ADAGNasdaqPharmaceutical PreparationsFiscal year ends December 31
Adagene Inc.
Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 20-F on Apr 1, 2026
$2.29+0.23 (+11.17%)
Close on Oct 19, 2026
- Market cap
- –
- P/E (TTM)
- –
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2017 to 2025
Operating margin
-279.5%+5877.0 pts over 5 years
Net margin
-229.6%+5819.3 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +7332.8% | -6.2% | +61.4% | – |
Returns and balance sheet
9 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2017 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | 57.9% | -41.0% | |
| Return on assets | – | -44.6% | -21.0% | |
| Current ratio | – | 4.90 | 3.07 | |
| Debt to equity | – | -0.09 | 0.17 | |
| Net debt to EBITDA | – | 1.59× | 3.26× | |
| Interest coverage | – | -213.4× | -46.3× | |
| Capex to revenue | – | 133.4% | 0.2% | |
| Diluted shares | – | 16M | 59M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Adagene generated $165.84M from operations and spent $9.67M on capital expenditure, dividends and share buybacks. 34% of that went back into the business.
Generated
$165.84M
Used
$9.67M
Capital expenditure$3.34M34%Dividends$00%Share buybacks$6.34M66%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-229.6%
×Asset turnover0.09×
×Equity multiplier1.95×
=Return on equity, FY2025-41.0%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -229.6% | 0.09× | 1.95× | -41.0% |
| FY2024 | -32386.4% | 0.00× | 1.69× | -55.2% |
| FY2023 | -104.6% | 0.14× | 1.75× | -24.7% |
| FY2022 | -860.6% | 0.05× | 1.43× | -66.7% |
| FY2021 | -719.2% | 0.07× | 4.08× | -217.9% |
| FY2020 | -6048.9% | 0.01× | -1.30× | 57.9% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
4of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero-$17.61M
- Cash generatingOperating cash flow above zero-$15.66M
- Return on assets improvedROA up on the prior year-28.9% → -19.7%
- Earnings backed by cashOperating cash flow above net income-$15.66M vs -$17.61M
- Less leverageLong-term debt to assets fell0.5% → 1.5%
- Better liquidityCurrent ratio rose2.30 → 3.07
- No dilutionShare count did not rise56M → 59M
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose0.00 → 0.09