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ImmuCell (ICCC) Financials

ImmuCell logo
$11.72 +0.64 (+5.78%)
Closing price 07/14/2026 04:00 PM Eastern
Extended Trading
$11.76 +0.04 (+0.38%)
As of 07/14/2026 04:10 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for ImmuCell

Annual Income Statements for ImmuCell

This table shows ImmuCell's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 1.21 0.51 -0.17 -2.32 -1.30 -1.02 -0.08 -2.49 -5.77 -2.16 -1.04
Consolidated Net Income / (Loss)		 1.21 0.51 -0.17 -2.32 -1.30 -1.02 -0.08 -2.49 -5.77 -2.16 -1.04
Net Income / (Loss) Continuing Operations		 1.21 0.51 -0.17 -2.32 -1.30 -1.02 -0.08 -2.49 -5.77 -2.16 -1.04
Total Pre-Tax Income 		2.06 0.76 -0.44 -1.86 -1.27 -1.03 -0.07 -2.49 -5.77 -2.15 -1.03
Total Operating Income		 2.12 0.89 -0.24 -1.45 -0.95 -1.38 0.26 -2.30 -5.75 -1.64 1.65
Total Gross Profit		 6.25 5.42 5.22 5.19 6.74 6.86 8.66 7.65 3.87 7.94 11
Total Revenue		 10 9.54 10 11 14 15 19 19 17 26 28
Operating Revenue		 10 9.54 10 11 14 15 19 19 17 26 28
Total Cost of Revenue		 3.98 4.12 5.21 5.79 6.98 8.48 11 11 14 19 16
Operating Cost of Revenue		 3.98 4.12 5.21 5.79 6.98 8.48 11 11 14 19 16
Total Operating Expenses		 4.13 4.53 5.46 6.64 7.69 8.24 8.40 9.95 9.62 9.58 9.80
Selling, General & Admin Expense		 1.29 1.45 1.52 1.74 1.69 1.72 1.73 2.26 2.13 2.22 3.20
Marketing Expense		 1.61 1.83 1.89 2.08 2.32 2.17 2.50 3.19 3.09 3.47 3.55
Research & Development Expense		 1.24 1.24 2.05 3.52 3.69 4.35 4.17 4.49 4.39 3.90 3.04
Total Other Income / (Expense), net		 -0.06 -0.13 -0.20 -0.41 -0.31 0.35 -0.33 -0.19 -0.02 -0.51 -2.68
Other Income / (Expense), net		 -0.06 -0.13 -0.20 -0.41 -0.31 0.35 -0.33 -0.19 -0.02 -0.51 -2.68
Income Tax Expense		 0.85 0.25 -0.27 0.46 0.03 -0.01 0.01 0.01 0.00 0.01 0.01
Basic Earnings per Share		 $0.40 $0.12 ($0.03) ($0.42) ($0.19) ($0.14) ($0.01) ($0.32) ($0.75) ($0.26) ($0.12)
Weighted Average Basic Shares Outstanding		 3.04M 4.23M 4.95M 5.49M 6.82M 7.21M 7.59M 7.75M 7.75M 8.17M 9.03M
Diluted Earnings per Share		 $0.38 $0.12 ($0.03) ($0.42) ($0.19) ($0.14) ($0.01) ($0.32) ($0.75) ($0.26) ($0.12)
Weighted Average Diluted Shares Outstanding		 3.17M 4.34M 4.95M 5.49M 6.82M 7.21M 7.59M 7.75M 7.75M 8.17M 9.03M
Weighted Average Basic & Diluted Shares Outstanding		 4.18M 4.85M 5.48M 5.57M 7.21M 7.22M 7.74M 7.75M 7.75M 8.98M 9.05M

Quarterly Income Statements for ImmuCell

This table shows ImmuCell's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 -0.94 -1.14 -0.44 -1.53 -0.70 0.51 1.45 0.50 -0.14 -2.85 1.94
Consolidated Net Income / (Loss)		 -0.94 -1.14 -0.44 -1.53 -0.70 0.51 1.45 0.50 -0.14 -2.85 1.94
Net Income / (Loss) Continuing Operations		 -0.94 -1.14 -0.44 -1.53 -0.70 0.51 1.45 0.50 -0.14 -2.85 1.94
Total Pre-Tax Income 		-0.94 -1.14 -0.44 -1.53 -0.70 0.52 1.45 0.50 -0.14 -2.85 1.95
Total Operating Income		 -1.18 -1.00 -0.30 -1.39 -0.57 0.62 1.12 0.57 0.02 -0.06 1.97
Total Gross Profit		 1.27 1.26 2.30 1.23 1.58 2.83 3.35 2.82 2.36 2.91 4.66
Total Revenue		 5.40 5.10 7.26 5.47 6.01 7.75 8.07 6.44 5.51 7.63 10
Operating Revenue		 5.40 5.10 7.26 5.47 6.01 7.75 8.07 6.44 5.51 7.63 10
Total Cost of Revenue		 4.13 3.84 4.96 4.24 4.43 4.92 4.71 3.63 3.14 4.72 5.70
Operating Cost of Revenue		 4.13 3.84 4.96 4.24 4.43 4.92 4.71 3.63 3.14 4.72 5.70
Total Operating Expenses		 2.45 2.26 2.60 2.62 2.16 2.21 2.24 2.25 2.34 2.97 2.69
Selling, General & Admin Expense		 0.51 0.52 0.53 0.60 0.53 0.55 0.62 0.72 0.73 1.13 1.14
Marketing Expense		 0.82 0.67 0.80 0.98 0.84 0.84 0.86 0.70 0.92 1.08 1.23
Research & Development Expense		 1.12 1.07 1.26 1.03 0.79 0.82 0.76 0.83 0.69 0.76 0.32
Total Other Income / (Expense), net		 0.24 -0.13 -0.14 -0.14 -0.13 -0.10 0.33 -0.07 -0.16 -2.79 -0.02
Other Income / (Expense), net		 0.24 -0.13 -0.14 -0.14 -0.13 -0.10 0.33 -0.07 -0.16 -2.79 -0.02
Income Tax Expense		 0.00 0.00 0.00 0.00 0.00 0.01 0.00 0.00 0.00 0.00 0.01
Basic Earnings per Share		 ($0.12) ($0.15) ($0.06) ($0.20) ($0.09) $0.09 $0.16 $0.06 ($0.02) ($0.32) $0.21
Weighted Average Basic Shares Outstanding		 7.75M 7.75M 7.75M 7.81M 8.16M 8.17M 8.98M 9.03M 9.05M 9.03M 9.05M
Diluted Earnings per Share		 ($0.12) ($0.15) ($0.06) ($0.20) ($0.09) $0.09 $0.16 $0.06 ($0.02) ($0.32) $0.21
Weighted Average Diluted Shares Outstanding		 7.75M 7.75M 7.75M 7.81M 8.16M 8.17M 8.98M 9.03M 9.05M 9.03M 9.05M
Weighted Average Basic & Diluted Shares Outstanding		 7.75M 7.75M 7.81M 7.83M 8.91M 8.98M - 9.05M 9.05M 9.05M 9.05M

