Share count
44Mpeak FY2025
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NNNN, Anbio Biotechnology
Biotechnology consumer brand
Anbio collaborates with third-party laboratories to develop in vitro diagnostic products tailored for laboratory, point-of-care testing, and over-the-counter markets.
Anbio Biotechnology is dedicated to the advancement of medical technology and the provision of in vitro diagnostics (IVD) products.
Our unwavering commitment lies in transforming the diagnostics landscape on a global scale, fostering a paradigm shift towards personalized and decentralized diagnostic solutions.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2025
$9M
+5.6% YoY · −28% 3-yr CAGR
Vital signs · TTM, with 4-yr average
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- What moves the needle
- Gross margin has run about 53% and operating margin about 29% through the cycle, a wide spread between price and the cost of what it sells — whether that advantage is durable pricing power or a margin that can erode is the question the record is for. The operating margin has swung widely — from 24% to 67% over the years — so the through-cycle figure carries more than any single year, and the worst year more than the best. Read this kind of business on the pipeline against the patent cliff, and pricing. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.
- Is it a good business?
- Return on capital has run high across the record (median 37%, above 15% in 4 of 4 years), though buybacks and expensed R&D and brands shrink the capital base, so the figure overstates the underlying economics. Whether these returns reflect real pricing power or an accounting artifact is the judgment the 10-K is for.
Every line is arithmetic on the company's filings, shown in full in the sections below.
The record
Ten years of arithmetic, read across the cycle.
The record, 2022–2025
realized figures from each filing · older years to the left| 2022’22 | 2023’23 | 2024’24 | 2025’25 | TTMTTMDec 2025 | |
|---|---|---|---|---|---|
| Income statement | |||||
| $24M | $7M | $8M | $9M | $9M | RevenueRevenue |
| 53% | 50% | 72% | — | — | Gross marginGross mgn |
| $10M | $2M | $2M | $6M | $6M | Operating incomeOp. inc. |
| 43.3% | 29.2% | 24.4% | 66.7% | 66.7% | Operating marginOp. mgn |
| $10M | $2M | $2M | $6M | $6M | Net incomeNet inc. |
| — | 0% | 0% | 0% | 0% | Effective tax rateTax rate |
| Cash flow & returns | |||||
| $4M | $898K | $2M | ($7M) | ($7M) | Operating cash flowOp. cash |
| ($6M) | ($1M) | ($292K) | ($13M) | ($13M) | Working capital & otherWC & other |
| 64% | 38% | 37% | 26% | 26% | ROICROIC |
| 80% | 15% | 14% | 21% | 21% | Return on equityROE |
| 80% | 15% | 14% | 21% | 21% | Retained to equityRetained/eq |
| Balance sheet | |||||
| — | $10M | $12M | $12M | $12M | Cash & investmentsCash+inv |
| — | $2M | $1M | $4M | $4M | ReceivablesReceiv. |
| — | $827K | $2M | $0 | $0 | Accounts payablePayables |
| — | $1M | ($560K) | $4M | $4M | Operating working capitalOper. WC |
| — | $16M | $19M | $30M | $30M | Current assetsCur. assets |
| — | $993K | $2M | $88K | $88K | Current liabilitiesCur. liab. |
| — | 15.9× | 10.7× | 344.3× | 344.3× | Current ratioCurr. ratio |
| — | $16M | $19M | $30M | $30M | Total assetsAssets |
| — | ($10M) | ($12M) | ($12M) | ($12M) | Net debt / (cash)Net debt |
| 1274.6× | — | — | — | 721.1× | Interest coverageInt. cov. |
| $13M | $15M | $17M | $30M | $30M | Shareholders’ equityEquity |
| Per share | |||||
| — | 42.9M | 42.3M | 43.7M | 43.7M | Shares out (diluted)Shares |
| — | $0.16 | $0.19 | $0.20 | $0.20 | Revenue / shareRev/sh |
| — | $0.05 | $0.06 | $0.15 | $0.15 | EPS (diluted)EPS |
| — | $0.35 | $0.41 | $0.69 | $0.69 | Book value / shareBVPS |
Share counts before 2024 are restated ×2 for a stock split, so per-share figures sit on one basis.
Per-share growththe realized rate an owner's share compounded
| 3-yr | 5-yr | |
|---|---|---|
| Revenue / share | +12.5%/yr (2-yr) | +12.5%/yr (2-yr) |
| EPS | +67.0%/yr (2-yr) | +67.0%/yr (2-yr) |
| Book value / share | +41.3%/yr (2-yr) | +41.3%/yr (2-yr) |
The record, charted
FY2022–2025Each measure over its full record; the current point and the worst year marked. Share counts on the current split basis.
ROIC
26%low FY2025
Gross margin
72%low FY2023
Where the cash went
ReinvestBuybacksDividendsAcquisitionsRetainedEach year's operating cash, by what management did with it: the mix, and how it drifts.
FY2022FY2024
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
FY2025 20-F · source on SEC EDGAR →
Will it survive?
- Can it pay its interest? 721.1×ComfortableOperating income $6M ÷ interest expense $8K
What this means
Operating profit covers interest with the kind of margin Graham wanted for a defensive holding. Necessary, not sufficient, it says solvent, not cheap.
- Net cash, debt-freeCash $8M + ST investments $4M − debt $0
What this means
Cash and short-term investments exceed every dollar of debt by $12M, on net the company owes nothing, and can act from strength when others can't. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
- Not enough data
What this means
The filing data didn't include the inputs for this check.
Is it a good business?
