CG Oncology, Inc. (CGON) stock analysis
Close on Nov 11, 2026Market cap $6.44BP/E –Yield –
StockData Score
Prices as of Nov 11, 2026How the score works
Weak5 of 30 checks passed
CG Oncology passes 5 of the 30 checks behind our score; 20 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.
- Valuation
- 0/6
- Growth
- 1/6
- Past performance
- 1/6
- Financial health
- 3/6
- Dividend
- 0/6
What stands out
Low debt
Debt is 0.3% of shareholders' equity, under the 40% we consider low.
Low bankruptcy risk
The Altman Z-score is 68.83; above 3 is the safe zone and below 1.8 the distress zone.
Growing faster than the industry
Revenue grew 184% over the last twelve months; the Drugs median is 8.0%.
Return on equity above the industry
CG Oncology's return on equity of -28.3% is above the Drugs median of -58.9%.
What to watch
Return on capital under 10%
Return on invested capital was -2103%, below the 10% that usually covers the cost of capital.
Debt not well covered by cash flow
Operating cash flow over the last twelve months equals -6243% of total debt; we look for at least 20%.
P/B above the industry
CG Oncology's price-to-book of 6.49 is above the Drugs median of 2.29.
Net margin below the industry
CG Oncology's net margin of -3851% is below the Drugs median of -53.0%.
Valuation0/6
P/E against its history
Not enough price and earnings history to compare.
P/E against the industry
Needs positive earnings and enough profitable companies in the industry.
EV/EBITDA against its history
Needs positive EBITDA and price history.
P/B above the industry
CG Oncology's price-to-book of 6.49 is above the Drugs median of 2.29.
Price against fair value
We could not estimate a fair value: it needs at least two valuation methods with positive inputs.
Margin of safety
Depends on the fair value estimate.
Growth1/6
Revenue growth over 3 years
Needs three years of positive revenue.
EPS growth over 3 years
Needs positive EPS three years ago and today.
Earnings acceleration
Needs positive net income now, a year ago and five years ago.
Growing faster than the industry
Revenue grew 184% over the last twelve months; the Drugs median is 8.0%.
Company guidance
No outlook found in earnings releases from the last twelve months.
Gross margin trend
This company does not report gross profit.
Past performance1/6
Return on equity
Needs positive equity and five years of results.
Return on capital under 10%
Return on invested capital was -2103%, below the 10% that usually covers the cost of capital.
Return on equity above the industry
CG Oncology's return on equity of -28.3% is above the Drugs median of -58.9%.
Earnings over 5 years
Needs positive net income five years ago and in the latest year.
Net margin against its history
Needs five years of revenue and net income.
Net margin below the industry
CG Oncology's net margin of -3851% is below the Drugs median of -53.0%.
Financial health3/6
Low debt
Debt is 0.3% of shareholders' equity, under the 40% we consider low.
Debt trend
Needs a balance sheet from five years ago with positive equity.
Debt not well covered by cash flow
Operating cash flow over the last twelve months equals -6243% of total debt; we look for at least 20%.
Interest coverage
Interest expense is not reported separately.
Short-term assets cover short-term debts
Current assets are 21.70 times current liabilities.
Low bankruptcy risk
The Altman Z-score is 68.83; above 3 is the safe zone and below 1.8 the distress zone.
Dividend0/6
No dividend
CG Oncology has not paid a dividend in the last twelve months.
Yield against Treasuries
No dividend.
Yield against the market
No dividend.
Dividend stability
No dividend.
Earnings cover
No dividend.
Cash-flow cover
No dividend.
Fair value
How we estimate itWe don't publish a fair value for CG Oncology. It needs a US-dollar share price, at least two valuation methods with positive inputs (earnings, EBITDA, book value or sales) and, for companies with several share classes, classes that trade at the same price.
Valuation over time
Using the earnings and balance sheet published at each date, not today's.
- P/B at month end
- Own 5-year median 4.4
- Drugs median 2.3
An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.
Market risk
From the past year of daily prices.
Liquidity
Low risk
- Average value traded per day
- $68.08M
- Value traded per 1% price move
- $28.08M
Downside
Medium risk
- Typical loss in a bad month
- 20.6%
- Volatility (annualized)
- 58%
- Sharpe ratio, 1 year
- 1.31
- Beta to the S&P 500 (5Y)
- 1.41
Typical bad-month loss, week by week
Margins
Share of revenue, fiscal years 2022 to 2025
Operating margin
Net margin
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +254.7% | – | – | – |
Returns and balance sheet
4 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2022 | FY2022 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | – | -21.7% | |
| Return on assets | – | – | -20.8% | |
| Current ratio | – | – | 24.63 | |
| Debt to equity | – | – | 0.00 | |
| Net debt to EBITDA | – | – | 0.16× | |
| Capex to revenue | – | – | 3.3% | |
| Diluted shares | – | – | 77M |
Cash use needs five years of cash flow figures
CG Oncology does not report operating cash flow and capital expenditure for each of the last five fiscal years.
DuPont analysis
Return on equity split into margin, efficiency and leverage
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -3985.0% | 0.01× | 1.04× | -21.7% |
| FY2024 | -7729.5% | 0.00× | 1.56× | -28.9% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
- ProfitableNet income above zero-$161.00M
- Cash generatingOperating cash flow above zero-$132.35M
- Return on assets improvedROA up on the prior year-44.2% → -21.3%
- Earnings backed by cashOperating cash flow above net income-$132.35M vs -$161.00M
- Less leverageLong-term debt to assets fell0.0% → 0.4%
- Better liquidityCurrent ratio rose35.30 → 24.63
- No dilutionShare count did not rise62M → 77M
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose0.01 → 0.01
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