Agenus Inc. (AGEN) vs Fulcrum Therapeutics, Inc. (FULC)

Agenus Inc. and Fulcrum Therapeutics, Inc. are both Biotechnology companies. Agenus Inc. and Fulcrum Therapeutics, Inc. are of similar size ($290.8M and $280.8M). Fulcrum Therapeutics, Inc. has negative trailing earnings, so its P/E is not meaningful; Agenus Inc. trades at 10.7×. Fulcrum Therapeutics, Inc. grew revenue faster over the last twelve months: 1,939.8% against 25.4%. Agenus Inc. has the higher net margin (22.0% vs 0.00%) and the higher return on invested capital (0.00% vs 0.00%). Across the 15 metrics below, Agenus Inc. leads on 10 and Fulcrum Therapeutics, Inc. on 5.

Valuation

Metric AGEN FULC Biotechnology median
P/E 10.70 n/m 10.60
P/S 3.33 3.43 9.40
P/B n/m 0.91 2.13
Price to free cash flow n/m n/m 25.18
EV/EBITDA 7.99 0.38 0.66
EV/Sales 3.24 (0.44) 9.02
Earnings yield 9.35% (32.61%) (32.88%)
Free cash flow yield (23.17%) (23.22%) (23.13%)

Profitability

Metric AGEN FULC Biotechnology median
Gross margin 100.00% 100.00% 68.51%
Operating margin 38.94% 0.00% 0.00%
Net margin 21.99% 0.00% 0.00%
Free cash flow margin (77.54%) 0.00% 0.00%
Return on equity (14.99%) (32.38%) (51.96%)
Return on assets 12.29% (30.75%) (46.06%)
Return on invested capital 0.00% 0.00% 0.00%

Growth

Metric AGEN FULC Biotechnology median
Revenue growth (TTM) 25.38% 1,939.80% 6.76%
EPS growth (last fiscal year) 100.00% (637.50%) 29.88%
Revenue growth, 5-year CAGR 5.31% — 9.75%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric AGEN FULC Biotechnology median
Debt to equity (0.22) 0.00 0.00
Current ratio 0.73 31.35 4.97
Net debt to EBITDA (4.10) 4.23 1.01

Dividend

Metric AGEN FULC Biotechnology median
Dividend yield — — 0.41%
Payout ratio — — —

Size

Metric AGEN FULC Biotechnology median
Market cap 290.84m 280.77m 161.82m

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