Vanda Pharmaceuticals Inc. (VNDA) intrinsic value & 10-year financials
Vanda Pharmaceuticals Inc. (VNDA) has a Graham intrinsic value of $0.60 per share. At $4.03 on Oct 17, 2026, the stock trades 572% above that value. Over the last 10 fiscal years revenue grew 4.5% a year to $216.1M, with an average return on invested capital of -4.9%.
- Graham intrinsic value
- $0.60
- Share price (Oct 17, 2026)
- $4.03
- Price vs Graham value
- 572% above
- Market cap
- $237.5M
- Revenue (FY2025)
- $216.1M
- Revenue growth (10-yr CAGR)
- 4.5%
- ROIC (10-yr avg)
- -4.9%
- Free cash flow (FY2025)
- -$110.4M
VNDA 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $216.1M | -$220.5M | -$3.74 | -$110.4M | -70.0% | -43.6% |
| FY2024 | $198.8M | -$18.9M | -$0.33 | -$16.2M | -20.5% | -7.8% |
| FY2023 | $192.6M | $2.5M | $0.04 | $12.4M | -7.2% | -1.7% |
| FY2022 | $254.4M | $6.3M | $0.11 | $31.3M | 2.5% | 0.8% |
| FY2021 | $268.7M | $33.2M | $0.58 | $63.7M | 15.7% | 7.6% |
| FY2020 | $248.2M | $23.3M | $0.42 | $50.0M | 11.0% | 5.1% |
| FY2019 | $227.2M | $115.6M | $2.11 | $44.9M | 10.0% | 7.7% |
| FY2018 | $193.1M | $25.2M | $0.48 | $29.6M | 11.3% | 10.1% |
| FY2017 | $165.1M | -$15.6M | -$0.35 | -$3.6M | -10.2% | -12.9% |
| FY2016 | $146.0M | -$18.0M | -$0.41 | -$9.5M | -12.7% | -14.1% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Vanda Pharmaceuticals Inc. has demonstrated mature, steady growth, with revenue compounding at 4.5% annually over the past decade.
Vanda Pharmaceuticals Inc. has historically struggled to out-earn its cost of capital, averaging just -4.9% ROIC.
Vanda Pharmaceuticals 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, Vanda Pharmaceuticals Inc. is modeled at 4.5% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $0.60 per share.