Annual Cash Flow Statements for ImmuCell

This table details how cash moves in and out of ImmuCell's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 0.72 3.58 -1.35 -1.28 3.77 0.66 3.24 -4.39 -4.81 2.78 0.05
Net Cash From Operating Activities		 2.90 -0.22 1.18 -0.37 0.23 1.32 0.95 -1.54 -4.67 0.36 2.48
Net Cash From Continuing Operating Activities		 2.90 -0.22 1.18 -0.37 0.23 1.32 0.95 -1.54 -4.67 0.36 2.48
Net Income / (Loss) Continuing Operations		 1.21 0.51 -0.17 -2.32 -1.30 -1.02 -0.08 -2.49 -5.77 -2.16 -1.04
Consolidated Net Income / (Loss)		 1.21 0.51 -0.17 -2.32 -1.30 -1.02 -0.08 -2.49 -5.77 -2.16 -1.04
Depreciation Expense		 0.53 0.78 0.89 1.50 2.25 2.33 2.44 2.47 2.70 2.67 2.71
Amortization Expense		 0.00 0.02 0.02 0.02 0.02 0.02 0.02 0.03 0.04 0.06 0.07
Non-Cash Adjustments To Reconcile Net Income		 0.02 0.10 0.19 -0.34 0.33 -0.53 0.19 0.29 0.47 0.19 2.78
Changes in Operating Assets and Liabilities, net		 1.14 -1.64 0.25 0.76 -1.07 0.52 -1.62 -1.83 -2.11 -0.41 -2.05
Net Cash From Investing Activities		 -4.62 -4.52 -12 -1.79 -3.40 -2.57 -1.60 -3.96 -1.89 -0.46 -1.21
Net Cash From Continuing Investing Activities		 -4.62 -4.52 -12 -1.79 -3.40 -2.57 -1.60 -3.96 -1.89 -0.46 -1.21
Purchase of Property, Plant & Equipment		 -2.72 -4.05 -18 -2.03 -1.39 -4.07 -2.61 -3.98 -1.89 -0.47 -1.25
Sale of Property, Plant & Equipment		 0.07 0.03 0.05 - 0.45 0.05 0.02 0.01 0.00 0.00 0.04
Net Cash From Financing Activities		 2.44 8.32 9.75 0.89 6.94 1.91 3.88 1.11 1.75 2.88 -1.21
Net Cash From Continuing Financing Activities		 2.44 8.32 9.75 0.89 6.94 1.91 3.88 1.11 1.75 2.88 -1.21
Repayment of Debt		 -0.20 -0.18 -0.22 -0.40 -1.36 -9.63 -0.77 -0.92 -3.27 -1.47 -2.30
Repurchase of Common Equity		 - - - - - - - - 0.00 -0.29 -0.07
Issuance of Debt		 2.50 0.00 6.15 1.19 0.00 12 0.40 2.00 5.00 0.00 0.80
Issuance of Common Equity		 0.00 8.47 3.77 0.00 8.30 0.00 4.23 - 0.00 4.65 0.35
Other Financing Activities, net		 0.15 0.03 0.05 0.10 0.00 0.00 0.01 0.03 0.02 0.00 0.00
Cash Interest Paid		 0.08 0.15 0.19 0.40 0.42 0.48 0.31 0.34 0.44 0.53 0.44
Cash Income Taxes Paid		 0.00 0.12 0.01 0.00 0.00 0.00 0.01 0.00 0.01 0.01 0.01

Quarterly Cash Flow Statements for ImmuCell

This table details how cash moves in and out of ImmuCell's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 0.54 -1.01 -0.02 0.36 2.48 -0.05 0.84 1.40 -2.11 -0.08 3.01
Net Cash From Operating Activities		 -0.51 -0.72 0.42 0.58 -0.64 -0.00 1.57 1.60 -1.18 0.48 3.57
Net Cash From Continuing Operating Activities		 -0.51 -0.72 0.42 0.58 -0.64 -0.00 1.57 1.60 -1.18 0.48 3.57
Net Income / (Loss) Continuing Operations		 -0.94 -1.14 -0.44 -1.53 -0.70 0.51 1.45 0.50 -0.14 -2.85 1.94
Consolidated Net Income / (Loss)		 -0.94 -1.14 -0.44 -1.53 -0.70 0.51 1.45 0.50 -0.14 -2.85 1.94
Depreciation Expense		 0.70 0.67 0.66 0.67 0.67 0.67 0.67 0.66 0.67 0.70 0.53
Amortization Expense		 0.01 0.01 0.02 0.02 0.02 0.02 0.02 0.02 0.03 0.01 0.00
Non-Cash Adjustments To Reconcile Net Income		 0.16 0.10 0.04 0.08 0.04 0.03 0.02 0.02 -0.09 2.84 0.15
Changes in Operating Assets and Liabilities, net		 -0.44 -0.37 0.14 1.36 -0.66 -1.23 -0.58 0.40 -1.66 -0.22 0.95
Net Cash From Investing Activities		 -0.53 0.03 -0.07 -0.11 -0.09 -0.20 -0.33 -0.13 -0.59 -0.17 -0.17
Net Cash From Continuing Investing Activities		 -0.53 0.03 -0.07 -0.11 -0.09 -0.20 -0.33 -0.13 -0.59 -0.17 -0.17
Purchase of Property, Plant & Equipment		 -0.54 0.03 -0.07 -0.11 -0.09 -0.20 -0.33 -0.16 -0.59 -0.17 -0.18
Sale of Property, Plant & Equipment		 0.00 - - - - - 0.00 - 0.00 0.01 0.01
Net Cash From Financing Activities		 1.58 -0.32 -0.37 -0.11 3.21 0.15 -0.40 -0.08 -0.34 -0.39 -0.40
Net Cash From Continuing Financing Activities		 1.58 -0.32 -0.37 -0.11 3.21 0.15 -0.40 -0.08 -0.34 -0.39 -0.40
Repayment of Debt		 -2.42 -0.34 -0.37 -0.36 -0.37 -0.37 -0.38 -0.38 -1.14 -0.39 -0.40
Repurchase of Common Equity		 - - 0.00 -0.16 -0.11 -0.02 -0.04 -0.02 - - 0.00
Issuance of Common Equity		 - - 0.00 0.42 3.69 0.54 0.02 0.33 - - 0.00
Other Financing Activities, net		 - - - - - - 0.00 - - - 0.00
Cash Interest Paid		 0.13 0.14 0.14 0.13 0.13 0.12 0.12 0.12 0.11 0.10 0.10
Cash Income Taxes Paid		 - -0.00 - - - 0.00 0.00 - - 0.00 0.01

