NewcelX Ltd.

NCEL

NewcelX Ltd., a biopharmaceutical company, engages in developing transformative stem-cell-derived therapies for Diabetes.

About the company

NewcelX Ltd., a biopharmaceutical company, engages in developing transformative stem-cell-derived therapies for Diabetes.

Country: SwitzerlandPrice: $2.61Market Cap: $15.1M

Investment snapshot

12%positive consensus

Scored 1d ago

Positive

BUY / PASS

Neutral / negative

3 / 11

NEUTRAL / FAIL

Median fair value

$18.59

+612.1% vs price

Models with upside

2 / 17

Positive margin of safety

Strongest signal

NCEL undervalued: all 2 models price fair value above $2.61 (median $18.59)

Key risk

No clean pass — all 8 investors flag at least one growth criterion

Framework analysis

Verdict	Meaning
BUY	Positive purchase signal: the framework's buy requirements are met.
PASS	The company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state.
NEUTRAL	Neither a positive nor negative conclusion. It does not mean to hold an existing position.
FAIL	The company does not clear the framework's requirements.
Ranked	Ranked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL.

Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.

Metric	Graham Defensive Value	Buffett Quality Compounder	Lynch GARP	Greenblatt Magic Formula	Piotroski F-Score	Dreman Contrarian Value	Munger Quality Focus	Pabrai Dhandho Framework	Akre Three-Legged Stool	Marks Risk-Aware Value	Ackman Activist Value	Templeton Global Bargain Hunter	Sleep Scale Economies Shared	Asness Systematic Factors	Neff Low-P/E Total Return	Schloss Asset-Value Discipline	O'Shaughnessy Systematic Factor Composite
Verdict	FAIL	FAIL	FAIL	Not ranked	PASS	FAIL	PASS	NEUTRAL	FAIL	FAIL	FAIL	FAIL	FAIL	NEUTRAL	FAIL	FAIL	NEUTRAL
Score
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Intrinsic Value (annual)		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	N/A	N/A
Margin of Safety	+69.5%	N/A	N/A	N/A	N/A	+90.9%	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Financial Basis	Annual history · FY 2025 Latest source filing: 2026-04-29 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-04-29 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-04-29 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-04-29 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-04-29 Score computed: 2026-11-14	Annual history · FY 2025 · Market data at 2026-11-01 Latest source filing: 2026-04-29 Score computed: 2026-11-14	Qualitative assessment · Annual history · FY 2025 Latest source filing: 2026-04-29 Score computed: 2026-11-14	Qualitative assessment · Annual history · FY 2025 Latest source filing: 2026-04-29 Score computed: 2026-11-14	Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-04-29 Score computed: 2026-11-14	Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-04-29 Score computed: 2026-11-14	Annual history · FY 2025 · Market data at 2026-11-01 Latest source filing: 2026-04-29 Score computed: 2026-11-14	Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 Latest source filing: 2026-04-29 Score computed: 2026-11-14	Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-04-29 Score computed: 2026-11-14	Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 Latest source filing: 2026-04-29 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-04-29 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-04-29 Score computed: 2026-11-14	Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 Latest source filing: 2026-04-29 Score computed: 2026-11-14

Where It Passes

Valuation models100% pass✓ 2▾
NCEL undervalued: all 2 models price fair value above $2.61 (median $18.59)
Graham fair value$8.57
✓Graham+69.5% margin vs $2.61
Dreman fair value$28.60
✓Dreman+90.9% margin vs $2.61

