GuruFocus Manual of Stocks™  |  May 20, 2022
Inovio Pharmaceuticals Inc (NAS:INO)
www.gurufocus.com/stock/NAS:INO
Inovio Pharmaceuticals Inc (NAS:INO)
[1]
Modestly Undervalued[5]$ 1.97
GF Score: 50/100Market Cap: $ 451 Mil
Industry: Healthcare - Biotechnology
Inovio Pharmaceuticals Inc is a clinical stage biopharmaceutical company. It develops active DNA immunotherapies and vaccines in combination with proprietary electroporation delivery devices to prevent and treat cancers and infectious diseases.
GF Value Rank
Rank: 10 /10CurrentIndustry MedianHistorical Median
PE RatioLoss27.06Loss
Forward P/EN/A18.73N/A
PB Ratio1.272.253.95
PS Ratio281.4411.1521.68
P/FCFN/A28.52N/A
Shiller P/EN/A40.72N/A
PEG RatioN/A1.59N/A
Valuation Analysis
Current% of Price
EPV-69.79-3,543
Median PS Value0.1910
NCAV1.3770
Tangible Book1.5177
Price1.97
GF Value2.57130
Dividend & Ownership
Dividend Yield (TTM) %N/A
Dividend Yield (Forward) %N/A
Dividend Payout RatioN/A
Dividend Growth (5Y) %N/A
Yield on Cost (5Y) %N/A
Continuous Div. since0
Insider Ownership %2.60
Institution Ownership %42.15
Financial Strength
Rank: 5 /10CurrentIndustry MedianHistorical Median
Cash-to-Debt10.7112.48No Debt
Equity-to-Asset0.800.750.79
Interest Coverage0.00170.81No Debt
Piotroski F-Score333
Profitability Rank
Rank: 1 /10CurrentIndustry MedianHistorical Median
Operating Margin %-19987.27-208.05-343.19
Net Margin %-20482.28-199.44-411.48
ROE %-71.42-39.21-68.48
ROA %-60.27-31.63-48.78
ROC (Joel Greenblatt) %-622.82-497.85-736.56
Growth Rank(* per share data)
Rank: 1 /1010-Yr5-Yr1-Yr
Revenue Growth %-21.6-57.2-81.1
EBITDA Growth %-9.4-4.7N/A
Oprt. Income Growth %-7.7-2.6N/A
EPS w/o NRI Growth %-8.9-5.6N/A
FCF Growth %-9.8-4.8N/A
Book Value Growth %-6.0-4.0-43.6
Momentum Rank
Rank: 1 /10CurrentIndustry MedianHistorical Median
5-Day RSI40.5744.62N/A
9-Day RSI35.8141.89N/A
14-Day RSI35.3741.20N/A
6-1M Momentum %-58.64-29.56N/A
12-1M Momentum %-55.62-39.63N/A
Quarterly
Mar21Jun21Sep21Dec21Mar22
Revenue0.370.270.290.840.20
Net Income-54.40-82.14-60.17-106.95-79.07
EPS-0.27-0.39-0.29-0.50-0.36
Revenue YoY %-72.042.2523.73-84.97-46.36
Net Income YoY %67.18-36.18-413.85339.4345.35
EPS YoY %3.85-53.01-363.64354.5533.33
Warning Signs
SEVEREAltman Z-Score: Distress
SEVEREPiotroski F-Score: Low
SEVERERevenue per Share: Declined
SEVEREOperating Margin %: Declined
Good Signs
GOODBeneish M-Score: Unlikely manipulator
Insider Trades
InsiderPositionDateTradesCur. Shares
Weiner David B.Director05/16/22-9000892,625
Zoth Lota S.Director05/16/22-360039,416
Weiner David B.Director03/14/22-4083883,625
Weiner David B.Director03/09/22-4083876,041
Benito Simon XDirector01/19/22-200057,305
Humeau LaurentChief Scientifi08/09/21-1031768,587
Shea Jacqueline ElizabethCOO06/09/21-3853521,592
Kies PeterCFO06/09/21-33750135,288
Humeau LaurentChief Scientifi06/09/21-1031878,904
As of 05-20-2022
* All financial numbers are in millions except for per share data, ratios and percentage change.
%GainSP500
1W4.79-0.73
1M-35.20-12.49
3M-38.05-10.03
6M-73.20-16.39
YTD-60.52-17.75
1Y-71.24-3.96
3Y-16.1412.66
5Y-22.7712.26
10Y0.6913.75
31.69
15.05
1.60
60M
29.8M
2012201320142015201620172018201920202021CurrentPerformance
2.9612.0015.2810.6011.398.686.115.1031.6916.9610.33Highest Stock Price
1.602.018.005.654.924.133.881.972.984.991.60Lowest Stock Price
726105584855143733893341,6541,085451Market Cap
34.146.159.468.473.281.992.598.7155.1208.8218.9Shares Outstanding-Diluted
At LossAt LossAt LossAt LossAt LossAt LossAt LossAt LossAt LossAt LossAt LossPE Ratio
2.1011.625.012.764.172.624.4797.063.592.711.27PB Ratio
16.5339.7352.1611.3314.378.0212.1678.57184.38623.75281.44PS Ratio
-2.60-28.68-12.24-9.67-5.52-2.90-3.43-3.23-8.57-2.42-0.32EV-to-EBITDA
2012201320142015201620172018201920202021TTMPer Share Data
0.120.290.180.590.480.520.330.040.050.010.01Revenue per Share
-0.58-1.43-0.64-0.44-1.01-1.09-1.05-1.21-1.07-1.45-1.54Earnings per Share
-0.66-0.34-0.53-0.22-0.91-0.90-0.82-1.00-1.16-1.04-1.06Free Cash Flow per Share
----------------------Dividends per Share
0.460.701.592.241.421.390.74-0.112.401.781.51Tangible Book per Share
1.694.032.498.697.377.624.730.580.720.200.19Median PS Value
----------------------Graham Number
2012201320142015201620172018201920202021TTMIncome Statement
4.1213.4710.4640.5735.3742.2230.484.117.411.781.60Revenue
4.1213.4710.4640.5735.3742.2230.484.117.411.781.60Gross Profit
----------------------Gross Margin %
28.7635.0149.9575.86112.60126.86124.57115.22131.49302.99322.00Total Operating Expense
-24.65-21.54-39.50-35.28-77.24-84.64-94.09-111.11-124.08-301.22-320.40Operating Income
-598.32-159.98-377.70-86.97-218.38-200.48-308.68-2,702-1,674-16,970-19,987Operating Margin %
-19.67-66.03-36.12-29.19-73.74-88.21-96.97-119.36-166.41-303.66-328.33Net Income
-477.52-490.29-345.43-71.94-208.49-208.92-318.12-2,903-2,245-17,108-20,482Net Margin %
-24.65-21.54-39.50-35.28-77.24-88.18-94.80-112.86-154.19-301.29-324.43EBIT
-22.65-19.45-37.93-33.37-74.15-84.71-89.80-107.34-149.56-296.56-319.40EBITDA
-48.17-152.12-44.14-20.35-49.33-66.40-84.57-264.15-71.64-70.55-71.42ROE %
-37.03-98.97-32.83-16.89-38.05-48.87-60.92-86.79-48.68-58.64-60.27ROA %
2012201320142015201620172018201920202021Mar22Balance Sheet
5.6533.7240.5457.6319.1423.7923.6922.20250.7371.1459.01Cash & Equivalents
45.1488.29131.79213.84173.71187.24131.11143.95539.77495.94445.51Total Assets
--------------2.082.332.602.67Short-Term Debt & CLO
--------------97.4336.7230.4230.97Long-Term Debt & CLO
10.2835.3920.2537.9150.3344.7544.08138.5578.6396.2790.43Total Liabilities
34.3652.46111.23175.69123.28142.3986.943.44461.14399.67355.09Total Stockholders Equity
34.8652.90111.54175.93123.38142.4987.035.41461.14399.67355.09Total Equity
2012201320142015201620172018201920202021TTMCashflow Statement
-22.31-15.38-29.82-12.44-62.56-63.21-73.55-97.85-177.98-215.71-224.72Cash Flow from Operations
5.28-9.24-35.81-54.8216.27-27.8342.42-9.05-58.80-175.34121.10Cash Flow from Investing
5.3352.6972.4684.357.7995.6931.04105.40465.28211.5079.02Cash Flow from Financing
-11.7028.076.8217.09-38.504.65-0.09-1.50228.53-179.58-24.63Net Change in Cash
5.6533.7240.5457.6319.1423.7923.6922.20250.7371.1459.01Ending Cash Position
-0.24-0.18-1.38-2.78-3.94-10.29-2.09-0.99-1.52-1.23-1.02Capital Expenditure
-22.55-15.56-31.20-15.22-66.49-73.50-75.64-98.84-179.50-216.94-225.74Free Cash Flow
Competitor
TickerCompanyMarket Cap
($M)
PE RatioGF Score
/100
Financial
Strength /10
Profitability
Rank /10
GF Value
Rank /10
Growth
Rank /10
Momentum
Rank /10
NAS:IPSCCentury Therapeutics Inc494At Loss2171000
NAS:SEERSeer Inc484At Loss1860000
NAS:TNGXTango Therapeutics Inc476At Loss2291000
NAS:ARCTArcturus Therapeutics Holdings Inc469At Loss5641418
NAS:INOInovio Pharmaceuticals Inc451At Loss50511011
GuruFocus Manual of Stocks™  |  May 20, 2022
Inovio Pharmaceuticals Inc (NAS:INO)
www.gurufocus.com/stock/NAS:INO

