NasdaqCM:CYAN

Stock Analysis Report

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Executive Summary

Cyanotech Corporation engages in the cultivation, production, and sale of natural products derived from microalgae for the health and human nutrition markets worldwide.


Snowflake Analysis

Adequate balance sheet and overvalued.


Similar Companies

Share Price & News

How has Cyanotech's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: CYAN's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

-5.6%

CYAN

9.4%

US Personal Products

2.8%

US Market


1 Year Return

-33.3%

CYAN

3.3%

US Personal Products

9.3%

US Market

Return vs Industry: CYAN underperformed the US Personal Products industry which returned 3.3% over the past year.

Return vs Market: CYAN underperformed the US Market which returned 9.3% over the past year.


Shareholder returns

CYANIndustryMarket
7 Day-5.6%9.4%2.8%
30 Day-10.2%12.7%8.9%
90 Day-6.9%-1.0%-0.5%
1 Year-33.3%-33.3%4.6%3.3%11.8%9.3%
3 Year-42.3%-42.3%42.3%35.3%31.4%22.7%
5 Year-78.0%-78.0%39.4%24.3%58.7%40.9%

Price Volatility Vs. Market

How volatile is Cyanotech's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Cyanotech undervalued compared to its fair value and its price relative to the market?

0.77x

Price to Book (PB) ratio


Share Price vs. Fair Value

Below Fair Value: Insufficient data to calculate CYAN's fair value to establish if it is undervalued.

Significantly Below Fair Value: Insufficient data to calculate CYAN's fair value to establish if it is undervalued.


Price To Earnings Ratio

PE vs Industry: CYAN is unprofitable, so we can't compare its PE Ratio to the Personal Products industry average.

PE vs Market: CYAN is unprofitable, so we can't compare its PE Ratio to the US market.


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate CYAN's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: CYAN is good value based on its PB Ratio (0.8x) compared to the US Personal Products industry average (3.1x).


Next Steps

Future Growth

How is Cyanotech forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?

34.5%

Forecasted Household industry annual growth in earnings


In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as Cyanotech has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by SimplyWall St do have past financial data.


Next Steps

Past Performance

How has Cyanotech performed over the past 5 years?

-5.9%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: CYAN is currently unprofitable.

Growing Profit Margin: CYAN is currently unprofitable.


Past Earnings Growth Analysis

Earnings Trend: CYAN is unprofitable, and losses have increased over the past 5 years at a rate of -5.9% per year.

Accelerating Growth: Unable to compare CYAN's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: CYAN is unprofitable, making it difficult to compare its past year earnings growth to the Personal Products industry (18.7%).


Return on Equity

High ROE: CYAN has a negative Return on Equity (-7.76%), as it is currently unprofitable.


Next Steps

Financial Health

How is Cyanotech's financial position?


Financial Position Analysis

Short Term Liabilities: CYAN's short term assets ($14.8M) exceed its short term liabilities ($7.1M).

Long Term Liabilities: CYAN's short term assets ($14.8M) exceed its long term liabilities ($9.8M).


Debt to Equity History and Analysis

Debt Level: CYAN's debt to equity ratio (57.3%) is considered high.

Reducing Debt: CYAN's debt to equity ratio has increased from 24.5% to 57.3% over the past 5 years.


Balance Sheet


Cash Runway Analysis

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

Stable Cash Runway: CYAN has sufficient cash runway for more than a year based on its current free cash flow.

Forecast Cash Runway: CYAN is forecast to have sufficient cash runway for 12 months based on free cash flow estimates, but has since raised additional capital.


Next Steps

Dividend

What is Cyanotech's current dividend yield, its reliability and sustainability?


Dividend Yield vs Market

Notable Dividend: Unable to evaluate CYAN's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.

High Dividend: Unable to evaluate CYAN's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.


Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if CYAN's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if CYAN's dividend payments have been increasing.


Current Payout to Shareholders

Dividend Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of CYAN's dividend in 3 years as they are not forecast to pay a notable one for the US market.


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

1.4yrs

Average management tenure


CEO

Gerry Cysewski (70yo)

1.08yrs

Tenure

US$225,623

Compensation

Dr. Gerald R. Cysewski, Phd, also known as Gerry, Ph.D. co-founded Cyanotech Corp. in 1983 and has been its Director since that Time. Dr Cysewski serves as Chief Executive Officer at Cyanotech Corporation  ...


CEO Compensation Analysis

Compensation vs Market: Gerry's total compensation ($USD225.62K) is below average for companies of similar size in the US market ($USD593.36K).

Compensation vs Earnings: Gerry's compensation has been consistent with company performance over the past year.


Leadership Team

NamePositionTenureCompensationOwnership
Gerald Cysewski
Co-Founder1.08yrsUS$225.62k2.31% $276.5k
Brian Orlopp
VP of Finance & Administration and CFO1.42yrsUS$96.13k0.00034% $40.7
Amy Nordin
Corporate Secretaryno datano data0.0066% $789.3
Glenn Jensen
Vice President of Manufacturing & Infrastructure27.08yrsUS$134.34k0.29% $35.2k

1.4yrs

Average Tenure

61yo

Average Age

Experienced Management: CYAN's management team is not considered experienced ( 1.4 years average tenure), which suggests a new team.


Board Members

NamePositionTenureCompensationOwnership
Gerald Cysewski
Co-Founder1.08yrsUS$225.62k2.31% $276.5k
Nancy Katz
Independent Director3.67yrsUS$64.00k0.52% $62.1k
David Mulder
Independent Director4.08yrsUS$64.00k0.60% $72.2k
Michael Davis
Independent Chairman of the Board9.17yrsUS$70.00k11.09% $1.3m
Walter Menzel
Independent Director6.83yrsUS$96.56k0.96% $115.2k
David Vied
Independent Director5.42yrsUS$70.00k0.81% $97.5k

4.8yrs

Average Tenure

62.5yo

Average Age

Experienced Board: CYAN's board of directors are considered experienced (4.8 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Cyanotech Corporation's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Cyanotech Corporation
  • Ticker: CYAN
  • Exchange: NasdaqCM
  • Founded: 1983
  • Industry: Personal Products
  • Sector: Household
  • Market Cap: US$11.978m
  • Shares outstanding: 5.93m
  • Website: https://www.cyanotech.com

Number of Employees


Location

  • Cyanotech Corporation
  • 73-4460 Queen Kaahumanu Highway
  • Suite 102
  • Kailua-Kona
  • Hawaii
  • 96740
  • United States

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
CYANNasdaqCM (Nasdaq Capital Market)YesCommon StockUSUSDOct 1985

Biography

Cyanotech Corporation engages in the cultivation, production, and sale of natural products derived from microalgae for the health and human nutrition markets worldwide. The company’s products include Hawaiian BioAstin natural astaxanthin, a dietary antioxidant, which is used as a human nutraceutical and functional food ingredient to support and maintain the body’s natural inflammatory response, enhance skin, and support eye and joint health; and Hawaiian Spirulina Pacifica, a nutrient-rich dietary supplement that is used for extra energy, a strengthened immune system, cardiovascular benefits, and as a source of antioxidant carotenoids. Cyanotech Corporation sells its products as packaged consumer products through distributors, retailers, and online channels, and direct to consumers, as well as in bulk form to manufacturers, formulators, and distributors. The company was founded in 1983 and is headquartered in Kailua-Kona, Hawaii. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/06/02 02:42
End of Day Share Price2020/06/01 00:00
Earnings2019/12/31
Annual Earnings2019/03/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.