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IMMUCELL CORP /DE/

ICCCdata completeness 100%17 fiscal years on file
The thesis, from the filings

IMMUCELL CORP /DE/ earns about -4% on invested capital, but has diluted owners by 19% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below. Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$19.2M1$18.6M2$17.5M2$26.5M3$27.6M3
Net income−$78,2924−$2.49M5−$5.77M6−$2.16M7−$1.04M7
Operating cash flow$954,1708−$1.54M9−$4.67M10$357,90311$2.48M11
Capital expenditure$2.61M12$3.98M13$1.89M14$465,72515$1.25M15
Free cash flow (derived)−$1.65M8,12−$5.52M9,13−$6.57M10,14−$107,82211,15$1.22M11,15
Total debt$812,20716$19.1M17,18,19$22.4M17,18,19$10.5M20,21$9.1M22
Cash & equivalents$10.2M23$5.79M24$978,74124$3.76M25$3.81M25
Diluted shares7.6M7.7M7.7M8.2M9.0M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom). A derived or summed figure cites every filing line it was built from.

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$29.97
your share of equity
Profit it earned you last year
−$1.15
Free cash flow it threw off
$1.36
Debt you’d be carrying
$10.08

10 shares is a claim on $29.97 of net worth that earned you −$1.15 and generated $1.36 of cash last year, against $10.08 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-4% avg · 5y
FY21 1%FY22 -4%FY23 -9%FY24 -5%FY25 -3%

It earned an average -4% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+19% shares · 5y

Share count is up 19% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 1020% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.6.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

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Sources — the receipts
  1. 10-K filed 2023-03-29 · period ending 2021-12-31 · accession 0001213900-23-024080 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K filed 2024-04-01 · periods ending 2022-12-31, 2023-12-31 · accession 0001213900-24-028718 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K filed 2026-03-30 · periods ending 2024-12-31, 2025-12-31 · accession 0001437749-26-010339 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K filed 2023-03-29 · period ending 2021-12-31 · accession 0001213900-23-024080 (NetIncomeLoss)
  5. 10-K filed 2024-04-01 · period ending 2022-12-31 · accession 0001213900-24-028718 (NetIncomeLoss)
  6. 10-K filed 2025-03-28 · period ending 2023-12-31 · accession 0001013762-25-004072 (NetIncomeLoss)
  7. 10-K filed 2026-03-30 · periods ending 2024-12-31, 2025-12-31 · accession 0001437749-26-010339 (NetIncomeLoss)
  8. 10-K filed 2023-03-29 · period ending 2021-12-31 · accession 0001213900-23-024080 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K filed 2024-04-01 · period ending 2022-12-31 · accession 0001213900-24-028718 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K filed 2025-03-28 · period ending 2023-12-31 · accession 0001013762-25-004072 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K filed 2026-03-30 · periods ending 2024-12-31, 2025-12-31 · accession 0001437749-26-010339 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K filed 2023-03-29 · period ending 2021-12-31 · accession 0001213900-23-024080 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K filed 2024-04-01 · period ending 2022-12-31 · accession 0001213900-24-028718 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K filed 2025-03-28 · period ending 2023-12-31 · accession 0001013762-25-004072 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K filed 2026-03-30 · periods ending 2024-12-31, 2025-12-31 · accession 0001437749-26-010339 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K filed 2022-03-30 · period ending 2021-12-31 · accession 0001213900-22-016147 (LongTermDebt)
  17. 10-K filed 2024-04-01 · periods ending 2022-12-31, 2023-12-31 · accession 0001213900-24-028718 (LongTermDebtAndCapitalLeaseObligations)
  18. 10-K filed 2024-04-01 · periods ending 2022-12-31, 2023-12-31 · accession 0001213900-24-028718 (LongTermDebtAndCapitalLeaseObligationsCurrent)
  19. 10-K filed 2024-04-01 · periods ending 2022-12-31, 2023-12-31 · accession 0001213900-24-028718 (ShortTermBorrowings)
  20. 10-K filed 2026-03-30 · period ending 2024-12-31 · accession 0001437749-26-010339 (LongTermDebtNoncurrent)
  21. 10-K filed 2026-03-30 · period ending 2024-12-31 · accession 0001437749-26-010339 (LongTermDebtCurrent)
  22. 10-K filed 2026-03-30 · period ending 2025-12-31 · accession 0001437749-26-010339 (LongTermDebt)
  23. 10-K filed 2023-03-29 · period ending 2021-12-31 · accession 0001213900-23-024080 (CashAndCashEquivalentsAtCarryingValue)
  24. 10-K filed 2024-04-01 · periods ending 2022-12-31, 2023-12-31 · accession 0001213900-24-028718 (CashAndCashEquivalentsAtCarryingValue)
  25. 10-K filed 2026-03-30 · periods ending 2024-12-31, 2025-12-31 · accession 0001437749-26-010339 (CashAndCashEquivalentsAtCarryingValue)