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Immucell Corp (ICCC) stock

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NASDAQ: ICCC Nasdaq Agricultural Products & Services Next results ~November 12, 2026

B Fundamentals grade

Immucell Corp is a US-listed company in the agricultural products & services industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$6.0

Cash-flow model

Base case. Range ~$4.5–$7.9 across our lower- and higher-growth cases (6.4%–16.4% a year).

Price vs value

Overvalued

The price is above our entire value range; our base value is 43% below it.

Price used: $10.56, November 2, 2026

Immucell Corp valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders2 buying, 0 selling8 purchases and 0 sales by directors and officers, last 12 monthsInsider trades
  • Funds14 adding, 10 cuttingOf 4 active managers that changed their stake, 4 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Immucell files

Where Immucell stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $31m, up 8.5% on a year earlier, slower than the 9.6% growth a quarter earlier. Free-cash-flow margin rose to 13.7% from 6.2% a year earlier. Operating margin widened to 12.6% from 6.1%. The diluted share count is up 3.4% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades B. It passes 6 of our 7 financial-health checks. Our cash-flow model value is $5.92 a share, against a share price of $10.57. At that price, our model says the market is pricing in about 22.1% a year of cash-flow growth for five years, faster than the 9.8% a year revenue growth it has delivered.

Source: 10-Q filed August 13, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 12, 2026 (estimated)

Immucell Corp's trailing-twelve-month revenue grew 8.5% year on year, with a free-cash-flow margin of 13.7%. Where it stands out: free-cash-flow margin of 13.7% ranks 2 of 20 agricultural products & services companies we cover.

Our discounted-cash-flow model values the business at ~$6.0 per share in the base case (~$4.5–$7.9 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 138.9% while net income fell 55.3%: a 194pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Margins widening. Operating margin is up 6.5 points on a year ago.

Things to watch

  • Priced above our value. The share price of $10.56 is 43% above our value per share of $6.
  • Share dilution. Diluted shares rose 3.4% in a year.
  • High earnings multiple. The shares trade at 122 times the last 12 months' earnings, so expectations are demanding.
  • Volatile shares. Over the past year the shares showed annualised volatility of 51% and a beta of 0.4 against the S&P 500.
  • Below peers: stock pay as % of revenue. Stock pay as % of revenue of 1.8% ranks 13 of 17 agricultural products & services companies we cover (median 0.8%).

Latest results: FY2026 Q2

Filed August 13, 2026
Earnings per share
$0.03 against an average estimate of -$0.04: beat by 175.0%
Revenue
$7m, up 11.5% on a year earlier
Share reaction
+12.0% in the first session after the results on October 13, 2026, against -1.1% for the S&P 500
Next report
November 12, 2026

Immucell's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+2.9%
  • 1 week+3.1%
  • 1 month+8.3%
  • This year+71.7%
  • 1 year+69.2%
  • 5 years+20.7%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$30.7M
Operating margin
12.6%
Net margin
2.6%
EPS (TTM, diluted)
$0.09

Growth

Revenue growth
+8.5%
Change in growth rate
−1.1 pts
Share count change
+3.4%

Cash

Free cash flow (TTM)
$4.2M
FCF margin
13.7%
Stock pay % of revenue
1.8%

Earnings

Last results
October 13, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Results
  3. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Immucell Corp valuation models and calculator

What the price is pricing in

The share price implies about 21.9% a year of cash-flow growth for five years.That is faster than the 9.8% a year revenue growth Immucell has delivered.

  • Priced in21.9%
  • Last 12 months8.5%
  • 3 years a year25.1%
  • 5 years a year9.8%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($10.56, Nov 2, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$6.0
Price used
$10.56close November 2, 2026
Implied change
▼ 43%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Immucell Corp's free cash flow after stock-based pay with after-tax interest added back ($1.9M, FY2026 Q2 TTM), growing 11.4% a year for five years and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$4.5–~$7.9 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Immucell Corp's free cash flow after stock-based pay ( $1.9M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Immucell Corp as an operating company, with every model that fits that kind of business. Cost of equity 7%: the 10-year Treasury yield (4.9%) plus a beta of 0.44 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$6.0 ~$4.5–$7.9 Primary model, counts double
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. ~$1.4 ~$1.1–$1.6 Left out: out of range vs price (0.13x)
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: the model gives no positive value
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$6.0 ~$4.5–$7.9 1 model

