What is CEL-SCI Corp's earnings per share (EPS)?

CEL-SCI Corp (CVM) reported diluted earnings per share of $-6.27 for fiscal year 2025. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

CEL-SCI Corp Financials

CVM

Source SEC Filings (10-K/10-Q) Updated May 15, 2026 Currency USD FYE September

This page shows CEL-SCI Corp (CVM) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI CVM FY2025 2026-05-15

CEL-SCI’s statements show a cash-funded development model where financing inflows, rather than operations, sustain the balance sheet.

Cash nearly tripled from $4.1M in FY2023 to $11.0M in FY2025 even though operating cash flow stayed negative. That stronger liquidity came from $42.9M of combined financing cash inflows across FY2024-FY2025, which means the healthier cash position reflects fresh capital more than any change in self-funding ability.

The burn is mostly operating expense burn, not heavy reinvestment: FY2025 capital spending was just $38K against $17.1M of negative operating cash flow. That makes the model asset-light but funding-dependent, with cash consumed mainly by research and overhead rather than by building physical capacity.

Net loss narrowed from $32.4M in FY2023 to $25.4M in FY2025, and operating cash outflow improved alongside it, so the accounting losses broadly reflect real cash use rather than a large non-cash distortion. But because R&D spend fell from $22.5M to $15.9M over the same span, the improvement looks more like spending restraint than the emergence of a self-sustaining commercial engine.

Financial Health Signals

Financial Profile 23/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of CEL-SCI Corp's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Leverage

CEL-SCI Corp carries a low D/E ratio of 0.36, meaning only $0.36 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 95/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

CEL-SCI Corp's current ratio of 2.26 indicates adequate short-term liquidity, earning a score of 42/100. The company can meet its near-term obligations, though with limited headroom.

Returns

CEL-SCI Corp generates a -159.3% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is up from -209.2% the prior year.

Piotroski F-Score Weak

3/9

CEL-SCI Corp passes 3 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass.

Earnings Quality Low Quality

0.67x

For every $1 of reported earnings, CEL-SCI Corp generates $0.67 in operating cash flow (-$17.1M OCF vs -$25.4M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk

-38.2x

CEL-SCI Corp earns $-38.2 in operating income for every $1 of interest expense (-$24.8M vs $649K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue

N/A

EBITDA

-$22.8M

YoY+6.0%

CEL-SCI Corp's EBITDA was -$22.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 6.0% from the prior year.

Net Income

-$25.4M

YoY+5.6%

CEL-SCI Corp reported -$25.4M in net income in fiscal year 2025. This represents an increase of 5.6% from the prior year.

EPS (Diluted)

$-6.27

CEL-SCI Corp earned $-6.27 per diluted share (EPS) in fiscal year 2025. This represents an increase of 59.0% from the prior year.

Cash & Balance Sheet

Free Cash Flow

-$17.2M

YoY+9.2%

CEL-SCI Corp generated -$17.2M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 9.2% from the prior year.

Cash & Debt

$11.0M

YoY+131.2%

5Y CAGR-6.7%

10Y CAGR+6.7%

CEL-SCI Corp held $11.0M in cash against $5.7M in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

CEL-SCI Corp had 8M shares outstanding in fiscal year 2025. This represents an increase of 276.9% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

-159.3%

YoY+50.0pp

5Y CAGR-5.9pp

CEL-SCI Corp's ROE was -159.3% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 50.0 percentage points from the prior year.

Capital Allocation

R&D Spending

$15.9M

YoY-12.5%

5Y CAGR-2.3%

10Y CAGR-1.9%

CEL-SCI Corp invested $15.9M in research and development in fiscal year 2025. This represents a decrease of 12.5% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$38K

YoY-59.8%

5Y CAGR-57.2%

10Y CAGR-6.3%

CEL-SCI Corp invested $38K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 59.8% from the prior year.

CVM Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$15.9M-12.5%	$18.2M-19.2%	$22.5M-11.4%	$25.4M+9.7%	$23.1M+29.5%	$17.8M
SG&A Expenses	$8.9M+8.9%	$8.2M-9.0%	$9.0M-15.9%	$10.7M-18.2%	$13.1M+11.8%	$11.7M
Operating Income	-$24.8M+5.9%	-$26.4M+16.3%	-$31.5M+12.7%	-$36.1M+0.4%	-$36.2M-24.9%	-$29.0M
Interest Expense	$649K-13.0%	$746K+10.5%	$675K-37.5%	$1.1M+194.1%	-$1.1M-195.8%	$1.2M
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	-$25.4M+5.6%	-$26.9M+16.8%	-$32.4M+11.8%	-$36.7M-0.9%	-$36.4M-20.2%	-$30.3M
EPS (Diluted)	$-6.27	$-15.31	$-0.73+16.1%	$-0.87+3.3%	$-0.90-9.8%	$-0.82