Financial Strength[2] (Quarterly data, as of Mar. 2022) : Fair (5/10)

0
1
2
3
4
5
6
7
8
9

Cash-to-Debt : 10.71

Cash-to-Debt Ratio measures the financial strength of a company. It is calculated as a company's cash, cash equivalents, and marketable securities divide by its debt. A high ratio indicates that a company is better able to pay back its debt, and is thus able to take on more debt if necessary.


Equity-to-Asset : 0.80

Equity-to-Asset ratio is calculated as total stockholders equity divided by its total assets. Equity-to-Asset ratio can vary greatly across different industries, as they have different capital structure. A company with smaller Equity-to-Asset ratio (more leveraged) may have higher ROE % because of the leverage.


Debt-to-Equity : 0.10

A high Debt-to-Equity ratio generally means that a company has been aggressive in financing its growth with debt.


Piotroski F-Score : 3

The Piotroski F-Score is used to determine the strength of a firm's financial position, with 9 being the best and 0 being the worst.

0
1
2
3
4
5
6
7
8
9


WACC : 2.88% vs ROIC : -372.10%

The weighted average cost of capital (WACC) is the rate that a company is expected to pay on average to all its security holders to finance its assets. Return on invested capital (ROIC) measures how well a company generates cash flow relative to the capital it has invested in its business.


Dividend Yield : 0.00%

Dividend yield is a way to measure how much cash flow you are getting for each dollar invested in an equity position.

GuruFocus Manual of Stocks™  |  May 20, 2022
Inovio Pharmaceuticals Inc (NAS:INO)
www.gurufocus.com/stock/NAS:INO

Profitability[3] (Annual data, as of Dec. 2021) : Poor (1/10)

0
1
2
3
4
5
6
7
8
9

Revenue : $0 Mil vs Net Income : $-79 Mil

Revenue is the amount of money that a company actually receives during a specific period, including discounts and deductions for returned merchandise. Net Income is a company's total profit. Net income is calculated by taking revenues and adjusting for the cost of doing business, depreciation, interest, taxes and other expenses.


Cash & Equivalents : $59 Mil vs Long-Term Debt* : $31 Mil

Cash & equivalents are the most liquid assets on the balance sheet. Cash equivalents are assets that are readily convertible into cash. Long-Term Debt* consists of loans and obligations lasting over one year.


Operating Margin % : -36,046.73%

Operating margin % measures how much profit a company makes on a dollar of sales. Operating Margin % is calculated as Operating Income divided by Revenue.


EPS without NRI : $-0.36

Earnings Per Share without Non-Recurring Items is the amount of earnings without non-recurring items per outstanding share of the company's stock. In calculating earnings per share without non-recurring items, the dividends of preferred stocks and Non Operating Income need to subtracted from the total net income first.


Dividends per Share : $0.00

Dividends per Share is the amount of dividends that the shareholders of a company receive on a per-share basis. It is calculated using the total dividends paid out to shareholders over one fiscal year and the number of shares outstanding.


Free Cash Flow per Share : $-0.28

Free Cash flow per Share is the amount of Free cash flow per outstanding share of the company's stock.

GuruFocus Manual of Stocks™  |  May 20, 2022
Inovio Pharmaceuticals Inc (NAS:INO)
www.gurufocus.com/stock/NAS:INO

Valuation (Quarterly data, as of Mar. 2022)

These valuation metrics should give you a sense of reasonable prices, but be careful with them. Always seek to understand why a valuation is changing over time.


Valuation Chart (Current stock price : $1.97)


PE Ratio without NRI : At Loss

The price-to-earnings ratio can be affected by Non Operating Income such as the sale of part of businesses. This may increase for the current year or quarter dramatically. But it cannot be repeated over and over. Therefore PE Ratio without NRI is a more accurate indication of valuation than regular PE Ratio.


PB Ratio : 2.29

The price-to-book ratio measures the valuation of the stock relative to the underlying asset of the company.


PS Ratio : 512.86

The price-to-sales ratio is a valuation ratio that compares a company’s stock price to its revenues. The price-to-sales ratio is an indicator of the value placed on each dollar of a company’s sales or revenues.


Price-to-Free-Cash-Flow : 0.00

Price-to-free-cash-flow is very similar to the valuation metric of price-to-operating-cash-flow but is considered a more exact measure, owing to the fact that it uses free cash flow, which subtracts capital expenditures from a company's total operating cash flow, thereby reflecting the actual cash flow available to fund non-asset-related growth.


EV-to-EBIT : -1.50

Enterprise value of a company divided by its trailing 12 months earnings before interest and taxes (EBIT).

GuruFocus Manual of Stocks™  |  May 20, 2022
Inovio Pharmaceuticals Inc (NAS:INO)
www.gurufocus.com/stock/NAS:INO

Valuation Bands

In these charts the 10-year valuation bands of the price-to-earnings ratio (PE Ratio), price-to-book ratio (PB Ratio), price-to-sales ratio (PS Ratio) and price-to-operating-cash-flow ratio (POCF) are drawn together with the historical stock prices. For example, the upper line of the PE band is where the stock price would have been if it were always traded at the maximum PE ratio of the past 10 years. The lower line of the PE band is where the stock price would have been if it were always traded at the lowest PE ratio of the past 10 years. It is always better if the stock price is close to the lower line, which indicates a lower valuation.


Historical Price and PE Band


Historical Price and PS Band


Historical Price and PB Band


Historical Price and Price-to-Operating-Cash-Flow (POCF) Band

GuruFocus Manual of Stocks™  |  May 20, 2022
Inovio Pharmaceuticals Inc (NAS:INO)
www.gurufocus.com/stock/NAS:INO

Warning Signs

GuruFocus conducted a thorough checkup using a checklist of 32 items that cover the areas of financial strength, profitability, growth, and valuation of each company. The purpose of Warning Signs is to warn you that the company may have red flags in certain areas, helping to avoid overlooking them. These warning signs do not necessarily mean you should not invest in the stock. But you should be aware of them before you invest.


Severe Warning Signs

Altman Z-Score : Distress

Altman Z-score of -2.73 is in distress zone. This implies bankrupcy possibility in the next two years.

