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ImmuCell Corporation (ICCC) fair value: what the stock is really worth

As of Sep 23, 2026: fair value of ImmuCell Corporation $1.75, price $9.99, upside -82.5%, quality 48 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? No
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Healthcare · US · ISIN US4525253062

IC ImmuCell Corporation logo Some data Sep 23, 2026

ImmuCell Corporation

ICCC · US

Weakest SetupStrongly overvalued and low quality.

!Fair value $1.75 · Strongly overvalued (−82%)
!Quality 48/100
!Mixed Growth (revenue 5y +12.5 %/yr)
!Loss-making · -1.8% net margin (TTM)
✓Low debt · generates free cash flow
!Mixed vs. peers (6/12)
!Narrow moat 30/100
!Evidence only medium, so the estimate is less certain
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

$11.72 $3.53 Fair Value $1.75 Jun 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 23, 2026.

How to read this chart

60‑month range $3.53 – $11.72 · fair‑value band $1.10 – $2.41 · the $9.99 price screens above the $1.75 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Sep 23, 2026.

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Company profile

ImmuCell Corporation, an animal health company, develops, manufactures, and sells products that improves the health and productivity of dairy and beef cattle in the United States and internationally. It operates through two segments, Scours and Mastitis.

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ImmuCell Corporation, an animal health company, develops, manufactures, and sells products that improves the health and productivity of dairy and beef cattle in the United States and internationally. It operates through two segments, Scours and Mastitis. The company offers First Defense, an orally delivered scours preventive product for calves with claims against E. coli, coronavirus, and rotavirus; and Tri-Shield First Defense, a passive antibody product for the treatment of E. coli, coronavirus, and rotavirus. It also provides California Mastitis Test, a quick on-farm diagnostic that is used to detect somatic cell counts in milk, as well as to determine, which quarter of the udder is mastitic; and Dual-Force First Defense, a bivalent gel tube formulation. In addition, the company developing Re-Tain Drug Product, a Nisin-based intramammary treatment of subclinical mastitis in lactating dairy cows. It sells its products through animal health distributors. ImmuCell Corporation was incorporated in 1982 and is based in Portland, Maine.

Stock analysis

ImmuCell Corporation (ICCC) currently trades at $9.99, while our model-based Fair Value estimate is $1.75, implying the stock looks roughly 470.5% overvalued today.

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Valuation

Bull case: the Multiples group reads highest at a median of $2.69 per share, and 0 of the 14 models we run sit above the $9.99 price.

Bear case: the Earnings-Based group reads lowest at $0.9100, and 14 of the 14 models stay below the price. Evidence for this calculation is medium.

Scenario range: $1.10 (bear) to $2.41 (bull), the price of $9.99 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 48/100 (below-average quality), in the Healthcare sector.

Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.

ImmuCell Corporation reported revenue of $27.6M in FY2025 versus $19.2M in FY2021, a compound +9.5%/yr. Reported net income was −$1.0M in FY2025.

Key figures

Market cap $90.2M · P/S ratio 2.87 · EPS (TTM) $−0.0700 · Net margin −3.8% · Return on equity −1.9% · Return on assets (EBIT) −3.5% · Operating margin 19.0% · Revenue (TTM) $29.9M.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 32 out of 100 (medium confidence).

What moves the price

The share trades about 15% below its 52-week high and 119% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Healthcare peers we cover trades at −5% fair-value upside, at −82%, ICCC screens richer than that median.

Fair Value models

Bear $1.10 Fair Value $1.75 Bull $2.41
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
FCF DCF $1.17 $1.93 $2.96 79
Growth DCF $1.15 $1.84 $2.71 78
Owner Earnings $0.4000 $0.8000 $1.33 74
All 14 models by family
DCF Models
FCF DCF $1.17 $1.93 $2.96 79
Owner Earnings $0.4000 $0.8000 $1.33 74
5Y Revenue Exit $1.17 $2.15 $3.43 71
5Y EBITDA Exit $2.88 $5.50 $8.69 73
10Y Revenue Exit $1.11 $1.93 $3.09 65
10Y EBITDA Exit $2.10 $3.97 $6.68 66
Earnings-Based
EPV $0.7600 $0.9100 $1.02 74
Multiples
EV/EBIT $1.92 $2.69 $3.47 65
EV/EBITDA $4.68 $6.37 $8.06 67
EV/Revenue $1.25 $1.96 $2.67 53
Asset-Based
NCAV (Graham) $1.50 $2.00 $2.99 54
Growth DCF
Growth DCF $1.15 $1.84 $2.71 78
Rev-Margin DCF $1.17 $2.15 $3.34 71
Economic Profit
ROIC Compounder $0.7600 $0.9100 $1.02 72