Annual Balance Sheets for ImmuCell

This table presents ImmuCell's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 15 25 34 33 39 40 44 45 44 45 43
Total Current Assets		 7.88 14 7.51 6.42 13 12 16 14 11 15 17
Cash & Equivalents		 1.57 5.15 3.80 2.52 6.29 6.95 10 5.79 0.98 3.76 3.81
Accounts Receivable		 0.72 0.99 1.34 0.93 1.64 1.80 2.69 1.76 2.19 3.77 3.42
Inventories, net		 0.87 2.13 2.05 2.33 2.52 2.09 3.09 6.04 7.81 7.11 9.27
Prepaid Expenses		 0.25 0.60 0.31 0.64 0.26 0.32 0.30 0.41 0.49 0.40 0.45
Plant, Property, & Equipment, net		 5.72 9.85 26 26 25 27 27 28 28 25 21
Total Noncurrent Assets		 0.94 0.50 0.72 0.28 0.24 1.44 1.31 2.35 4.76 4.71 4.51
Goodwill		 0.00 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10
Other Noncurrent Operating Assets		 0.00 0.03 0.00 0.05 0.03 1.25 1.14 2.19 4.63 4.59 4.42
Total Liabilities & Shareholders' Equity		 15 25 34 33 39 40 44 45 44 45 43
Total Liabilities		 3.93 4.98 11 11 9.70 12 12 14 19 18 15
Total Current Liabilities		 0.79 2.06 2.06 2.57 2.50 2.21 2.53 3.07 4.20 4.41 3.98
Short-Term Debt		 0.13 0.13 0.32 1.34 1.27 0.76 0.81 1.04 1.43 1.50 1.61
Accounts Payable		 - 1.89 1.72 1.22 1.22 1.35 1.61 2.00 2.12 2.48 2.28
Other Current Liabilities		 0.66 - - - 0.00 0.10 0.11 0.03 0.64 0.43 0.09
Total Noncurrent Liabilities		 3.13 2.92 8.64 8.42 7.21 9.87 9.35 11 15 13 11
Long-Term Debt		 3.05 2.88 8.64 8.42 7.15 8.74 8.33 9.19 11 9.04 7.49
Other Noncurrent Operating Liabilities		 0.08 0.04 0.00 0.00 0.06 1.14 1.03 2.22 4.08 4.13 4.01
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 11 20 24 22 29 28 33 30 25 28 27
Total Preferred & Common Equity		 11 20 24 22 29 28 33 30 25 28 27
Total Common Equity		 11 20 24 22 29 28 33 30 25 28 27
Common Stock		 10 19 23 23 32 32 36 37 37 42 42
Retained Earnings		 0.64 1.15 0.98 -1.34 -2.64 -3.66 -3.74 -6.23 -12 -14 -15
Treasury Stock		 -0.45 -0.43 -0.41 -0.20 -0.19 -0.18 -0.16 -0.15 -0.14 -0.14 -0.13

Quarterly Balance Sheets for ImmuCell

This table presents ImmuCell's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 45 43 42 44 46 47 46 44
Total Current Assets		 12 11 11 14 16 17 17 19
Cash & Equivalents		 1.99 0.96 1.32 3.81 4.60 6.00 3.89 6.81
Accounts Receivable		 1.86 2.62 1.95 2.31 3.35 2.38 2.55 2.69
Inventories, net		 7.39 7.15 7.30 7.46 7.36 8.29 9.80 8.67
Prepaid Expenses		 0.72 0.62 0.22 0.31 0.62 0.46 0.58 0.68
Plant, Property, & Equipment, net		 28 27 26 26 25 25 24 21
Total Noncurrent Assets		 4.42 4.72 4.66 4.74 4.68 4.70 4.56 4.47
Goodwill		 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10
Other Noncurrent Operating Assets		 4.29 4.59 4.54 4.62 4.57 4.60 4.46 4.37
Total Liabilities & Shareholders' Equity		 45 43 42 44 46 47 46 44
Total Liabilities		 19 18 18 18 17 17 16 15
Total Current Liabilities		 3.33 4.18 4.56 4.47 3.87 4.45 4.00 3.91
Short-Term Debt		 1.41 1.44 1.46 1.48 1.52 1.54 1.59 1.63
Accounts Payable		 1.85 2.14 2.56 2.50 1.97 2.59 2.32 2.20
Other Current Liabilities		 0.07 0.60 0.53 0.48 0.38 0.32 0.08 0.09
Total Noncurrent Liabilities		 15 14 14 14 13 12 12 11
Long-Term Debt		 11 10 9.80 9.42 8.65 8.26 7.90 7.07
Other Noncurrent Operating Liabilities		 4.30 4.06 4.04 4.15 4.11 4.14 4.03 3.99
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 26 25 23 26 29 30 30 29
Total Preferred & Common Equity		 26 25 23 26 29 30 30 29
Total Common Equity		 26 25 23 26 29 30 30 29
Common Stock		 37 37 38 41 42 42 42 43
Retained Earnings		 -11 -12 -14 -15 -13 -12 -12 -13
Treasury Stock		 -0.15 -0.14 -0.14 -0.14 -0.14 -0.13 -0.13 -0.19

