ICCCNasdaqIn Vitro & In Vivo Diagnostic SubstancesFiscal year ends December 31
IMMUCELL CORP /DE/
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 13, 2026
$10.51−0.24 (-2.23%)
Close on Oct 19, 2026
- Market cap
- $96.58M
- P/E (TTM)
- 131.4
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
41.4%−3.3 pts over 5 years
Operating margin
6.0%+15.0 pts over 5 years
Net margin
-3.8%+2.9 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +4.3% | +14.2% | +12.5% | +10.5% | |
| Gross profit | +44.1% | +14.4% | +10.8% | +6.2% | |
| Operating income | – | – | – | -2.5% | |
| Free cash flow | – | – | – | +21.1% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 3.4% | -3.6% | -3.8% | |
| Return on assets | 2.6% | -2.6% | -2.4% | |
| Current ratio | 6.97 | 5.50 | 4.26 | |
| Debt to equity | – | – | 0.34 | |
| Net debt to EBITDA | – | – | 1.19× | |
| Interest coverage | – | – | 3.3× | |
| Inventory turnover | 2.8× | 3.7× | 2.0× | |
| Capex to revenue | 37.6% | 26.5% | 4.5% | |
| Diluted shares | 4M | 7M | 9M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Immucell generated $10.01M from operations and spent $10.19M on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
Generated
$10.01M
Used
$10.19M
Capital expenditure$10.19M100%Dividends$00%Share buybacks$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-3.8%
×Asset turnover0.63×
×Equity multiplier1.61×
=Return on equity, FY2025-3.8%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -3.8% | 0.63× | 1.61× | -3.8% |
| FY2024 | -8.1% | 0.60× | 1.69× | -8.2% |
| FY2023 | -33.1% | 0.39× | 1.60× | -20.9% |
| FY2022 | -13.4% | 0.42× | 1.42× | -7.9% |
| FY2021 | -0.4% | 0.45× | 1.39× | -0.3% |
| FY2020 | -6.7% | 0.39× | 1.38× | -3.6% |
| FY2019 | -9.4% | 0.38× | 1.41× | -5.1% |
| FY2018 | -21.1% | 0.33× | 1.48× | -10.2% |
| FY2017 | -1.6% | 0.35× | 1.36× | -0.8% |
| FY2016 | 5.3% | 0.49× | 1.29× | 3.4% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
7of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero-$1.04M
- Cash generatingOperating cash flow above zero$2.48M
- Return on assets improvedROA up on the prior year-4.9% → -2.3%
- Earnings backed by cashOperating cash flow above net income$2.48M vs -$1.04M
- Less leverageLong-term debt to assets fell20.0% → 17.6%
- Better liquidityCurrent ratio rose3.41 → 4.26
- No dilutionShare count did not rise8M → 9M
- Gross margin improvedGross margin up on the prior year29.97% → 41.40%
- More efficientAsset turnover rose0.60 → 0.61