ICCC · IMMUCELL CORP /DE/
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.
Cap structure and valuation
| Cap structure | |
|---|---|
| SP | $10.96 |
| SO | 9.0M |
| Options | 0.8M |
| Warrants | 0.0M |
| FD SO | 9.8M |
| MC | $107.9M |
| Cash | $6.8M |
| Total debt | $8.7M |
| EV | $109.8M |
| TTM Multiples | |
|---|---|
| EV / Revenue | 3.7x |
| EV / EBITDA | 21.5x |
| MC / Net Income | — |
| EV / FCF | 32.5x |
| MC / FCF | 32.0x |
| Ownership & coverage | |
|---|---|
| Institutional | 21.6% |
| Insiders | 32.1% |
| # Institutions | 33 |
| Analysts | 0 |
| Consensus | — |
| Avg target | — |
| Short % float | 0.2% |
| Days to cover | 0.74 |
MC = SP × FD SO. EV = MC + Debt − Cash. SP = previous yfinance close. Balance-sheet figures as of 2026-05-01. Multiples use TTM (sum of last 4 quarters); shown as "—" when the denominator is zero or negative, or when fewer than four quarters are reported — a partial sum is not a trailing twelve months. Ownership & coverage per Yahoo Finance as of 2026-07-13 — institutional % is 13F-based, so it can lag a quarter and exceed 100% on share-count timing. Short interest per FINRA bi-monthly reporting, as of 2026-06-29; the float denominator can be unreliable on tiny floats.
Financial statements
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Total Revenue | 10.36 | 7.63 | 5.51 | 6.44 |
| Revenue YoY % | 28.4% | (1.6%) | (8.4%) | 17.8% |
| Cost of Revenue | 5.70 | 4.72 | 3.14 | 3.63 |
| Gross Profit | 4.66 | 2.91 | 2.36 | 2.82 |
| Gross Profit YoY % | 38.9% | 2.8% | 49.2% | 129.0% |
| Gross Margin % | 45.0% | 38.2% | 42.9% | 43.7% |
| SG&A | 2.37 | 2.21 | 1.65 | 1.42 |
| R&D | 0.32 | 0.76 | 0.69 | 0.83 |
| Operating Expense | 2.69 | 2.97 | 2.34 | 2.25 |
| Operating Income | 1.97 | (0.06) | 0.02 | 0.57 |
| Operating Income YoY % | 76.2% | (109.3%) | 103.5% | 141.1% |
| Operating Margin % | 19.0% | (0.8%) | 0.4% | 8.8% |
| EBITDA | 2.50 | 0.65 | 0.73 | 1.23 |
| EBITDA Margin % | 24.1% | 8.5% | 13.2% | 19.1% |
| Interest Expense | 0.10 | 0.11 | 0.13 | — |
| Other Income / (Expense) | — | (2.68) | — | — |
| Pretax Income | 1.95 | (2.85) | (0.14) | 0.50 |
| Tax Provision | 0.01 | 0.00 | 0.00 | 0.00 |
| Net Income | 1.94 | (2.85) | (0.14) | 0.50 |
| Net Margin % | 18.7% | (37.4%) | (2.5%) | 7.8% |
| Diluted EPS | $0.21 | -$0.32 | -$0.02 | $0.06 |
| Basic EPS | $0.21 | -$0.32 | -$0.02 | $0.06 |
| Diluted Avg Shares | 9.0 | — | 9.0 | 9.0 |
| Basic Avg Shares | 9.0 | — | 9.0 | 9.0 |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Total Revenue | 29.93 | 27.64 | 26.49 | 17.47 | 18.57 |
| Revenue YoY % | 8.3% | 4.3% | 51.6% | (5.9%) | — |
| Cost of Revenue | 17.19 | 16.20 | 18.55 | 13.60 | 10.92 |
| Gross Profit | 12.75 | 11.45 | 7.94 | 3.87 | 7.65 |
| Gross Profit YoY % | 11.4% | 44.1% | 105.2% | (49.4%) | — |
| Gross Margin % | 42.6% | 41.4% | 30.0% | 22.1% | 41.2% |
| SG&A | 7.64 | 6.75 | 5.68 | 5.22 | 5.45 |
| R&D | 2.60 | 3.04 | 3.90 | 4.39 | 4.49 |
| Operating Expense | 10.25 | 9.80 | 9.58 | 9.62 | 9.95 |
| Operating Income | 2.50 | 1.65 | (1.64) | (5.75) | (2.30) |
| Operating Income YoY % | 51.6% | 200.6% | 71.5% | (150.0%) | — |
| Operating Margin % | 8.4% | 6.0% | (6.2%) | (32.9%) | (12.4%) |
