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Incannex Healthcare Inc.

IXHL

Healthcare Drug Manufacturers Specialty & Generic

Incannex Healthcare Inc.’s revenue for fiscal 2025 (year ended June 2025) was $86,000.00, up 616.7% from fiscal 2024.

Revenue
−92.3%
EPS
+98.6%
Free cash flow
+327.7%

Quarter to June 2026, against a year earlier

2.24 0.03 −1.32%
Market cap
$28.1M
P/E
n/m
Fwd P/E
n/m
Dividend yield
—
F-score
3/9
ROIC
0.00%
Net debt / EBITDA
3.0×
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Net bought
—
Trades
0 sells · 0 buys
Ownership
4.87%

Capital & Financial Ratios $m

Size
Market Cap 28
Revenue ttm 2
Net income ttm (19)
Free cash flow ttm (13)
Net debt Q (68)
Valuation
P/E n/m
Forward P/E n/m
Price / sales 16.7 (above 10: high)
Forward P/S Powerpack
Price / FCF n/m
Price / book 0.4
Financial health
Current ratio Q 48.8 (at or above 1.5: strong)
Debt / equity Q n/m
Interest coverage Q (37.9)
Growth
Revenue growth Q −92.3% (below 0%: shrinking)
Operating income growth Q +31.1% (above 0%: growing)
EPS, this year −29.4% (below 0%: weak)
EPS, next year A −6.9% (below 0%: weak)
Revenue, next year A +46,901.7% (at or above 10%: strong)
EPS, past 5 yrs —
EPS, next 5 yrs A −7.4% (below 0%: weak)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates; n/m is not meaningful, as a P/E on a loss. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is −24.2×, against a ten-year median of 22.7×; over the ten years it ranged from −24.2× in 2026 to 164,260× in 2022.
P/S against its own 10 years 15.97%
10-year low 10-year high
P/B against its own 10 years 0.85%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 2026
Cash 22 6 15 68
Receivables 0 10 4 5
Inventory — — — —
Other 1 1 1 1
23 16 20 73
2023 2024 2025 2026
Payables 2 1 6 1
ST’ Debt — — — —
Other — — — —
3 6 7 1

Compound Annual Growth %

10y 5y 3y
Sales — (29.64%) (46.83%)
Cash Flow — 0.00% 0.00%
Earnings — 0.00% 0.00%
Book Value — 59.89% 47.90%

Earnings Trends EPS, adjusted, against the consensus

Q4 FY26 Estimate 0.13 Actual −0.14

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q1 FY26 −11.71 −0.60 Beat by 11.11
Q2 FY26 −0.60 −0.60 Met by 0.00
Q3 FY26 −0.60 −0.35 Beat by 0.25
Q4 FY26 0.13 −0.14 Miss by 0.27
Q1 FY27 −0.66 — Reports 13 November 2026

EPS $

Sep Dec Mar Jun Year
’26 — — — — —
’26 (0.60) (0.60) (0.35) (0.16) (1.66)
’25 (8.71) (9.91) (6.01) (11.43) (40.54)
’24 (1.37) (9.91) (11.41) (11.71) (34.53)
’23 — (0.01) (6.76) (0.01) (95.27)
’22 — 0.00 — (0.01) (6.91)
’21 — 0.00 — 0.00 (0.01)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 — — — — —
’25 — — 0 0 0
’24 — — — — 0
’23 — — — — 1
’22 — — — — 1
’21 — 1 — 1 1
’20 — 0 — 0 0
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