Metric	Q3'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$7.4M+102.4%	$3.7M	N/A	$3.7M-6.8%	$4.0M-9.4%	$4.4M	N/A	$4.7M
SG&A Expenses	$3.3M+92.2%	$1.7M	N/A	$1.7M-26.5%	$2.4M-3.4%	$2.5M	N/A	$2.0M
Operating Income	-$10.7M-99.2%	-$5.4M	N/A	-$5.5M+14.2%	-$6.4M+7.2%	-$6.9M	N/A	-$6.7M
Interest Expense	$205K+133.0%	$88K	N/A	-$172K+3.5%	-$178K-204.9%	$170K	N/A	-$191K
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	-$10.9M-99.9%	-$5.5M	N/A	-$5.7M+13.8%	-$6.6M+7.1%	-$7.1M	N/A	-$6.9M
EPS (Diluted)	$-1.35-98.5%	$-0.68	N/A	$-1.36	$-0.08+97.5%	$-3.25	N/A	$-4.18

CVM Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$28.2M+4.3%	$27.0M-11.6%	$30.5M-39.6%	$50.5M-33.4%	$75.9M+87.2%	$40.5M
Current Assets	$11.6M+91.5%	$6.1M-12.5%	$6.9M-72.8%	$25.4M-43.8%	$45.3M+155.8%	$17.7M
Cash & Equivalents	$11.0M+131.2%	$4.7M+14.3%	$4.1M-81.7%	$22.7M-37.1%	$36.1M+132.5%	$15.5M
Inventory	N/A	$1.0M-54.6%	$2.2M+12.3%	$2.0M-0.2%	$2.0M+144.7%	$820K
Accounts Receivable	N/A	N/A	N/A	$0-100.0%	$55K0.0%	$55K
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$12.2M-13.6%	$14.1M-18.4%	$17.3M-5.7%	$18.4M-5.0%	$19.3M-7.1%	$20.8M
Current Liabilities	$5.1M+11.2%	$4.6M-17.4%	$5.6M+19.8%	$4.7M+18.5%	$3.9M-7.7%	$4.3M
Long-Term Debt	$5.7M	N/A	N/A	N/A	N/A	N/A
Total Equity	$16.0M+24.0%	$12.9M-2.6%	$13.2M-58.9%	$32.2M-43.1%	$56.5M+186.6%	$19.7M
Retained Earnings	-$539.4M-4.9%	-$514.0M-5.5%	-$487.1M-7.1%	-$454.9M-8.8%	-$418.2M-9.5%	-$381.8M

Metric	Q3'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Total Assets	$17.7M-22.7%	$22.9M-18.7%	$28.2M+38.5%	$20.3M-6.7%	$21.8M-15.1%	$25.7M-4.8%	$27.0M+12.1%	$24.1M
Current Assets	$2.9M-58.8%	$7.0M-39.4%	$11.6M+342.2%	$2.6M-13.2%	$3.0M-48.4%	$5.9M-3.3%	$6.1M+71.0%	$3.5M
Cash & Equivalents	$1.9M-69.9%	$6.3M-42.7%	$11.0M+511.0%	$1.8M-6.8%	$1.9M-58.3%	$4.6M-2.6%	$4.7M+1131.8%	$385K
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	$1.0M	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$10.8M-7.9%	$11.8M-3.6%	$12.2M-8.4%	$13.3M-3.6%	$13.8M-4.0%	$14.4M+1.9%	$14.1M-9.4%	$15.6M
Current Liabilities	$4.8M-4.6%	$5.0M-1.8%	$5.1M-8.6%	$5.6M+2.1%	$5.5M+0.4%	$5.5M+18.7%	$4.6M-16.2%	$5.5M
Long-Term Debt	N/A	N/A	$5.7M	N/A	N/A	N/A	N/A	N/A
Total Equity	$6.9M-38.3%	$11.1M-30.2%	$16.0M+127.1%	$7.0M-12.2%	$8.0M-29.3%	$11.3M-12.1%	$12.9M+51.9%	$8.5M
Retained Earnings	-$550.4M-1.0%	-$544.9M-1.0%	-$539.4M-1.1%	-$533.3M-1.1%	-$527.7M-1.3%	-$521.1M-1.4%	-$514.0M-1.2%	-$507.9M