Annual Metrics And Ratios for ImmuCell

This table displays calculated financial ratios and metrics derived from ImmuCell's official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 3,055,034.00 4,847,390.00 5,051,390.00 5,484,728.00 7,209,595.00 7,212,919.00 7,741,864.00 7,746,864.00 7,750,864.00 7,750,864.00 9,045,851.00
DEI Adjusted Shares Outstanding		 3,055,034.00 4,847,390.00 5,051,390.00 5,484,728.00 7,209,595.00 7,212,919.00 7,741,864.00 7,746,864.00 7,750,864.00 7,750,864.00 9,045,851.00
DEI Earnings Per Adjusted Shares Outstanding		 0.40 0.10 -0.03 -0.42 -0.18 -0.14 -0.01 -0.32 -0.75 -0.28 -0.12
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 34.64% -6.69% 9.30% 5.32% 24.91% 11.80% 25.43% -3.51% -5.90% 51.64% 4.34%
EBITDA Growth		 1,238.43% -39.73% -70.14% -172.83% 394.69% 31.50% 81.90% -99.62% -33,371.31% 119.25% 200.97%
EBIT Growth		 907.81% -63.25% -157.82% -324.20% 31.86% 18.55% 93.30% -3,496.47% -132.09% 62.80% 52.09%
NOPAT Growth		 963.65% -52.17% -128.48% -495.68% 34.06% -44.71% 118.65% -993.19% -150.03% 71.47% 200.56%
Net Income Growth		 825.80% -58.09% -133.07% -1,280.74% 44.20% 21.11% 92.34% -3,085.26% -131.56% 62.65% 51.78%
EPS Growth		 733.33% -68.42% -125.00% -1,300.00% 54.76% 26.32% 92.86% -3,100.00% -134.38% 65.33% 53.85%
Operating Cash Flow Growth		 859.19% -107.67% 628.90% -131.76% 162.54% 463.39% -27.47% -261.80% -202.76% 107.66% 591.61%
Free Cash Flow Firm Growth		 124.37% -1,509.03% -295.86% 92.57% 74.61% -575.93% 28.51% -219.39% -5.94% 110.35% 478.29%
Invested Capital Growth		 14.98% 66.66% 137.42% 0.83% -1.21% 4.12% 5.75% 10.43% 3.34% -4.68% -5.69%
Revenue Q/Q Growth		 5.02% -4.79% 9.66% -1.75% 5.34% 0.73% 9.69% -7.63% 7.28% 11.14% -0.45%
EBITDA Q/Q Growth		 11.67% -15.60% -52.58% -240.18% 254.21% 73.92% -5.17% -99.48% 16.68% 154.23% -65.56%
EBIT Q/Q Growth		 13.24% -32.26% -455.80% -41.40% 36.34% 32.96% -241.24% -233.92% 8.38% 43.60% -143.99%
NOPAT Q/Q Growth		 15.88% -29.31% -227.29% -54.87% 41.74% -39.65% 146.37% -342.30% 9.88% 49.77% -50.12%
Net Income Q/Q Growth		 14.99% -33.71% -396.08% -58.57% 36.41% 32.82% -315.06% -231.71% 8.38% 43.41% -144.76%
EPS Q/Q Growth		 15.15% -42.86% 0.00% -55.56% 38.71% 39.13% -200.00% -255.56% 8.54% 48.00% -141.38%
Operating Cash Flow Q/Q Growth		 24.90% -122.69% 148.55% -490.38% 64.69% 18.23% 82.61% -551.63% 10.95% 198.84% 24.41%
Free Cash Flow Firm Q/Q Growth		 178.46% -100.47% -15.61% 78.78% -192.65% 27.17% -31.60% -81.59% 27.67% -2.26% 649.57%
Invested Capital Q/Q Growth		 5.57% 23.00% 17.25% -2.58% 1.31% -2.31% 0.74% 3.53% -0.98% 2.37% -8.64%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 61.11% 56.80% 50.06% 47.28% 49.11% 44.73% 44.98% 41.19% 22.15% 29.97% 41.40%
EBITDA Margin		 25.32% 16.35% 4.47% -3.09% 7.29% 8.57% 12.43% 0.05% -17.34% 2.20% 6.35%
Operating Margin		 20.75% 9.33% -2.33% -13.17% -6.95% -9.00% 1.34% -12.38% -32.90% -6.19% 5.97%
EBIT Margin		 20.17% 7.95% -4.20% -16.93% -9.24% -6.73% -0.36% -13.39% -33.02% -8.10% -3.72%
Profit (Net Income) Margin		 11.86% 5.33% -1.61% -21.13% -9.44% -6.66% -0.41% -13.43% -33.05% -8.14% -3.76%
Tax Burden Percent		 58.79% 67.05% 38.35% 124.82% 102.22% 99.02% 113.26% 100.31% 100.08% 100.47% 101.13%
Interest Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Effective Tax Rate		 41.21% 32.95% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 18.37% 6.16% -0.83% -3.51% -2.32% -3.31% 0.59% -4.85% -11.37% -3.27% 3.46%
ROIC Less NNEP Spread (ROIC-NNEP)		 19.47% 7.77% -0.98% -24.62% -20.54% -12.63% -101.79% -56.99% -34.06% -14.62% -32.89%
Return on Net Nonoperating Assets (RNNOA)		 -6.16% -2.81% 0.06% -6.73% -2.79% -0.26% -0.84% -3.07% -9.49% -4.95% -7.28%
Return on Equity (ROE)		 12.21% 3.35% -0.78% -10.24% -5.11% -3.57% -0.26% -7.92% -20.86% -8.21% -3.81%
Cash Return on Invested Capital (CROIC)		 4.44% -43.84% -82.29% -4.33% -1.10% -7.34% -5.00% -14.76% -14.66% 1.53% 9.32%
Operating Return on Assets (OROA)		 16.13% 3.87% -1.49% -5.55% -3.55% -2.61% -0.16% -5.57% -13.01% -4.83% -2.35%
Return on Assets (ROA)		 9.48% 2.59% -0.57% -6.93% -3.63% -2.59% -0.18% -5.58% -13.03% -4.85% -2.37%
Return on Common Equity (ROCE)		 12.21% 3.35% -0.78% -10.24% -5.11% -3.57% -0.26% -7.92% -20.86% -8.21% -3.81%
Return on Equity Simple (ROE_SIMPLE)		 11.43% 2.58% -0.71% -10.68% -4.47% -3.62% -0.24% -8.21% -23.10% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 1.25 0.60 -0.17 -1.01 -0.67 -0.97 0.18 -1.61 -4.02 -1.15 1.15
NOPAT Margin		 12.20% 6.25% -1.63% -9.22% -4.87% -6.30% 0.94% -8.67% -23.03% -4.33% 4.18%
Net Nonoperating Expense Percent (NNEP)		 -1.10% -1.61% 0.15% 21.11% 18.22% 9.32% 102.38% 52.14% 22.70% 11.35% 36.36%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - - -10.89% -3.02% 3.19%
Cost of Revenue to Revenue		 38.89% 43.20% 49.94% 52.72% 50.89% 55.27% 55.02% 58.81% 77.85% 70.03% 58.60%
SG&A Expenses to Revenue		 12.58% 15.24% 14.62% 15.83% 12.30% 11.22% 8.97% 12.19% 12.22% 8.37% 11.58%
R&D to Revenue		 12.08% 13.04% 19.62% 32.01% 26.87% 28.38% 21.66% 24.20% 25.15% 14.72% 11.00%
Operating Expenses to Revenue		 40.36% 47.47% 52.38% 60.44% 56.06% 53.73% 43.64% 53.57% 55.05% 36.16% 35.44%
Earnings before Interest and Taxes (EBIT)		 2.06 0.76 -0.44 -1.86 -1.27 -1.03 -0.07 -2.49 -5.77 -2.15 -1.03
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 2.59 1.56 0.47 -0.34 1.00 1.32 2.39 0.01 -3.03 0.58 1.76
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 2.25 1.31 1.84 1.78 1.21 1.52 1.86 1.56 1.58 1.53 2.05
Price to Tangible Book Value (P/TBV)		 2.25 1.33 1.86 1.80 1.22 1.53 1.87 1.56 1.59 1.53 2.06
Price to Revenue (P/Rev)		 2.33 2.70 4.17 3.52 2.56 2.80 3.16 2.54 2.26 1.59 2.01
Price to Earnings (P/E)		 19.67 50.74 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 5.08% 1.97% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 2.82 1.50 1.69 1.58 1.21 1.49 1.89 1.48 1.40 1.42 1.88
Enterprise Value to Revenue (EV/Rev)		 2.01 1.91 4.66 4.18 2.53 2.90 3.10 2.78 2.89 1.84 2.20
