Vivani Medical, Inc. (VANI) intrinsic value & 10-year financials
Vivani Medical, Inc. (VANI) has a Graham intrinsic value of $0.82 per share. At $1.12 on Oct 17, 2026, the stock trades 37% above that value. Over the last 10 fiscal years revenue shrank 5.3% a year to $0, with an average return on invested capital of 317.1%.
- Graham intrinsic value
- $0.82
- Share price (Oct 17, 2026)
- $1.12
- Price vs Graham value
- 37% above
- Market cap
- $69.9M
- Revenue (FY2025)
- $0
- Revenue growth (10-yr CAGR)
- -5.3%
- ROIC (10-yr avg)
- 317.1%
- Free cash flow (FY2025)
- -$25.5M
VANI 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $0 | -$26.6M | -$0.43 | -$25.5M | — | -157.5% |
| FY2024 | $0 | -$23.5M | -$0.00 | -$21.3M | — | -134.7% |
| FY2023 | — | -$25.7M | -$0.00 | -$24.6M | — | -132.1% |
| FY2022 | — | -$13.9M | — | -$19.1M | — | 1181.0% |
| FY2021 | — | -$8.9M | — | -$9.2M | — | 758.6% |
| FY2020 | — | -$14.9M | — | -$17.2M | — | 882.0% |
| FY2019 | $3.4M | -$33.6M | — | -$28.1M | -1004.9% | 2012.7% |
| FY2018 | $6.9M | -$35.1M | — | -$30.0M | -510.2% | -641.6% |
| FY2017 | $8.0M | -$28.5M | — | -$24.2M | -359.2% | -299.7% |
| FY2016 | $4.0M | -$33.2M | — | -$25.6M | -833.4% | -297.6% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Vivani Medical, Inc. revenue growth over the past decade is N/A; insufficient history prevents a reliable 10-year CAGR calculation.
Vivani Medical, Inc. has historically struggled to out-earn its cost of capital, averaging just -23.2% ROIC.
Vivani Medical, 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, Vivani Medical, Inc. is modeled at -5.3% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $0.82 per share.