1.8M | $47.8M | $2.86 | -$28.7M | -2068.5% | 465.3% |
| FY2021 | $2.8M | -$35.1M | -$2.93 | -$31.8M | -1276.3% | 80.3% |
| FY2020 | $5.4M | -$40.4M | — | -$40.4M | -756.3% | 95.4% |
| FY2019 | $2.3M | -$53.2M | — | -$54.6M | -2368.1% | 109.5% |
| FY2018 | $928.0K | -$47.1M | — | -$29.9M | -3849.9% | 50.3% |
| FY2017 | $8.0M | -$51.5M | -$0.55 | -$32.2M | -483.8% | 56.8% |
| FY2016 | $17.4M | -$43.2M | -$0.47 | -$33.1M | -184.1% | 49.8% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
TALPHERA, INC. is facing top-line stagnation, with revenue contracting over the decade.
TALPHERA, INC. has earned high returns on invested capital, averaging 19.4% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
TALPHERA, 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, TALPHERA, INC. is modeled at -51.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $-230.95 per share.