Latest Ratios: P/E Ratio -131.1x · EV/EBITDA 6637.0x · ROE -13.5%. (1996–2025 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 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.3B | $1.5B | $729M | $293M | $420M | $386M | $715M | $702M | $759M | $943M | $276M |
| Enterprise Value | $2.3B | $1.5B | $771M | $331M | $472M | $421M | $721M | $671M | $734M | $931M | $271M |
| P/E Ratio → | -131.09 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 10.21 | 6.69 | 3.89 | 1.84 | 3.03 | 3.03 | 6.37 | 6.58 | 9.04 | 15.61 | 6.72 |
| P/B Ratio | 15.93 | 11.70 | 7.02 | 3.06 | 4.16 | 3.43 | 5.81 | 5.31 | 5.16 | 37.45 | 18.52 |
| P/FCF | — | — | 66306.53 | — | — | — | — | — | — | — | — |
| P/OCF | 2831.81 | 1856.19 | 160.83 | — | — | — | — | — | — | — | — |
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 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 6.62 | 4.11 | 2.08 | 3.41 | 3.30 | 6.42 | 6.29 | 8.75 | 15.41 | 6.58 |
| EV / EBITDA | 6637.00 | 4334.07 | 169.34 | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | 70045.80 | — | — | — | — | — | — | — | — |
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 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 74.3% | 74.3% | 75.8% | 76.6% | 78.5% | 82.0% | 80.8% | 83.7% | 84.6% | 84.6% | 84.3% |
| Operating Margin | -3.5% | -3.5% | -1.8% | -13.5% | -21.4% | -20.0% | -20.6% | -29.4% | -24.4% | -13.2% | -19.8% |
| Net Profit Margin | -7.0% | -7.0% | -5.3% | -13.7% | -20.9% | -21.2% | -21.2% | -27.3% | -26.7% | -17.3% | -35.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -13.5% | -13.5% | -10.0% | -22.1% | -27.1% | -22.9% | -18.6% | -20.9% | -26.0% | -52.1% | -124.7% |
| ROA | -7.4% | -7.4% | -5.0% | -11.1% | -14.4% | -13.2% | -13.4% | -18.5% | -20.4% | -19.9% | -34.4% |
| ROIC | -4.6% | -4.6% | -1.8% | -11.2% | -14.8% | -13.8% | -15.1% | -21.0% | -22.6% | -52.9% | -71.5% |
| ROCE | -4.2% | -4.2% | -1.9% | -12.7% | -16.7% | -14.0% | -14.8% | -22.4% | -21.3% | -19.8% | -23.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.15 | 0.15 | 0.66 | 0.72 | 0.67 | 0.60 | 0.44 | 0.04 | 0.00 | 0.98 | 1.63 |
| Debt / EBITDA | 55.94 | 55.94 | 15.10 | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.13 | 0.40 | 0.40 | 0.52 | 0.31 | 0.05 | -0.23 | -0.16 | -0.47 | -0.38 |
| Net Debt / EBITDA | -47.40 | -47.40 | 9.04 | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | 3739.27 | — | — | — | — | — | — | — | — |
| Interest Coverage | -1.04 | -1.04 | -0.21 | -6.66 | -45.39 | -18.90 | -21.57 | -727.38 | -17.54 | -3.24 | -1.30 |
Net cash position: cash ($36M) exceeds total debt ($19M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 5.11 | 5.11 | 3.24 | 2.89 | 4.13 | 5.23 | 6.36 | 6.47 | 11.57 | 4.06 | 3.97 |
| Quick Ratio | 3.31 | 3.31 | 2.16 | 2.14 | 3.33 | 4.54 | 5.81 | 5.80 | 10.65 | 3.53 | 3.48 |
| Cash Ratio | 1.51 | 1.51 | 1.09 | 1.02 | 2.05 | 3.46 | 4.55 | 4.62 | 8.94 | 2.66 | 2.71 |
| Asset Turnover | — | 1.02 | 0.92 | 0.81 | 0.71 | 0.61 | 0.56 | 0.69 | 0.52 | 1.03 | 0.89 |
| Inventory Turnover | 1.37 | 1.37 | 1.37 | 1.61 | 1.57 | 1.37 | 1.72 | 1.25 | 1.08 | 1.27 | 1.18 |
| Days Sales Outstanding | — | 42.41 | 46.97 | 57.72 | 58.43 | 52.04 | 57.26 | 57.96 | 66.62 | 66.84 | 71.50 |
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 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | 0.0% | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $46M | $44M | $43M | $42M | $41M | $40M | $39M | $37M | $33M | $31M |
Regulatory BLA transition uncertainty
Based on current market data, AXGN trades at a price-to-sales multiple of 10.29, a valuation that appears to price in aggressive long-term revenue expansion rather than current profitability, as the company continues to operate with a negative trailing twelve-month price-to-earnings ratio of -132.15.
The elevated P/S multiple suggests that investors are prioritizing the company's clinical registry-driven market penetration over near-term earnings. This valuation warrants caution, as it implies a high hurdle rate for future growth that may be sensitive to any delays in the BLA regulatory approval process.
According to recent financial statements, AXGN's return on invested capital remains in negative territory at -1.4% as of 2026Q1, reflecting the substantial capital intensity required to build out the Alachua processing facility and fund ongoing clinical studies relative to the current revenue base.
The inability to generate positive returns on capital suggests that the business is still in a heavy investment phase. Investors should monitor whether the transition to a 351 BLA regulatory status can eventually drive the operating leverage necessary to turn these returns positive.
As reported in quarterly filings, AXGN's asset turnover ratio of 0.24 in 2026Q1 indicates a relatively slow conversion of assets into revenue, which is typical for a medical device firm heavily invested in specialized manufacturing infrastructure and long-term clinical research assets.
The high days inventory outstanding, which peaked at 263 days in 2024Q1, suggests that managing the shelf life and supply chain of human tissue products remains a significant operational challenge. This inefficiency may continue to pressure cash flow until the company achieves greater scale.
Based on the most recent balance sheet, AXGN maintains a robust current ratio of 7.10, providing a substantial liquidity cushion that appears sufficient to fund ongoing operations and clinical development through the near-term BLA transition period, as noted in recent SEC filings.
This liquidity position is a marked improvement from historical levels and suggests that the company is well-capitalized to withstand potential operational delays. However, the reliance on cash raised through equity dilution rather than organic cash flow generation remains a point of concern for long-term shareholders.
The price-to-earnings ratio is frequently misapplied to AXGN, as the company's current GAAP net losses are heavily influenced by non-recurring investments in clinical trials and facility scaling, which obscures the underlying unit economics of its proprietary nerve graft products.
Investors should instead focus on gross margin trends and revenue growth per surgical account to gauge the true health of the business. Using P/E to value a company in this specific phase of its lifecycle likely leads to an incomplete assessment of its long-term competitive moat.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying AXGN stock.
AxoGen, Inc.'s current P/E ratio is -131.1x. The historical average is 3.5x.
AxoGen, Inc.'s current EV/EBITDA is 6637.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 38.9x.
AxoGen, Inc.'s return on equity (ROE) is -13.5%. The historical average is -35.1%.
Based on historical data, AxoGen, Inc. is trading at a P/E of -131.1x. Compare with industry peers and growth rates for a complete picture.
AxoGen, Inc. has 74.3% gross margin and -3.5% operating margin.
AxoGen, Inc.'s Debt/EBITDA ratio is 55.9x, indicating high leverage. A ratio above 4x may signal elevated financial risk.