| EBITDA | 5.11 | 4.43 | 1.09 | (3.01) | 0.17 |
| EBITDA Margin % | 17.1% | 16.0% | 4.1% | (17.2%) | 0.9% |
| Interest Expense | 0.47 | 0.49 | 0.57 | 0.48 | 0.35 |
| Other Income / (Expense) | (2.56) | (2.18) | — | — | — |
| Pretax Income | (0.52) | (1.03) | (2.15) | (5.77) | (2.49) |
| Tax Provision | 0.02 | 0.01 | 0.01 | 0.00 | 0.01 |
| Net Income | (0.55) | (1.04) | (2.16) | (5.78) | (2.49) |
| Net Margin % | (1.8%) | (3.8%) | (8.1%) | (33.1%) | (13.4%) |
| Diluted EPS | -$0.07 | -$0.12 | -$0.26 | -$0.75 | -$0.32 |
| Basic EPS | -$0.07 | -$0.12 | -$0.26 | -$0.75 | -$0.32 |
| Diluted Avg Shares | 9.0 | 9.0 | 8.2 | 7.7 | 7.7 |
| Basic Avg Shares | 9.0 | 9.0 | 8.2 | 7.7 | 7.7 |
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Cash & Equivalents | 6.81 | 3.81 | 3.89 | 6.00 |
| Receivables | 2.69 | 3.42 | 2.55 | 2.38 |
| Inventory | 8.67 | 9.27 | 9.80 | 8.29 |
| Other Current Assets | 0.68 | — | 0.58 | — |
| Total Current Assets | 18.86 | 16.94 | 16.83 | 17.14 |
| Net PPE | 20.78 | 21.07 | 24.34 | 24.88 |
| Operating Lease ROU | 4.34 | 4.38 | 4.42 | 4.54 |
| Goodwill | 0.10 | 0.10 | 0.10 | 0.10 |
| Intangible Assets | — | 0.00 | 0.00 | 0.01 |
| Total Assets | 44.11 | 42.53 | 45.73 | 46.72 |
| Current Debt | 1.63 | 1.61 | 1.59 | 1.54 |
| Current Lease Liabilities | 0.09 | 0.09 | 0.08 | 0.32 |
| Other Current Liabilities | 2.20 | 2.28 | 2.32 | 2.59 |
| Total Current Liabilities | 3.91 | 3.98 | 4.00 | 4.45 |
| Long-term Debt | 7.07 | 7.49 | 7.90 | 8.26 |
| Long-term Lease Liabilities | 3.99 | 4.01 | 4.03 | 4.14 |
| Total Liabilities | 14.97 | 15.48 | 15.93 | 16.85 |
| Retained Earnings | (13.26) | (15.20) | (12.35) | (12.21) |
| Total Equity | 29.14 | 27.06 | 29.80 | 29.87 |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Cash & Equivalents | 6.81 | 3.81 | 3.76 | 0.98 | 5.79 |
| Receivables | 2.69 | 3.42 | 3.77 | 2.19 | 1.76 |
| Inventory | 8.67 | 9.27 | 7.11 | 7.81 | 6.04 |
| Other Current Assets | 0.68 | — | — | — | — |
| Total Current Assets | 18.86 | 16.94 | 15.04 | 11.47 | 13.99 |
| Net PPE | 20.78 | 21.07 | 25.35 | 27.58 | 28.44 |
| Operating Lease ROU | 4.34 | 4.38 | 4.56 | 4.57 | 2.19 |
| Goodwill | 0.10 | 0.10 | 0.10 | 0.10 | 0.10 |
| Intangible Assets | — | 0.00 | 0.02 | 0.04 | 0.06 |
| Total Assets | 44.11 | 42.53 | 45.10 | 43.81 | 44.86 |
| Current Debt | 1.63 | 1.61 | 1.50 | 1.43 | 1.04 |
| Current Lease Liabilities | 0.09 | 0.09 | 0.43 | 0.64 | 0.03 |
| Other Current Liabilities | 2.20 | 2.28 | 2.48 | 2.12 | 2.00 |
| Total Current Liabilities | 3.91 | 3.98 | 4.41 | 4.20 | 3.07 |
| Long-term Debt | 7.07 | 7.49 | 9.04 | 10.54 | 9.19 |
| Long-term Lease Liabilities | 3.99 | 4.01 | 4.13 | 4.08 | 2.22 |
| Total Liabilities | 14.97 | 15.48 | 17.58 | 18.82 | 14.48 |
| Retained Earnings | (13.26) | (15.20) | (14.16) | (12.01) | (6.23) |
| Total Equity | 29.14 | 27.06 | 27.52 | 24.99 | 30.38 |
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Net Income | 1.94 | (2.85) | (0.14) | 0.50 |
| D&A | 0.53 | 0.71 | 0.71 | 0.66 |
| Stock-Based Comp | 0.14 | 0.10 | 0.07 | 0.07 |
| Δ Working Cap & Other | 0.96 | 2.52 | (1.82) | 0.37 |
| Operating Cash Flow | 3.57 | 0.48 | (1.18) | 1.60 |
| CapEx | (0.18) | (0.17) | (0.59) | (0.16) |
