A Business at a Glance
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CYANOTECH CORP
CYAN
$4M
Mkt Cap
$0.53
+0.00%
CYANOTECH CORP (CYAN) has a 5-year average return on invested capital (ROIC) of -12.6%. This is below average and may indicate limited pricing power.
CYANOTECH CORP (CYAN) has a market capitalization of $4M. It is classified as a small-cap stock.
CYANOTECH CORP (CYAN) does not currently pay a regular dividend.
CYANOTECH CORP (CYAN) operates in the Medicinal Chemicals & Botanical Products industry, within the Healthcare sector.
CYANOTECH CORP (CYAN) reported annual revenue of $24 million in its most recent fiscal year, based on SEC EDGAR filings.
CYANOTECH CORP (CYAN) has a net profit margin of -13.2%. The company is currently unprofitable.
CYANOTECH CORP (CYAN) generated $-1 million in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
Unless otherwise indicated, all references in this report to the “Company”, “we”, “us”, “our”, and “Cyanotech” refer to Cyanotech Corporation and its wholly owned subsidiary, Nutrex Hawaii, Inc. (“Nutrex Hawaii” or “Nutrex”), a Hawaii corporation. We are a global leader in premium quality, sustainable microalgae cultivation, producing high-value natural ingredients and dietary supplement products for health and wellness. Incorporated in 1983, we are guided by the principle of providing beneficial, quality microalgal products for health and human nutrition in a technology enabled, reliable and environmentally sensitive operation. We are Good Manufacturing Practices ("GMP") certified by Merieux NutriSciences, reinforcing our commitment to quality in our products, quality in our relationships (with our customers, suppliers, employees and the communities we live in), and quality of the environment in which we work.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 25M | 24M | 23M | 23M | 36M | 32M |
| Net Income | -1.8M | -3.2M | -5.3M | -3.4M | 2.2M | 920K |
| EPS | $-0.24 | $-0.45 | $-0.81 | $-0.55 | $0.35 | $0.15 |
| Free Cash Flow | -1.4M | -1.4M | -836K | -3.2M | 1.1M | 1.6M |
| ROIC | -7.6% | -28.2% | -34.9% | -16.7% | 12.8% | 4.2% |
| Gross Margin | 32.0% | 28.4% | 25.8% | 31.3% | 37.7% | 34.4% |
| Debt/Equity | 0.52 | 0.52 | 0.46 | 0.39 | 0.25 | 0.41 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | -1.1M | -2.5M | -4.6M | -2.9M | 2.6M | 84K |
| Operating Margin | -4.2% | -10.4% | -19.9% | -12.6% | 7.2% | 0.3% |
| ROE | -22.0% | -30.9% | -37.4% | -19.2% | 11.8% | 5.6% |
| Shares Outstanding | 7M | 7M | 7M | 6M | 6M | 6M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 28M | 34M | 32M | 32M | 34M | 30M | 32M | 32M | 36M | 23M | 23M | 24M | 25M |
| Gross Margin | 39.7% | 42.8% | 37.3% | 38.1% | 39.2% | 34.7% | 39.8% | 34.4% | 37.7% | 31.3% | 25.8% | 28.4% | 32.0% |
| R&D | 469K | 517K | 633K | 593K | 563K | 923K | 608K | 639K | 712K | 770K | 689K | 449K | 380K |
| SG&A | 6.4M | 8.0M | 5.8M | 6.1M | 5.0M | 5.7M | 5.3M | 4.9M | 5.4M | 4.7M | 4.5M | 4.4M | 4.2M |
