VERACYTE, Inc. (VCYT) intrinsic value & 10-year financials
VERACYTE, Inc. (VCYT) has a Graham intrinsic value of $27.24 per share. At $43.12 on Oct 17, 2026, the stock trades 58% above that value. Over the last 10 fiscal years revenue grew 25.9% a year to $517.1M, with an average return on invested capital of -38.0%.
- Graham intrinsic value
- $27.24
- Share price (Oct 17, 2026)
- $43.12
- Price vs Graham value
- 58% above
- Market cap
- $3.5B
- Revenue (FY2025)
- $517.1M
- Revenue growth (10-yr CAGR)
- 25.9%
- ROIC (10-yr avg)
- -38.0%
- Free cash flow (FY2025)
- $126.6M
VCYT 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $517.1M | $66.4M | $0.82 | $126.6M | 11.2% | 5.7% |
| FY2024 | $445.8M | $24.1M | $0.31 | $63.8M | 3.6% | 1.7% |
| FY2023 | $361.1M | -$74.4M | -$1.02 | $34.3M | -23.8% | -9.4% |
| FY2022 | $296.5M | -$36.6M | -$0.51 | -$1.0M | -13.9% | -4.4% |
| FY2021 | $219.5M | -$75.6M | -$1.11 | -$37.0M | -37.3% | -14.8% |
| FY2020 | $117.5M | -$34.9M | -$0.66 | -$12.5M | -30.1% | -40.5% |
| FY2019 | $120.4M | -$12.6M | -$0.27 | -$6.0M | -12.6% | -25.3% |
| FY2018 | $92.0M | -$23.0M | — | -$15.4M | -24.2% | -80.4% |
| FY2017 | $72.0M | -$31.0M | — | -$25.7M | -36.9% | -99.1% |
| FY2016 | $65.1M | -$31.4M | — | -$32.2M | -44.3% | -113.9% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
VERACYTE, INC. is a consistent compounder, expanding top-line revenue at 25.9% annually over the past decade.
VERACYTE, INC. has historically struggled to out-earn its cost of capital, averaging just -38.1% ROIC.
VERACYTE, 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, VERACYTE, INC. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $27.24 per share.