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AxoGen, Inc.

AXGN Healthcare Medical Devices

AxoGen, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $225.2 million, up 20.2% from fiscal 2024.

Revenue
+26.2%
EPS
+163.2%
Free cash flow
+995.0%
Total debt
−73.1%

Quarter to September 2026, against a year earlier

49.76 1.01 +2.07%
Market cap
$2.9B
P/E
0.0×
Fwd P/E
−129×
Dividend yield
—
F-score
5/9
Altman Z
9.23
Beneish M
−2.73
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Sold, $m 17.06
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 13 — — 1 — 6 — — 3 1 — —
Insider Ownership 0.00%

Capital & Financial Ratios $m

Size
Market Cap 2,910.00
Revenue ttm 266.93
Net income ttm (31.92)
Free cash flow ttm 20.02
Net debt Q (332.43)
Valuation
P/E 0.00
Forward P/E (129.00) (negative: loss-making)
Price / sales 10.08 (above 10: high)
Forward P/S Powerpack
Price / FCF 134.44
Price / book 5.43
Financial health
Current ratio Q 12.02 (at or above 1.5: strong)
Debt / equity Q 0.04 (at or below 0.5: strong)
Interest coverage Q 955.00
Growth
Revenue growth Q +26.22% (above 0%: growing)
Operating income growth Q −50.05% (below 0%: shrinking)
EPS, this year +91.15% (at or above 15%: strong)
EPS, next year A +27.26% (at or above 15%: strong)
Revenue, next year A +28.95% (at or above 10%: strong)
EPS, past 5 yrs —
EPS, next 5 yrs A +49.68% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 8.8×, against a ten-year median of 5.1×; over the ten years it ranged from 1.3× in 2023 to 26.4× in 2018.
P/S against its own 10 years 84.42%
10-year low 10-year high
P/B against its own 10 years 44.70%
10-year low 10-year high
EV/Sales against its own 10 years 82.10%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 37 39 46 350
Receivables 25 24 26 34
Inventory 23 33 42 49
Other — — — —
88 99 120 438
2023 2024 2025 Q'26
Payables 29 29 21 35
ST’ Debt — 2 2 —
Other — — — —
30 31 24 36

Compound Annual Growth %

10y 5y 3y
Sales 23.48% 14.93% 17.57%
Cash Flow 0.00% 0.00% 0.00%
Earnings 0.00% 0.00% 0.00%
Book Value 31.72% 0.91% 8.46%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.14 Actual 0.21

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.14 0.07 Miss by 0.07
Q1 FY26 0.12 0.07 Miss by 0.05
Q2 FY26 0.09 0.12 Beat by 0.03
Q3 FY26 0.14 0.21 Beat by 0.07
Q4 FY26 0.15 — Reports 23 February 2027

