MeritValue

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−$5.52M9−$6.57M10−$107,82211$1.22M11
Total debt$812,20716$19.1M17$10.4M18$10.5M19$18.2M19
Cash & equivalents$10.2M20$5.79M21$978,74121$3.76M22$3.81M22
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).

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
$20.16

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 $20.16 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-4% avg · 5y
FY21 1%FY22 -4%FY23 -12%FY24 -5%FY25 -2%

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 2141% 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 v0.1.0
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 →

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