AXGN Healthcare

Axogen, Inc.

$49.50-0.70%

Price as of close on Nov 3, 2026 · Financials updated Oct 6, 2026

Basics

Sector: Healthcare
Industry: Medical Devices
Country: United States
Market cap: 2.9B USD
Enterprise value: 1.7B USD
Full-time employees: 622

Overall health

Strength: growing faster than most peersgrowing faster than peers
Strength: lower risk than most peers: more short-term liquidity and less debt relative to equitylower risk: more liquidity and less debt vs equity
Drawback: less profitable than most peersless profitable than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback: its share price swings more than most peers’ (beta 1.17 vs a peer median of 0.63)bigger price swings (beta 1.17 vs peers 0.63)

Ranks #753 of 1,157 healthcare companies (bottom 36%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 27% from December 2022 to July 2026.
Axogen had 27% more shares at July 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Axogen had 27% more shares at July 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.
Stock-based pay is a large cost. Stock pay was 13% of revenue in 2025.
Axogen paid employees $30M in stock in 2025, 13% of its $225M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.
Valuation signals disagree. Cheaper than 50% of peers on free cash flow, but only 0% on earnings.
Relative to its free cash flow, Axogen looks cheaper than 50% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.
Growing fast, still losing money. Revenue grew faster than 81% of peers, at an operating loss.
Revenue grew faster than 81% of peers, but the business runs at an operating loss (margin -5.1%).

StockQuotient Score

44/ 100▼ 1 since Oct 27 close

Oct 5 45 → Nov 4 44 (-1)

Valuation

Is the price right?

8/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why

Weaker than most peers on:

▼ Earnings yield
▼ EBITDA yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield-1.3%

SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.00Sector median: 0.0148 · MAD: 0.0148

EBITDA yield-0.2%

SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price50% base weight · Z-score -1.00Sector median: 0.0401 · MAD: 0.0401

Free cash flow yield0.3%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingReported value20% base weight · Z-score 0.00Sector median: 0.0000 · MAD: 0.0000

Other data (not scored)

Book yield9.6%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.3716 · MAD: 0.2313

Growth

Is it growing?

65/100

Moderate▼ 1 since Oct 27 close

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

12-month revenue up 5.5%

Why it changed since the Oct 27, 2026 close: Score 66 → 65

Peer companies moved-1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Stronger than most peers on:

▲ Revenue growth
▲ 3-yr revenue

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growthUnavailable

The loss per share widened33% base weight · Z-score -1.20Sector median: 0.0976 · MAD: 0.2991

3-year revenue growth19.3%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score 1.60Sector median: 0.0584 · MAD: 0.0840

Revenue growth23.6%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 1.79Sector median: 0.0609 · MAD: 0.0974

Profitability

Does it earn well?

29/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ ROA
▼ ROIC
▼ Operating margin

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin-5.1%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -1.00Sector median: 0.0706 · MAD: 0.1217

Return on assets-11.0%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -2.36Sector median: 0.0166 · MAD: 0.0537

Return on invested capital-6.3%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -1.09Sector median: 0.0471 · MAD: 0.1004

Other data (not scored)

Gross margin74.6%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.4697 · MAD: 0.2310

Return on equity-13.1%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0330 · MAD: 0.1225

Risk

Debt, liquidity, price swings

Lower

Lower relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Stronger than most peers on:

▲ Debt / equity
▲ Current ratio

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta1.17

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -1.60Sector median: 0.6250 · MAD: 0.3380

Current ratio6.60×

SEC filings · latest balance sheetReported value33% base weight · Z-score 2.90Sector median: 2.5860 · MAD: 1.3850

Debt / equity0.00×

SEC filings · latest balance sheetOutlier capped at sector 5th/95th percentile33% base weight · Z-score 1.07Sector median: 0.2215 · MAD: 0.2039

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Axogen

Is Axogen getting weaker?: Its latest SEC filing (Jul 29, 2026) showed no major changes. Its overall score is 44/100, down 1 since Oct 28, 2026.
How is Axogen valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 8/100 against 1,393 healthcare peers. Earnings yield -1.3% vs a peer median of 1.5% (weaker than 100% of peers).Earnings yield -1.3% vs peers 1.5% (weaker than 100% of peers).
Is Axogen growing?: Yes, faster than most of its peers. Growth scores 65/100 against 1,393 healthcare peers. Revenue growth 23.6% vs a peer median of 6.1% (stronger than 81% of peers).Revenue growth 23.6% vs peers 6.1% (stronger than 81% of peers).
How profitable is Axogen?: Less profitable than most of its peers. Profitability scores 29/100 against 1,393 healthcare peers. Return on assets -11.0% vs a peer median of 1.7% (weaker than 76% of peers).Return on assets -11.0% vs peers 1.7% (weaker than 76% of peers).
How risky is Axogen?: Lower risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Debt / equity 0.00× vs a peer median of 0.22× (stronger than 95% of peers).Debt / equity 0.00× vs peers 0.22× (stronger than 95% of peers). Beta 1.17 vs a peer median of 0.63 (weaker than 78% of peers).Beta 1.17 vs peers 0.63 (weaker than 78% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Jul 29, 2026 · compared with the quarter ended Mar 31, 2026

No major changes

	Previous quarter	Latest quarter	Change
Revenue (12 months)	238.1M USD	251.2M USD	+5.5%
Net income (12 months)	−31.5M USD	−33.5M USD	+6.7%
Operating margin	-3.8%	-5.1%	−1.3 pts
Free cash flow (12 months)	9.3M USD	8.6M USD	−7.3%
Debt	0 USD	0 USD	—
Cash	82.7M USD	94.6M USD	+14.4%
Shares outstanding	53.2M	53.8M	+1.1%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Industry: Medical Devices · 33 companies

Valuations in Medical Devices are near the bottom of their range since 2016.

