AXGNNasdaqElectromedical & Electrotherapeutic ApparatusFiscal year ends December 31
Axogen, Inc.
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Jul 29, 2026
$35.24+0.62 (+1.79%)
Close on Oct 19, 2026
- Market cap
- $1.88B
- P/E (TTM)
- –
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
74.3%−6.5 pts over 5 years
Operating margin
-3.5%+17.2 pts over 5 years
Net margin
-7.0%+14.2 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 | +20.2% | +17.6% | +14.9% | +23.5% | |
| Gross profit | +17.9% | +15.4% | +13.0% | +22.2% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | -124.7% | -18.6% | -13.5% | |
| Return on assets | -34.7% | -13.4% | -7.4% | |
| Current ratio | 3.97 | 6.36 | 5.11 | |
| Debt to equity | 1.36 | 0.26 | 0.38 | |
| Net debt to EBITDA | – | 1.09× | -10.80× | |
| Interest coverage | -1.5× | -22.0× | -1.0× | |
| Inventory turnover | 1.4× | 1.6× | 1.5× | |
| Capex to revenue | 2.3% | 19.5% | 1.7% | |
| Diluted shares | 0M | 40M | 46M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Axogen generated $40.53M from operations and spent $68.61M on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
Generated
$40.53M
Used
$68.61M
Capital expenditure$68.61M100%Dividends$00%Share buybacks$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-7.0%
×Asset turnover1.06×
×Equity multiplier1.83×
=Return on equity, FY2025-13.5%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -7.0% | 1.06× | 1.83× | -13.5% |
| FY2024 | -5.3% | 0.94× | 2.01× | -10.0% |
| FY2023 | -13.7% | 0.81× | 1.99× | -22.1% |
| FY2022 | -20.9% | 0.69× | 1.89× | -27.1% |
| FY2021 | -21.2% | 0.62× | 1.74× | -22.9% |
| FY2020 | -21.2% | 0.63× | 1.39× | -18.6% |
| FY2019 | -27.3% | 0.68× | 1.13× | -20.9% |
| FY2018 | -26.7% | 0.77× | 1.27× | -26.0% |
| FY2017 | -17.3% | 1.15× | 2.62× | -52.1% |
| FY2016 | -35.1% | 0.99× | 3.59× | -124.7% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
5of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero-$15.70M
- Cash generatingOperating cash flow above zero$812.00K
- Return on assets improvedROA up on the prior year-5.1% → -7.7%
- Earnings backed by cashOperating cash flow above net income$812.00K vs -$15.70M
- Less leverageLong-term debt to assets fell23.3% → 21.8%
- Better liquidityCurrent ratio rose3.24 → 5.11
- No dilutionShare count did not rise44M → 46M
- Gross margin improvedGross margin up on the prior year75.79% → 74.31%
- More efficientAsset turnover rose0.95 → 1.11