CG Oncology, Inc. (CGON) vs Ligand Pharmaceuticals Incorporated (LGND)

CG Oncology, Inc. and Ligand Pharmaceuticals Incorporated are both Biotechnology companies. CG Oncology, Inc. and Ligand Pharmaceuticals Incorporated are of similar size ($6.1B and $6.1B). CG Oncology, Inc. has negative trailing earnings, so its P/E is not meaningful; Ligand Pharmaceuticals Incorporated trades at 30.1×. CG Oncology, Inc. grew revenue faster over the last twelve months: 840.8% against 54.9%. Ligand Pharmaceuticals Incorporated has the higher net margin (67.9% vs −3,602.7%) and the higher return on invested capital (8.19% vs −4,111.6%). Across the 17 metrics below, Ligand Pharmaceuticals Incorporated leads on 14 and CG Oncology, Inc. on 3.

Valuation

Metric CGON LGND Biotechnology median
P/E n/m 30.12 7.88
P/S 956.63 20.82 11.47
P/B 5.79 6.25 2.52
Price to free cash flow n/m 42.20 21.16
EV/EBITDA n/m 46.73 0.74
EV/Sales 793.45 19.98 10.73
Earnings yield (3.98%) 3.32% (28.84%)
Free cash flow yield (3.01%) 2.37% (23.03%)

Profitability

Metric CGON LGND Biotechnology median
Gross margin (85.20%) 95.43% 65.16%
Operating margin (4,056.18%) 32.61% 0.00%
Net margin (3,602.68%) 67.88% 0.00%
Free cash flow margin (2,879.62%) 49.34% 0.00%
Return on equity (26.41%) 21.96% (57.72%)
Return on assets (25.11%) 12.58% (49.22%)
Return on invested capital (4,111.64%) 8.19% 0.00%

Growth

Metric CGON LGND Biotechnology median
Revenue growth (TTM) 840.79% 54.89% 5.64%
EPS growth (last fiscal year) (47.52%) 2,886.36% —
Revenue growth, 5-year CAGR — 10.39% 8.40%
Net income growth, 5-year CAGR — 0.00% 0.00%

Health

Metric CGON LGND Biotechnology median
Debt to equity 0.00 1.16 0.00
Current ratio 22.22 31.18 4.73
Net debt to EBITDA 3.88 (4.36) 0.96

Dividend

Metric CGON LGND Biotechnology median
Dividend yield — 2.04% 2.10%
Payout ratio — 0.00 0.00

Size

Metric CGON LGND Biotechnology median
Market cap 6.09b 6.09b 162.10m

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