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Quality Score breakdown

Overall quality 48/100

Of which business quality 47 · Market factors (momentum, volatility) 78

Profitability 21
Margins and returns on capital today
Quality Growth 75
Are margins and returns improving?
Cashflow 32
Earnings quality: real cash, not paper profit
Fin. Strength 67
Balance sheet, leverage, solvency risk
Investment 95
Disciplined investing over empire-building
Low Volatility 60
Calm price path (market factor)
Momentum 84
Price trend over the last 3–12 months (market factor)
52W Momentum 88
Distance to the 52-week high (market factor)
Net Issuance 14
Share count: buybacks or dilution?

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Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 59/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+4.3%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+14.2%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+12.5%
Start year 2020 (pandemic). Over 10 years: +10.5% a year
Revenue growth 36 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+6.6%
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
−9.0% (2020) → 6.0% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

Growth Forecast

A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+40.6%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +37.4% a year for the price.

ICCC screens 470% overvalued. Compare with Vertex Pharmaceuticals Incorporated →

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Biotechnology · 649 stocks

Beats the industry median on 5/11 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 48 · Above median
Fair Value upside −83% · Bottom 25%
Profitability
Return on assets 5% · Top 25%
Net margin (TTM) −2% · Below median
Operating margin (TTM) 19% · Top 25%
Growth and dividend
Revenue growth 28% · Top 25%
Balance sheet
Debt / equity 0.28× · Highest 25%

Valuation Multiplesvs Biotechnology median · lower = cheaper

P/B 3.33× · Pricier than median
P/S (TTM) 3.01× · Cheaper than median
P/FCF 73.6× · Priciest 25%
EV/EBITDA 16.0× · Pricier than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 0
FUTURE (revenue growth)100 · sector 0
PAST (return on equity)0 · sector 0
HEALTH (low debt)86 · sector 97
DIVIDEND (yield)0 · sector 23

VALUE 0: the price sits above our fair-value range.

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

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CSL Limited CSL A$179.12 A$197.03 +10%
Alnylam Pharmaceuticals, Inc ALNY $251.65 $218.36 −13%
Royalty Pharma plc RPRX $58.52 $24.22 −59%
BeOne Medicines AG 6160 HK$218.20 HK$169.72 −22%
Celltrion, Inc 068270 177,400 KRW 74,519 KRW −58%
BioNTech SE BNTX $100.87 $63.62 −37%

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ImmuCell Corporation · Fair Value
$1.75 −470%Fair Value
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Cite: Fair Value Calculator (2026). "ImmuCell Corporation Fair Value". https://www.fairvalue-calculator.com/stock/ICCC