Piotroski F-Score : Low

Piotroski F-Score of 3 is low, which usually implies poor business operation.

Revenue per Share : Declined

Inovio Pharmaceuticals Inc revenue per share has been in decline for the last 5 years.

Good Signs

Beneish M-Score : Unlikely manipulator

Beneish M-Score -4.72 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

Price : Close to 5-year low

Inovio Pharmaceuticals Inc stock Price is close to 5-year low

PB Ratio : Close to 10-year low

Inovio Pharmaceuticals Inc stock PB Ratio (=1.17) is close to 10-year low of 1.17

Medium Warning Signs

Insider Sell : Insider Selling

There were 4 insider selling transactions and no insider buying over the past 3 months. 20,766 shares were sold.
GuruFocus Manual of Stocks™  |  May 20, 2022
Inovio Pharmaceuticals Inc (NAS:INO)
www.gurufocus.com/stock/NAS:INO

Competitive Comparison


5 Year Price Change Comparison


Financial Strength

CompanyFinancial StrengthCash-to-DebtEquity-to-AssetDebt-to-EquityInterest CoveragePiotroski F-ScoreAltman Z-ScoreBeneish M-ScoreWACC %ROIC %
NAS:TNGXTango Therapeutics Inc9/10418.500.680.00No DebtN/A1.980.000.00-171.77
HKSE:06996Antengene Corp Ltd8/10159.750.940.010.00512.900.007.82-377.04
SHSE:603739Qingdao Vland Biotech Co Ltd8/101.150.710.2067.6935.26-2.194.2010.09
NAS:IPSCCentury Therapeutics Inc7/108.870.910.060.0030.000.007.75-78.08
SZSE:300238Guanhao Biotech Co Ltd7/101.190.730.1816.3487.41-2.7019.208.38
SZSE:002286Baolingbao Biology Co Ltd6/100.760.630.3514.2973.80-2.3615.6511.24
NAS:SEERSeer Inc6/1014.730.920.060.00N/A7.180.007.81-156.05
NAS:GOSSGossamer Bio Inc5/101.170.107.720.0020.000.008.28-839.54
NAS:INOInovio Pharmaceuticals Inc5/1010.710.800.100.003-2.73-4.722.88-372.10
NAS:ARCTArcturus Therapeutics Holdings Inc4/104.620.540.380.003-1.03-2.2515.39-264.14

Profitability

CompanyProfitability RankOperating
Margin %
Net Margin %ROE %ROA %Price-to-Free-Cash-FlowROC (Joel Greenblatt) %3-Year Revenue Growth %3-Year EBITDA Growth %3-Year EPS w/o NRI Growth %
SZSE:300238Guanhao Biotech Co Ltd7/1022.1815.979.916.8631.2524.742.909.1018.10
SZSE:002286Baolingbao Biology Co Ltd6/109.498.2113.618.100.0022.2216.0028.5066.10
SHSE:603739Qingdao Vland Biotech Co Ltd6/1014.1110.668.176.130.0015.38-2.30-0.701.70
HKSE:06996Antengene Corp Ltd1/10-2055.89-2267.73-24.07-22.820.00-842.830.00-76.80-73.10
NAS:ARCTArcturus Therapeutics Holdings Inc1/10-1263.67-1282.61-74.60-47.270.00-1787.51-33.00-53.80-53.00
NAS:IPSCCentury Therapeutics Inc1/100.000.00-44.83-26.680.00-212.760.000.000.00
NAS:GOSSGossamer Bio Inc1/100.000.00-143.79-60.340.00-1644.500.00-4.80-8.80
NAS:INOInovio Pharmaceuticals Inc1/10-19987.27-20482.28-71.42-60.270.00-622.82-71.00-13.50-11.40
NAS:TNGXTango Therapeutics Inc1/10-196.32-195.91-20.77-14.250.00-859.370.000.000.00
NAS:SEERSeer Inc0/10-812.65-808.77-15.27-14.640.00-363.660.00-56.70-58.50

Valuation

CompanyPE RatioPB RatioPS RatioPrice-to-Intrinsic-Value-Projected-FCFPrice-to-Intrinsic-Value-DCF (Earnings Based)Price-to-Median-PS-ValuePrice-to-Peter-Lynch-Fair-ValuePrice-to-Graham-NumberEarnings Yield (Joel Greenblatt) %Forward Rate of Return (Yacktman) %
HKSE:06996Antengene Corp LtdAt Loss1.57123.400.000.000.000.000.00-43.050.00
NAS:ARCTArcturus Therapeutics Holdings IncAt Loss2.5129.520.000.000.000.000.00-93.680.00
NAS:IPSCCentury Therapeutics IncAt Loss1.180.000.000.000.000.000.00-30.710.00
NAS:GOSSGossamer Bio IncAt Loss19.900.000.000.000.000.000.00-38.550.00
NAS:INOInovio Pharmaceuticals IncAt Loss1.27281.440.000.0010.370.000.00-318.960.00
NAS:SEERSeer IncAt Loss0.9848.230.000.000.000.000.00-131.240.00
NAS:TNGXTango Therapeutics IncAt Loss1.4912.370.000.000.000.000.00-309.070.00
SZSE:002286Baolingbao Biology Co Ltd15.312.001.192.560.000.550.751.217.7720.20
SHSE:603739Qingdao Vland Biotech Co Ltd31.742.313.370.000.000.000.001.904.320.00
SZSE:300238Guanhao Biotech Co Ltd45.624.347.293.510.000.450.003.712.680.89
GuruFocus Manual of Stocks™  |  May 20, 2022
Inovio Pharmaceuticals Inc (NAS:INO)
www.gurufocus.com/stock/NAS:INO

Peter Lynch Chart[4]

GuruFocus Manual of Stocks™  |  May 20, 2022
Inovio Pharmaceuticals Inc (NAS:INO)
www.gurufocus.com/stock/NAS:INO

Per Share Data


Per Share Data

Dec06
Dec07
Dec08
Dec09
Dec10
Dec11
Dec12
Dec13
Dec14
Dec15
Dec16
Dec17
Dec18
Dec19
Dec20
Dec21
TTM Fiscal Period
0.44
0.46
0.19
0.49
0.24
0.31
0.12
0.29
0.18
0.59
0.48
0.52
0.33
0.04
0.05
0.01
0.01
Revenue per Share
-1.58
-1.44
-1.15
-0.66
-0.66
-0.64
-0.66
-0.42
-0.64
-0.49
-1.01
-1.03
-0.97
-1.09
-0.96
-1.42
-1.50
EBITDA per Share
-1.69
-1.53
-1.24
-0.75
-0.75
-0.70
-0.72
-0.47
-0.67
-0.52
-1.06
-1.08
-1.02
-1.14
-0.99
-1.44
-1.52
EBIT per Share
-1.84
-1.08
-1.20
-1.32
-0.68
-0.48
-0.58
-1.43
-0.64
-0.44
-1.01
-1.09
-1.05
-1.21
-1.07
-1.45
-1.54
Earnings per Share (Diluted)
-1.84
-1.08
-1.20
-1.32
-0.68
-0.48
-0.58
-1.43
-0.64
-0.44
-1.01
-1.09
-1.05
-1.21
-1.07
-1.45
-1.54
EPS without NRI
-1.00
-1.07
-1.16
-1.05
-0.48
-0.46
-0.54
-1.20
-0.54
-0.20
-0.98
-0.94
-0.94
-1.21
-1.35
-1.18
-1.21
Owner Earnings per Share (TTM)
-1.07
-1.17
-1.07
-0.76
-0.48
-0.63
-0.66
-0.34
-0.53
-0.22
-0.91
-0.90
-0.82
-1.00
-1.16
-1.04
-1.06
Free Cash Flow per Share
-0.89
-1.11
-1.01
-0.75
-0.46
-0.63
-0.65
-0.33
-0.50
-0.18
-0.85
-0.77
-0.80
-0.99
-1.15
-1.03
-1.06
Operating Cash Flow per Share
2.58
2.49
1.28
1.71
0.83
0.90
0.38
1.00
1.54
2.26
1.42
1.41
0.84
0.88
2.20
1.85
1.59
Cash per Share
2.04
2.83
1.74
2.36
1.77
1.40
0.95
1.00
1.83
2.43
1.67
1.58
0.89
0.03
2.47
1.84
1.57
Book Value per Share
0.81
1.91
0.46
1.46
0.96
0.83
0.46
0.70
1.59
2.24
1.42
1.39
0.74
-0.11
2.40
1.78
1.51
Tangible Book per Share
--
--
1.10
0.47
--
--
--
--
--
--
--
--
--
0.98
0.21
0.15
0.15
Total Debt per Share
13.16
3.68
2.08
4.56
4.60
1.71
2.00
11.60
9.18
6.72
6.94
4.13
4.00
3.30
8.85
4.99
1.97
Month End Stock Price