Where It Falls Short

Growth0% pass✓ 3✗ 10▾
No clean pass — all 8 investors flag at least one growth criterion
EPS Growth (3-yr avg, 10-yr window)
✗Graham>= 33% growth
Basic earnings-growth PEG (dividends excluded)P/E 1.2x (growth N/A)
✗Lynch< 1.0 (ideally < 0.5)
3-5 Year EPS CAGR
✗Lynch15-30% (Fast Grower); > 0% to pass
Inventory Growth vs Revenue GrowthN/A (no inventory)
✓LynchInventory growth < Revenue growth
EPS Growth Direction$-0.41 (2020) -> $2.16 (2025)
✓DremanPositive over recent years
EPS CAGR
✗Dreman> 5% annualized
Positive Net Income Frequency0/8 years positive
✗MarksPositive net income in >= 7 of last 10 years
3yr Median Revenue Growth
✗Ackman>= 5%
Positive EPS Growth Frequency3/5 years with positive EPS growth
✓AckmanPositive EPS growth in >= 3 of last 5 years
5-Year EPS CAGR
✗Templeton> 0% (5-year EPS CAGR)
Revenue growth vs. gross and operating margin trend
✗SleepRevenue rising; gross margin flat or falling; operating margin holding
5-year Revenue CAGR
✗SleepCAGR > 7%
3-5 Year Diluted EPS CAGR
✗Neff7%-20% annualized
Efficiency0% pass✓ 1✗ 10▾
No clean pass — all 8 investors flag at least one efficiency criterion
Current Ratio0.76
✗Graham>= 2.0
ROIC (3-5 yr avg)-27.6%
✗Buffett> 10%
ROIC - WACC-37.6%
✗BuffettPositive (WACC = 10%)
EBIT / (NWC + Net Fixed Assets)N/A (invested capital <= 0)
✗Greenblatt> 25%
Current Ratio Change YoY0.09 -> 0.76
✓PiotroskiIncreased YoY
Revenue / Total Assets Change YoY
✗PiotroskiImproved YoY
Current Assets / Current Liabilities0.76
✗Dreman> 1.5
Return on Invested Capital-21.2%
✗Munger> 15%
ROIC (high and growing)FY2023: ROIC=-758.6%; FY2024: ROIC=unavailable; FY2025: ROIC=-21.2%
✗AkreLatest 3 consecutive FYs: ROIC > 15% in each
Reinvestment Rate x ROICN/A (non-positive net income)
✗AkreReinvestment Rate * ROIC > 10%
ROIC (5-year)0/4 years above 12% (latest -21.2%)
✗SleepROIC > 12% in a majority of years
Profitability6% pass✓ 3✗ 32▾
15 of 16 flag NCEL's profitability — Graham, Buffett, Lynch +12 more
Positive EPS (10 years)1/9 years positive
✗GrahamPositive EPS every year for 10 years
EPS Growth (3-yr avg, 10-yr window)
✗Graham>= 33% growth
Net Income Positive (10+ years)0/9 years positive
✗BuffettPositive every year for 10+ years
ROE (up to 5-year arithmetic mean)-5726.0%
✗Buffett> 15% arithmetic mean (app rule)
Operating Margin (10-yr trend)
✗BuffettStable or rising over 10 years
Free Cash Flow Proxy$-8.3M
✗BuffettPositive and growing
Earnings Variance (10-yr CoV)N/A (negative mean EPS)
✗BuffettCoV < 0.3
Retained Earnings Effectiveness
✗Buffett$1 retained -> > $1 market value created
Basic earnings-growth PEG (dividends excluded)P/E 1.2x (growth N/A)
✗Lynch< 1.0 (ideally < 0.5)
3-5 Year EPS CAGR
✗Lynch15-30% (Fast Grower); > 0% to pass
ROE-114.5%
✗Lynch> 15%
EBIT / Enterprise Value-16.9%
✗Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=-16.9%, ROC=N/A (invested capital <= 0)
✗GreenblattBoth EY > 10% and ROC > 25%
Net Income / Total Assets-72.52%
✗PiotroskiROA > 0
ROA Change YoY-797.01% -> -72.52% (delta: +724.49%)
