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Denali Therapeutics Inc.

DNLI Healthcare Biotechnology

Denali Therapeutics Inc.’s revenue for fiscal 2023 (year ended December 2023) was $330.5 million, up 204.7% from fiscal 2022.

Revenue
−94.0%
EPS
+150.3%
Free cash flow
−11.8%
Total debt
−1.89%

Quarter to September 2026, against a year earlier

20.14 0.42 +2.13%
Market cap
$3.2B
P/E
0.0×
Fwd P/E
−7.7×
Dividend yield
—
F-score
4/9
Altman Z
13.78
Beneish M
n/a
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Sold, $m 1.24
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — 2 — — — — — — 1 2 — —
Insider Ownership 20.53%

Capital & Financial Ratios $m

Size
Market Cap 3,160.00
Revenue ttm 22.65
Net income ttm (314.42)
Free cash flow ttm (449.99)
Net debt Q (510.75)
Valuation
P/E 0.00
Forward P/E (7.70) (negative: loss-making)
Price / sales 165.44 (above 10: high)
Forward P/S Powerpack
Price / FCF 0.00
Price / book 4.04
Financial health
Current ratio Q 6.21 (at or above 1.5: strong)
Debt / equity Q 0.01 (at or below 0.5: strong)
Interest coverage Q (7.88)
Growth
Revenue growth Q −93.96% (below 0%: shrinking)
Operating income growth Q +7.77% (above 0%: growing)
EPS, this year +40.96% (at or above 15%: strong)
EPS, next year A −28.78% (below 0%: weak)
Revenue, next year A −96.25% (below 0%: weak)
EPS, past 5 yrs —
EPS, next 5 yrs A +16.28% (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 143×, against a ten-year median of 12.8×; over the ten years it ranged from 3.7× in 2024 to 241× in 2020.
P/S against its own 10 years 96.56%
10-year low 10-year high
P/B against its own 10 years 61.33%
10-year low 10-year high
EV/Sales against its own 10 years 96.81%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 1,035 832 868 516
Receivables — — — 19
Inventory — — — 26
Other — — — —
1,064 864 901 592
2023 2024 2025 Q'26
Payables 9 11 3 14
ST’ Debt — — — —
Other — — — —
78 102 98 95

Compound Annual Growth %

10y 5y 3y
Sales — 20.67% (0.51%)
Cash Flow 0.00% 0.00% 0.00%
Earnings 0.00% 0.00% 0.00%
Book Value 40.99% (2.50%) (0.93%)

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate −0.69 Actual −0.64

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 −0.75 −0.73 Beat by 0.02
Q1 FY26 −0.73 −0.69 Beat by 0.04
Q2 FY26 −0.72 −0.68 Beat by 0.04
Q3 FY26 −0.69 −0.64 Beat by 0.05
Q4 FY26 −0.64 — Reports 25 February 2027

