ImmuCell Corp (ICCC) stock analysis
Close on Nov 12, 2026Market cap $92.82MP/E 51.1Yield –
StockData Score
Prices as of Nov 11, 2026How the score works
Mixed14 of 30 checks passed
ImmuCell passes 14 of the 30 checks behind our score; 11 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.
- Valuation
- 2/6
- Growth
- 3/6
- Past performance
- 4/6
- Financial health
- 5/6
- Dividend
- 0/6
What stands out
Trading below fair value
The share price of $10.19 is below our fair value estimate of $11.19.
Return on capital over 10%
Return on invested capital was 11.1%, above the 10% that usually covers the cost of capital.
Low debt
Debt is 26.5% of shareholders' equity, under the 40% we consider low.
Revenue growing 10%+ a year
Revenue grew 14.2% a year over the last three fiscal years.
What to watch
Margin of safety under 20%
The price is 8.9% below fair value, less than the 20% cushion we look for.
Return on equity under 15%
Return on equity was 2.6% over the last twelve months and averaged -8.2% over five years; we look for 15% on both.
P/E above the industry
ImmuCell's P/E of 127.4 is above the Drugs median of 25.1.
P/B above the industry
ImmuCell's price-to-book of 2.95 is above the Drugs median of 2.29.
Valuation2/6
P/E against its history
Not enough price and earnings history to compare.
P/E above the industry
ImmuCell's P/E of 127.4 is above the Drugs median of 25.1.
EV/EBITDA below its 5-year median
ImmuCell's EV/EBITDA of 14.6 is below its 5-year median of 18.5.
P/B above the industry
ImmuCell's price-to-book of 2.95 is above the Drugs median of 2.29.
Trading below fair value
The share price of $10.19 is below our fair value estimate of $11.19.
Margin of safety under 20%
The price is 8.9% below fair value, less than the 20% cushion we look for.
Growth3/6
Revenue growing 10%+ a year
Revenue grew 14.2% a year over the last three fiscal years.
EPS growth over 3 years
Needs positive EPS three years ago and today.
Earnings acceleration
Needs positive net income now, a year ago and five years ago.
Growing faster than the industry
Revenue grew 8.5% over the last twelve months; the Drugs median is 8.0%.
Company guidance
No outlook found in earnings releases from the last twelve months.
Gross margin improving
Gross margin was 40.3% over the last twelve months, against 37.4% a year earlier.
Past performance4/6
Return on equity under 15%
Return on equity was 2.6% over the last twelve months and averaged -8.2% over five years; we look for 15% on both.
Return on capital over 10%
Return on invested capital was 11.1%, above the 10% that usually covers the cost of capital.
Return on equity above the industry
ImmuCell's return on equity of 2.6% is above the Drugs median of -58.9%.
Earnings over 5 years
Needs positive net income five years ago and in the latest year.
Net margin above its 5-year average
Net margin was 2.6% over the last twelve months, against a 5-year average of -11.8%.
Net margin above the industry
ImmuCell's net margin of 2.6% is above the Drugs median of -53.0%.
Financial health5/6
Low debt
Debt is 26.5% of shareholders' equity, under the 40% we consider low.
Debt trend
Needs a balance sheet from five years ago with positive equity.
Debt covered by cash flow
Operating cash flow over the last twelve months equals 71.0% of total debt.
Interest well covered
Operating income covers interest expense 8.9 times.
Short-term assets cover short-term debts
Current assets are 4.75 times current liabilities.
Low bankruptcy risk
The Altman Z-score is 4.66; above 3 is the safe zone and below 1.8 the distress zone.
Dividend0/6
No dividend
ImmuCell has not paid a dividend in the last twelve months.
Yield against Treasuries
No dividend.
Yield against the market
No dividend.
Dividend stability
No dividend.
Earnings cover
No dividend.
Cash-flow cover
No dividend.
Fair value
How we estimate itOur estimate per share
$11.19
The share price is 9% below this estimate.
| Method | Multiple used | Own 5Y median | Industry median | Value per share | Weight |
|---|---|---|---|---|---|
| P/Eleft out, too far from the others | 25.1× | – | 25.1× | $2.01 | – |
| EV/EBITDA | 17.8× | 18.5× | 17.1× | $12.37 | 78% |
| P/B | 2.0× | 1.8× | 2.3× | $7.04 | 22% |
| Fair value | $11.19 | 100% | |||
Valuation over time
Using the earnings and balance sheet published at each date, not today's.
- P/E at month end
- Drugs median 25.1
An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.
Market risk
From the past year of daily prices.
Liquidity
High risk
- Average value traded per day
- $86.07K
- Value traded per 1% price move
- $34.30K
Downside
Low risk
- Typical loss in a bad month
- 11.1%
- Volatility (annualized)
- 51%
- Sharpe ratio, 1 year
- 1.25
- Beta to the S&P 500 (5Y)
- 0.10
Typical bad-month loss, week by week
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
Operating margin
Net margin
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.
DuPont analysis
Return on equity split into margin, efficiency and leverage
| 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
- 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
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