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Immucell Corp with Agricultural Products & Services in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −25%
  • Revenue growth 5 points higher ▲ +32%
  • Free-cash-flow margin 1 point lower ▼ −7%
  • Last year's free-cash-flow margin change, if it persists ▲ more than doubles
  • Discount rate 1 point higher ▼ −15%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $3$4$6$7$10$13
8.5% $2$3$4$6$7$10
10% $2$3$3$4$6$7

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$7.54$5.95$8.79$7.05$5.15$5.95$8.00$6.10$5.09$5.15$6.15$10.56
Market value$24m$26m$44m$39m$35m$43m$61m$47m$39m$42m$56m$96m
+ Net debt (− = net cash)−$2m−$5m$5m$7m$2m$3m−$9m−$6m$11m$7m$5m−$557319
Enterprise value$22m$21m$49m$46m$37m$45m$51m$41m$50m$49m$61m$95m
Multiples
Price / sales 2.3x2.7x4.2x3.5x2.6x2.8x3.2x2.5x2.3x1.6x2.0x3.1x
Price / earnings 19.7x50.7x—————————121.8x
Price / free cash flow 131.8x—————————45.3x22.8x
EV / EBITDA 8.4x12.3x75.9xn/m28.8x48.0x19.0xn/m—44.8x13.7x15.2x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

34 /100

Weak moat

How hard Immucell's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 4 / 20

    Cash operating profit has been a median 4.8% of total assets over 10 years.

  • Pricing power 7 / 20

    Gross margin has been a median 44.4%, moving by 10.3 percentage points (standard deviation) across 10 years.

  • Durability 10 / 20

    Operating margin has been a median -7.3%; its worst year was -37.0%.

  • Cash conversion 2 / 20

    Free cash flow was positive in 2 of 10 years, at a median -9.6% of revenue.

  • Discipline 10 / 20

    The diluted share count rose 23.5% over five years; stock-based pay has been a median 1.7% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 12, 2026, after the close.

Analysts' consensus

No analyst estimates are published for Immucell Corp: too few analysts cover it.

Earnings against estimates

Quarter toEstimateActualSurprise
Dec 2020 −$0.04 $0.03 +175.0%
Sept 2020 −$0.08 −$0.04 +50.0%
Jun 2020 −$0.10 −$0.11 −10.0%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 13, 2026

No numeric guidance in Immucell Corp's latest earnings release (filed October 13, 2026). Some companies give their outlook only on the earnings call.

Positioning

Short interest
0.2%
of tradable shares
Days to cover
1.34
at average volume
Short interest, 1 month
−9%
to October 15, 2026
Held by institutions
21%
of shares
Held by insiders
32.1%
of shares
Employees
73
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +69.2%

$6.24 on October 31, 2025 to $10.56

ThenNowEffect
Revenue (last 12 months) $28m $31m +8.5%
Net margin 6.2% 2.6% −58.8%
P/E multiple 31.1x 121.8x +291.7%
Share count 9m 9m −3.3%

Biggest factor: p/e multiple.

Last 3 years +104.3%

$5.17 on November 3, 2023 to $10.56

ThenNowEffect
Revenue (last 12 months) $16m $31m +95.6%
P/S multiple 2.5x 3.1x +22.6%
Share count 8m 9m −14.8%

Biggest factor: revenue. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
ICCC+35%−24%−17%+1%+19%+72%
Industry peers (median)+1%−26%−17%−1%−13%−9%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
ICCC50%67%42%42%50%64%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
ICCC−33%−43%−43%−36%−40%−18%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 70% from February 19, 2021 to September 24, 2024. Getting back needed a 237% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$4.56 – $11.72
From 52-week high
−9.9%
vs 50-day average
+5.1%
vs 200-day average
+18.9%
Volatility (1 year)
51%
Beta vs S&P 500
0.42