- Not enough dataIndustry peers: median -72%
What this means
The filing data didn't include the inputs for this check.
- Not enough dataIndustry peers: median -910%
What this means
The filing data didn't include the inputs for this check.
- Are earnings backed by cash? -1.05×Thinly cash-backedCash from ops ($7M) ÷ net income $6M
In the filing’s words Read against the cash, reported earnings have run ahead of the operating cash the business generated over the record — about 9% of assets a year, among the widest gaps in the catalogue. For an inventory- or content-heavy grower that can be cash tied up in real assets as it expands; elsewhere it can mean the earnings lean on accounting estimates — the cash-flow statement against the income statement is where to tell which.
What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.
How is the cash used?
- Not enough data
What this means
The filing data didn't include the inputs for this check.
- Investing or harvesting? —Not enough data
What this means
The filing data didn't include the inputs for this check.
Graham’s defensive tests · 1 of 2 met
Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.
- Adequate size MissRevenue ≥ $2B · $9M
What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
- Strong liquidity PassCurrent ratio ≥ 2× · 344.31×
What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
- Moderate price —P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price
What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $0.08/share (latest year $0.15), the averaged base the calculator's gate runs on, and book value is $0.69/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.
Durability & moat, 2022–2025
Whether the record’s returns held, and what the capital reinvested earned.
- Profitable years 4 of 4
What this means
Never lost money over the record, the earnings stability Graham insisted on.
- Operating margin 36% → 46% (2-yr avg ends)
In the filing’s words The record and the words agree: the margin widened and the filing attributes the gain to its own pricing, not volume alone.
What this means
Through the cycle the operating margin widened — about 36% early to 46% lately, median 29% — pricing power intact or improving.
- Worst year 2024 · 24.4% op. margin
What this means
Stayed profitable even in its hardest year, the resilience that survives recessions.
Does AI threaten the moat?
Low contestabilityThe moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.
AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat.
Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.
All figures as filed; the source filing is linked above.
Current Position
as of fiscal year-end, Dec 31, 2025Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.
Current assets$30M
- Cash & short-term investments$12M
- Receivables$4M
- Other current assets$15M
Current liabilities$88K
Current ratio344.31×all current assets ÷ what's due · Graham looked for 2×
Quick ratio—inventory untagged this quarter, so withheld rather than shown equal to the current ratio
Cash ratio135.49×strictest: cash alone against what's due
Working capital$30Mthe cushion left after near-term bills
Cash runway1.8 yrsthe business is consuming cash; this is how long the cash on hand lasts at that rate
Deeper floors
Tangible book value$30Mequity stripped of goodwill & intangibles
Net current asset value$30MGraham's net-net: current assets less all liabilities
From the company's latest filing.
Peers, Biotechnology
The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.
| Company | Revenue | Gross margin | Op. margin | ROIC | Owner earn. margin |
|---|---|---|---|---|---|
| PGENPrecigen Inc. | $10M | — | -444.8% | -72% | -262% |
| PRTAProthena Corporation plc | $10M | — | -1390.3% | — | -1090% |
| BIOABioAge Labs Inc. | $9M | — | -1031.5% | -85% | -910% |
| NNNNAnbio Biotechnology | $9M | 53% | 36.3% | 37% | — |
| ROIVRoivant Sciences Ltd. | $8M | — | -3164.6% | -11% | -2530% |
| SLDBSolid Biosciences Inc. | $8M | — | -2214.1% | -152% | -1945% |
| COGTCogent Biosciences Inc. | $8M | — | -341.4% | -48% | -320% |
| ACRSAclaris Therapeutics Inc. | $8M | 28% | -975.9% | -73% | -603% |
| Group median | — | — | -1003.7% | -72% | — |
The price
What a price has to assume.
What the price implies
reverse-DCFEnter the home-market price, not the US ADR quote. Anbio Biotechnology reports in USD, and every figure here (owner earnings, book value, the share count) is on that ordinary-share basis. Enter the price on the same basis: the local-exchange quote per ordinary share. A US ADR price in dollars bundles the ADR-to-ordinary ratio, so it will not reconcile with these figures and would throw the multiple off.
Anbio Biotechnology is profitable, but its owner-earnings base could not be formed from this filing’s tagged data (operating cash flow or capital spending is missing), so the owner-earnings reverse-DCF has no base to grow. We read the price from both ends instead: type a price to see the profitability it demands, then set the mature margin you would believe and weigh the two against each other. Nothing leaves your browser unless you enter it in your notebook.
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The assumptions
Revenue, delivered−24%/yr’22→’25
Enter a price to run it.
Owner earnings it must reach—
Margin the price demands—
Owner-earnings margin today—
A dated snapshot of the price you typed, the assumptions you set, and what the page showed for them. A snapshot is never edited after it is saved. Your notebook is yours alone — the commitment states what is stored and what we will never do.
Two reads of one future. From your price: the owner earnings the company must reach, valued at a mature multiple and discounted back at your rate, expressed as the margin it implies on revenue grown at your rate. From your belief: the mature margin you would credit, set on the dial above. When the margin the price demands runs above the one you would believe, you are paying for a future taken on faith. For a deep cyclical at a trough, normalized through-cycle earnings are the better lens; this mode is for the genuinely unprofitable, and for the profitable business whose capital spending currently outruns its cash.
Cite: Owner Scorecard, "Anbio Biotechnology (NNNN), the owner's record," https://ownerscorecard.com/c/NNNN, data as of 2026-07-09.
Manual order: ← NMR its page in the Manual NNOX →
Industry order: ← NEOG the Biotechnology chapter NTLA →