Ratios

Dec06
Dec07
Dec08
Dec09
Dec10
Dec11
Dec12
Dec13
Dec14
Dec15
Dec16
Dec17
Dec18
Dec19
Dec20
Dec21
TTM Fiscal Period
-68.95
-45.65
-51.72
-61.28
-32.90
-32.52
-48.17
-152
-44.14
-20.35
-49.33
-66.40
-84.57
-264
-71.64
-70.55
-71.42
ROE %
-10.67
-35.12
-43.10
-31.75
-12.65
-26.66
-22.94
-13.09
-8.81
-7.37
-11.83
-25.34
-18.92
-2.72
-19.96
-26.03
-56.24
ROE % Adjusted to Book Value
-38.02
-29.59
-32.92
-40.82
-25.77
-26.03
-37.03
-98.97
-32.83
-16.89
-38.05
-48.87
-60.92
-86.79
-48.68
-58.64
-60.27
ROA %
-141
-79.79
-99.66
-115
-56.19
-57.45
-88.12
-247
-54.33
-22.63
-55.28
-76.37
-98.18
-392
-76.21
-72.82
-73.55
Return-on-Tangible-Equity
-56.50
-40.98
-47.46
-59.18
-38.16
-39.90
-56.83
-132
-38.15
-18.43
-41.50
-54.07
-67.68
-97.20
-50.75
-60.20
-61.77
Return-on-Tangible-Asset
-3,480
-4,010
-3,613
-4,005
-6,200
-7,758
-7,480
-1,326
-1,057
-594
-946
-645
-553
-531
-439
-828
-623
ROC (Joel Greenblatt) %
-49.49
-48.54
-45.00
-32.63
-34.66
-44.59
-56.77
-44.84
-44.62
-23.52
-49.47
-62.60
-76.56
-109
-50.55
-64.91
-66.10
ROCE %
-97.00
-116
-56.43
-31.76
-44.92
-62.42
-69.24
-48.92
-82.95
-63.74
-115
-128
-163
-176
-140
-334
-372
ROIC %
17.19
14.25
13.06
19.87
19.34
19.15
16.22
22.26
29.95
18.77
14.15
10.01
16.45
17.69
6.63
1.76
2.88
WACC %
--
--
--
--
--
--
--
--
--
--
--
--
--
7.99
12.56
5.37
5.18
Effective Interest Rate on Debt %
-385
-331
-651
-153
-313
-227
-598
-160
-378
-86.97
-218
-200
-309
-2,702
-1,674
-16,970
-19,987
Operating Margin %
-356
-233
-618
-268
-287
-156
-478
-490
-345
-71.94
-208
-209
-318
-2,903
-2,245
-17,108
-20,482
Net Margin %
-359
-311
-604
-135
-278
-206
-550
-144
-363
-82.24
-210
-201
-295
-2,611
-2,018
-16,707
-19,925
EBITDA Margin %
-242
-253
-558
-156
-199
-203
-547
-116
-298
-37.52
-188
-174
-248
-2,404
-2,422
-12,222
-14,083
FCF Margin %
--
--
0.63
0.20
--
--
--
--
--
--
--
--
--
28.97
0.09
0.08
0.10
Debt-to-Equity
0.51
0.78
0.49
0.75
0.83
0.77
0.76
0.59
0.84
0.82
0.71
0.76
0.66
0.02
0.85
0.81
0.80
Equity-to-Asset
--
--
0.31
0.15
--
--
--
--
--
--
--
--
--
0.69
0.07
0.07
0.08
Debt-to-Asset
0.35
0.22
0.51
0.24
0.16
0.22
0.23
0.40
0.15
0.18
0.29
0.24
0.34
0.96
0.15
0.19
0.20
Liabilities-to-Assets
10.68
12.70
5.33
15.25
8.99
16.72
7.75
20.19
9.50
23.48
18.25
23.39
19.15
2.99
2.17
0.34
0.29
Gross-Profit-to-Asset %
0.11
0.13
0.05
0.15
0.09
0.17
0.08
0.20
0.10
0.24
0.18
0.23
0.19
0.03
0.02
0.00
-- Asset Turnover
32.10
55.65
158
19.79
12.56
10.68
57.51
56.00
107
45.45
119
94.34
55.79
178
474
2,470
1,698
Days Sales Outstanding
32.10
55.65
158
19.79
12.56
10.68
57.51
56.00
107
45.45
119
94.34
55.79
178
474
2,470
1,698
Cash Conversion Cycle
0.39
0.13
0.28
0.02
0.05
0.02
0.06
0.01
0.13
0.07
0.11
0.24
0.07
0.24
0.21
0.69
0.64
Capex-to-Revenue
* All financial numbers are in millions except for per share data, ratios and percentage change. When Return-on-Tangible-Equity displays Neg. E, it means the the tangible equity is negative.
GuruFocus Manual of Stocks™  |  May 20, 2022
Inovio Pharmaceuticals Inc (NAS:INO)
www.gurufocus.com/stock/NAS:INO