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 5 down
typical move ±6.2%
After a week
8 up, 4 down
typical move ±10.8%
After a month
7 up, 4 down
typical move ±10.2%
Results releasedNext dayS&P 500 next day5 days21 days
October 13, 2026 +12.0% −1.1% +8.9% —
August 13, 2026 −8.5% +0.5% −8.1% −11.6%
July 9, 2026 +2.4% +1.3% +4.7% +3.5%
May 14, 2026 +6.7% −0.4% +19.7% +14.0%
April 8, 2026 +8.9% +3.1% +15.2% +28.3%
March 4, 2026 −0.8% +0.1% +3.9% +0.6%
January 8, 2026 +4.2% +0.7% +6.4% +6.4%
November 13, 2025 −11.9% −1.7% −25.0% +0.2%
October 7, 2025 +3.8% +0.2% +2.7% −0.8%
August 14, 2025 −6.6% −0.2% −8.4% −8.9%
July 9, 2025 −1.7% +0.9% −2.6% −7.4%
May 14, 2025 +6.6% +0.6% +23.5% +30.6%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Immucell Corp in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Immucell Corp
$15M $20M $25M $30M $35M FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $16.3M Revenue (TTM), FY23 Q4: $17.5M Revenue (TTM), FY24 Q1: $21.3M Revenue (TTM), FY24 Q2: $23.2M Revenue (TTM), FY24 Q3: $23.8M Revenue (TTM), FY24 Q4: $26.5M Revenue (TTM), FY25 Q1: $27.3M Revenue (TTM), FY25 Q2: $28.3M Revenue (TTM), FY25 Q3: $27.8M Revenue (TTM), FY25 Q4: $27.6M Revenue (TTM), FY26 Q1: $29.9M Revenue (TTM), FY26 Q2: $30.7M $30.7M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $16.3M
FY23 Q4 $17.5M
FY24 Q1 $21.3M
FY24 Q2 $23.2M
FY24 Q3 $23.8M
FY24 Q4 $26.5M
FY25 Q1 $27.3M
FY25 Q2 $28.3M
FY25 Q3 $27.8M
FY25 Q4 $27.6M
FY26 Q1 $29.9M
FY26 Q2 $30.7M
Revenue growth, TTM YoY Immucell Corp
-20% 0% 20% 40% 60% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: -19.0% Revenue growth, TTM YoY, FY23 Q4: -5.9% Revenue growth, TTM YoY, FY24 Q1: 32.9% Revenue growth, TTM YoY, FY24 Q2: 48.0% Revenue growth, TTM YoY, FY24 Q3: 46.4% Revenue growth, TTM YoY, FY24 Q4: 51.6% Revenue growth, TTM YoY, FY25 Q1: 28.3% Revenue growth, TTM YoY, FY25 Q2: 21.8% Revenue growth, TTM YoY, FY25 Q3: 16.5% Revenue growth, TTM YoY, FY25 Q4: 4.3% Revenue growth, TTM YoY, FY26 Q1: 9.6% Revenue growth, TTM YoY, FY26 Q2: 8.5% 8.5%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 -19.0%
FY23 Q4 -5.9%
FY24 Q1 32.9%
FY24 Q2 48.0%
FY24 Q3 46.4%
FY24 Q4 51.6%
FY25 Q1 28.3%
FY25 Q2 21.8%
FY25 Q3 16.5%
FY25 Q4 4.3%
FY26 Q1 9.6%
FY26 Q2 8.5%
Operating margin (TTM) Immucell Corp
-40% -20% 0% 20% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: -39.2% Operating margin (TTM), FY23 Q4: -27.2% Operating margin (TTM), FY24 Q1: -13.1% Operating margin (TTM), FY24 Q2: -12.4% Operating margin (TTM), FY24 Q3: -9.5% Operating margin (TTM), FY24 Q4: -6.2% Operating margin (TTM), FY25 Q1: -0.8% Operating margin (TTM), FY25 Q2: 6.1% Operating margin (TTM), FY25 Q3: 8.4% Operating margin (TTM), FY25 Q4: 6.0% Operating margin (TTM), FY26 Q1: 8.4% Operating margin (TTM), FY26 Q2: 12.6% 12.6%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 -39.2%
FY23 Q4 -27.2%
FY24 Q1 -13.1%
FY24 Q2 -12.4%