CVM Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$17.1M+9.0%	-$18.8M+17.7%	-$22.8M-25.3%	-$18.2M+2.9%	-$18.8M-23.0%	-$15.3M
Capital Expenditures	$38K-59.8%	$95K-73.8%	$362K-43.3%	$638K-92.9%	$9.0M+239.6%	$2.7M
Free Cash Flow	-$17.2M+9.2%	-$18.9M+18.5%	-$23.2M-22.9%	-$18.9M+32.1%	-$27.8M-55.1%	-$17.9M
Investing Cash Flow	-$38K+64.7%	-$108K+71.0%	-$372K-106.8%	$5.5M+136.2%	-$15.2M-463.5%	-$2.7M
Financing Cash Flow	$23.4M+19.8%	$19.5M+315.6%	$4.7M+835.3%	-$638K-101.2%	$54.5M+117.8%	$25.0M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Operating Cash Flow	-$4.0M0.0%	-$4.0M+13.9%	-$4.7M-18.6%	-$3.9M+9.8%	-$4.4M-5.5%	-$4.1M+14.0%	-$4.8M-5.2%	-$4.6M
Capital Expenditures	$33K	$0-100.0%	$5K	$0	$0-100.0%	$33K+66.8%	$20K-15.8%	$23K
Free Cash Flow	-$4.1M-0.8%	-$4.0M+14.0%	-$4.7M-18.7%	-$3.9M+9.8%	-$4.4M-4.7%	-$4.2M+13.7%	-$4.8M-5.1%	-$4.6M
Investing Cash Flow	-$33K	$0+100.0%	-$5K	$0	$0+100.0%	-$33K-66.8%	-$20K+15.8%	-$23K
Financing Cash Flow	-$364K+44.3%	-$654K-104.7%	$13.8M+263.3%	$3.8M+126.7%	$1.7M-58.5%	$4.0M-55.9%	$9.2M+2951.3%	-$322K
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

CVM Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	-159.3%+50.0pp	-209.2%+35.7pp	-244.9%-130.8pp	-114.1%-49.8pp	-64.3%+89.1pp	-153.4%
Return on Assets	-90.3%+9.5pp	-99.7%+6.3pp	-106.0%-33.4pp	-72.6%-24.7pp	-47.9%+26.7pp	-74.6%
Current Ratio	2.26+0.9	1.31+0.1	1.24-4.2	5.45-6.0	11.50+7.3	4.15
Debt-to-Equity	0.36-0.7	1.10-0.2	1.31+0.7	0.57+0.2	0.34-0.7	1.05
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	-159.1%-110.0pp	-49.1%	N/A	-80.6%+1.5pp	-82.2%-19.6pp	-62.5%	N/A	-80.9%
Return on Assets	-61.8%-37.9pp	-23.9%	N/A	-27.9%+2.3pp	-30.1%-2.6pp	-27.5%	N/A	-28.5%
Current Ratio	0.60-0.8	1.39-0.9	2.26+1.8	0.47-0.1	0.55-0.5	1.07-0.2	1.31+0.7	0.64
Debt-to-Equity	1.58+0.5	1.06+0.7	0.36-1.5	1.89+0.2	1.73+0.5	1.27+0.2	1.10-0.7	1.84
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

Is CEL-SCI Corp profitable?

No, CEL-SCI Corp (CVM) reported a net income of -$25.4M in fiscal year 2025.

What is CEL-SCI Corp's EBITDA?

CEL-SCI Corp (CVM) had EBITDA of -$22.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does CEL-SCI Corp have?

As of fiscal year 2025, CEL-SCI Corp (CVM) had $11.0M in cash and equivalents against $5.7M in long-term debt.

What is CEL-SCI Corp's return on equity (ROE)?

CEL-SCI Corp (CVM) has a return on equity of -159.3% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is CEL-SCI Corp's free cash flow?

CEL-SCI Corp (CVM) generated -$17.2M in free cash flow during fiscal year 2025. This represents a 9.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is CEL-SCI Corp's operating cash flow?

CEL-SCI Corp (CVM) generated -$17.1M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are CEL-SCI Corp's total assets?

CEL-SCI Corp (CVM) had $28.2M in total assets as of fiscal year 2025, including both current and long-term assets.

What are CEL-SCI Corp's capital expenditures?

CEL-SCI Corp (CVM) invested $38K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does CEL-SCI Corp spend on research and development?

CEL-SCI Corp (CVM) invested $15.9M in research and development during fiscal year 2025.

How many shares does CEL-SCI Corp have outstanding?

CEL-SCI Corp (CVM) had 8M shares outstanding as of fiscal year 2025.

What is CEL-SCI Corp's current ratio?

CEL-SCI Corp (CVM) had a current ratio of 2.26 as of fiscal year 2025, which is generally considered healthy.

What is CEL-SCI Corp's debt-to-equity ratio?

CEL-SCI Corp (CVM) had a debt-to-equity ratio of 0.36 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is CEL-SCI Corp's return on assets (ROA)?

CEL-SCI Corp (CVM) had a return on assets of -90.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is CEL-SCI Corp's cash runway?

Based on fiscal year 2025 data, CEL-SCI Corp (CVM) had $11.0M in cash against an annual operating cash burn of $17.1M. This gives an estimated cash runway of approximately 8 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is CEL-SCI Corp's Piotroski F-Score?

CEL-SCI Corp (CVM) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are CEL-SCI Corp's earnings high quality?

CEL-SCI Corp (CVM) has an earnings quality ratio of 0.67x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can CEL-SCI Corp cover its interest payments?

CEL-SCI Corp (CVM) has an interest coverage ratio of -38.2x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is CEL-SCI Corp?

CEL-SCI Corp (CVM) scores 23 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.