Financial Statement

Income Statement

Dec06
Dec07
Dec08
Dec09
Dec10
Dec11
Dec12
Dec13
Dec14
Dec15
Dec16
Dec17
Dec18
Dec19
Dec20
Dec21
TTM Fiscal Period
3.47
4.81
2.10
9.12
6.15
9.80
4.12
13.47
10.46
40.57
35.37
42.22
30.48
4.11
7.41
1.78
1.60
Revenue
3.47
4.81
2.10
9.12
6.15
9.80
4.12
13.47
10.46
40.57
35.37
42.22
30.48
4.11
7.41
1.78
1.60
Gross Profit
8.31
11.08
10.01
13.67
12.11
11.99
10.78
13.64
15.86
18.06
23.89
28.29
29.32
27.20
37.25
53.75
55.82
Selling, General, & Admin. Expense
8.51
9.63
5.75
9.41
13.26
20.03
17.99
21.37
34.10
57.79
88.71
98.57
95.26
88.02
94.25
249
266
Research & Development
-0.00
--
--
0.00
-0.00
--
0.00
-0.00
0.00
-0.00
0.00
0.00
-0.00
0.00
-0.00
0.00
-0.00
Other Operating Expense
16.81
20.71
15.76
23.08
25.37
32.02
28.76
35.01
49.95
75.86
113
127
125
115
131
303
322
Total Operating Expense
-13.35
-15.90
-13.66
-13.96
-19.22
-22.23
-24.65
-21.54
-39.50
-35.28
-77.24
-84.64
-94.09
-111
-124
-301
-320
Operating Income
-385
-331
-651
-153
-313
-227
-598
-160
-378
-86.97
-218
-200
-309
-2,702
-1,674
-16,970
-19,987
Operating Margin %
--
--
--
--
--
--
--
--
--
--
--
1.84
2.27
2.61
3.31
3.36
3.26
  Interest Income
--
--
--
--
--
-0.03
--
--
--
--
--
-0.03
--
-7.95
-8.70
-1.94
-1.74
  Interest Expense
--
--
0.64
0.00
0.15
0.03
0.17
0.13
0.33
0.31
1.26
1.81
2.27
-5.34
-5.39
1.43
1.53
Net Interest Income
13.35
15.90
13.01
13.96
1.43
6.89
4.77
-44.67
3.03
3.78
2.24
-5.37
-2.97
-4.36
-33.42
-3.43
-7.30
Other Income (Expense)
--
--
--
--
-17.64
-15.30
-19.71
-66.08
-36.14
-31.20
-73.74
-88.21
-94.80
-121
-163
-303
-326
Pre-Tax Income
--
--
--
--
--
--
--
--
--
2.10
--
--
-2.17
0.26
--
--
-- Tax Provision
--
--
--
--
--
--
--
--
--
6.72
--
--
-2.29
0.21
--
--
-- Tax Rate %
-12.34
-11.20
-12.97
-24.46
-17.64
-15.30
-19.71
-66.08
-36.14
-29.10
-73.74
-88.21
-96.97
-121
-167
-304
-328
Net Income (Continuing Operations)
--
--
--
0.05
0.03
0.05
0.04
0.06
0.02
-0.09
--
--
--
1.19
1.06
--
--   Other Income (Minority Interest)
-12.34
-11.20
-12.97
-24.41
-17.61
-15.25
-19.67
-66.03
-36.12
-29.19
-73.74
-88.21
-96.97
-119
-166
-304
-328
Net Income
-356
-233
-618
-268
-287
-156
-478
-490
-345
-71.94
-208
-209
-318
-2,903
-2,245
-17,108
-20,482
Net Margin %
2.01
0.02
--
--
--
--
--
--
--
--
--
--
--
--
--
--
-- Preferred Dividends
-1.84
-1.08
-1.20
-1.32
-0.68
-0.48
-0.58
-1.43
-0.61
-0.43
-1.01
-1.08
-1.05
-1.21
-1.07
-1.45
-1.54
EPS (Basic)
-1.84
-1.08
-1.20
-1.32
-0.68
-0.48
-0.58
-1.43
-0.64
-0.44
-1.01
-1.09
-1.05
-1.21
-1.07
-1.45
-1.54
EPS (Diluted)
7.88
10.37
10.98
18.68
25.80
31.56
34.13
46.09
59.41
68.37
73.22
81.92
92.54
98.72
155
209
219
Shares Outstanding (Diluted Average)
-13.35
-15.90
-13.66
-13.96
-19.22
-22.23
-24.65
-21.54
-39.50
-35.28
-77.24
-88.18
-94.80
-113
-154
-301
-324
EBIT
0.91
0.96
0.99
1.68
2.11
2.01
2.00
2.10
1.57
1.92
3.09
3.47
5.00
5.52
4.63
4.73
5.03
Depreciation, Depletion and Amortization
-12.44
-14.94
-12.67
-12.28
-17.11
-20.21
-22.65
-19.45
-37.93
-33.37
-74.15
-84.71
-89.80
-107
-150
-297
-319
EBITDA
-359
-311
-604
-135
-278
-206
-550
-144
-363
-82.24
-210
-201
-295
-2,611
-2,018
-16,707
-19,925
EBITDA Margin %
* All financial numbers are in millions except for per share data, ratios and percentage change.
GuruFocus Manual of Stocks™  |  May 20, 2022
Inovio Pharmaceuticals Inc (NAS:INO)
www.gurufocus.com/stock/NAS:INO

Financial Statement

Cashflow Statement

Dec06
Dec07
Dec08
Dec09
Dec10
Dec11
Dec12
Dec13
Dec14
Dec15
Dec16
Dec17
Dec18
Dec19
Dec20
Dec21
TTM Fiscal Period
-12.34
-11.20
-12.97
-24.46
-17.64
-15.30
-19.71
-66.08
-36.14
-29.10
-73.74
-88.21
-96.97
-121
-167
-304
-328
Net Income From Continuing Operations
0.91
0.96
0.99
1.68
2.11
2.01
2.00
2.10
1.57
1.92
3.09
3.47
5.00
5.52
4.63
4.73
5.03
Depreciation, Depletion and Amortization
-0.06
-0.73
0.47
1.39
0.21
-0.40
-0.36
-2.44
0.50
-4.53
-9.24
10.08
2.44
2.02
-17.02
11.03
2.77
  Change In Receivables
-0.40
0.51
0.02
0.24
-0.52
-0.26
-0.08
-1.63
0.51
0.65
-1.73
-1.19
1.92
-0.11
-38.48
-6.34
19.84
  Change In Prepaid Assets
-0.23
-0.32
-0.58
-0.62
1.08
0.13
-0.62
2.50
0.99
7.19
11.04
4.93
-2.34
-6.21
9.21
26.52
16.74
  Change In Payables And Accrued Expense
3.64
-0.10
-0.09
-4.69
2.93
-0.73
-0.13
3.24
0.16
10.33
-0.62
-10.93
2.69
0.75
-24.80
19.15
22.40
  Change In Other Working Capital
2.95
-0.64
-0.19
-3.67
3.71
-1.26
-1.19
1.68
2.17
13.64
-0.55
2.90
4.71
-3.54
-71.07
50.35
61.75
Change In Working Capital
--
--
--
--
0.05
0.03
0.02
0.03
0.03
-2.08
-0.00
-0.15
--
-0.26
--
--
-- Deferred Tax
--
--
1.14
2.16
1.17
1.65
1.35
1.87
5.43
6.19
10.48
13.07
10.65
10.90
15.65
26.34
24.45
Stock Based Compensation
--
--
0.12
--
0.03
--
--
--
--
--
--
--
--
--
--
--
-- Asset Impairment Charge
1.44
-0.62
-0.22
10.22
-1.36
-6.88
-4.77
45.03
-2.88
-3.00
-1.83
5.71
3.06
10.09
40.29
6.53
12.38
Cash Flow from Others
-7.04
-11.51
-11.13
-14.08
-11.94
-19.76
-22.31
-15.38
-29.82
-12.44
-62.56
-63.21
-73.55
-97.85
-178
-216
-225
Cash Flow from Operations
-1.37
-0.65
-0.12
-0.05
-0.18
-0.16
-0.24
-0.18
-1.38
-2.78
-2.74
-10.29
-2.09
-0.99
-1.52
-1.23
-1.02
Purchase Of Property, Plant, Equipment
--
--
--
--
0.03
--
--
--
--
--
--
--
--
--
--
--
-- Sale Of Property, Plant, Equipment
--
--
--
--
--
-0.10
--
--
--
--
--
--
--
--
-1.40
--
-2.00
Purchase Of Business
--
--
--
1.61
--
--
--
--
--
--
--
--
--
--
40.13
--
-- Sale Of Business
-24.00
-18.60
-4.50
--
-8.00
-18.19
-9.14
-15.40
-47.19
-63.53
-57.32
-95.70
-88.16
-101
-156
-349
-173
Purchase Of Investment
9.30
16.40
8.00
--
19.71
7.21
14.01
4.34
12.75
10.48
76.53
77.16
133
92.89
62.99
175
297
Sale Of Investment
--
--
-0.46
-0.12
-0.13
0.35
0.65
2.00
--
1.00
-0.20
1.00
--
--
--
--
-- Net Intangibles Purchase And Sale
-0.00
0.00
0.00
0.00
--
-0.00
-0.00
-0.00
0.00
0.00
-0.00
0.00
--
--
-2.77
-0.00
-0.00
Cash From Other Investing Activities
-16.07
-2.85
2.92
1.45
11.44
-10.90
5.28
-9.24
-35.81
-54.82
16.27
-27.83
42.42
-9.05
-58.80
-175
121
Cash Flow from Investing
14.33
16.29
--
28.41
2.31
28.00
5.33
32.88
59.21
81.90
6.30
94.35
29.23
9.09
454
209
29.37
Issuance of Stock
--
--
0.00
--
--
--
--
--
--
--
--
--
--
--
--
--
-- Repurchase of Stock
--
0.04
12.22
--
12.18
--
--
--
--
--
--
--
--
97.44
0.17
--
--   Issuance of Debt
--
--
-0.11
-0.16
-24.35
--
--
--
--
--
--
--
--
--
--
--
--   Payments of Debt
--
0.04
12.11
-0.16
-12.18
--
--
--
--
--
--
--
--
97.44
0.17
--
-- Net Issuance of Debt
-0.13
-0.02
--
--
--
--
--
--
--
--
--
--
--
--
--
--
-- Cash Flow for Dividends
-0.00
--
0.05
0.36
0.17
0.02
--
19.81
13.25
2.45
1.49
1.34
1.81
-1.14
10.62
2.06
-0.94
Other Financing
14.19
16.30
12.16
28.60
-9.69
28.01
5.33
52.69
72.46
84.35
7.79
95.69
31.04
105
465
211
79.02
Cash Flow from Financing
17.17
8.32
10.25
14.12
30.30
20.00
17.35
5.65
33.72
40.54
57.63
19.14
23.79
23.69
22.20
251
83.64
Beginning Cash Position
0.07
-0.01
-0.09
0.21
-0.10
-0.00
0.00
--
-0.00
--
--
--
--
--
0.03
-0.03
-0.02
  Effect of Exchange Rate Changes
-8.85
1.93
3.86
16.18
-10.30
-2.65
-11.70
28.07
6.82
17.09
-38.50
4.65
-0.09
-1.50
229
-180
-24.63
Net Change in Cash
8.32
10.25
14.12
30.30
20.00
17.35
5.65
33.72
40.54
57.63
19.14
23.79
23.69
22.20
251
71.14
59.01
Ending Cash Position
-1.37
-0.65
-0.58
-0.17
-0.31
-0.16
-0.24
-0.18
-1.38
-2.78
-3.94
-10.29
-2.09
-0.99
-1.52
-1.23
-1.02
Capital Expenditure
-8.41
-12.16
-11.71
-14.25
-12.25
-19.92
-22.55
-15.56
-31.20
-15.22
-66.49
-73.50
-75.64
-98.84
-180
-217
-226
Free Cash Flow
* All financial numbers are in millions except for per share data, ratios and percentage change.
GuruFocus Manual of Stocks™  |  May 20, 2022
Inovio Pharmaceuticals Inc (NAS:INO)
www.gurufocus.com/stock/NAS:INO