| EBIT | -210K | 322K | -785K | -682K | 1.4M | -3.0M | 1.1M | 84K | 2.6M | -2.9M | -4.6M | -2.5M | -1.1M |
| Op. Margin | -0.7% | 1.0% | -2.5% | -2.1% | 4.1% | -9.9% | 3.3% | 0.3% | 7.2% | -12.6% | -19.9% | -10.4% | -4.2% |
| Net Income | -420K | -24K | -4.4M | -1.2M | 1.0M | -3.6M | 387K | 920K | 2.2M | -3.4M | -5.3M | -3.2M | -1.8M |
| Net Margin | -1.5% | -0.1% | -13.8% | -3.8% | 3.0% | -11.9% | 1.2% | 2.8% | 6.0% | -14.8% | -22.8% | -13.2% | -7.0% |
| Non-Recurring | -46K | -96K | -11K | -63K | -106K | 0 | 0 | 64K | 21K | 5K | 0 | 5K | 0 |
| Returns on Capital | |||||||||||||
| ROIC | -1.6% | 0.8% | -3.2% | -4.9% | 6.9% | -18.8% | 4.7% | 4.2% | 12.8% | -16.7% | -34.9% | -28.2% | -7.6% |
| ROE | -2.1% | -0.1% | -22.4% | -7.1% | 5.9% | -21.8% | 2.5% | 5.6% | 11.8% | -19.2% | -37.4% | -30.9% | -22.0% |
| ROA | -1.4% | -0.1% | -14.2% | -4.0% | 3.5% | -12.1% | 1.3% | 2.9% | 6.8% | -11.1% | -19.2% | -13.2% | -7.4% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 2.1M | 1.2M | 745K | 1.2M | 1.5M | -847K | 1.2M | 2.4M | 2.4M | -2.1M | -455K | -1.2M | -1.2M |
| Free Cash Flow | -2.0M | -3.0M | -3.6M | 373K | 485K | -1.3M | 1.0M | 1.6M | 1.1M | -3.2M | -836K | -1.4M | -1.4M |
| Owner Earnings | 293K | -776K | -1.4M | -990K | -787K | -3.1M | -1.3M | 438K | 436K | -4.1M | -2.4M | -2.9M | -2.8M |
| CapEx | 4.1M | 4.2M | 4.3M | 847K | 1.0M | 431K | 224K | 760K | 1.3M | 1.1M | 381K | 247K | 183K |
| Maint. CapEx | 1.1M | 1.2M | 1.5M | 2.0M | 1.9M | 1.9M | 1.9M | 1.7M | 1.6M | 1.7M | 1.6M | 1.5M | 1.4M |
| Growth CapEx | 3.0M | 2.9M | 2.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 1.1M | 1.2M | 1.5M | 2.0M | 1.9M | 1.9M | 1.9M | 1.7M | 1.6M | 1.7M | 1.6M | 1.5M | 1.4M |
| CapEx/OCF | 191.6% | 345.9% | 577.6% | 69.4% | 67.4% | N/A | 18.0% | 31.7% | 53.4% | N/A | N/A | N/A | 0.0% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 770K | 741K | 665K | 232K | 400K | 322K | 577K | 214K | 344K | 310K | 359K | 247K | 127K |
| Debt Repayment | 116K | 210K | 352K | 503K | 538K | 576K | 611K | 670K | 1.0M | 660K | 575K | 480K | 630K |
| Balance Sheet | |||||||||||||
| Net Debt | 1.2M | 3.1M | 6.7M | 5.7M | 482K | 9.0M | 6.3M | 3.3M | 2.2M | 5.4M | 4.7M | 4.4M | 2.9M |
| Cash & Equiv. | 4.3M | 2.2M | 1.2M | 1.4M | 1.3M | 840K | 2.4M | 3.8M | 2.6M | 974K | 707K | 257K | 1.3M |
| Long-Term Debt | 5.3M | 5.1M | 8.0M | 7.1M | 156K | 5.2M | 6.0M | 4.8M | 4.3M | 1.0M | 1.0M | 1.0M | 1.0M |
| Debt/Equity | 0.27 | 0.25 | 0.45 | 0.43 | 0.10 | 0.66 | 0.55 | 0.41 | 0.25 | 0.39 | 0.46 | 0.52 | 0.52 |
| Interest Coverage | -0.8 | 1.1 | -2.6 | -2.6 | 2.8 | -5.1 | 1.6 | 0.2 | 6.6 | -5.8 | -6.9 | -3.7 | -3.7 |
| Equity | 21M | 21M | 18M | 17M | 18M | 15M | 16M | 17M | 19M | 16M | 12M | 8.9M | 8.1M |
| Total Assets | 30M | 31M | 31M | 29M | 30M | 30M | 32M | 31M | 32M | 30M | 25M | 23M | 24M |
| Total Liabilities | 9.4M | 9.4M | 13M | 13M | 12M | 15M | 16M | 14M | 13M | 13M | 13M | 15M | 16M |
