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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. In the quarter to June 2026, revenue fell 92.3%, EPS grew 99.0% and free cash flow grew 327.7%, each against the same quarter a year earlier.

2.82 0.06 −2.08%
Market cap
$36.1M
P/E
0.0×
Fwd P/E
−2.4×
Dividend yield
—
F-score
3/9
Altman Z
−13.23
Beneish M
−5.82
Dividend safety
n/a
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 5.47%

Capital & Financial Ratios $m

Market Cap 36.12
Revenue 1.56
Net Income (19.30)
Free Cash Flow (12.88)
Net Debt (67.71)
Current Ratio 48.81 (at or above 1.5: strong)
Debt/Equity 0.00 (at or below 0.5: strong)
P/E ratio 0.00
Fwd P/E (2.41) (negative: loss-making)
P/S ratio 21.06 (above 10: high)
P/B ratio 0.49
Past 5Y EPS Growth —
This Y EPS Growth (29.41%) (below 0%: weak)
Next Y EPS Growth (6.94%) (below 0%: weak)
Next Y revenue growth 46,901.66% (at or above 10%: strong)
Next 5Y EPS Growth (7.39%) (below 0%: weak)

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is −19.9×, against a ten-year median of 23.8×; over the ten years it ranged from −21.5× in 2026 to 164,244× in 2022.
P/S against its own 10 years 24.44%
10-year low 10-year high
P/B against its own 10 years 2.15%
10-year low 10-year high

Dividends

Payout Ratio —
Annual Dividend Rate —
Annual Dividend Yield —

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%

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.

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) (15.51) (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.

Target Price Range

Analyst price targets

Recommendation Rating

1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to June

Group Line 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Trend 2027e 2028e 2029e
Price, $
Price, $ Low — — — — — 312.00 58.80 45.00 2.40 2.49

Analyst estimates 2027–2029

Powerpack
High — — — — — 11,528.40 438.00 254.10 67.50 12.63
People
People Employees — — — — — 5 10 9 12 12
Revenue/emp, $m 0.00 0.00 — 0.00 0.00 0.11 0.09 0.00 0.01 0.00
Income, $m
Income, $m Revenue 0 1 — 0 1 1 1 0 0 —
Gross margin, % (296.52) (78.22) 0.00 (33.80) (45.28) 99.20 100.00 100.00 100.00 —
EBT (16) (2) (1) (3) (9) (11) (49) (18) (47) (19)
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
Net income 0 (2) (1) (3) (9) (11) (49) (18) (47) (19)
Depreciation 0 0 0 0 — — 0 0 0 0
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
Earnings (0.12) (0.01) (0.01) (0.01) (0.01) (6.91) (95.27) (34.53) (40.54) (1.66)
Cash flow (0.27) (0.16) (0.01) (0.02) (0.02) (5.86) (20.98) (29.44) (10.90) (1.10)
Capex 0.00 0.00 0.00 0.00 0.00 0.00 (0.62) (0.51) (0.01) 0.00
Free cash flow (0.27) (0.16) (0.01) (0.02) (0.02) (5.86) (21.60) (29.95) (10.91) (1.10)
Book value (0.02) (0.02) 0.00 0.01 0.03 16.40 40.65 20.84 11.66 5.78
Shares, m 8 13 116 177 252 2 1 1 1 12
Valuation, ×
Valuation, × P/E 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 —
P/S 266,818.62 266,818.62 — 266,818.62 266,818.62 73,237.35 45,494.47 24.02 4.77 —
P/B 37,500.94 37,500.94 — 37,500.94 37,500.94 5,580.92 4,332.16 4.25 0.56 —
EV/Sales 266,811.40 266,811.40 — 266,811.40 266,811.40 73,223.63 45,483.58 21.34 (2.45) —
EV/FCF (49,145.25) (49,145.25) — (49,145.25) (49,145.25) (7,879.84) (4,433.09) (2.62) 0.30 —
Cash, $m
Cash, $m Operating cash flow (2) (2) (2) (3) (5) (9) (11) (16) (13) (13)
Capex 0 0 0 — — — 0 0 0 0
Free cash flow (2) (2) (2) (3) (5) (9) (11) (16) (13) (13)
Balance, $m
Balance, $m Working capital 0 0 0 2 6 26 20 11 13 71
Total debt 0 0 0 — — — 1 — — —
Net debt 0 0 0 (2) (7) (27) (22) (6) (15) (68)
Shareholders’ equity 0 0 0 2 6 26 21 11 13 67
Returns, %
Returns, % ROA (2,460.51) (832.89) (428.85) (197.18) (172.48) (62.69) (190.43) (90.42) (250.09) (41.32)
ROIC 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (350.36) 0.00 0.00
ROE 7,693.35 1,055.51 660.44 (343.08) (198.54) (66.60) (208.38) (115.22) (381.09) (47.80)
Negative figures in brackets.

