Anika Therapeutics, Inc.

AI-generated fair value estimate for this company.

Method: 10-year unlevered FCF DCF: $4.36M FY2025 FCF base; 20% growth yrs 1-5; 8% yrs 6-10; 11% discount rate; 3% terminal growth; plus $13.16M net cash; 13.38M shares outstanding.

Reasoning: Anika Therapeutics has small, volatile free cash flow (FY2024 was negative) as it repositions around its hyaluronic-acid/regenerative-medicine platform after divesting its orthopedics business; the conservative near-term FCF base and small-cap discount rate produce an intrinsic value below the current trading price, reflecting genuine uncertainty about the pace of margin recovery.