✓PiotroskiCurrent ROA > Prior ROA
(CFO / Total Assets) vs ROACFO/Assets=-24.17%, ROA=-72.52%
✓PiotroskiCFO/Assets > ROA
Gross Margin Change YoY
✗PiotroskiImproved YoY
Pre-Tax Income / Revenue
✗Dreman>= 8%
Net Income / Shareholders' Equity-114.5%
✗Dreman> 12%
Margin of SafetyP/E=1.2x, P/B=1.7x
✓PabraiP/B < 1.5 or P/E < 15
Return on Equity-5726.0% (3-yr avg)
✗AkreROE > 20% (3-year avg)
Discount to Intrinsic ValueN/A (negative normalized EPS)
✗Marks>= 20% below intrinsic value
Positive Net Income Frequency0/8 years positive
✗MarksPositive net income in >= 7 of last 10 years
Operating Income / Revenue
✗Ackman>= 15%
Net Income / Shareholders Equity-114.5%
✗Ackman>= 15%
5-Year EPS CAGR
✗Templeton> 0% (5-year EPS CAGR)
Operating Margin Trend
✗TempletonNon-negative operating-margin trend over 3 years
Revenue growth vs. gross and operating margin trend
✗SleepRevenue rising; gross margin flat or falling; operating margin holding
Net income / market capitalization-55.06%; #5099/6340 (top 80.4%)
✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
Gross profit / total assets
✗AsnessTop 30% of eligible cross-section
Net income / positive book equity-114.48%; #4656/5226 (top 89.1%)
✗AsnessTop 30% of eligible cross-section
Negative 5-year standard deviation of ROA-2.5913; #5501/5884 (top 93.5%)
✗AsnessTop 30% of eligible cross-section
3-5 Year Diluted EPS CAGR
✗Neff7%-20% annualized
Positive Diluted-EPS Years1/6 years positive
✗Schloss>= 70% positive over 5-10 observed years (app rule)
Cash Flow10% pass✓ 2✗ 10▾
9 of 10 flag NCEL's cash flow — Buffett, Lynch, Piotroski +6 more
Free Cash Flow Proxy$-8.3M
✗BuffettPositive and growing
FCF Positive and Growing$-2.8M
✗LynchPositive and growing
Operating Cash Flow$-2.8M
✗PiotroskiCFO > 0
(CFO / Total Assets) vs ROACFO/Assets=-24.17%, ROA=-72.52%
✓PiotroskiCFO/Assets > ROA
Price / (CFO / Shares)N/A (negative CFPS)
✗Dreman< 8x
P/E or FCF YieldP/E=1.2x, FCF Yield=-18.4%
✓PabraiP/E < 15 or FCF Yield > 10%
FCF Positive0/4 years FCF positive
✗MarksPositive FCF in majority of recent years
(OCF - CapEx) / Market Cap-22.2%
✗Ackman>= 4%
Price / FCF per ShareN/A (negative FCF)
✗Ackman<= 25
Positive Operating Cash Flow frequency0/8 years positive
✗SleepPositive OCF in >= 70% of available years
Operating Cash Flow - Capital Expenditures$-2.8M
✗Neff> $0 (app proxy for a strong fundamental case)
(Operating cash flow - capex) / market capitalization-18.40%; #3488/4519 (top 77.2%)
✗OshaughnessyTop 10% of eligible cross-section
Valuation15% pass✓ 6✗ 22▾
11 of 13 flag NCEL's valuation — Graham, Lynch, Greenblatt +8 more
Price / 3-yr avg EPS
✗Graham<= 15x
Price-to-Book Ratio1.7x
✗Graham<= 1.5x
P/E x P/B
✗Graham<= 22.5
Basic earnings-growth PEG (dividends excluded)P/E 1.2x (growth N/A)
✗Lynch< 1.0 (ideally < 0.5)
EBIT / Enterprise Value-16.9%
✗Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=-16.9%, ROC=N/A (invested capital <= 0)
✗GreenblattBoth EY > 10% and ROC > 25%
Price / EPS1.2x