All 10 years →

Fiscal years to Jun 2025 · latest quarter Dec 2024 · fundamentals updated 6 Oct 2026

Charts ten years each

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
TLPH Talphera, Inc. $55.5M — (loss-making) — (loss-making) −99.60% (below 0%: shrinking) n/m −33.11% (below 0%: shrinking) 100.00% 0.00% Compare
INCR InterCure Ltd. $55.1M 8.8× — (loss-making) −6.53% (below 0%: shrinking) n/m +389.50% (above 0%: growing) 32.04% 0.00% Compare
ZYBT Zhengye Biotechnology Holding Limited $44.6M — — — — −69.31% (below 0%: shrinking) — — Compare
SCYX SCYNEXIS, Inc. $38.9M — (loss-making) — (loss-making) −8.56% (below 0%: shrinking) n/m −98.60% (below 0%: shrinking) 100.00% (3,308.51%) Compare
IXHL Incannex Healthcare Inc. $36.1M — (loss-making) — (loss-making) −92.31% (below 0%: shrinking) n/m +327.73% (above 0%: growing) 100.00% 0.00%
RMTI Rockwell Medical, Inc. $32.2M — (loss-making) — (loss-making) +10.63% (above 0%: growing) n/m −12.92% (below 0%: shrinking) 18.24% (5.97%) Compare
CPHI China Pharma Holdings, Inc. $31.3M — (loss-making) — (loss-making) −7.56% (below 0%: shrinking) n/m −113.57% (below 0%: shrinking) 8.82% (150.99%) Compare
SHPH Shuttle Pharmaceuticals Holdings, Inc. $26.5M 0.2× — — n/m +82.01% (above 0%: growing) 0.00% 0.00% Compare
TXMD TherapeuticsMD, Inc. $22.3M — (loss-making) 18.9× −8.72% (below 0%: shrinking) −80.00% (below 0%: shrinking) +104.46% (above 0%: growing) 100.00% (93.90%) Compare
Median of peers $35.5M — — −8.06% — −23.02% 32.04% (5.97%)

All 86 Drug Manufacturers Specialty & Generic stocks →

Incannex Healthcare Inc. (IXHL) key facts

  • Strength: Incannex Healthcare Inc.’s revenue for fiscal 2025 (year ended June 2025) was $86,000.00, up 616.7% from fiscal 2024.
  • Incannex Healthcare Inc. (IXHL) is a Drug Manufacturers Specialty & Generic company in the Healthcare sector, traded in the US as an ADR.
  • As of October 16, 2026, IXHL traded at $2.82, a market capitalization of $36.1 million.
  • Return on equity was −47.8% and debt-to-equity 0.00.
  • Its Piotroski F-score is 3 out of 9 and its Altman Z-score is −13.23 (distress zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations · fundamentals updated Oct 6, 2026.

Incannex Healthcare Inc. (IXHL) Latest News

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stockrow.com/IXHL · Data as of Oct 6, 2026 · For information only; not investment advice. · © 2026 stockrow.com