Frequently asked questions

Is ImmuCell Corporation (ICCC) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of $1.75 versus a price of $9.99, about −82% upside (overvalued).
What is the fair value of ICCC?
Our model-based fair value for ImmuCell Corporation is $1.75 (as of Sep 23, 2026), built from audited fundamentals. The current price: $9.99.
What is the quality score of ICCC?
ImmuCell Corporation has a Quality Score of 48/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for ImmuCell Corporation (ICCC)?
Our model-based price target is the fair value of $1.75 (as of Sep 23, 2026) from 14 valuation models. Cautious scenario $1.10, optimistic scenario $2.41. It is a calculation from audited fundamentals, not an analyst target.
What is the ImmuCell Corporation stock forecast for 2026?
Our models put fair value at $1.75, about −82% upside versus a price of $9.99 (overvalued). Cautious scenario $1.10, optimistic scenario $2.41. The calculation is refreshed regularly with new filings.
What is the revenue of ImmuCell Corporation (ICCC)?
ImmuCell Corporation reported trailing-twelve-month revenue of about $29.9M (latest available figure, as of Sep 23, 2026).
What growth is priced into ImmuCell Corporation (ICCC)?
For today's price to be fair in a discounted-cash-flow model, ImmuCell Corporation would have to grow free cash flow by +40.6 % per year for five years (discount rate 11.2 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +12.5 % per year. As of Sep 23, 2026.
What discount rate (WACC) does the fair value of ICCC use?
Our models discount ImmuCell Corporation at 11.2 %: a base by market capitalisation (micro), damped by beta 0.51, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For ImmuCell Corporation that is +40.6 % per year a year over ten years, using the same discount rate (11.2 %) and the same formula as our fair value.
How much growth has ImmuCell Corporation (ICCC) delivered so far?
Over the past 5 years revenue at ImmuCell Corporation grew +12.5 % a year. The price currently implies +40.6 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of ImmuCell Corporation (ICCC) growing?
The median revenue growth in the sector is +4.2 % a year. That is the yardstick for the growth priced into ImmuCell Corporation (+40.6 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of ImmuCell Corporation (ICCC)?
The free-cash-flow yield on the price is 1.36 %: that much free cash flow ImmuCell Corporation produces per unit of market value. When it exceeds the discount rate of our models (11.2 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of ImmuCell Corporation (ICCC)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For ImmuCell Corporation it is $1.75 per share (as of Sep 23, 2026), against a price of $9.99. It is the blended result of 14 valuation models (cash flow, earnings, asset, dividend).
Is ImmuCell Corporation stock overvalued or undervalued in 2026?
As of Sep 23, 2026, ICCC trades above its calculated fair value: price $9.99, fair value $1.75, a gap of about −82% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of ICCC?
No. The price is what the market pays today ($9.99); the fair value is what the company's own numbers justify ($1.75). For ImmuCell Corporation the two are $8.24 per share apart. That gap is exactly why we show both numbers side by side.
How much is ImmuCell Corporation worth?
The market values ImmuCell Corporation at about $90.2M (market capitalisation, as of Sep 23, 2026). Per share that is $9.99; our models calculate a fair value of $1.75 per share.
What do the bullish and bearish scenarios say about ICCC?
Our models span a range for ImmuCell Corporation: cautious scenario $1.10, base $1.75, optimistic $2.41 per share (as of Sep 23, 2026, price $9.99). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of ImmuCell Corporation (ICCC)?
Balance-sheet figures for ImmuCell Corporation (as of Sep 23, 2026): return on equity −1.9%, debt of 0.28 per unit of equity. They feed the Quality Score of 48/100, which measures business quality independently of the share price.
How far is ICCC from its 52-week high?
ImmuCell Corporation trades at $9.99, about 15% below its 52-week high of $11.72 and 119% above the low of $4.56 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of $1.75 is for.
Which stocks are comparable to ImmuCell Corporation?
From the same area (Healthcare) we also value Vertex Pharmaceuticals Incorporated, Regeneron Pharmaceuticals, Inc, argenx SE, Samsung Biologics Co, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is ImmuCell Corporation stock attractive at the current price?
The data as of Sep 23, 2026: price $9.99, calculated fair value $1.75 (−82%), Quality Score 48/100, from 14 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of ICCC calculated?
We run ImmuCell Corporation through 14 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $1.75, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.0 % above its aggregate fair value. ImmuCell Corporation itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of ImmuCell Corporation (ICCC)?
The closing price on Sep 23, 2026 was $9.99. Our model-based fair value is $1.75, about −82% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with ImmuCell Corporation right now?
The price sits above even our optimistic bull case ($2.41). The favourable scenario is already priced in. Solid but not exceptional quality (48/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range ($1.10 to $2.41) leaves room in how you read the outcome.

Key figures of ImmuCell Corporation

How large is the market capitalisation of ImmuCell Corporation (ICCC)?
The market capitalisation of ImmuCell Corporation is $90.2M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of ImmuCell Corporation (ICCC)?
The price-to-sales ratio of ImmuCell Corporation is 2.87 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of ImmuCell Corporation (ICCC)?
Earnings per share at ImmuCell Corporation are $−0.0700. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of ImmuCell Corporation (ICCC)?
The net margin of ImmuCell Corporation is −3.8% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of ImmuCell Corporation (ICCC)?
The return on equity (ROE) of ImmuCell Corporation is −1.9% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of ImmuCell Corporation (ICCC)?
On an EBIT basis the return on assets of ImmuCell Corporation is −3.5% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of ImmuCell Corporation (ICCC)?
The operating margin of ImmuCell Corporation is 19.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at ImmuCell Corporation (ICCC)?
Revenue at ImmuCell Corporation is growing +28.4% versus a year earlier (3y avg +14.2%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at ImmuCell Corporation (ICCC)?
Earnings per share at ImmuCell Corporation are growing +31.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does ImmuCell Corporation (ICCC) carry?
The net debt of ImmuCell Corporation is $9.4M (fiscal year 2025, ≈ 7.7 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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