ImmuCell Corporation

ICCC

HealthcareBiotechnologyNASDAQ

$8.05

Market Cap: $72.83M

ImmuCell Corporation (ICCC) Valuation Summary

Updated May 11, 2026 09:27

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$0.69 – $4.81	$1.61	-80.0%
Revenue DCF 10Y	$0.82 – $6.82	$2.63	-67.4%
▸ Trading Multiples
EV/Revenue	$5.47 – $115.61	$15.57	+93.4%

Valuation History

DCF Analysis

ImmuCell Corporation (ICCC) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$2.63

Market Price

$8.05

Upside / Downside

-67.4%

Verdict

Overvalued

Using a Revenue DCF model with operating margin convergence from 6.0% to a target of 13.2% over 5 years, discounted at a WACC of 8.6%, ImmuCell Corporation (ICCC) has an intrinsic value of $2.63 per share (range: $0.82 – $6.82).

Key Assumptions

Current Operating Margin

6.0%

Target Operating Margin

13.2%

WACC

8.6%

Terminal Growth Rate

2.5%

Historical CapEx/Rev

9.5%

Target CapEx/Rev

15.6%

D&A/Revenue

10.4%

Tax Rate

21.0%

Operating margin fades linearly from the current level to the industry target over the 5-year projection. CapEx intensity fades from the historical average to a maintenance level (D&A × 1.5). Tax is only applied when operating income is positive (NOL shield).

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	15	-45.2%	7.4%	1	1	2	(2)	-4	5	4
2027	19	26.8%	8.8%	2	1	2	(2)	2	-0	-0
2028	21	9.5%	10.3%	2	2	2	(2)	1	1	1
2029	23	9.5%	11.7%	3	2	2	(3)	1	1	1
2030	25	9.5%	13.2%	3	3	3	(3)	1	1	1
2031	27	8.4%	13.2%	4	3	3	(4)	1	1	1
2032	29	7.3%	13.2%	4	3	3	(4)	1	1	1
2033	31	6.2%	13.2%	4	3	3	(4)	1	1	1
2034	33	5.2%	13.2%	4	3	3	(5)	1	1	1
2035	34	4.1%	13.2%	4	4	4	(5)	1	1	1

Enterprise Value Bridge

Sum of PV(FCFF)10

Terminal Value (Gordon Growth at 2.5%)22

PV of Terminal Value10

Enterprise Value20

(–) Net Debt-4

Equity Value24

(÷) Shares Outstanding9

Fair Value per Share$2.63

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.2%	10.2%	13.2%	16.2%	19.2%
6.6%	$1	$2	$4	$5	$7
7.6%	$1	$2	$3	$4	$6
8.6%	$1	$2	$3	$4	$5
9.6%	$1	$1	$2	$3	$4
10.6%	$1	$1	$2	$3	$4

Current price: $8.05. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 37.5% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

ImmuCell Corporation (ICCC) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$1.61

Market Price

$8.05

Upside / Downside

-80.0%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

6.0%

Target Operating Margin

13.2%

WACC

8.6%

Terminal Growth Rate

2.5%

Historical CapEx/Rev

9.5%

Target CapEx/Rev

15.6%

D&A/Revenue

10.4%

Tax Rate

21.0%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	15	-45.2%	7.4%	1	1	2	(2)	-4	4	4
2027	19	26.8%	8.8%	2	1	2	(2)	2	-0	-0
2028	21	9.5%	10.3%	2	2	2	(3)	1	0	0
2029	23	9.5%	11.7%	3	2	2	(3)	1	0	0
2030	25	9.5%	13.2%	3	3	3	(4)	1	0	0

Enterprise Value Bridge

Sum of PV(FCFF)5

Terminal Value (Gordon Growth at 2.5%)8

PV of Terminal Value6

Enterprise Value11

(–) Net Debt-4

Equity Value15

(÷) Shares Outstanding9

Fair Value per Share$1.61

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.2%	10.2%	13.2%	16.2%	19.2%
6.6%	$1	$1	$2	$3	$5
7.6%	$1	$1	$2	$3	$4
8.6%	$1	$1	$2	$3	$3
9.6%	$1	$1	$1	$2	$3
10.6%	$1	$1	$1	$2	$3

Current price: $8.05. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 37.5% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$15.57

Market Price

$8.05

Upside / Downside

+93.4%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), ImmuCell Corporation (ICCC) has a fair value of $15.57 based on 5 comparable companies in the Biotechnology industry.