FY24 Q3 -9.5%
FY24 Q4 -6.2%
FY25 Q1 -0.8%
FY25 Q2 6.1%
FY25 Q3 8.4%
FY25 Q4 6.0%
FY26 Q1 8.4%
FY26 Q2 12.6%
FCF margin (TTM) Immucell Corp
-60% -40% -20% 0% 20% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: -52.5% FCF margin (TTM), FY23 Q4: -37.6% FCF margin (TTM), FY24 Q1: -13.0% FCF margin (TTM), FY24 Q2: -3.9% FCF margin (TTM), FY24 Q3: -3.0% FCF margin (TTM), FY24 Q4: -0.4% FCF margin (TTM), FY25 Q1: 2.9% FCF margin (TTM), FY25 Q2: 6.2% FCF margin (TTM), FY25 Q3: 2.6% FCF margin (TTM), FY25 Q4: 4.4% FCF margin (TTM), FY26 Q1: 11.3% FCF margin (TTM), FY26 Q2: 13.7% 13.7%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 -52.5%
FY23 Q4 -37.6%
FY24 Q1 -13.0%
FY24 Q2 -3.9%
FY24 Q3 -3.0%
FY24 Q4 -0.4%
FY25 Q1 2.9%
FY25 Q2 6.2%
FY25 Q3 2.6%
FY25 Q4 4.4%
FY26 Q1 11.3%
FY26 Q2 13.7%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 5 4 5 5 6 8 10 10 10 11 14 15 19 19 17 26 28 31
Gross profit 2 2 3 3 3 4 6 5 5 5 7 7 9 8 4 8 11 12
EBITDA −0 −0 −0 1 0 0 3 2 1 0 1 1 3 0 −3 1 4 6
Operating income −1 −1 −1 0 −0 −0 2 1 −0 −1 −1 −1 0 −2 −6 −2 2 4
Net income −0 −0 −0 0 0 −0 1 1 −0 −2 −1 −1 −0 −2 −6 −2 −1 1
Diluted EPS −$0.07 −$0.13 −$0.14 $0.03 $0.04 −$0.06 $0.38 $0.12 −$0.03 −$0.42 −$0.19 −$0.14 −$0.01 −$0.32 −$0.75 −$0.26 −$0.12 $0.09
Growth (year on year)
Revenue — −2.7% +16.5% +5.5% +11.5% +26.5% +34.6% −6.7% +9.3% +5.3% +24.9% +11.8% +25.4% −3.5% −5.9% +51.6% +4.3% +8.5%
EBITDA — — — — −38.8% −39.3% +>999% −36.8% −61.6% −91.4% — −26.8% +184.8% −93.7% — — +306.8% +40.6%
Operating income — — — — −108.0% — — −58.1% −127.3% — — — — — — — — +123.0%
Net income — — — — — — — −58.1% −133.1% — — — — — — — — −55.3%
Diluted EPS — — — — — — — −68.4% −125.0% — — — — — — — — −56.8%
Margins
Gross margin 53.2% 52.5% 55.1% 56.7% 50.9% 58.6% 61.1% 56.8% 50.1% 47.3% 49.1% 44.7% 45.0% 41.2% 22.1% 30.0% 41.4% 40.3%
EBITDA margin −3.0% −6.2% −4.3% 12.0% 6.6% 3.2% 25.9% 17.5% 6.2% 0.5% 9.4% 6.2% 14.0% 0.9% −17.2% 4.1% 16.0% 20.5%
Operating margin −11.8% −15.7% −12.4% 4.5% −0.3% −2.7% 20.7% 9.3% −2.3% −13.2% −7.0% −9.0% 1.3% −12.4% −32.9% −6.2% 6.0% 12.6%
Net margin −4.8% −8.8% −8.0% 1.7% 2.0% −2.2% 11.9% 5.3% −1.6% −21.1% −9.4% −6.7% −0.4% −13.4% −33.1% −8.1% −3.8% 2.6%
Free-cash-flow margin −12.6% −21.1% −5.5% 1.3% 8.3% −16.2% 1.8% −39.9% −159.0% −21.9% −8.4% −18.0% −8.6% −29.7% −37.6% −0.4% 4.4% 13.7%
Cash flow
Cash from operations −0 −1 −0 0 1 0 3 −0 1 −0 0 1 1 −2 −5 0 2 6
Capital spending 0 0 0 0 1 2 3 4 18 2 1 4 3 4 2 0 1 2
Free cash flow −1 −1 −0 0 1 −1 0 −4 −17 −2 −1 −3 −2 −6 −7 −0 1 4
Stock-based pay 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1
Free cash flow after stock pay −1 −1 −0 0 0 −1 0 −4 −17 −3 −1 −3 −2 −6 −7 −0 1 4
Balance sheet
Cash 1 1 1 3 2 1 2 5 4 3 6 7 10 6 1 4 4 9
Total debt 0 — 1 1 1 1 0 0 9 10 9 9 1 — 12 11 9 8
Net debt (negative = net cash) −1 −1 1 −2 −1 −0 −2 −5 5 7 2 3 −9 −6 11 7 5 −1
Diluted shares 3m 3m 3m 3m 3m 3m 3m 4m 5m 5m 7m 7m 8m 8m 8m 8m 9m 9m

