UroGen Pharma Ltd. (URGN) intrinsic value & 10-year financials

UroGen Pharma Ltd. (URGN) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 10 fiscal years revenue grew 22.6% a year to $109.8M, with an average return on invested capital of -167.7%.

Graham intrinsic value
—
Share price (Oct 17, 2026)
$34.56
Revenue (FY2025)
$109.8M
Revenue growth (10-yr CAGR)
22.6%
ROIC (10-yr avg)
-167.7%
Free cash flow (FY2025)
-$162.7M

URGN 10-year financial history

Fiscal year Revenue Net income EPS (diluted) Free cash flow Operating margin ROIC
FY2025 $109.8M -$153.5M — -$162.7M -113.7% 171.9%
FY2024 $90.4M -$126.9M — -$97.1M -107.1% 164.9%
FY2023 $82.7M -$102.2M — -$76.6M -79.2% 124.1%
FY2022 $64.4M -$109.8M — -$87.8M -122.8% 194.7%
FY2021 $48.0M -$110.8M — -$85.6M -192.1% -1955.5%
FY2020 $11.8M -$128.5M — -$107.1M -1074.2% -142.2%
FY2019 $18.0K -$105.1M — -$71.3M -608211.1% -78.9%
FY2018 $1.1M -$75.7M — -$37.9M -6842.2% -97.3%
FY2017 $8.2M -$20.0M — -$9.8M -244.5% -47.0%
FY2016 $17.5M -$1.9M — $3.5M 4.6% -11.9%

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

Executive summary

UroGen Pharma Ltd. is a consistent compounder, expanding top-line revenue at 22.6% annually over the past decade.

UroGen Pharma Ltd. has historically struggled to out-earn its cost of capital, averaging just -26.8% ROIC.

UroGen Pharma Ltd. 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, UroGen Pharma Ltd. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment.

URGN stock: frequently asked questions

How fast has UroGen Pharma Ltd. grown?

Revenue went from $17.5M in fiscal 2016 to $109.8M in fiscal 2025, a compound annual growth rate of 22.6%. Net income was -$153.5M in fiscal 2025.

Does UroGen Pharma Ltd. generate free cash flow?

UroGen Pharma Ltd. generated -$162.7M of free cash flow (operating cash flow minus capital expenditures) in fiscal 2025. Free cash flow was positive in 1 of the last 10 reported years.

What is URGN's return on invested capital?

Average ROIC over the last 10 fiscal years was -167.7%, and average return on equity was 47.8%. Sustained ROIC above about 15% usually points to a durable competitive advantage.

Where does this URGN data come from?

From UroGen Pharma Ltd.'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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