✓Dreman< 12x✓Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)
Price / (CFO / Shares)N/A (negative CFPS)
✗Dreman< 8x
Price / Book Value per Share1.7x
✗Dreman< 1.2x✗Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)
Valuation ReasonablenessP/E=1.2x, OE Yield=-65.9%
✓MungerP/E < 25 or Owner Earnings Yield > 5%
P/E or FCF YieldP/E=1.2x, FCF Yield=-18.4%
✓PabraiP/E < 15 or FCF Yield > 10%
P/B or P/E vs. Historical AverageP/E=1.2x, P/B=1.7x
✓MarksP/E < 15 or P/B < 2.0
Discount to Intrinsic ValueN/A (negative normalized EPS)
✗Marks>= 20% below intrinsic value
Price / FCF per ShareN/A (negative FCF)
✗Ackman<= 25
Price vs. Trailing Low137% of trailing low ($1.90)
✗Templeton<= 120% of trailing low (certified split-adjusted live window)
Net income / market capitalization-55.06%; #5099/6340 (top 80.4%)
✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
Positive book equity / market capitalization+0.4809; #2956/6449 (top 45.8%)
✗AsnessTop 30% of eligible cross-section
Price / Diluted EPS1.2x
✓NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)
(EPS CAGR % + Dividend Yield %) / P/E
✗Neff> 0.7 (Neff's published traditional edge)
Price / Tangible Book Value per Share2.27x
✗SchlossP/TBV <= 1.00x (app cutoff)
Book Value per Share Change
✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
Revenue / market capitalization
✗OshaughnessyTop 10% of eligible cross-section
(Operating cash flow - capex) / market capitalization-18.40%; #3488/4519 (top 77.2%)
✗OshaughnessyTop 10% of eligible cross-section
Trailing six-month price return through the evaluation date+4.82%; #2177/6202 (top 35.1%)
✗OshaughnessyTop 10% of eligible cross-section
Verdicts15% pass✓ 2✗ 11▾
Split decision: 11 FAIL · 3 NEUTRAL · 2 PASS
Overall verdict
✗GrahamFAIL (0/9)✗BuffettFAIL (0/9)✗LynchFAIL (2/7)•GreenblattNot ranked✓PiotroskiPASS (F-Score 4)✗DremanFAIL (3/11)✓MungerPASS (2/4)•PabraiNEUTRAL (2/3)✗AkreFAIL (0/6)✗MarksFAIL (1/5)✗AckmanFAIL (2/9)✗TempletonFAIL (3/8)✗SleepFAIL (0/6)•AsnessNEUTRAL (Not ranked)✗NeffFAIL (1/6)✗SchlossFAIL (1/7)•OshaughnessyNEUTRAL (Not ranked)
Debt & Leverage33% pass✓ 7✗ 8▾
8 of 12 flag NCEL's debt & leverage — Graham, Buffett, Lynch +5 more
Debt Levels0.32
✓MungerDebt/Equity < 0.5✗AkreDebt/Equity < 0.3
LT Debt vs Net Current Assets
✗GrahamLT Debt <= Net Current Assets
Debt/Equity & Interest CoverageD/E: 0.32, IC: -128.1x
✗BuffettD/E < 0.5 AND Interest Coverage > 5x
Total Debt / Equity0.32
✓Lynch< 0.33
Cash - Long-term Debt
✗LynchPositive preferred
LT Debt / Total Assets Change0.00% -> 0.00%
✓PiotroskiDecreased YoY
Current Assets / Current Liabilities0.76
✗Dreman> 1.5✗SchlossCurrent ratio >= 1.50x (app cutoff)
Total Debt / Shareholders' Equity0.32
✓Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00x
Interest Coverage & Debt/EBITDAIC=-128.1x, D/EBITDA=N/A
✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x
Total Debt / Shareholders Equity0.32
✓Ackman<= 1.0
Negative debt-to-equity (higher means less debt)-0.3161; #2042/4210 (top 48.5%)
✗AsnessTop 30% of eligible cross-section