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

6 of 7 checks passed · June 30, 2026
What it owns · $47m
Short-term assets $21mLonger-term assets $26m
What it owes, and who funded it · $47m
Short-term liabilities $4mLonger-term liabilities $11mShareholders' equity $31m
  • Short-term assets cover short-term liabilities $21m of assets due within a year against $4m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $21m short-term assets against $11m of longer-dated liabilities.
  • More cash than debt $9m of cash against $8m of debt.
  • Debt below 40% of shareholders' equity Debt is 26% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 2% to 26% over five years.
  • A year's operating cash flow covers at least 20% of debt $6m of operating cash flow against $8m of debt.
  • Operating profit covers interest at least five times over Operating income of $4m against $436,003 of interest.

From Immucell Corp's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+3.4%
year over year
R&D spending
6.2%
of revenue
Days sales outstanding
34 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in agricultural products & services
Last 12 months unless stated ICCC FAMI WFCF RYM LOCL HYFM Median
Revenue, last 12 months $31m $28m $25m $51m $52m $106m $149m
Revenue growth, last 12 months 8.5% −56.4% −2.2% >999% 17.8% −34.1% −1.1%
Revenue growth, 3-year average 25.1% — 0.4% 29.0% 24.6% −25.9% −0.1%
Revenue growth, latest quarter 11.5% — 0.7% >999% 14.4% −40.9% 6.8%
Gross margin 40.3% 2.9% 38.3% 75.2% 10.6% 9.4% 17.6%
Operating margin 12.6% −200.6% 5.9% −46.9% −114.4% −253.0% −5.9%
Operating margin, 3-year average 2.1% −60.1% 8.2% 151.3% −196.5% −103.2% 2.8%
Net margin 2.6% −189.8% 5.8% −6.2% −130.5% −267.2% −0.2%
Cash from operations / revenue 19.2% 187.6% 5.0% 2.5% −49.2% −4.4% 3.2%
Free-cash-flow margin 13.7% 187.5% 4.0% 2.5% −54.7% −5.0% 2.3%
Free-cash-flow margin, 3-year average 5.3% 20.0% 8.8% 163.1% −253.7% −3.7% 3.0%
Stock pay / revenue 1.8% 0.0% 0.2% 4.3% 8.4% 0.7% 0.7%
Change in share count 3.4% 210.8% −3.4% 97.8% 59.2% 2.1% 2.3%

Median of all 20 companies we cover in agricultural products & services. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

20 agricultural products & services companies
Measure Company Peer median Rank
Revenue growth Growth 8.5% -0.8% 6 of 20
Change in growth rate Growth -1.1pp -0.5pp 11 of 20
Gross margin Profitability 40.3% 11.4% 2 of 19
Operating margin Profitability 12.6% -5.9% 3 of 17
Net margin Profitability 2.6% 0.1% 5 of 20
Free-cash-flow margin Cash generation 13.7% 2.5% 2 of 20
Stock pay as % of revenue Cash generation 1.8% 0.8% 13 of 17
Long-term debt as % of assets Balance sheet 14.6% 16.2% 8 of 18
Change in share count Balance sheet 3.4% 2.4% 10 of 17
Days sales outstanding Balance sheet 34 days 56 days 5 of 15

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Corporate Segment Scours $27.4M 99.3% ▲ 4.3%
Corporate Segment Mastitis $196,388 0.7% ▲ 9.8%

From Immucell Corp's 10-K filed March 30, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$13.4M
Institutions reporting
31
Shares held vs prior quarter
▼ 5.1%
Positions opened / closed
7 / 3