Financial Satement

Balance Sheet

Dec06
Dec07
Dec08
Dec09
Dec10
Dec11
Dec12
Dec13
Dec14
Dec15
Dec16
Dec17
Dec18
Dec19
Dec20
Dec21
TTM Fiscal Period
8.32
10.25
14.12
30.30
20.00
17.35
5.65
33.72
40.54
57.63
19.14
23.79
23.69
22.20
251
71.14
59.01
  Cash And Cash Equivalents
14.70
17.00
--
13.54
1.85
12.86
8.03
18.91
53.08
105
85.63
104
57.54
67.34
161
330
301
  Marketable Securities
23.02
27.25
14.12
43.84
21.85
30.21
13.68
52.63
93.62
163
105
127
81.23
89.53
412
401
360
Cash, Cash Equivalents, Marketable Securities
0.33
1.14
0.67
0.32
0.11
0.47
0.83
3.30
2.80
7.30
15.82
6.00
3.32
0.70
18.56
5.47
4.00
  Accounts Receivable
--
--
--
--
--
0.04
0.04
--
--
0.03
0.75
0.49
0.74
1.33
0.50
2.57
3.49
  Other Current Receivables
0.33
1.14
0.67
0.32
0.11
0.51
0.87
3.30
2.80
7.33
16.57
6.49
4.06
2.03
19.06
8.03
7.49
Total Receivables
1.12
0.61
0.48
0.41
0.93
1.19
1.42
2.76
2.52
1.53
3.26
4.45
2.53
2.63
40.46
39.10
32.02
Other Current Assets
24.47
29.00
15.26
44.57
22.88
31.91
15.97
58.68
98.95
172
125
138
87.82
94.20
471
448
400
Total Current Assets
--
--
9.17
12.33
11.36
9.07
10.70
9.67
12.34
19.99
19.83
11.39
9.41
6.32
4.90
3.91
3.37
Investments And Advances
0.68
0.73
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--   Buildings And Improvements
2.01
2.03
1.40
1.78
1.69
1.79
2.02
2.38
2.83
5.41
5.50
7.09
7.01
6.83
7.37
8.20
--   Machinery, Furniture, Equipment
-0.00
--
0.34
0.34
0.39
0.45
0.47
2.42
4.30
5.45
8.78
18.34
18.94
32.89
32.71
39.77
27.95
  Other Gross PPE
2.68
2.76
1.74
2.12
2.08
2.24
2.48
4.80
7.13
10.85
14.28
25.43
25.95
39.72
40.08
47.97
27.95
Gross Property, Plant and Equipment
-2.29
-2.36
-1.39
-1.78
-1.80
-1.94
-2.12
-1.92
-2.54
-3.55
-5.26
-7.11
-10.00
-13.17
-15.99
-18.94
--   Accumulated Depreciation
0.39
0.40
0.35
0.34
0.28
0.30
0.36
2.89
4.58
7.31
9.03
18.32
15.95
26.56
24.09
29.02
27.95
Property, Plant and Equipment
10.96
10.09
14.03
23.08
21.29
19.42
17.60
15.83
14.89
14.02
18.14
16.52
15.27
14.21
13.66
13.14
13.01
Intangible Assets
4.29
3.90
3.90
10.11
10.11
10.11
10.11
10.11
10.11
10.11
10.51
10.51
10.51
10.51
10.51
10.51
10.51
  Goodwill
0.13
0.28
0.17
0.31
0.26
0.41
0.50
1.22
1.03
0.68
2.11
2.64
2.67
2.67
25.96
1.42
1.27
Other Long Term Assets
11.48
10.77
23.72
36.06
33.19
29.20
29.17
29.60
32.84
41.99
49.11
48.88
43.30
49.75
68.60
47.50
45.60
Total Long-Term Assets
35.95
39.78
38.99
80.63
56.07
61.11
45.14
88.29
132
214
174
187
131
144
540
496
446
Total Assets
2.01
1.81
0.38
--
--
1.16
1.04
2.39
2.03
4.46
6.99
8.49
11.02
7.65
1.47
24.76
39.52
  Accounts Payable
--
--
--
3.89
5.09
--
--
--
--
--
--
--
--
--
--
--
--   Other Current Payables
0.68
0.57
1.39
0.30
0.18
2.23
2.17
2.44
3.41
7.22
13.51
16.33
9.30
6.40
17.20
17.64
11.83
  Current Accrued Expense
2.69
2.38
1.77
4.19
5.27
3.39
3.21
4.83
5.44
11.67
20.51
24.82
20.32
14.05
18.67
42.41
51.35
Accounts Payable & Accrued Expense
--
--
12.11
12.12
--
--
--
--
--
--
--
--
--
--
--
--
--   Short-Term Debt
--
--
--
--
--
--
--
--
--
--
--
--
--
2.08
2.33
2.60
2.67
  Short-Term Capital Lease Obligation
--
--
12.11
12.12
--
--
--
--
--
--
--
--
--
2.08
2.33
2.60
2.67
Short-Term Debt & Capital Lease Obligation
0.63
0.97
0.52
0.27
0.80
0.47
0.74
2.01
3.58
13.95
15.17
1.35
0.26
0.12
0.05
0.02
0.02
  Current Deferred Revenue
0.63
0.97
0.61
0.27
0.80
0.47
0.74
2.01
3.64
14.34
15.62
2.23
5.52
0.12
0.05
0.02
0.02
DeferredTaxAndRevenue
3.54
0.00
0.23
2.78
0.37
7.19
4.42
22.13
5.00
5.46
7.70
8.36
9.47
15.74
20.66
20.71
5.32
Other Current Liabilities
6.86
3.35
14.71
19.35
6.44
11.04
8.38
28.97
14.09
31.47
43.82
35.41
35.30
31.99
41.71
65.74
59.36
Total Current Liabilities
--
--
--
--
--
--
--
--
--
--
--
--
--
77.02
18.66
14.96
16.21
  Long-Term Debt
--
--
--
--
--
--
--
--
--
--
--
--
--
20.41
18.06
15.46
14.77
  Long-Term Capital Lease Obligation
--
--
--
--
--
--
--
--
--
--
--
--
--
97.43
36.72
30.42
30.97
Long-Term Debt & Capital Lease Obligation
--
--
0.63
0.20
--
--
--
--
--
--
--
--
--
28.97
0.09
0.08
0.10
Debt-to-Equity
1.01
0.95
5.17
0.09
2.53
2.20
1.91
6.42
6.16
6.44
6.51
9.35
8.69
0.27
0.15
0.10
0.09
NonCurrent Deferred Liabilities
4.58
4.44
-0.00
-0.00
-0.00
--
-0.00
0.00
0.00
0.00
--
-0.00
0.09
8.86
0.06
0.02
-0.00
Other Long-Term Liabilities
5.59
5.39
5.17
0.09
2.53
2.20
1.90
6.42
6.16
6.44
6.51
9.35
8.78
107
36.93
30.53
31.07
Total Long-Term Liabilities
12.45
8.74
19.88
19.44
8.97
13.25
10.28
35.39
20.25
37.91
50.33
44.75
44.08
139
78.63
96.27
90.43
Total Liabilities
0.04
0.04
0.04
0.10
0.11
0.14
0.14
0.05
0.06
0.07
0.07
0.09
0.10
0.10
0.19
0.22
0.23
Common Stock
0.00
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
-- Preferred Stock
-129
-140
-153
-177
-195
-210
-230
-296
-332
-361
-435
-523
-620
-740
-906
-1,210
-1,287
Retained Earnings
-0.05
0.11
0.01
0.11
0.00
0.04
0.07
-0.08
-0.25
2.71
1.33
-0.12
-0.53
0.47
-0.26
-0.28
-0.46
Accumulated other comprehensive income (loss)
147
171
172
238
241
257
264
348
443
534
557
666
708
743
1,367
1,610
1,642
Additional Paid-In Capital
0.00
-0.00
-0.00
-0.00
--
0.00
0.00
-0.00
-0.00
0.00
0.00
--
0.00
-0.00
0.00
-0.00
-0.00
Other Stockholders Equity
18.15
31.04
19.11
60.56
46.50
47.32
34.36
52.46
111
176
123
142
86.94
3.44
461
400
355
Total Stockholders Equity
5.35
--
--
0.62
0.60
0.55
0.50
0.45
0.31
0.25
0.10
0.10
0.10
1.97
--
--
-- Minority Interest
23.50
31.04
19.11
61.19
47.10
47.86
34.86
52.90
112
176
123
142
87.03
5.41
461
400
355
Total Equity
0.51
0.78
0.49
0.75
0.83
0.77
0.76
0.59
0.84
0.82
0.71
0.76
0.66
0.02
0.85
0.81
0.80
Equity-to-Asset
* All financial numbers are in millions except for per share data, ratios and percentage change.
GuruFocus Manual of Stocks™  |  May 20, 2022
Inovio Pharmaceuticals Inc (NAS:INO)
www.gurufocus.com/stock/NAS:INO

