Is ImmuCell Corp. overvalued or undervalued?

As of 17 October 2025, the valuation grade for ImmuCell Corp. has moved from attractive to expensive, indicating a shift towards overvaluation. The company appears to be overvalued based on its current metrics, particularly with a Price to Book Value of 2.05 and an EV to EBITDA ratio of 26.30, which are significantly higher than typical industry benchmarks. Additionally, the company has a negative ROCE of -0.63% and ROE of -0.94%, suggesting inefficiencies in generating returns.
In comparison to its peers, ImmuCell Corp. has a notably high P/E ratio of 33.88, while ImmunoPrecise Antibodies Ltd. shows a negative P/E of -13.04, and Rani Therapeutics Holdings, Inc. also reflects a negative P/E of -0.74, indicating that ImmuCell is trading at a premium despite its losses. Over the past year, ImmuCell has outperformed the S&P 500 with a return of 67.17% compared to the index's 14.08%, but its long-term performance over three and five years has lagged significantly behind the S&P 500, which raises concerns about sustainability.