Enterprise Value to EBITDA (EV/EBITDA)		 7.93 11.65 104.43 0.00 34.76 33.82 24.96 5,674.60 0.00 83.74 34.64
Enterprise Value to EBIT (EV/EBIT)		 9.94 23.98 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 16.45 30.47 0.00 0.00 0.00 0.00 331.32 0.00 0.00 0.00 52.67
Enterprise Value to Operating Cash Flow (EV/OCF)		 7.08 0.00 41.38 0.00 148.88 33.80 62.56 0.00 0.00 136.47 24.56
Enterprise Value to Free Cash Flow (EV/FCFF)		 68.09 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 90.96 19.58
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.30 0.15 0.38 0.45 0.29 0.34 0.28 0.34 0.48 0.38 0.34
Long-Term Debt to Equity		 0.29 0.15 0.37 0.39 0.25 0.31 0.26 0.30 0.42 0.33 0.28
Financial Leverage		 -0.32 -0.36 -0.06 0.27 0.14 0.02 0.01 0.05 0.28 0.34 0.22
Leverage Ratio		 1.29 1.29 1.36 1.48 1.41 1.38 1.39 1.42 1.60 1.69 1.61
Compound Leverage Factor		 1.29 1.29 1.36 1.48 1.41 1.38 1.39 1.42 1.60 1.69 1.61
Debt to Total Capital		 23.09% 13.25% 27.51% 30.99% 22.51% 25.15% 21.91% 25.19% 32.38% 27.69% 25.17%
Short-Term Debt to Total Capital		 0.95% 0.59% 0.97% 4.27% 3.41% 2.01% 1.95% 2.56% 3.87% 3.94% 4.45%
Long-Term Debt to Total Capital		 22.14% 12.66% 26.54% 26.73% 19.10% 23.14% 19.96% 22.63% 28.52% 23.76% 20.71%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 76.91% 86.75% 72.49% 69.01% 77.49% 74.85% 78.09% 74.81% 67.62% 72.31% 74.83%
Debt to EBITDA		 1.23 1.93 19.22 -28.78 8.42 7.22 3.82 1,123.25 -3.95 18.07 5.18
Net Debt to EBITDA		 -1.29 -4.88 11.07 -21.35 -0.35 1.18 -0.44 487.37 -3.63 11.62 3.01
Long-Term Debt to EBITDA		 1.18 1.84 18.54 -24.82 7.15 6.64 3.48 1,009.12 -3.48 15.50 4.27
Debt to NOPAT		 2.55 5.05 -52.68 -9.64 -12.61 -9.83 50.73 -6.36 -2.97 -9.18 7.88
Net Debt to NOPAT		 -2.68 -12.75 -30.34 -7.15 0.53 -1.61 -5.81 -2.76 -2.73 -5.91 4.58
Long-Term Debt to NOPAT		 2.45 4.82 -50.82 -8.32 -10.70 -9.04 46.22 -5.71 -2.62 -7.87 6.49
Altman Z-Score		 5.47 4.26 2.93 2.34 2.65 2.60 3.75 2.29 1.04 1.71 2.59
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 9.94 6.97 3.64 2.50 5.29 5.50 6.42 4.58 2.73 3.41 4.26
Quick Ratio		 8.53 5.64 2.49 1.35 4.17 4.41 5.08 2.46 0.75 1.71 1.82
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 0.30 -4.25 -17 -1.25 -0.32 -2.14 -1.53 -4.90 -5.19 0.54 3.11
Operating Cash Flow to CapEx		 109.32% -5.53% 6.64% -18.40% 24.80% 32.67% 36.79% -38.94% -247.31% 77.60% 203.84%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.80 0.49 0.35 0.33 0.38 0.39 0.45 0.42 0.39 0.60 0.63
Accounts Receivable Turnover		 11.87 11.16 8.93 9.65 10.68 8.94 8.57 8.34 8.86 8.90 7.69
Inventory Turnover		 4.38 2.75 2.49 2.64 2.88 3.68 4.09 2.39 1.96 2.49 1.98
Fixed Asset Turnover		 2.14 1.23 0.58 0.42 0.54 0.59 0.72 0.67 0.62 1.00 1.19
Accounts Payable Turnover		 0.00 0.00 2.88 3.94 5.72 6.60 7.14 6.04 6.59 8.05 6.80
Days Sales Outstanding (DSO)		 30.75 32.71 40.88 37.81 34.17 40.85 42.59 43.77 41.20 41.03 47.47
Days Inventory Outstanding (DIO)		 83.32 132.66 146.31 138.04 126.75 99.24 89.34 152.57 185.83 146.81 184.54
Days Payable Outstanding (DPO)		 0.00 0.00 126.64 92.75 63.80 55.33 51.10 60.42 55.35 45.32 53.68
Cash Conversion Cycle (CCC)		 114.06 165.36 60.55 83.10 97.12 84.75 80.83 135.92 171.68 142.53 178.32
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 7.27 12 29 29 29 30 32 35 36 34 32
Invested Capital Turnover		 1.51 0.99 0.51 0.38 0.48 0.52 0.63 0.56 0.49 0.75 0.83
Increase / (Decrease) in Invested Capital		 0.95 4.84 17 0.24 -0.35 1.18 1.71 3.29 1.16 -1.69 -1.95
Enterprise Value (EV)		 21 18 49 46 35 44 60 52 50 49 61
Market Capitalization		 24 26 44 39 35 43 61 47 39 42 56
Book Value per Share		 $3.47 $4.07 $4.67 $3.96 $4.02 $3.92 $4.21 $3.92 $3.22 $3.37 $2.99
Tangible Book Value per Share		 $3.47 $4.01 $4.62 $3.92 $3.99 $3.89 $4.19 $3.90 $3.21 $3.36 $2.98
Total Capital		 14 23 33 32 37 38 42 41 37 38 36
Total Debt		 3.19 3.01 8.96 9.77 8.42 9.50 9.14 10 12 11 9.10
Total Long-Term Debt		 3.05 2.88 8.64 8.42 7.15 8.74 8.33 9.19 11 9.04 7.49
Net Debt		 -3.35 -7.61 5.16 7.24 -0.35 1.55 -1.05 4.44 11 6.78 5.29
Capital Expenditures (CapEx)		 2.65 4.02 18 2.03 0.94 4.03 2.59 3.96 1.89 0.46 1.21
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 1.17 1.80 1.96 2.68 3.19 2.76 4.36 6.25 7.72 8.37 11
Debt-free Net Working Capital (DFNWC)		 7.22 12 5.76 5.20 12 11 15 12 8.70 12 15
Net Working Capital (NWC)		 7.09 12 5.44 3.86 11 9.95 14 11 7.27 11 13
Net Nonoperating Expense (NNE)		 0.03 0.09 -0.00 1.31 0.63 0.06 0.26 0.88 1.75 1.01 2.19
Net Nonoperating Obligations (NNO)		 -3.35 -7.61 5.16 7.24 -0.35 1.55 -1.05 4.44 11 6.78 5.29
Total Depreciation and Amortization (D&A)		 0.53 0.80 0.90 1.52 2.27 2.35 2.46 2.50 2.74 2.73 2.78
Debt-free, Cash-free Net Working Capital to Revenue		 11.47% 18.84% 18.80% 24.39% 23.28% 17.99% 22.64% 33.65% 44.20% 31.59% 38.96%
Debt-free Net Working Capital to Revenue		 70.56% 130.16% 55.22% 47.33% 87.22% 69.78% 75.57% 64.84% 49.80% 45.78% 52.73%
Net Working Capital to Revenue		 69.28% 128.76% 52.18% 35.10% 77.93% 64.83% 71.35% 59.24% 41.62% 40.13% 46.91%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.40 $0.12 ($0.03) ($0.42) ($0.19) ($0.14) ($0.01) ($0.32) ($0.75) ($0.26) ($0.12)
Adjusted Weighted Average Basic Shares Outstanding		 3.04M 4.23M 4.95M 5.49M 6.82M 7.21M 7.59M 7.75M 7.75M 8.17M 9.03M
Adjusted Diluted Earnings per Share		 $0.38 $0.12 ($0.03) ($0.42) ($0.19) ($0.14) ($0.01) ($0.32) ($0.75) ($0.26) ($0.12)
Adjusted Weighted Average Diluted Shares Outstanding		 3.17M 4.34M 4.95M 5.49M 6.82M 7.21M 7.59M 7.75M 7.75M 8.17M 9.03M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 4.18M 4.85M 5.48M 5.57M 7.21M 7.22M 7.74M 7.75M 7.75M 8.98M 9.05M
Normalized Net Operating Profit after Tax (NOPAT)		 1.25 0.60 -0.17 -1.50 -0.67 -0.97 0.18 -1.61 -4.02 -1.15 1.15
Normalized NOPAT Margin		 12.20% 6.25% -1.63% -13.68% -4.87% -6.30% 0.94% -8.67% -23.03% -4.33% 4.18%
Pre Tax Income Margin		 20.17% 7.95% -4.20% -16.93% -9.24% -6.73% -0.36% -13.39% -33.02% -8.10% -3.72%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -13.53% -6.53%