7% of months since 2016 were valued lower than now.
4% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values −8% and earnings +33% (medians): earnings grew faster than prices.
Median price-to-sales is +20% vs the whole market, against a usual +109%.

2016Shaded: most expensive fifth of its range2026

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Gross margin	82.0%	78.5%	76.6%	75.8%	74.3%	▼ 1.5 pts
Operating margin	-20.0%	-21.4%	-13.5%	-1.8%	-3.5%	▼ 1.7 pts
Net margin	-21.2%	-20.9%	-13.7%	-5.3%	-7.0%	▼ 1.7 pts
Return on assets (ROA)	-13.0%	-14.8%	-11.0%	-4.9%	-7.1%	▼ 2.2 pts
Return on equity (ROE)	-24.0%	-28.7%	-22.7%	-9.6%	-12.2%	▼ 2.6 pts
Free cash flow margin	-32.4%	-26.1%	-12.3%	0.8%	-1.3%	▼ 2.1 pts
Current ratio	5.23×	4.13×	2.89×	3.24×	5.11×	▲ 58%
Quick ratio	4.54×	3.33×	2.14×	2.16×	3.31×	▲ 54%
Debt to equity	0.40×	0.45×	0.49×	0.46×	0.38×	▼ 18%
Interest coverage	-18.74×	-47.61×	-7.57×	-0.40×	-1.02×	▼ 154%

AXGN price history

Price history is added with the daily price update and will appear after the next one.

Similar companies

Sector leaderboards

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Bringing the fundamentals into focus…

Overall health

Strength: growing faster than most peersgrowing faster than peers

Strength: lower risk than most peers: more short-term liquidity and less debt relative to equitylower risk: more liquidity and less debt vs equity

Drawback: less profitable than most peersless profitable than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Drawback: its share price swings more than most peers’ (beta 1.17 vs a peer median of 0.63)bigger price swings (beta 1.17 vs peers 0.63)

Ranks #753 of 1,157 healthcare companies (bottom 36%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 27% from December 2022 to July 2026.

Axogen had 27% more shares at July 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Axogen had 27% more shares at July 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.

Stock-based pay is a large cost. Stock pay was 13% of revenue in 2025.

Axogen paid employees $30M in stock in 2025, 13% of its $225M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.

Valuation signals disagree. Cheaper than 50% of peers on free cash flow, but only 0% on earnings.

Relative to its free cash flow, Axogen looks cheaper than 50% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.

Growing fast, still losing money. Revenue grew faster than 81% of peers, at an operating loss.

Revenue grew faster than 81% of peers, but the business runs at an operating loss (margin -5.1%).

Questions investors ask about Axogen

Is Axogen getting weaker?

Its latest SEC filing (Jul 29, 2026) showed no major changes. Its overall score is 44/100, down 1 since Oct 28, 2026.

How is Axogen valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 8/100 against 1,393 healthcare peers. Earnings yield -1.3% vs a peer median of 1.5% (weaker than 100% of peers).Earnings yield -1.3% vs peers 1.5% (weaker than 100% of peers).

Is Axogen growing?

Yes, faster than most of its peers. Growth scores 65/100 against 1,393 healthcare peers. Revenue growth 23.6% vs a peer median of 6.1% (stronger than 81% of peers).Revenue growth 23.6% vs peers 6.1% (stronger than 81% of peers).

How profitable is Axogen?

Less profitable than most of its peers. Profitability scores 29/100 against 1,393 healthcare peers. Return on assets -11.0% vs a peer median of 1.7% (weaker than 76% of peers).Return on assets -11.0% vs peers 1.7% (weaker than 76% of peers).

How risky is Axogen?

Lower risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Debt / equity 0.00× vs a peer median of 0.22× (stronger than 95% of peers).Debt / equity 0.00× vs peers 0.22× (stronger than 95% of peers). Beta 1.17 vs a peer median of 0.63 (weaker than 78% of peers).Beta 1.17 vs peers 0.63 (weaker than 78% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

238.1M USD

251.2M USD

+5.5%

Net income (12 months)

−31.5M USD

−33.5M USD

+6.7%

Operating margin

-3.8%

-5.1%

−1.3 pts

Free cash flow (12 months)

9.3M USD

8.6M USD

−7.3%

Debt

0 USD

0 USD

—

Cash

82.7M USD

94.6M USD

+14.4%

Shares outstanding

53.2M

53.8M

+1.1%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

82.0%

78.5%

76.6%

75.8%

74.3%

▼ 1.5 pts

Operating margin

-20.0%

-21.4%

-13.5%

-1.8%

-3.5%

▼ 1.7 pts

Net margin

-21.2%

-20.9%

-13.7%

-5.3%

-7.0%

▼ 1.7 pts

Return on assets (ROA)

-13.0%

-14.8%

-11.0%

-4.9%

-7.1%

▼ 2.2 pts

Return on equity (ROE)

-24.0%

-28.7%

-22.7%

-9.6%

-12.2%

▼ 2.6 pts

Free cash flow margin

-32.4%

-26.1%

-12.3%

0.8%

-1.3%

▼ 2.1 pts

Current ratio

5.23×

4.13×

2.89×

3.24×

5.11×

▲ 58%

Quick ratio

4.54×

3.33×

2.14×

2.16×

3.31×

▲ 54%

Debt to equity

0.40×

0.45×

0.49×

0.46×

0.38×

▼ 18%

Interest coverage

-18.74×

-47.61×

-7.57×

-0.40×

-1.02×

▼ 154%