Valuation Ratios

Valuation Ratios

Dec06
Dec07
Dec08
Dec09
Dec10
Dec11
Dec12
Dec13
Dec14
Dec15
Dec16
Dec17
Dec18
Dec19
Dec20
Dec21
TTM Fiscal Period
6.46
1.30
1.20
1.93
2.60
1.22
2.10
11.62
5.01
2.76
4.17
2.62
4.47
97.06
3.59
2.71
1.27
PB Ratio
16.29
1.92
4.51
3.13
4.79
2.07
4.31
16.64
5.79
3.00
4.89
2.96
5.43
--
3.70
2.81
1.30
Price-to-Tangible-Book
29.91
7.93
10.89
9.34
19.33
5.52
16.53
39.73
52.16
11.33
14.37
8.02
12.16
78.57
184
624
281
PS Ratio
28.71
2.72
9.95
9.43
16.20
2.86
14.32
41.41
44.40
7.95
11.57
5.82
10.10
84.25
173
404
63.87
EV-to-Revenue
-8.01
-0.87
-1.65
-7.01
-5.82
-1.39
-2.60
-28.68
-12.24
-9.67
-5.52
-2.90
-3.43
-3.23
-8.57
-2.42
-0.32
EV-to-EBITDA
-7.46
-0.82
-1.53
-6.16
-5.18
-1.26
-2.39
-25.89
-11.76
-9.14
-5.30
-2.79
-3.25
-3.07
-8.31
-2.38
-0.32
EV-to-EBIT
-13.40
-122
-65.36
-16.23
-19.31
-79.37
-41.84
-3.86
-8.50
-10.94
-18.87
-35.84
-30.77
-32.57
-12.03
-42.02
-319
Earnings Yield (Joel Greenblatt) %
-13.20
-42.27
-89.44
-56.29
-44.21
-71.52
-51.81
-16.84
--
--
--
--
--
--
--
--
-- Forward Rate of Return (Yacktman) %