Quarterly Metrics And Ratios for ImmuCell

This table displays calculated financial ratios and metrics derived from ImmuCell's official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 7,746,864.00 7,750,864.00 7,750,864.00 7,750,864.00 7,750,864.00 7,750,864.00 7,750,864.00 7,750,864.00 7,750,864.00 9,045,851.00 9,046,799.00
DEI Adjusted Shares Outstanding		 7,746,864.00 7,750,864.00 7,750,864.00 7,750,864.00 7,750,864.00 7,750,864.00 7,750,864.00 7,750,864.00 7,750,864.00 9,045,851.00 9,046,799.00
DEI Earnings Per Adjusted Shares Outstanding		 -0.12 -0.15 -0.06 -0.20 -0.09 0.07 0.19 0.06 -0.02 -0.32 0.21
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 12.52% 30.30% 110.58% 54.92% 11.40% 52.10% 11.16% 17.76% -8.41% -1.61% 28.39%
EBITDA Growth		 -1,259.22% 57.22% 114.56% -22.71% 93.75% 365.76% 786.27% 239.40% 4,075.42% -277.26% 16.38%
EBIT Growth		 -44.31% 31.68% 81.13% -11.04% 25.48% 145.73% 431.91% 132.92% 80.68% -646.65% 34.87%
NOPAT Growth		 -91.97% 38.58% 86.70% -6.29% 51.45% 187.44% 631.41% 158.46% 103.49% -106.61% 75.31%
Net Income Growth		 -43.49% 31.66% 81.09% -11.01% 25.35% 145.14% 430.46% 132.77% 80.08% -653.71% 34.18%
EPS Growth		 -50.00% 31.82% 80.00% -11.11% 25.00% 160.00% 366.67% 130.00% 77.78% -455.56% 31.25%
Operating Cash Flow Growth		 59.64% 44.29% 115.15% 185.38% -25.91% 99.58% 276.06% 175.28% -84.97% 15,915.83% 127.03%
Free Cash Flow Firm Growth		 -27.93% 57.87% 110.19% 136.63% 168.77% 223.15% 236.54% -83.61% -177.54% -16.92% 198.46%
Invested Capital Growth		 8.05% 3.34% -2.10% -7.59% -7.80% -4.68% -2.06% 0.83% 5.67% -5.69% -10.24%
Revenue Q/Q Growth		 52.76% -5.57% 42.42% -24.59% 9.84% 28.94% 4.08% -20.11% -14.57% 38.50% 35.82%
EBITDA Q/Q Growth		 66.64% -96.60% 153.14% -452.12% 98.30% 8,456.42% 77.20% -44.62% -51.52% -472.59% 216.35%
EBIT Q/Q Growth		 31.81% -21.14% 61.66% -250.56% 54.23% 174.33% 178.32% -65.23% -126.86% -2,003.48% 168.67%
NOPAT Q/Q Growth		 9.23% 15.25% 70.10% -362.12% 58.54% 252.62% 81.73% -49.16% -97.52% -388.70% 4,923.11%
Net Income Q/Q Growth		 31.87% -21.26% 61.58% -249.79% 54.19% 173.33% 181.21% -65.32% -127.84% -1,938.77% 168.15%
EPS Q/Q Growth		 33.33% -25.00% 60.00% -233.33% 55.00% 200.00% 77.78% -62.50% -133.33% -1,500.00% 165.63%
Operating Cash Flow Q/Q Growth		 25.49% -42.41% 157.88% 39.01% -209.89% 99.52% 51,684.27% 1.76% -173.84% 140.80% 640.46%
Free Cash Flow Firm Q/Q Growth		 26.91% 47.22% 129.31% 223.97% 37.23% -5.48% -19.92% -84.23% -749.36% 201.28% 187.70%
Invested Capital Q/Q Growth		 0.57% -0.98% -1.93% -5.38% 0.34% 2.37% 0.77% -2.59% 5.16% -8.64% -4.09%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 23.48% 24.68% 31.63% 22.48% 26.34% 36.53% 41.58% 43.72% 42.92% 38.16% 44.97%
EBITDA Margin		 -4.27% -8.90% 3.32% -15.50% -0.24% 15.55% 26.47% 18.35% 10.41% -28.01% 24.00%
Operating Margin		 -21.94% -19.69% -4.13% -25.34% -9.56% 8.02% 13.85% 8.84% 0.36% -0.76% 19.01%
EBIT Margin		 -17.41% -22.34% -6.01% -27.96% -11.65% 6.72% 17.96% 7.82% -2.46% -37.32% 18.87%
Profit (Net Income) Margin		 -17.42% -22.37% -6.03% -27.99% -11.67% 6.64% 17.94% 7.79% -2.54% -37.36% 18.75%
Tax Burden Percent		 100.02% 100.12% 100.31% 100.09% 100.19% 98.84% 99.87% 99.62% 103.29% 100.12% 99.36%
Interest Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 1.16% 0.13% 0.38% 0.00% 0.00% 0.64%
Return on Invested Capital (ROIC)		 -7.15% -6.80% -1.73% -11.85% -4.57% 5.97% 10.82% 7.42% 0.21% -0.44% 17.24%
ROIC Less NNEP Spread (ROIC-NNEP)		 -9.01% -12.47% -4.18% -17.69% -8.01% 4.85% 14.89% 6.47% -2.22% -46.97% 16.84%
Return on Net Nonoperating Assets (RNNOA)		 -1.86% -3.48% -1.47% -6.75% -2.66% 1.64% 4.51% 1.67% -0.50% -10.39% 2.16%
Return on Equity (ROE)		 -9.01% -10.28% -3.20% -18.60% -7.23% 7.62% 15.32% 9.09% -0.30% -10.83% 19.41%
Cash Return on Invested Capital (CROIC)		 -20.50% -14.66% -5.32% 0.09% 1.57% 1.53% 1.63% 4.31% 1.20% 9.32% 16.13%
Operating Return on Assets (OROA)		 -6.24% -8.80% -2.97% -15.13% -6.24% 4.00% 11.06% 4.99% -1.51% -23.54% 12.59%
Return on Assets (ROA)		 -6.24% -8.81% -2.98% -15.14% -6.25% 3.96% 11.05% 4.97% -1.56% -23.57% 12.51%
Return on Common Equity (ROCE)		 -9.01% -10.28% -3.20% -18.60% -7.23% 7.62% 15.32% 9.09% -0.30% -10.83% 19.41%
Return on Equity Simple (ROE_SIMPLE)		 -24.23% 0.00% -15.82% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -0.83 -0.70 -0.21 -0.97 -0.40 0.61 1.12 0.57 0.01 -0.04 1.96
NOPAT Margin		 -15.36% -13.78% -2.89% -17.74% -6.69% 7.92% 13.84% 8.80% 0.26% -0.53% 18.89%
Net Nonoperating Expense Percent (NNEP)		 1.86% 5.67% 2.46% 5.84% 3.44% 1.12% -4.08% 0.95% 2.42% 46.53% 0.40%
Return On Investment Capital (ROIC_SIMPLE)		 - -1.90% -0.58% -2.80% -1.08% 1.61% 2.85% 1.43% 0.04% -0.11% 5.17%
Cost of Revenue to Revenue		 76.52% 75.32% 68.37% 77.52% 73.66% 63.47% 58.42% 56.28% 57.08% 61.84% 55.03%
SG&A Expenses to Revenue		 9.54% 10.27% 7.33% 10.99% 8.79% 7.16% 7.72% 11.18% 13.25% 14.79% 10.98%
R&D to Revenue		 20.73% 20.93% 17.40% 18.83% 13.08% 10.57% 9.38% 12.91% 12.61% 9.95% 3.07%
Operating Expenses to Revenue		 45.42% 44.37% 35.76% 47.82% 35.90% 28.52% 27.72% 34.89% 42.55% 38.92% 25.95%
Earnings before Interest and Taxes (EBIT)		 -0.94 -1.14 -0.44 -1.53 -0.70 0.52 1.45 0.50 -0.14 -2.85 1.95
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -0.23 -0.45 0.24 -0.85 -0.01 1.21 2.14 1.18 0.57 -2.14 2.49
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.59 1.58 1.67 1.61 1.12 1.53 1.48 2.10 1.90 2.05 1.97
Price to Tangible Book Value (P/TBV)		 1.60 1.59 1.68 1.62 1.13 1.53 1.49 2.11 1.90 2.06 1.97
Price to Revenue (P/Rev)		 2.54 2.26 1.93 1.63 1.24 1.59 1.58 2.22 2.04 2.01 1.91
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 35.68 24.33 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 2.80% 4.11% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 1.42 1.40 1.47 1.43 1.10 1.42 1.41 1.98 1.76 1.88 1.91
Enterprise Value to Revenue (EV/Rev)		 3.17 2.89 2.43 2.06 1.54 1.84 1.78 2.36 2.24 2.20 1.98