EV/Revenue Valuation — Biotechnology

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
ImmuCell CorporationICCC	73	2.5x	3.6x
Century Therapeutics, Inc.IPSC	198	1.6x	38.1x
Cue Biopharma, Inc.CUE	92	2.5x	10.6x
Fortress Biotech, Inc.FBIO	77	1.1x	0.8x
Coeptis Therapeutics, Inc.COEP	58	38.3x	14.9x
NRx Pharmaceuticals, Inc.NRXP	53	37.6x	0.4x
Industry Median		2.5x	10.6x
(*) Revenue		28	19
= Enterprise Value		69	204
(-) Net Debt		-4	-4
Equity Value		73	208
(/) Outstanding shares		9	9
Fair Price		$8	$23

Selected Fair Value (avg of trailing + forward)

$15.57

+93.4%

Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.

Model

Range

Fair Value

Upside

▸ Discounted Cash Flow

Revenue DCF 5Y

$0.69 – $4.81

$1.61

-80.0%

Revenue DCF 10Y

$0.82 – $6.82

$2.63

-67.4%

▸ Trading Multiples

EV/Revenue

$5.47 – $115.61

$15.57

+93.4%

DCF Analysis

ImmuCell Corporation (ICCC) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$2.63

Market Price

$8.05

Upside / Downside

-67.4%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

6.0%

Target Operating Margin

13.2%

WACC

8.6%

Terminal Growth Rate

2.5%

Historical CapEx/Rev

9.5%

Target CapEx/Rev

15.6%

D&A/Revenue

10.4%

Tax Rate

21.0%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	15	-45.2%	7.4%	1	1	2	(2)	-4	5	4
2027	19	26.8%	8.8%	2	1	2	(2)	2	-0	-0
2028	21	9.5%	10.3%	2	2	2	(2)	1	1	1
2029	23	9.5%	11.7%	3	2	2	(3)	1	1	1
2030	25	9.5%	13.2%	3	3	3	(3)	1	1	1
2031	27	8.4%	13.2%	4	3	3	(4)	1	1	1
2032	29	7.3%	13.2%	4	3	3	(4)	1	1	1
2033	31	6.2%	13.2%	4	3	3	(4)	1	1	1
2034	33	5.2%	13.2%	4	3	3	(5)	1	1	1
2035	34	4.1%	13.2%	4	4	4	(5)	1	1	1

Enterprise Value Bridge

Sum of PV(FCFF)10

Terminal Value (Gordon Growth at 2.5%)22

PV of Terminal Value10

Enterprise Value20

(–) Net Debt-4

Equity Value24

(÷) Shares Outstanding9

Fair Value per Share$2.63

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.2%	10.2%	13.2%	16.2%	19.2%
6.6%	$1	$2	$4	$5	$7
7.6%	$1	$2	$3	$4	$6
8.6%	$1	$2	$3	$4	$5
9.6%	$1	$1	$2	$3	$4
10.6%	$1	$1	$2	$3	$4

Current price: $8.05. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 37.5% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$15.57

Market Price

$8.05

Upside / Downside

+93.4%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), ImmuCell Corporation (ICCC) has a fair value of $15.57 based on 5 comparable companies in the Biotechnology industry.

EV/Revenue Valuation — Biotechnology

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
ImmuCell CorporationICCC	73	2.5x	3.6x
Century Therapeutics, Inc.IPSC	198	1.6x	38.1x
Cue Biopharma, Inc.CUE	92	2.5x	10.6x
Fortress Biotech, Inc.FBIO	77	1.1x	0.8x
Coeptis Therapeutics, Inc.COEP	58	38.3x	14.9x
NRx Pharmaceuticals, Inc.NRXP	53	37.6x	0.4x
Industry Median		2.5x	10.6x
(*) Revenue		28	19
= Enterprise Value		69	204
(-) Net Debt		-4	-4
Equity Value		73	208
(/) Outstanding shares		9	9
Fair Price		$8	$23

Selected Fair Value (avg of trailing + forward)

$15.57

+93.4%