Valuation and Quality

Dec06
Dec07
Dec08
Dec09
Dec10
Dec11
Dec12
Dec13
Dec14
Dec15
Dec16
Dec17
Dec18
Dec19
Dec20
Dec21
TTM Fiscal Period
117
40.31
22.89
117
121
57.70
72.16
610
558
485
514
373
389
334
1,654
1,085
451
Market Cap
99.58
13.06
20.88
86.03
99.55
28.03
58.98
558
464
323
409
246
308
346
1,281
716
94.69
Enterprise Value
13.16
3.68
2.08
4.56
4.60
1.71
2.00
11.60
9.18
6.72
6.94
4.13
4.00
3.30
8.85
4.99
1.97
Month End Stock Price
0.59
1.69
-0.52
0.93
0.47
0.49
0.08
0.32
1.20
1.73
0.73
0.91
0.38
-0.50
1.78
1.40
1.19
Net Cash per Share
0.75
1.85
-0.42
0.95
0.51
0.54
0.14
0.43
1.29
1.85
1.00
1.03
0.45
-0.46
2.10
1.62
1.37
Net Current Asset Value
0.61
1.77
-0.48
0.93
0.47
0.50
0.10
0.37
1.24
1.80
0.89
0.96
0.41
-0.50
1.86
1.42
1.21
Net-Net Working Capital
-6.10
-4.56
-10.64
-4.12
-2.88
-2.65
-3.19
-2.04
-1.50
-0.57
-3.86
-4.76
-4.25
-5.44
-2.40
-3.64
-4.08
Intrinsic Value: Projected FCF
--
--
--
--
--
--
1.69
4.03
2.49
8.69
7.37
7.62
4.73
0.58
0.72
0.20
0.19
Median PS Value
-123
-81.51
-24.06
-8.80
-9.29
-8.43
-8.28
-6.21
-5.09
-7.49
-11.29
-10.19
-16.81
-74.99
-53.25
-65.33
-69.79
Earnings Power Value (EPV)
1.33
-1.26
-4.73
1.03
3.68
-1.63
-4.06
3.74
12.94
5.82
1.98
0.42
-3.00
-7.79
10.29
2.27
-2.73
Altman Z-Score
3.00
5.00
2.00
4.00
4.00
2.00
1.00
4.00
4.00
4.00
2.00
4.00
2.00
2.00
3.00
3.00
3.00
Piotroski F-Score
-3.11
-0.97
-3.69
-0.19
-3.59
-0.68
-0.32
-0.81
-2.83
-0.74
-1.76
-3.39
-3.82
-5.11
11.37
-4.92
-4.72
Beneish M-Score
0.02
0.11
0.43
0.76
0.31
0.32
0.35
0.01
0.20
0.10
0.09
0.09
0.03
0.12
0.62
0.06
0.06
Scaled Net Operating Assets
29.94
7.94
-12.20
-14.61
-30.52
25.21
-5.84
-46.90
22.40
17.81
-15.81
1.51
-50.21
-8.66
13.04
17.62
-50.44
Sloan Ratio %
3.57
8.65
1.04
2.30
3.55
2.89
1.91
2.03
7.02
5.46
2.84
3.91
2.49
2.94
11.30
6.82
6.74
Current Ratio
3.57
8.65
1.04
2.30
3.55
2.89
1.91
2.03
7.02
5.46
2.84
3.91
2.49
2.94
11.30
6.82
6.74
Quick Ratio
3.36
8.12
0.96
2.27
3.39
2.74
1.63
1.82
6.65
5.18
2.39
3.60
2.30
2.80
9.87
6.10
6.07
Cash Ratio
No Debt
No Debt
No Debt
No Debt
No Debt
--
No Debt
No Debt
No Debt
No Debt
No Debt
--
No Debt
--
--
--
-- Interest Coverage
14.36
16.68
5.80
12.72
5.96
6.08
2.96
12.00
15.28
10.60
11.39
8.68
6.11
5.10
31.69
16.96
10.33
Highest Stock Price
8.00
3.40
0.64
1.12
3.11
1.48
1.60
2.01
8.00
5.65
4.92
4.13
3.88
1.97
2.98
4.99
1.60
Lowest Stock Price
-20.94
-22.94
-0.45
-133
-2.23
-28.49
-6.92
-45.73
-15.53
-18.89
-2.55
-22.00
-7.60
-4.25
-84.34
-16.34
-8.21
Shares Buyback Ratio %
-12.22
-40.41
--
-24.25
-1.92
-48.52
-7.38
-5.39
-10.62
-16.88
-1.22
-25.28
-7.52
-2.72
-27.48
-19.31
-6.51
Buyback Yield %
-61.74
5.45
-58.84
156
-51.23
30.25
-60.97
141
-39.73
237
-18.55
6.63
-36.12
-87.23
14.29
-83.33
-81.08
YoY Rev. per Sh. Growth
66.91
41.30
-11.11
-10.00
48.48
29.41
-20.83
-147
55.24
31.25
-130
-7.92
3.67
-15.24
11.57
-35.51
-40.00
YoY EPS Growth
34.09
8.68
19.92
43.07
-0.91
3.47
-3.75
36.45
-51.18
23.51
-108
-2.07
6.19
-12.06
11.32
-47.30
-44.93
YoY EBITDA Growth
3.71
3.74
12.37
20.72
22.17
21.40
15.12
11.66
4.57
4.92
-2.40
-14.43
-20.93
-16.14
-12.79
-1.28
-4.70
5-Year EBITDA Growth Rate
7.88
10.37
10.98
18.68
25.80
31.56
34.13
46.09
59.13
68.20
73.22
81.78
92.54
98.72
155
209
219
Shares Outstanding (Basic Average)
8.91
10.95
11.00
25.69
26.26
33.74
36.08
52.58
60.74
72.22
74.06
90.36
97.23
101
187
217
229
Shares Outstanding (EOP)
2.08
1.70
1.97
2.90
2.89
2.97
2.41
3.20
4.63
2.75
1.95
1.27
2.29
2.63
0.92
0.03
0.26
Beta
03/16/07
03/17/08
03/31/09
03/26/10
03/16/11
03/15/12
03/18/13
03/17/14
03/16/15
03/14/16
03/15/17
03/14/18
03/12/19
03/12/20
03/01/21
03/01/22
  Filing Date
03/17/08
03/17/08
03/26/10
03/16/11
03/18/13
03/18/13
03/16/15
03/14/16
03/15/17
03/14/18
03/12/19
03/12/20
03/01/21
03/01/22
03/01/22
03/01/22
  Restated Filing Date
03/31/09
03/15/12
03/18/13
03/16/15
03/14/16
03/15/17
03/14/18
03/12/19
03/12/20
03/01/21
03/01/22
  Earnings Release Date
--
432
136
--
578
222
229
209
490
480
489
479
480
480
457
--
-- Number of Shareholders
39.00
37.00
36.00
42.00
44.00
53.00
53.00
71.00
106
157
239
278
281
190
262
317
317
Number of Employees
* All financial numbers are in millions except for per share data, ratios and percentage change.
GuruFocus Manual of Stocks™  |  May 20, 2022
Inovio Pharmaceuticals Inc (NAS:INO)
www.gurufocus.com/stock/NAS:INO

Explanation

1. Predictability Rank

GuruFocus Predictability Rank is a proprietary ranking of the consistency of a business. We rank the predictability of companies based on the consistency of their revenue per share and EBITDA (earnings before interest, tax, depreciation and amortization) per share over the past 10 fiscal years. Our study found that there is a strong correlation between the stock performance and the predictability of a business. Over the long term, companies with higher predictability also have better stock performance.

The rank is from 1-star to 5-star, with 5-star as the best.

2. Financial Strength

GuruFocus Financial Strength Rank measures how strong a company's financial situation is. It is based on these factors:

  1. The debt burden that the company has as measured by its Interest Coverage (current year). The higher, the better.
  2. Debt to revenue ratio. The lower, the better.
  3. Altman Z-Score.

The rank is from 1 to 10, with 10 as the highest.

A Financial Strength rank of 8 or above indicates good financial strength; between 4-7 indicates fair financial strength; 3 or below means poor financial strength.

3. Profitability Rank

GuruFocus Profitability Rank indicates how profitable a company is and how likely it is that the company's business will stay that way. It is based on these factors:

  1. Operating Margin %.
  2. Piotroski F-Score.
  3. Trend of the Operating Margin percentage (five-year average). A company with an uptrend in profit margin will have a higher rank.
  4. Consistency of the profitability.
  5. Predictability Rank.

The rank is from 1 to 10, with 10 as the highest.

A Profitability Rank of 8 or above indicates good profitability; between 4-7 indicates fair profitability; 3 or below means poor profitability.

4. Peter Lynch Chart

In Peter Lynch's excellent book, "One Up on Wall Street," he used many charts to illustrate the valuation of stocks. “A quick way to tell if a stock is overpriced is to compare the price line to the earnings line. If you bought familiar growth companies – such as Shoney’s, The Limited, or Marriott – when the stock price fell well below the earnings line, and sold them when the stock price rose dramatically above it, the chances are you’d do pretty well.”

The original Peter Lynch Chart does have limitations due to the right side price scale is pre-set at 15 times the earnings scale on the left side. When the stock price and earnings line coincide, the price-to-earnings ratio is always 15 times. Instead of using the fixed PE Ratio of 15, our approach is using 15-year historical median PE without NRI Ratio for each stock.

The Peter Lynch Chart with earnings line at median PE without NRI ratio works well for the companies with steady growth and earnings trends, or the stalwarts, as coined by Lynch. These companies tend to be found in sectors such as consumer staples, healthcare, and utilities, where the consumption of the product or service is relatively independent of economic conditions. It does not work well with the sectors that are cyclical: industrials, chemicals, durable goods, and so forth.

5. GF Value

Based on the relationship between the current stock price and the GF Value, GuruFocus provides the following 6 evaluations:

  1. Possible Value Trap, Think Twice
  2. Significantly Overvalued
  3. Modestly Overvalued
  4. Fairly Valued
  5. Modestly Undervalued
  6. Significantly Undervalued
There is only a sufficient margin of safety when the stock is undervalued.

Disclaimer

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