EPS $

Mar Jun Sep Dec Year
’26 (0.69) (0.68) 0.37 — —
’25 (0.78) (0.72) (0.74) (0.73) (2.97)
’24 (0.68) (0.59) (0.63) (0.67) (2.57)
’23 (0.80) 1.30 (0.72) (0.86) (1.06)
’22 (0.53) (0.48) (0.84) (0.75) (2.60)
’21 (0.58) (0.50) (0.69) (0.62) (2.39)
’20 (0.55) (0.56) (0.54) 1.91 0.63
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 — 4 18 — —
’23 35 294 1 0 331
’22 42 52 4 10 108
’21 8 23 5 13 49
’20 4 6 9 317 336
’19 4 4 14 5 27
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (131) (97) (117) — —
’25 (131) (75) (107) (99) (413)
’24 (114) (91) (59) (84) (348)
’23 (59) (113) (87) (99) (358)
’22 (72) (43) (57) (73) (245)
’21 (50) (54) (41) (65) (211)
’20 (54) (43) 0 514 416
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (134) (98) (118) — —
’25 (137) (80) (106) (100) (422)
’24 (116) (96) (63) (89) (364)
’23 (62) (119) (89) (101) (371)
’22 (76) (46) (63) (78) (263)
’21 (53) (55) (43) (69) (220)
’20 (55) (44) (1) 513 413
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.2
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 — — 129 27 336 49 108 331 — — 23 +20.7% 51 131 282 +136.1%
Gross margin, % 0.00 0.00 100.00 100.00 100.00 100.00 100.00 100.00 — — 98.74 +100.0 pt
EBT (87) (88) (36) (198) 72 (291) (326) (145) (423) (512) (314) +21.8%
EBT margin, % 0.00 0.00 (28.06) (742.05) 21.44 (598.34) (300.54) (43.93) 0.00 0.00 (1,387.79) 0.0 pt
Net income (87) (88) (36) (198) 71 (291) (326) (145) (423) (513) (314) +21.8%
Per share, $
Per share, $ Revenue 0.00 0.00 1.39 0.28 3.08 0.40 0.86 2.41 0.00 0.00 0.12 n/m
Earnings (13.49) (5.89) (0.39) (2.07) 0.65 (2.39) (2.60) (1.06) (2.57) (2.97) (1.73) (15.5%)
Cash flow (11.19) (5.12) 0.54 (1.59) 3.82 (1.74) (1.95) (2.61) (2.11) (2.39) (2.36) (15.8%)
Capex (0.95) (0.19) (0.04) (0.19) (0.03) (0.07) (0.14) (0.09) (0.10) (0.05) (0.03) (27.2%)
Free cash flow (12.15) (5.31) 0.50 (1.77) 3.79 (1.81) (2.09) (2.70) (2.21) (2.44) (2.39) (16.3%)
Book value 39.61 31.13 5.90 4.13 10.56 7.92 8.30 7.50 7.48 5.87 4.92 (19.1%)
Shares, m 6 15 93 96 109 122 126 137 164 173 184 +44.1%
Valuation, ×
Valuation, × P/E — — 0.00 0.00 214.77 0.00 0.00 0.00 — — 0.00 35.8
P/S — — 14.82 62.43 27.19 111.38 31.98 8.89 — — 165.44 42.8
P/B — — 3.50 4.22 7.93 5.63 3.33 2.85 — — 4.04 4.6
EV/Sales — — 11.22 49.45 23.01 94.81 20.15 5.90 — — 142.89 34.1
EV/FCF — — 31.02 (7.78) 18.69 (20.98) (8.32) (5.26) — — (7.19) 1.2
Cash, $m
Cash, $m Operating cash flow (72) (77) 50 (152) 416 (211) (245) (358) (348) (413) (444) +21.4%
Capex (6) (3) (3) (18) (3) (8) (18) (13) (16) (10) (6) +5.0%
Free cash flow (78) (80) 47 (169) 413 (220) (263) (371) (364) (422) (450) +20.6%
Balance, $m
Balance, $m Working capital 173 395 448 385 1,424 519 1,008 986 762 802 496 +18.6%
Net debt (178) (406) (464) (346) (1,406) (806) (1,283) (1,035) (827) (862) (511) +19.1%
Shareholders’ equity 255 466 547 395 1,151 962 1,042 1,031 1,230 1,014 926 +16.6%
Returns, %
Returns, % ROA (56.31) (23.27) (6.31) (32.52) 6.59 (19.32) (22.76) (11.11) (33.45) (40.69) (27.20) +15.6 pt
ROIC (71.72) (94.57) (35.11) (274.53) 0.00 (118.58) 0.00 0.00 (75.59) (229.23) (80.00) (157.5) pt
ROE 157.85 (47.46) (7.16) (41.97) 9.21 (27.51) (32.52) (14.01) (37.40) (45.69) (33.94) (203.5) pt
People
People Employees 125 130 179 261 291 380 427 445 422 503 — +16.7%
Revenue/emp, $m 0.00 0.00 0.72 0.10 1.15 0.13 0.25 0.74 0.00 0.00 — n/m
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2023 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Denali Therapeutics Inc. vs peers in Biotechnology (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
TARS Tarsus Pharmaceuticals, Inc. $3.3B — (loss-making) — (loss-making) +63.92% (above 0%: growing) n/m −144.14% (below 0%: shrinking) 92.86% (340.29%) Compare
VKTX Viking Therapeutics, Inc. $3.3B — (loss-making) — — n/m −47.01% (below 0%: shrinking) 0.00% 0.00% Compare
ELVN Enliven Therapeutics, Inc. $3.3B — (loss-making) — — n/m −8.34% (below 0%: shrinking) 0.00% 0.00% Compare
DYN Dyne Therapeutics, Inc. $3.2B — (loss-making) — — n/m −39.08% (below 0%: shrinking) 0.00% 0.00% Compare
VRDN Viridian Therapeutics, Inc. $3.2B — (loss-making) — (loss-making) −63.51% (below 0%: shrinking) n/m −9.92% (below 0%: shrinking) 100.00% (401.82%) Compare
TLX Telix Pharmaceuticals Limited $3.2B — — — — −44.78% (below 0%: shrinking) — — Compare
DNLI Denali Therapeutics Inc. $3.2B — (loss-making) — (loss-making) −93.96% (below 0%: shrinking) n/m −11.83% (below 0%: shrinking) 98.92% (712.97%)
CELC Celcuity, Inc. $3.1B — (loss-making) — — n/m −53.27% (below 0%: shrinking) 0.00% 0.00% Compare
IDYA IDEAYA Biosciences, Inc. $3.0B — (loss-making) — (loss-making) −95.07% (below 0%: shrinking) n/m −165.94% (below 0%: shrinking) 100.00% (1,343.80%) Compare
Median of peers $3.2B — — −63.51% — −45.89% 0.00% 0.00%