| Investing Cash Flow | (0.17) | (0.17) | (0.59) | (0.13) |
| Debt Issuance | — | — | 2.33 | — |
| Debt Repayment | (0.40) | (0.39) | (1.12) | (0.38) |
| Stock Issuance | 0.00 | 0.00 | 0.00 | 0.33 |
| Other Financing | — | — | (1.54) | — |
| Financing Cash Flow | (0.40) | (0.39) | (0.34) | (0.08) |
| Free Cash Flow | 3.40 | 0.31 | (1.78) | 1.45 |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Net Income | (0.55) | (1.04) | (2.16) | (5.78) | (2.49) |
| D&A | 2.61 | 2.78 | 2.73 | 2.74 | 2.47 |
| Stock-Based Comp | 0.38 | 0.30 | 0.33 | 0.37 | 0.27 |
| Δ Working Cap & Other | 2.03 | 0.44 | (0.54) | (2.01) | (1.78) |
| Operating Cash Flow | 4.47 | 2.48 | 0.36 | (4.67) | (1.54) |
| CapEx | (1.10) | (1.25) | (0.47) | (1.89) | (3.98) |
| Investing Cash Flow | (1.05) | (1.21) | (0.46) | (1.89) | (3.96) |
| Debt Issuance | — | — | 0.00 | 3.00 | 2.00 |
| Debt Repayment | (2.30) | (2.28) | (1.47) | (1.19) | (0.90) |
| Stock Issuance | 0.33 | 0.35 | 4.65 | — | — |
| Other Financing | 0.76 | 0.72 | — | — | — |
| Financing Cash Flow | (1.21) | (1.21) | 2.88 | 1.75 | 1.11 |
| Free Cash Flow | 3.38 | 1.22 | (0.11) | (6.57) | (5.52) |
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Current Ratio | 4.82 | 4.26 | 4.21 | 3.85 |
| Quick Ratio | 2.60 | 1.93 | 1.76 | 1.99 |
| Debt / Equity | 0.51 | 0.57 | 0.53 | 0.56 |
| EBITDA Margin % | 24.1% | 8.5% | 13.2% | 19.1% |
| Working Capital | 14.95 | 12.97 | 12.83 | 12.69 |
| Net Debt | 0.26 | 3.68 | 4.01 | 2.26 |
| ROE % | 6.7% | (10.5%) | (0.5%) | 1.7% |
| ROA % | 4.4% | (6.7%) | (0.3%) | 1.1% |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Current Ratio | 4.82 | 4.26 | 3.41 | 2.73 | 4.56 |
| Quick Ratio | 2.60 | 1.93 | 1.80 | 0.87 | 2.59 |
| Debt / Equity | 0.51 | 0.57 | 0.64 | 0.75 | 0.48 |
| EBITDA Margin % | 17.1% | 16.0% | 4.1% | (17.2%) | 0.9% |
| Working Capital | 14.95 | 12.97 | 10.63 | 7.27 | 10.92 |
| Net Debt | 0.26 | 3.68 | 5.28 | 9.56 | 3.40 |
| ROE % | (1.9%) | (3.8%) | (7.8%) | (23.1%) | (8.2%) |
| ROA % | (1.2%) | (2.4%) | (4.8%) | (13.2%) | (5.6%) |
Insider activity (last 2 years)
| Date Filed | Reporter | Relationship | Trans. Date | Code | Shares | Price | Total Value |
|---|---|---|---|---|---|---|---|
| 2026-06-22 | te Boekhorst Paul Francis Olivier | Director, Officer (President and CEO) | 2026-06-18 | P | 8,000 | $9.49 | $75,960 |
| 2026-04-16 | Turner Kathy V | Director | 2026-04-15 | A | 17,899 | — | $0 |
| 2026-04-16 | Tomsche David Scott | Director | 2026-04-15 | A | 11,933 | — | $0 |
| 2026-04-16 | Basse Gloria F | Director | 2026-04-15 | A | 11,933 | — | $0 |
| 2026-04-16 | Wainman Paul R | Director | 2026-04-15 | A | 11,933 | — | $0 |
| 2026-04-14 | Gathagan Bryan K. | Director | 2025-04-16 | A | 10,000 | — | $0 |
| 2026-04-14 | Wainman Paul R | Director | 2025-04-16 | A | 10,000 | — | $0 |
| 2026-04-14 | Tomsche David Scott | Director | 2025-04-16 | A | 10,000 | — | $0 |
| 2026-04-14 | Brockmann Bobbi Jo | Director, Officer (VP of Sales and Marketing) | 2025-04-16 | A | 5,000 | — | $0 |
| 2026-04-14 | Rosgen Steven T. | Director | 2025-04-16 | A | 10,000 | — | $0 |
| 2026-04-14 | Basse Gloria F | Director | 2025-04-16 | A | 10,000 | — | $0 |