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 83.74 19.61 14.78 12.19 34.64 28.09
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 37.60 26.58 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 38.69 26.85 52.67 33.79
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 136.47 32.11 26.32 31.23 24.56 13.22
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 1,528.68 66.85 90.96 85.32 46.10 150.00 19.58 11.18
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.47 0.48 0.47 0.48 0.41 0.38 0.35 0.33 0.32 0.34 0.30
Long-Term Debt to Equity		 0.42 0.42 0.41 0.42 0.36 0.33 0.30 0.28 0.27 0.28 0.24
Financial Leverage		 0.21 0.28 0.35 0.38 0.33 0.34 0.30 0.26 0.23 0.22 0.13
Leverage Ratio		 1.57 1.60 1.63 1.71 1.70 1.69 1.65 1.66 1.60 1.61 1.54
Compound Leverage Factor		 1.57 1.60 1.63 1.71 1.70 1.69 1.65 1.66 1.60 1.61 1.54
Debt to Total Capital		 32.13% 32.38% 32.04% 32.43% 29.22% 27.69% 25.97% 24.70% 24.15% 25.17% 23.00%
Short-Term Debt to Total Capital		 3.68% 3.87% 3.98% 4.21% 3.96% 3.94% 3.87% 3.87% 4.05% 4.45% 4.30%
Long-Term Debt to Total Capital		 28.45% 28.52% 28.05% 28.22% 25.25% 23.76% 22.09% 20.83% 20.10% 20.71% 18.70%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 67.87% 67.62% 67.96% 67.57% 70.78% 72.31% 74.03% 75.30% 75.85% 74.83% 77.00%
Debt to EBITDA		 -3.39 -3.95 -10.23 -8.72 -10.14 18.07 4.10 2.17 1.86 5.18 4.13
Net Debt to EBITDA		 -2.84 -3.63 -9.39 -7.69 -6.60 11.62 2.25 0.84 1.10 3.01 0.90
Long-Term Debt to EBITDA		 -3.00 -3.48 -8.96 -7.59 -8.76 15.50 3.49 1.83 1.55 4.27 3.36
Debt to NOPAT		 -2.76 -2.97 -4.37 -4.15 -4.77 -9.18 -65.30 5.69 4.10 7.88 4.97
Net Debt to NOPAT		 -2.31 -2.73 -4.01 -3.66 -3.10 -5.91 -35.76 2.21 2.42 4.58 1.08
Long-Term Debt to NOPAT		 -2.44 -2.62 -3.83 -3.61 -4.12 -7.87 -55.56 4.80 3.41 6.49 4.04
Altman Z-Score		 1.53 1.39 1.59 1.38 1.26 1.90 2.18 2.84 2.69 2.45 3.11
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 3.59 2.73 2.71 2.37 3.11 3.41 4.12 3.85 4.21 4.26 4.82
Quick Ratio		 1.16 0.75 0.86 0.72 1.37 1.71 2.06 1.88 1.61 1.82 2.43
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -3.54 -1.87 0.55 1.77 2.43 2.30 1.84 0.29 -1.89 1.91 5.50
Operating Cash Flow to CapEx		 -95.22% 0.00% 594.84% 525.35% -723.13% -1.55% 478.30% 1,032.17% -199.75% 288.42% 2,136.60%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.36 0.39 0.49 0.54 0.54 0.60 0.62 0.64 0.62 0.63 0.67
Accounts Receivable Turnover		 9.13 8.86 9.03 13.47 11.43 8.90 9.15 13.06 11.42 7.69 9.91
Inventory Turnover		 2.00 1.96 2.29 2.32 2.35 2.49 2.52 2.27 1.90 1.98 2.14
Fixed Asset Turnover		 0.58 0.62 0.77 0.85 0.88 1.00 1.05 1.10 1.11 1.19 1.31
Accounts Payable Turnover		 7.16 6.59 7.94 7.45 8.03 8.05 8.90 6.87 6.79 6.80 8.25
Days Sales Outstanding (DSO)		 39.96 41.20 40.41 27.11 31.94 41.03 39.90 27.94 31.96 47.47 36.83
Days Inventory Outstanding (DIO)		 182.80 185.83 159.53 157.66 155.08 146.81 144.65 160.90 192.07 184.54 170.24
Days Payable Outstanding (DPO)		 50.98 55.35 45.96 49.03 45.48 45.32 40.99 53.15 53.72 53.68 44.22
Cash Conversion Cycle (CCC)		 171.78 171.68 153.98 135.75 141.55 142.53 143.55 135.70 170.30 178.32 162.84
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 36 36 35 33 34 34 35 34 35 32 31
Invested Capital Turnover		 0.47 0.49 0.60 0.67 0.68 0.75 0.78 0.84 0.81 0.83 0.91
Increase / (Decrease) in Invested Capital		 2.71 1.16 -0.76 -2.74 -2.83 -1.69 -0.73 0.28 1.90 -1.95 -3.54
Enterprise Value (EV)		 52 50 52 48 37 49 49 67 62 61 59
Market Capitalization		 41 39 41 38 30 42 43 63 57 56 57
Book Value per Share		 $3.36 $3.22 $3.18 $3.00 $3.24 $3.37 $3.23 $3.31 $3.29 $2.99 $3.22
Tangible Book Value per Share		 $3.34 $3.21 $3.16 $2.99 $3.22 $3.36 $3.22 $3.30 $3.28 $2.98 $3.21
Total Capital		 38 37 36 35 37 38 39 40 39 36 38
Total Debt		 12 12 12 11 11 11 10 9.80 9.49 9.10 8.70
Total Long-Term Debt		 11 11 10 9.80 9.42 9.04 8.65 8.26 7.90 7.49 7.07
Net Debt		 10 11 11 9.94 7.09 6.78 5.57 3.80 5.60 5.29 1.89
Capital Expenditures (CapEx)		 0.53 -0.03 0.07 0.11 0.09 0.20 0.33 0.16 0.59 0.17 0.17
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 8.06 7.72 7.65 6.37 7.09 8.37 8.97 8.23 11 11 9.76
Debt-free Net Working Capital (DFNWC)		 10 8.70 8.61 7.70 11 12 14 14 14 15 17
Net Working Capital (NWC)		 8.63 7.27 7.16 6.24 9.42 11 12 13 13 13 15
Net Nonoperating Expense (NNE)		 0.11 0.44 0.23 0.56 0.30 0.10 -0.33 0.07 0.15 2.81 0.02
Net Nonoperating Obligations (NNO)		 10 11 11 9.94 7.09 6.78 5.57 3.80 5.60 5.29 1.89
Total Depreciation and Amortization (D&A)		 0.71 0.68 0.68 0.68 0.69 0.68 0.69 0.68 0.71 0.71 0.53
Debt-free, Cash-free Net Working Capital to Revenue		 49.46% 44.20% 35.93% 27.45% 29.75% 31.59% 32.86% 29.10% 37.93% 38.96% 32.62%
Debt-free Net Working Capital to Revenue		 61.68% 49.80% 40.44% 33.15% 45.73% 45.78% 49.70% 50.31% 51.92% 52.73% 55.38%
Net Working Capital to Revenue		 53.01% 41.62% 33.66% 26.86% 39.52% 40.13% 44.15% 44.88% 46.19% 46.91% 49.94%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.12) ($0.15) ($0.06) ($0.20) ($0.09) $0.09 $0.16 $0.06 ($0.02) ($0.32) $0.21
Adjusted Weighted Average Basic Shares Outstanding		 7.75M 7.75M 7.75M 7.81M 8.16M 8.17M 8.98M 9.03M 9.05M 9.03M 9.05M
Adjusted Diluted Earnings per Share		 ($0.12) ($0.15) ($0.06) ($0.20) ($0.09) $0.09 $0.16 $0.06 ($0.02) ($0.32) $0.21
Adjusted Weighted Average Diluted Shares Outstanding		 7.75M 7.75M 7.75M 7.81M 8.16M 8.17M 8.98M 9.03M 9.05M 9.03M 9.05M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 7.75M 7.75M 7.81M 7.83M 8.91M 8.98M 0.00 0.00 9.05M 9.05M 9.05M
Normalized Net Operating Profit after Tax (NOPAT)		 -0.83 -0.70 -0.21 -0.97 -0.40 0.61 1.12 0.57 0.01 -0.04 1.96
Normalized NOPAT Margin		 -15.36% -13.78% -2.89% -17.74% -6.69% 7.92% 13.84% 8.80% 0.26% -0.53% 18.89%
Pre Tax Income Margin		 -17.41% -22.34% -6.01% -27.96% -11.65% 6.72% 17.96% 7.82% -2.46% -37.32% 18.87%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% -13.53% -123.19% 11.06% 3.62% -6.53% -4.57%

