Latest Ratios: P/E Ratio -6.8x · EV/EBITDA N/A · ROE -39.8%. (2020–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Market Cap | $123M | $115M | $43M | — | — | — | — |
| Enterprise Value | $57M | $49M | $-4944828 | — | — | — | — |
| P/E Ratio → | -6.75 | — | — | — | — | — | — |
| P/S Ratio | 12.01 | 11.24 | — | — | — | — | — |
| P/B Ratio | 2.23 | 1.84 | 1.03 | — | — | — | — |
| P/FCF | — | — | — | — | — | — | — |
| P/OCF | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 4.78 | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Gross Margin | 81.3% | 81.3% | — | — | — | — | — |
| Operating Margin | -221.7% | -221.7% | — | — | — | — | — |
| Net Profit Margin | -202.2% | -202.2% | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| ROE | -39.8% | -39.8% | -79.7% | — | -314.3% | -432.1% | -36133.2% |
| ROA | -31.7% | -31.7% | -55.0% | -509.8% | -153.0% | -183.4% | -68.6% |
| ROIC | -32.4% | -32.4% | -45.8% | — | -202.1% | -130.1% | — |
| ROCE | -38.4% | -38.4% | -50.2% | — | -270.1% | -145.2% | -117.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | 0.02 | — | — | 0.12 | 200.84 |
| Debt / EBITDA | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -1.06 | -1.15 | — | — | -1.13 | -169.37 |
| Net Debt / EBITDA | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — |
| Interest Coverage | — | — | -77.79 | -202.40 | -69.08 | -36.01 | -6.51 |
Net cash position: cash ($66M) exceeds total debt ($0)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 8.65 | 8.65 | 15.00 | 0.73 | 0.58 | 6.75 | 2.15 |
| Quick Ratio | 8.65 | 8.65 | 15.00 | 0.73 | 0.58 | 6.75 | 2.15 |
| Cash Ratio | 7.24 | 7.24 | 14.49 | 0.57 | 0.51 | 6.27 | 1.66 |
| Asset Turnover | — | 0.13 | — | — | — | — | — |
| Inventory Turnover | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | — | — | — | — | — | — |
| Total Shareholder Yield | 0.0% | — | — | — | — | — | — |
| Shares Outstanding | — | $18M | $7M | $4M | $3M | $2M | $2M |
Commercial execution and liquidity
According to recent market data, ACOG trades at a P/S multiple of 9.71, which appears elevated for a company with negative operating margins and suggests that investors are pricing in significant future commercial success for ZUNVEYL rather than current fundamental performance metrics.
The current valuation multiple implies that the market is assigning a high probability to successful market penetration and long-term revenue growth. Investors should monitor whether this premium is justified by prescription volume trends, as the lack of positive earnings makes traditional P/E analysis irrelevant for assessing the company's intrinsic value.
Based on reported figures, ACOG's ROIC has remained consistently negative, reaching -10.1% in 2026Q1, which indicates that the company is currently destroying shareholder value as it invests heavily in clinical development and commercial infrastructure ahead of meaningful, sustainable revenue generation.
The persistent negative return on capital is a hallmark of the pre-commercial biotech phase where R&D spending dominates the capital base. Until the company can demonstrate a path to positive operating margins, these returns will likely remain depressed, reflecting the high cost of capital relative to the current output.
As reported in financial statements, the company's asset turnover ratio remains extremely low at 0.05, highlighting the significant disconnect between the firm's asset base and its current revenue-generating capacity during this early stage of the commercial product lifecycle.
The low turnover ratio suggests that the company is carrying a substantial asset base relative to its sales, which is typical for a firm transitioning from R&D to commercialization. Investors should watch for improvements in this metric as a signal that the company is successfully scaling its operations and utilizing its capital more effectively.
According to recent balance sheet data, the current ratio has declined from 17.14 in 2025Q1 to 12.64 in 2026Q1, indicating that while the company maintains a strong short-term liquidity position, the rapid consumption of cash is beginning to tighten the firm's financial flexibility.
While the current ratio appears high, it is largely a function of the cash balance rather than operational efficiency. The rapid decline in liquidity suggests that the company's cash runway is shortening, which may necessitate further dilutive financing if commercial revenue does not scale to cover the high operating burn.
The most commonly misapplied metric for ACOG is the P/E ratio, which obscures the company's true economic reality by focusing on accounting losses that are driven by necessary, non-recurring R&D and commercial launch investments rather than operational failure.
Using P/E to value a clinical-stage biotech company is fundamentally flawed because it ignores the value of the pipeline and the optionality of the prodrug technology. Analysts should instead focus on probability-adjusted net present value (NPV) of the pipeline and cash burn rates to better assess the company's long-term viability.
Includes 30+ ratios · 6 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying ACOG stock.
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Alpha Cognition Inc. Common Stock's return on equity (ROE) is -39.8%. The historical average is -216.5%.
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