Business & financials

Financial snapshot: annual FY 2025. Current investor scores may use newer quarterly data.

Company Profile

Industry: Pharmaceutical Products

SIC Sector: Chemicals & Pharmaceuticals

Size: Micro Cap($15.1M)

Revenue: N/A

Net Income: $8.3M-15.3% YoY

Financial Snapshot

Operating Margin--

Return on Equity-114.5%

Debt / Equity0.32

Current Ratio0.76

EPS (Diluted)$2.16

Similar Companies

MRKMerck & Co., Inc.

$364.3B

ABTABBOTT LABORATORIES

$188.0B

BMYBRISTOL MYERS SQUIBB CO

$129.7B

TECHBIO-TECHNE Corp

$11.4B

Company Financials

Latest TTM and quarters alongside annual years

TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.

Metric	FY 2025 Sources 20-F · 2026-04-29	FY 2024 Sources 20-F · 2025-05-16	FY 2023 Sources 20-F · 2026-04-29	FY 2022 Sources 20-F · 2023-05-05	FY 2021 Sources 20-F · 2022-03-24
Market Cap	$15.1Mcurrent	$78.7Mest.	--	$16.9Best.	$2.5Best.
Revenue	--	--	--	--	--
Operating Income	-$2.6M↓24%	-$2.1M↑31%	-$3.0M↑81%	-$15.5M↓31%	-$11.9M
Net Income	-$8.3M↓15%	-$7.2M↓116%	-$3.3M↑80%	-$16.5M↓38%	-$11.9M
EPS (Diluted)	$2.16↑182%	$-2.63↓722%	$-0.32↑62%	$-0.84↑16%	$-1.00
Gross Margin	—	—	—	—	—
Operating Margin	—	—	—	—	—
ROE	-114.5%↓227%	90.0%↓68%	278.4%↑102%	-14861.0%↓575%	-2202.5%
Total Debt	$2.3M↑40%	$1.6M↑9%	$1.5M↑182%	$535.0K↓64%	$1.5M
Shareholders' Equity	$7.3M↑191%	-$8.0M↓568%	-$1.2M↓1178%	$111.0K↓80%	$542.4K
Current Ratio	0.76↑765%	0.09↓62%	0.23↓92%	2.75↑16%	2.38
Debt / Equity	0.32↑254%	-0.21↑84%	-1.26↓126%	4.82↑77%	2.72
Operating Cash Flow	-$2.8M↓159%	-$1.1M↑69%	-$3.4M↑75%	-$13.9M↑7%	-$14.9M
Free Cash Flow	-$2.8M↓159%	-$1.1M↑69%	-$3.5M	--	-$15.0M

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Pharmaceutical Products

NCEL vs Peers — Financial Grading

RevenueN/A

Net Income$8.3MBottom 25%

ROE-114.5%Bottom 25%

D/E0.32Median

Op. Margin—

Curr. Ratio0.76Bottom 25%

Company	Market Cap	Price	Revenue	Net Income	ROE	D/E	Op. Margin	Curr. Ratio	Graham	Buffett	Lynch	Greenblatt	Piotroski	Dreman
Merck & Co., Inc.MRK	$364.3B	$147.76	$65.0B	$18.3B	34.7%	0.94	—	1.54	2/9	5/9	4/7	0/3	F-Score 4	1/11
ABBOTT LABORATORIESABT	$188.0B	$108.52	$44.3B	$6.5B	12.5%	0.25	18.2%	1.58	3/9	4/9	2/7	1/3	F-Score 5	3/11
BRISTOL MYERS SQUIBB COBMY	$129.7B	$63.43	$48.2B	$7.1B	38.2%	2.44	19.4%	1.26	2/9	1/9	3/7	1/3	F-Score 8	5/11
BIO-TECHNE CorpTECH	$11.4B	$72.80	$1.2B	$73.4M	3.8%	—	8.4%	3.46	4/9	3/9	3/7	0/3	F-Score 5	4/11
REPLIGEN CORPRGEN	$10.7B	$167.79	$738.3M	$48.9M	2.3%	0.26	7.5%	8.37	3/9	2/9	3/7	0/3	F-Score 7	5/11
IONIS PHARMACEUTICALS INCIONS	$4.8B	$29.06	$943.7M	$381.4M	-78.0%	3.60	-40.4%	3.83	3/9	1/9	1/7	0/3	F-Score 4	3/11
NEOGEN CORPNEOG	$2.5B	$11.23	$870.4M	$7.9M	-0.4%	0.76	-2.5%	3.82	3/9	1/9	2/7	0/3	F-Score 6	4/11
Pharvaris N.V.PHVS	$2.4B	$33.36	—	$206.4M	-64.8%	0.00	—	—	0/9	0/9	2/7	0/3	F-Score 2	2/11