All 621 Biotechnology stocks →

Pay and ownership Proxy statement filed 21 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 4.75m 1.12m 19.71
2024 6.56m 6.08m 24.33
2023 7.88m (813.45k) 25.62
2022 9.28m (12.12m) 33.20
2021 12.67m (58.24m) 53.25

Ownership

Directors and executive officers, together 9.70%
Baillie Gifford & Co 7.80%
BlackRock 6.60%
FMR LLC 5.40%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Denali Therapeutics Inc. (DNLI) Latest News

6 Nov

Impact 3 · · Simply Wall St.

5 Nov

Impact 4 · · Zacks
Impact 3 · · Simply Wall St.

4 Nov

Impact 4 · · The Motley Fool transcript
Impact 4 · · Moby
Impact 3 · · GuruFocus.com

3 Nov

Impact 4 · · GlobeNewswire
Impact 3 · · MarketBeat
Impact 3 · · Investing.com

22 Oct

Impact 3 · · GlobeNewswire

9 Oct

Impact 3 · · Simply Wall St.
Impact 3 · · Simply Wall St.

13 Aug

Impact 3 · · The Motley Fool transcript

7 Aug

Impact 4 ·
Impact 3 · · Moby transcript

6 Aug

Impact 3 · · MarketBeat transcript
Impact 3 ·

22 Jul

Impact 4 ·

15 Jul

Impact 3 ·

9 Jul

Impact 3 ·

19 Jun

Impact 4 ·

18 Jun

Impact 3 ·

11 Jun

Impact 3 · · Insider Monkey

2 Jun

Impact 4 · · Simply Wall St.

1 Jun

Impact 4 · · Insider Monkey

26 May

Impact 4 · · MT Newswires

22 May

Impact 4 · · Zacks
Impact 4 · · biopharmadive.com
Impact 3 · · Simply Wall St.

21 May

Impact 4 · · Stocktwits

DNLI metrics, ten years each

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