| Intangibles | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Retained Earnings | -9.4M | -9.5M | -14M | -15M | -14M | -18M | -17M | -16M | -14M | -18M | -23M | -26M | -27M |
| Working Capital | 8.4M | 7.5M | 6.5M | 6.2M | 7.9M | 5.1M | 8.4M | 9.3M | 11M | 5.4M | 2.0M | 302K | 39K |
| Current Assets | 13M | 12M | 13M | 12M | 14M | 15M | 15M | 15M | 16M | 13M | 11M | 11M | 12M |
| Current Liabilities | 4.2M | 4.3M | 6.1M | 6.0M | 5.7M | 9.5M | 6.4M | 5.8M | 4.8M | 8.1M | 8.6M | 10M | 12M |
| Per Share Data | |||||||||||||
| EPS | -0.08 | 0.00 | -0.79 | -0.21 | 0.18 | -0.62 | 0.06 | 0.15 | 0.35 | -0.55 | -0.81 | -0.45 | -0.24 |
| Owner EPS | 0.06 | N/A | -0.26 | -0.17 | -0.14 | -0.53 | -0.20 | 0.07 | 0.07 | -0.65 | -0.37 | -0.41 | -0.38 |
| Book Value | 3.91 | N/A | 3.20 | 2.87 | 3.18 | 2.57 | 2.46 | 2.78 | 3.17 | 2.61 | 1.82 | 1.25 | 1.09 |
| Cash Flow/Share | 0.41 | N/A | 0.13 | 0.21 | 0.26 | -0.15 | 0.19 | 0.39 | 0.39 | -0.34 | -0.07 | -0.17 | -0.05 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 5.3M | N/A | 5.6M | 5.8M | 5.7M | 5.8M | 6.5M | 6.1M | 6.2M | 6.3M | 6.5M | 7.1M | 7.4M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | N/A | N/A | N/A | 27.5 | N/A | 33.2 | 21.1 | 9.4 | N/A | N/A | N/A | -2.2 |
| P/FCF | N/A | N/A | N/A | 61.3 | 58.1 | N/A | 12.6 | 11.9 | 18.3 | N/A | N/A | N/A | N/A |
| EV/EBIT | N/A | 143.6 | N/A | N/A | 19.1 | N/A | 16.3 | 258.4 | 8.8 | N/A | N/A | N/A | N/A |
| Price/Book | 1.3 | 2.2 | 1.6 | 1.4 | 1.6 | 1.3 | 0.8 | 1.1 | 1.0 | 0.3 | 0.2 | 0.3 | 0.5 |
| Price/Sales | 1.0 | 0.9 | 1.2 | 0.8 | 0.7 | 0.7 | 0.5 | 0.5 | 0.5 | 0.6 | 0.3 | 0.1 | 0.2 |
| FCF Yield | -7.1% | -6.2% | -12.4% | 1.6% | 1.7% | -6.7% | 7.9% | 8.4% | 5.5% | -58.9% | -39.7% | -56.9% | -35.6% |
| Market Cap | 28M | 48M | 29M | 23M | 28M | 19M | 13M | 19M | 20M | 5.4M | 2.1M | 2.5M | 3.9M |
| Avg. Price | 5.34 | 5.67 | 6.84 | 4.36 | 4.19 | 3.70 | 2.60 | 2.76 | 3.05 | 2.13 | 0.80 | 0.47 | 0.53 |
| Year-End Price | 5.27 | 8.54 | 5.17 | 3.95 | 4.95 | 3.27 | 1.99 | 3.17 | 3.30 | 0.86 | 0.29 | 0.35 | 0.53 |
CYANOTECH CORP passes 2 of 9 quality checks, indicating weak fundamentals.
The company's 5-year average gross margin is 31.5%. At current prices, the estimated annualized return to fair value is +17.7%.
CYANOTECH CORP (CYAN) has a debt-to-equity ratio of 0.52. This indicates moderate leverage.
CYANOTECH CORP (CYAN) reported earnings per share (EPS) of $-0.45 in its most recent fiscal year.
CYANOTECH CORP (CYAN) has a return on equity (ROE) of -30.9%. A negative ROE may indicate losses or negative equity.
CYANOTECH CORP (CYAN) has a 5-year average gross margin of 31.5%. This indicates decent pricing power.
The Ledger Terminal provides 16 years of financial data for CYANOTECH CORP (CYAN), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
CYANOTECH CORP (CYAN) has a book value per share of $1.25, based on its most recent annual SEC filing.
No recent press releases.