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

Free Cash Flow $m

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

Target Price Range

Analyst price targets

Recommendation Rating

1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to June

Ten-year view Analyst estimates Powerpack
Group Line 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Trend 10 yrs 2027e 2028e 2029e Next 3/yr
Income, $m
Income, $m Revenue 0 1 — 0 1 1 1 0 0 — (10.9%) — — — —
Gross margin, % (296.52) (78.22) 0.00 (33.80) (45.28) 99.20 100.00 100.00 100.00 — +396.5 pt
EBT (16) (2) (1) (3) (9) (11) (49) (18) (47) (19) +2.0%
EBT margin, % (7,445.43) (317.26) 0.00 (539.74) (588.29) (1,889.69) (5,266.62) (153,575.00) (54,517.44) 0.00 +7,445.4 pt
Net income — (2) (1) (3) (9) (11) (49) (18) (47) (19) +31.3%
Per share, $
Per share, $ Revenue 0.03 0.06 0.00 0.00 0.01 0.36 1.81 0.02 0.07 0.00 n/m
Earnings — — (0.01) (0.01) (0.01) (6.91) (95.27) (34.53) (40.54) (1.66) +118.4%
Cash flow (0.27) (0.16) (0.01) (0.02) (0.02) (5.86) (20.98) (29.44) (10.90) (1.10) +16.7%
Capex 0.00 0.00 0.00 0.00 0.00 0.00 (0.62) (0.51) (0.01) 0.00 n/m
Free cash flow (0.27) (0.16) (0.01) (0.02) (0.02) (5.86) (21.60) (29.95) (10.91) (1.10) +16.7%
Book value (0.02) (0.02) 0.00 0.01 0.03 16.40 40.65 20.84 11.66 5.78 n/m
Shares, m 8 13 116 177 252 2 1 1 1 12 +5.0%
Valuation, ×
Valuation, × P/E 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 — 0.0
P/S 266,845.52 266,845.52 — 266,845.52 266,845.52 73,245.27 45,498.60 24.03 4.76 — 148,269.3
P/B 37,504.72 37,504.72 — 37,504.72 37,504.72 5,581.53 4,332.55 4.25 0.55 — 19,992.2
EV/Sales 266,838.29 266,838.29 — 266,838.29 266,838.29 73,231.55 45,487.72 21.34 (2.45) — 148,261.4
EV/FCF (49,150.21) (49,150.21) — (49,150.21) (49,150.21) (7,880.69) (4,433.49) (2.62) 0.31 — (26,114.7)
Cash, $m
Cash, $m Operating cash flow (2) (2) (2) (3) (5) (9) (11) (16) (13) (13) +22.5%
Capex 0 0 0 — — — 0 0 0 0 (13.9%)
Free cash flow (2) (2) (2) (3) (5) (9) (11) (16) (13) (13) +22.5%
Balance, $m
Balance, $m Working capital 0 0 0 2 6 26 20 11 13 71 +123.1%
Net debt 0 0 0 (2) (7) (27) (22) (6) (15) (68) +107.8%
Shareholders’ equity 0 0 0 2 6 26 21 11 13 67 n/m
Returns, %
Returns, % ROA (2,460.51) (832.89) (428.85) (197.18) (172.48) (62.69) (190.43) (90.42) (250.09) (41.32) +2,419.2 pt
ROIC 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (350.36) 0.00 0.00 0.0 pt
ROE 7,693.35 1,055.51 660.44 (343.08) (198.54) (66.60) (208.38) (115.22) (381.09) (47.80) (7,741.1) pt
People
People Employees — — — — — 5 10 9 12 12 +24.5%
Revenue/emp, $m 0.00 0.00 — 0.00 0.00 0.11 0.09 0.00 0.01 0.00 n/m
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Jun 2025 · latest quarter Dec 2024 · fundamentals updated 26 Oct 2026

Incannex Healthcare Inc. vs peers in Drug Manufacturers Specialty & Generic (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
ZYBT Zhengye Biotechnology Holding Limited $44.6M — — — — −69.31% (below 0%: shrinking) — — Compare
INCR InterCure Ltd. $41.1M 6.6× — (loss-making) −6.53% (below 0%: shrinking) n/m +389.50% (above 0%: growing) 32.04% 0.00% Compare
SCYX SCYNEXIS, Inc. $34.8M — (loss-making) — (loss-making) −8.56% (below 0%: shrinking) n/m −98.60% (below 0%: shrinking) 100.00% (3,308.51%) Compare
RMTI Rockwell Medical, Inc. $31.2M — (loss-making) — (loss-making) +10.63% (above 0%: growing) n/m −12.92% (below 0%: shrinking) 18.24% (5.97%) Compare
IXHL Incannex Healthcare Inc. $28.1M — (loss-making) — (loss-making) −92.31% (below 0%: shrinking) n/m +327.73% (above 0%: growing) 100.00% 0.00%
SHPH Shuttle Pharmaceuticals Holdings, Inc. $26.6M — (loss-making) — — n/m +82.01% (above 0%: growing) 0.00% 0.00% Compare
CPHI China Pharma Holdings, Inc. $24.5M — (loss-making) — (loss-making) −7.56% (below 0%: shrinking) n/m −113.57% (below 0%: shrinking) 8.82% (150.99%) Compare
TXMD TherapeuticsMD, Inc. $20.1M — (loss-making) 18.9× −8.72% (below 0%: shrinking) −80.00% (below 0%: shrinking) +104.46% (above 0%: growing) 100.00% (93.90%) Compare
AYTU Aytu BioPharma, Inc. $19.9M — (loss-making) — (loss-making) +6.42% (above 0%: growing) n/m +57.72% (above 0%: growing) 64.63% (4.82%) Compare
Median of peers $28.9M — — −7.04% — +22.40% 32.04% (5.97%)

All 84 Drug Manufacturers Specialty & Generic stocks →

Pay and ownership Proxy statement filed 27 October 2025

Ownership

Directors and executive officers, together 1.33%
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

Incannex Healthcare Inc. (IXHL) Latest News

1 Oct

Impact 4 · · TMX Newsfile

9 Sep

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25 Aug

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23 Jul

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15 Jul

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25 Jun

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14 May

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12 May

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22 Apr

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27 Mar

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25 Mar

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18 Mar

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17 Mar

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12 Mar

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3 Mar

Impact 3 · · Insider Monkey

25 Feb

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29 Jan

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22 Jan

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15 Jan

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14 Jan

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3 Dec

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1 Dec

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20 Nov

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30 Oct

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22 Oct

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26 Aug

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22 Aug

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19 Aug

Impact 3 · · Newsfile

17 Aug

Impact 4 ·
stockrow.com/IXHL · Data as of Oct 26, 2026 · For information only; not investment advice. · © 2026 stockrow.com