EPS $

Mar Jun Sep Dec Year
’26 (0.38) (0.03) 0.04 — —
’25 (0.08) 0.01 0.01 (0.28) (0.34)
’24 (0.15) (0.04) (0.04) 0.01 (0.23)
’23 (0.17) (0.16) (0.10) (0.09) (0.51)
’22 (0.27) (0.18) (0.10) (0.13) (0.69)
’21 (0.16) (0.19) (0.17) (0.13) (0.65)
’20 (0.21) (0.20) (0.04) (0.15) (0.60)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 61 70 76 — —
’25 49 57 60 60 225
’24 41 48 49 49 187
’23 37 38 41 43 159
’22 31 34 37 36 139
’21 31 34 31 32 127
’20 24 22 33 32 112
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 2 7 17 — —
’25 (13) 8 3 3 1
’24 (12) 4 4 9 5
’23 (7) 0 2 0 (6)
’22 (11) (6) (1) 1 (16)
’21 (11) (1) 0 (2) (13)
’20 (8) (7) 3 3 (10)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (1) 5 15 — —
’25 (14) 7 1 1 (5)
’24 (14) 3 3 8 0
’23 (12) (4) (2) (2) (21)
’22 (17) (10) (5) (5) (37)
’21 (14) (9) (10) (9) (42)
’20 (13) (15) (3) 0 (32)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 41 60 84 107 112 127 139 159 187 225 267 +20.8% 290 372 449 +25.8%
Gross margin, % 84.27 84.59 84.60 83.74 80.78 81.99 78.51 76.64 75.79 74.31 74.18 (10.0) pt
EBT (14) (10) (22) (29) (24) (27) (29) (22) (10) (16) (32) +1.0%
EBT margin, % (35.06) (17.29) (26.68) (27.30) (21.18) (21.19) (20.89) (13.66) (5.32) (6.97) (11.96) +28.1 pt
Net income (14) (10) (22) (29) (24) (27) (29) (22) (10) (16) (32) +1.0%
Per share, $
Per share, $ Revenue 1.34 1.81 2.26 2.72 2.81 3.09 3.29 3.71 4.23 4.89 4.84 +15.5%
Earnings (0.47) (0.31) (0.60) (0.74) (0.60) (0.65) (0.69) (0.51) (0.23) (0.34) (0.65) (3.5%)
Cash flow (0.37) (0.28) (0.48) (0.51) (0.24) (0.33) (0.38) (0.13) 0.10 0.02 0.51 n/m
Capex (0.04) (0.04) (0.18) (0.13) (0.57) (0.69) (0.50) (0.35) (0.10) (0.12) (0.15) +13.9%
Free cash flow (0.40) (0.32) (0.66) (0.64) (0.81) (1.01) (0.89) (0.48) 0.00 (0.10) 0.36 (14.0%)
Book value 0.49 0.76 3.96 3.37 3.08 2.73 2.40 2.23 2.35 2.80 8.99 +21.5%
Shares, m 31 33 37 39 40 41 42 43 44 46 52 +4.6%
Valuation, ×
Valuation, × P/E 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.0
P/S 6.65 15.41 9.04 6.58 6.37 3.03 3.00 1.86 3.89 6.69 10.08 6.3
P/B 18.31 36.99 5.16 5.31 5.81 3.43 4.12 3.10 7.02 11.70 5.43 10.1
EV/Sales 6.51 15.22 7.58 5.65 5.86 2.85 3.09 2.06 4.05 6.79 8.85 6.0
EV/FCF (21.59) (87.32) (26.00) (24.02) (20.43) (8.69) (11.47) (15.90) 68,961.14 (319.81) 117.94 6,842.6
Cash, $m
Cash, $m Operating cash flow (11) (9) (18) (20) (10) (13) (16) (6) 5 1 28 n/m
Capex (1) (1) (7) (5) (23) (28) (21) (15) (5) (6) (8) +19.1%
Free cash flow (12) (11) (24) (25) (32) (42) (37) (21) 0 (5) 20 (10.0%)
Balance, $m
Balance, $m Working capital 33 42 138 114 122 103 74 58 69 97 402 +12.7%
Net debt (6) (12) (122) (99) (57) (23) 12 31 29 22 (332) n/m
Shareholders’ equity 15 25 147 132 123 113 101 96 104 129 496 +27.1%
Returns, %
Returns, % ROA (34.70) (19.85) (20.45) (18.51) (13.36) (13.18) (14.35) (11.07) (4.98) (7.38) (8.33) +27.3 pt
ROIC (55.12) (37.30) (52.30) (59.53) (21.92) (17.72) (16.37) (10.61) (1.54) (3.25) (5.27) +51.9 pt
ROE (124.68) (52.09) (26.02) (20.88) (18.63) (22.90) (27.11) (22.08) (9.99) (13.49) (10.35) +111.2 pt
People
People Employees 146 199 297 394 368 451 396 428 452 622 — +17.5%
Revenue/emp, $m 0.28 0.30 0.28 0.27 0.31 0.28 0.35 0.37 0.41 0.36 — +2.8%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

AxoGen, Inc. vs peers in Medical Devices (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
ITGR Integer Holdings Corporation $4.3B 42.2× 38.9× −3.86% (below 0%: shrinking) −61.04% (below 0%: shrinking) −65.19% (below 0%: shrinking) 22.59% 6.27% Compare
IRTC iRhythm Holdings, Inc. $4.3B — (loss-making) — (loss-making) +14.88% (above 0%: growing) n/m −157.58% (below 0%: shrinking) 74.23% (14.69%) Compare
AXGN AxoGen, Inc. $2.9B — (loss-making) — (loss-making) +26.22% (above 0%: growing) +163.16% (above 0%: growing) +994.99% (above 0%: growing) 74.81% 1.26%
NEOG Neogen Corporation $2.6B — (loss-making) — (loss-making) +6.50% (above 0%: growing) n/m +135.61% (above 0%: growing) 47.35% (0.81%) Compare
TMDX TransMedics Group, Inc. $2.4B 16.4× 49.4× +41.15% (above 0%: growing) −30.99% (below 0%: shrinking) −55.44% (below 0%: shrinking) 58.45% 13.86% Compare
UFPT UFP Technologies, Inc. $2.3B 30.1× 29.2× +11.57% (above 0%: growing) +25.55% (above 0%: growing) −35.77% (below 0%: shrinking) 29.44% 16.01% Compare
INSP Inspire Medical Systems, Inc. $1.9B 19.1× — (loss-making) −7.93% (below 0%: shrinking) n/m −33.06% (below 0%: shrinking) 86.05% (13.89%) Compare
ESTA Establishment Labs Holdings Inc. $1.9B — (loss-making) — (loss-making) +31.66% (above 0%: growing) n/m +2.75% (above 0%: growing) 70.64% (6.35%) Compare
ALMR Alamar Biosciences, Inc. $1.9B — (loss-making) — (loss-making) +156.24% (above 0%: growing) n/m −20.26% (below 0%: shrinking) 61.54% (45.13%) Compare
Median of peers $2.4B 24.6× 38.9× +13.22% −30.99% −34.41% 60.00% (3.58%)

All 149 Medical Devices stocks →

AxoGen, Inc. (AXGN) Latest News

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AXGN metrics, ten years each

stockrow.com/AXGN · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com