Financials Breakdown Chart

Key Financial Trends

ImmuCell’s latest quarter shows a sharp turnaround in profitability and cash generation, but the balance sheet still reflects a business that relies on debt and working capital management. In Q1 2026, the company posted strong revenue growth, returned to solid operating profits, and generated meaningful operating cash flow. However, profitability has been volatile over the last year, and leverage remains an important factor for investors to watch.

  • Revenue rebounded strongly year over year. Q1 2026 revenue rose to $10.4 million from $8.1 million in Q1 2025, and from $7.6 million in Q4 2025, showing a clear sequential and annual improvement.
  • Gross profit expanded meaningfully. Gross profit in Q1 2026 was $4.7 million, up from $3.4 million in Q1 2025, supported by higher revenue and a relatively controlled cost of revenue.
  • Operating income turned solidly positive. Q1 2026 operating income was $2.0 million versus $1.1 million in Q1 2025 and a loss in Q4 2025, indicating better operating leverage.
  • Net income improved dramatically. The company earned $1.94 million in Q1 2026, compared with a $2.85 million loss in Q4 2025 and a $139,748 loss in Q3 2025.
  • Operating cash flow was strong. ImmuCell generated $3.6 million in cash from operations in Q1 2026, a big improvement from $0.5 million in Q4 2025 and a negative $1.2 million in Q3 2025.
  • Cash rose sharply. Cash and equivalents increased to $6.8 million at March 31, 2026, from $3.9 million at September 30, 2025.
  • Debt is trending lower. Short-term debt declined to $1.63 million from $1.59 million in Q3 2025, while long-term debt fell to $7.07 million from $7.90 million.
  • Inventory remains a major asset on the balance sheet. Inventories were $8.7 million, which is a large working-capital component and deserves monitoring for inventory efficiency.
  • Depreciation is still a meaningful non-cash add-back. Q1 2026 depreciation was $528 thousand, reflecting the company’s asset-heavy operating structure.
  • Leverage remains elevated relative to equity. Total liabilities were $15.0 million versus $29.1 million in equity, so debt service and refinancing capacity remain important risk factors.

Longer-term trend: ImmuCell’s recent quarters show a much healthier earnings profile than the weak periods seen in mid-2025 and late-2024. For example, the company moved from a Q4 2025 net loss of $2.8 million to a Q1 2026 net profit of $1.9 million, while operating cash flow swung from $0.5 million to $3.6 million. That is a notable improvement in both profitability and liquidity.

Bottom line: The latest quarter looks encouraging, with higher sales, stronger margins, and improved cash generation. Still, investors should keep an eye on debt levels, working capital swings, and whether the company can maintain this momentum in future quarters.

07/15/26 06:36 AM ETAI Generated. May Contain Errors.

ImmuCell Financials - Frequently Asked Questions

According to the most recent income statement we have on file, ImmuCell's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

ImmuCell's net income appears to be on an upward trend, with a most recent value of -$1.04 million in 2025, falling from $1.21 million in 2015. The previous period was -$2.16 million in 2024. See ImmuCell's forecast for analyst expectations on what's next for the company.

ImmuCell's total operating income in 2025 was $1.65 million, based on the following breakdown:
  • Total Gross Profit: $11.45 million
  • Total Operating Expenses: $9.80 million

Over the last 10 years, ImmuCell's total revenue changed from $10.23 million in 2015 to $27.64 million in 2025, a change of 170.3%.

ImmuCell's total liabilities were at $15.48 million at the end of 2025, a 12.0% decrease from 2024, and a 294.2% increase since 2015.

In the past 10 years, ImmuCell's cash and equivalents has ranged from $978.74 thousand in 2023 to $10.19 million in 2021, and is currently $3.81 million as of their latest financial filing in 2025.

Over the last 10 years, ImmuCell's book value per share changed from 3.47 in 2015 to 2.99 in 2025, a change of -13.9%.


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Financial statements for NASDAQ:ICCC last updated on 7/9/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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