Top buyers and sellers, Q2 2026: 14 institutions bought and 10 sold ; the biggest buyer was Renaissance Technologies LLC (+19K shares) and the biggest seller Bleichroeder LP (−52K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Vanguard Capital Management LLC $2.7M 268K 20.1% ▲ 3.0%
Morgan Stanley $2.4M 234K 17.5% ▲ 5.5%
Renaissance Technologies LLC $1.7M 171K 12.8% ▲ 12.7%
Cresset Asset Management, LLC $1.4M 135K 10.1% 0.0%
Geode Capital Management, LLC $726,485 72K 5.4% ▲ 9.9%
Dimensional Fund Advisors LP $587,442 58K 4.4% ▲ 4.3%
Bleichroeder LP $502,500 50K 3.8% ▼ 50.8%
Steadtrust LLC $455,969 45K 3.4% ▼ 16.6%
Mesirow Financial Investment Management, Inc. $426,934 42K 3.2% 0.0%
Citadel Advisors LLC $407,055 41K 3.0% ▲ 13.5%
Vanguard Fiduciary Trust Co $379,548 38K 2.8% ▼ 11.5%
Strategic Financial Services, Inc. $371,850 37K 2.8% 0.0%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Immucell Corp's complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $171,692 8 trades by 2 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $171,692 net buying
Insider Date Trade Shares Price Value
Te Boekhorst Paul Francis Olivier President and CEO June 18, 2026 Buy 8,000 $9.50 $76,000
Te Boekhorst Paul Francis Olivier President and CEO December 4, 2025 Buy 2,432 $5.50 $13,376
Te Boekhorst Paul Francis Olivier President and CEO December 3, 2025 Buy 3,521 $5.04 $17,746
Te Boekhorst Paul Francis Olivier President and CEO December 3, 2025 Buy 2,556 $5.00 $12,780
Te Boekhorst Paul Francis Olivier President and CEO December 3, 2025 Buy 3,598 $5.05 $18,170
Te Boekhorst Paul Francis Olivier President and CEO December 2, 2025 Buy 3,708 $4.87 $18,058
Tomsche David Scott Director November 25, 2025 Buy 1,633 $4.77 $7,789
Tomsche David Scott Director November 25, 2025 Buy 1,633 $4.76 $7,773

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

  • October 13, 2026
  • August 13, 2026
  • July 9, 2026
  • May 14, 2026
  • April 8, 2026
  • March 4, 2026

Recent SEC filings

Data status

When each part of this page on Immucell Corp was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Immucell Corp in brief

What does Immucell Corp do?
Immucell Corp is a US-listed company in the agricultural products & services industry. Its financial year ends in December.
What is Immucell Corp's stock ticker?
Immucell Corp trades under the ticker ICCC on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Immucell Corp's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Immucell Corp reported revenue of $30.7M, 8.5% higher than a year earlier, according to its SEC filings.
What is Immucell Corp's free cash flow?
Immucell Corp's free-cash-flow margin is 13.7% of revenue over the trailing twelve months, ranking 2 of the 20 agricultural products & services companies we cover.
What is Immucell Corp's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Immucell Corp's free cash flow after stock-based pay gives ~$6.0 per share in the base case, and ~$4.5–$7.9 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Immucell Corp's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Vanguard Capital Management LLC, Morgan Stanley and Renaissance Technologies LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Immucell Corp's market cap?
On November 2, 2026, Immucell Corp's market capitalisation was about $95.9M, with a price-to-earnings ratio of 121.8 and net debt of -$557,319. Market figures come from third-party market data and may be delayed.
How much debt does Immucell Corp have?
Immucell Corp's debt-to-equity ratio is 26.5%, from its latest balance sheet (2.5% five years earlier). The financial health section below sets out its other solvency checks.
Who are Immucell Corp's competitors?
In our Agricultural Products & Services peer group, the companies closest to Immucell Corp are Farmmi, Inc., Where Food Comes From, Inc., Rythm, Inc., Local Bounti Corporation and Hydrofarm Holdings Group, Inc. The side-by-side comparison below sets their revenue, margins and growth against Immucell Corp's.
Are insiders buying or selling Immucell Corp stock?
Over the last 12 months, Immucell Corp's directors and officers reported 8 open-market purchases and 0 sales on Form 4. The insider trading page charts every trade.
When is Immucell Corp's next earnings date?
Around November 12, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Immucell Corp announces its own schedule.