| 2026-03-24 | BRIGHAM MICHAEL F | Director | 2026-03-20 | M | 25,000 | $5.84 | $146,000 |
| 2026-03-24 | BRIGHAM MICHAEL F | Director | 2026-03-20 | F | (24,052) | $6.07 | -$145,996 |
| 2026-03-24 | BRIGHAM MICHAEL F | Director | 2026-03-20 | M | (25,000) | — | $-0 |
| 2026-03-23 | te Boekhorst Paul Francis Olivier | Director, Officer (President and CEO) | 2026-01-27 | A | 109,500 | — | $0 |
| 2026-01-29 | Fiori Timothy C | Director, Officer (Chief Financial Officer) | 2026-01-27 | A | 120,000 | — | $0 |
| 2026-01-29 | Brockmann Bobbi Jo | Director, Officer (VP of Sales and Marketing) | 2026-01-27 | A | 100,000 | — | $0 |
| 2026-01-29 | te Boekhorst Paul Francis Olivier | Director, Officer (President and CEO) | 2026-01-27 | A | 110,000 | — | $0 |
| 2025-12-04 | te Boekhorst Paul Francis Olivier | Director, Officer (President and CEO) | 2025-12-04 | P | 2,432 | $5.50 | $13,376 |
| 2025-12-04 | te Boekhorst Paul Francis Olivier | Director, Officer (President and CEO) | 2025-12-03 | P | 3,598 | $5.04 | $18,152 |
| 2025-12-03 | te Boekhorst Paul Francis Olivier | Director, Officer (President and CEO) | 2025-12-03 | P | 2,556 | $5.00 | $12,788 |
| 2025-12-03 | te Boekhorst Paul Francis Olivier | Director, Officer (President and CEO) | 2025-12-03 | P | 3,521 | $5.04 | $17,748 |
| 2025-12-03 | te Boekhorst Paul Francis Olivier | Director, Officer (President and CEO) | 2025-12-02 | P | 3,708 | $4.87 | $18,053 |
| 2025-11-28 | Tomsche David Scott | Director | 2025-11-25 | P | 1,633 | $4.76 | $7,773 |
| 2025-11-28 | Tomsche David Scott | Director | 2025-11-25 | P | 1,633 | $4.76 | $7,781 |
| 2025-11-12 | te Boekhorst Paul Francis Olivier | Director, Officer (President and CEO) | 2025-11-07 | A | 74,277 | $6.10 | $453,090 |
| 2025-06-13 | Basse Gloria F | Director | 2025-06-11 | M | 3,530 | $4.81 | $16,979 |
| 2025-06-13 | Basse Gloria F | Director | 2025-06-11 | M | (11,470) | — | $-0 |
| 2025-06-13 | Basse Gloria F | Director | 2025-06-11 | M | (3) | — | $-0 |
| 2025-06-12 | Gathagan Bryan K. | Director | 2025-06-12 | P | 1,000 | $6.32 | $6,320 |
| 2025-04-23 | Fiori Timothy C | Officer (Chief Financial Officer) | 2025-04-16 | A | 30,000 | $5.49 | $164,700 |
| 2024-09-24 | Wainman Paul R | Director | 2024-09-20 | A | 10,000 | $3.60 | $36,000 |
| 2024-09-24 | Basse Gloria F | Director | 2024-09-20 | A | 10,000 | $3.60 | $36,000 |
| 2024-09-24 | Tomsche David Scott | Director | 2024-09-20 | A | 10,000 | $3.60 | $36,000 |
| 2024-09-24 | Gathagan Bryan K. | Director | 2024-09-20 | A | 10,000 | $3.60 | $36,000 |
| 2024-09-24 | Rosgen Steven T. | Director | 2024-09-20 | A | 10,000 | $3.60 | $36,000 |
| 2024-08-30 | Tomsche David Scott | Director | 2024-08-28 | D | 2,186 | $3.55 | $7,760 |
| 2024-08-26 | Tomsche David Scott | Director | 2024-08-23 | D | 6,005 | $3.55 | $21,318 |
| 2024-08-22 | Tomsche David Scott | Director | 2024-08-22 | D | 10,000 | $3.55 | $35,500 |
| 2024-08-19 | Tomsche David Scott | Director | 2024-08-19 | D | 3,172 | $3.67 | $11,641 |
| 2024-08-19 | Tomsche David Scott | Director | 2024-08-16 | D | 4,811 | $3.72 | $17,883 |
| 2024-08-19 | Tomsche David Scott | Director | 2024-08-15 | D | 2,017 | $3.57 | $7,195 |