AXSM Healthcare

Axsome Therapeutics, Inc.

$139.61+2.65%

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

Basics

Sector: Healthcare
Industry: Biotechnology
Country: United States
Market cap: 7.3B USD
Enterprise value: 8.1B USD
Full-time employees: 1,346

Overall health

Strength: growing faster than most peersgrowing faster than peers
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: higher risk than most peers: less short-term liquidity (current ratio 1.43 vs a peer median of 2.59) and more debt relative to equity (2.26× vs a peer median of 0.22×)higher risk: less liquidity (current ratio 1.43 vs peers 2.59) and more debt vs equity (2.26× vs peers 0.22×)

Ranks #949 of 1,157 healthcare companies (bottom 19%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 20% from December 2022 to August 2026.
Axsome Therapeutics had 20% more shares at August 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.Axsome Therapeutics had 20% more shares at August 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.
Much more borrowing than peers. Debt is 2.3× equity vs a peer median of 0.2×.Debt is 2.3× equity vs peers 0.2×.
Debt is 2.3× shareholders' equity, against a peer median of 0.2×, among the highest 10% of its peer group.Debt is 2.3× shareholders' equity, vs peers 0.2×, among the highest 10% of its peer group.
Stock-based pay is a large cost. Stock pay was 15% of revenue in 2025.
Axsome Therapeutics paid employees $94M in stock in 2025, 15% of its $638M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.
Operating loss narrowing. Operating margin -26% in 2025, the smallest loss relative to revenue of the last 4 years.
Axsome Therapeutics still lost money on operations in 2025 (margin -26%), but that was its smallest operating loss relative to revenue in the 4 years of filings we have.

StockQuotient Score

32/ 100

Oct 5 32 → Nov 4 32

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-2.6%

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-2.5%

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 yield-1.0%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share price20% base weight · Z-score 0.00Sector median: 0.0000 · MAD: 0.0000

Other data (not scored)

Book yield1.1%

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

Growth

Is it growing?

92/100

Strong

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

12-month revenue up 9.6%

Why

Stronger than most peers on:

▲ 3-yr revenue
▲ Revenue growth

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

Still loss-making, but the loss per share narrowed33% base weight · Z-score 0.29Sector median: 0.0976 · MAD: 0.2991

3-year revenue growth62.0%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score 6.69Sector median: 0.0584 · MAD: 0.0840

Revenue growth56.9%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 5.21Sector median: 0.0609 · MAD: 0.0974

Profitability

Does it earn well?

21/100

Weak

2/3 inputs reported · Partial data

Since last quarter: No major change

Why

Weaker than most peers on:

▼ ROA
▼ Operating margin

Compare with peers

Behind the score

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

Operating margin-24.0%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -2.55Sector median: 0.0706 · MAD: 0.1217

Return on assets-25.2%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -5.00Sector median: 0.0166 · MAD: 0.0537

Return on invested capitalUnavailable

Missing · left out of the score · no sector data, so not countedNot counted · remaining weights rescaledSector median: 0.0471 · MAD: 0.1004

Other data (not scored)

Gross margin93.2%

Yahoo Finance fallback · SEC figure unavailable or out of date · trailing 12 monthsReported valueInformational · 0% composite weightSector median: 0.4697 · MAD: 0.2310

Return on equity-230.1%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 0.0330 · MAD: 0.1225

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why it changed since the Oct 27, 2026 close: Safety percentile 5 → 6

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

Weaker than most peers on:

▼ Debt / equity
▼ Current ratio
▼ Beta

Compare with peers

Behind the score

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

Beta0.85

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -0.67Sector median: 0.6250 · MAD: 0.3380

Current ratio1.43×

SEC filings · latest balance sheetReported value33% base weight · Z-score -0.84Sector median: 2.5860 · MAD: 1.3850

Debt / equity2.26×

SEC filings · latest balance sheetOutlier capped at sector 5th/95th percentile33% base weight · Z-score -9.77Sector 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 Axsome Therapeutics

Is Axsome Therapeutics getting weaker?: Its latest SEC filing (Aug 10, 2026) showed no major changes. Its overall score is unchanged at 32/100 since Oct 28, 2026.
How is Axsome Therapeutics 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 -2.6% vs a peer median of 1.5% (weaker than 100% of peers).Earnings yield -2.6% vs peers 1.5% (weaker than 100% of peers).
Is Axsome Therapeutics growing?: Yes, faster than most of its peers. Growth scores 92/100 against 1,393 healthcare peers. 3-year revenue growth 62.0% vs a peer median of 5.8% (stronger than 94% of peers).3-year revenue growth 62.0% vs peers 5.8% (stronger than 94% of peers).
How profitable is Axsome Therapeutics?: Less profitable than most of its peers. Profitability scores 21/100 against 1,393 healthcare peers. Return on assets -25.2% vs a peer median of 1.7% (weaker than 84% of peers).Return on assets -25.2% vs peers 1.7% (weaker than 84% of peers).
How risky is Axsome Therapeutics?: Higher risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Debt / equity 2.26× vs a peer median of 0.22× (weaker than 100% of peers).Debt / equity 2.26× vs peers 0.22× (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 10, 2026 · compared with the quarter ended Mar 31, 2026

No major changes

	Previous quarter	Latest quarter	Change
Revenue (12 months)	708.2M USD	776.6M USD	+9.6%
Net income (12 months)	−188.3M USD	−191.6M USD	+1.8%
Operating margin	-24.4%	-24.0%	+0.5 pts
Free cash flow (12 months)	−71.0M USD	−72.0M USD	+1.4%
Debt	187.8M USD	188.0M USD	+0.1%
Cash	305.1M USD	319.9M USD	+4.8%
Shares outstanding	51.5M	52.4M	+1.8%

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

Industry valuation context

Industry: Biotechnology · 132 companies

Valuations in Biotechnology are within their usual range since 2016.

48% of months since 2016 were valued lower than now.
22% of companies are in the most expensive fifth of their own price-to-sales history.
Median price-to-sales is +530% vs the whole market, against a usual +637%.

2016Shaded: most expensive fifth of its range2026

Earnings-based measures are left out for now because many companies in Biotechnology are losing money.

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	—	89.6%	—	—	—	—
Operating margin	—	-359.3%	-85.7%	-72.7%	-26.1%	▲ 47 pts
Net margin	—	-374.0%	-88.4%	-74.5%	-28.7%	▲ 46 pts
Return on assets (ROA)	-148.5%	-56.5%	-40.7%	-50.5%	-26.6%	▲ 24 pts
Return on equity (ROE)	-834.3%	-170.8%	-125.3%	-503.8%	-207.5%	▲ 296 pts
Free cash flow margin	—	-234.3%	-53.8%	-33.4%	-14.7%	▲ 19 pts
Current ratio	3.75×	2.54×	3.63×	2.11×	1.55×	▼ 26%
Quick ratio	—	2.50×	3.52×	2.04×	1.48×	▼ 27%
Debt to equity	3.14×	0.86×	0.93×	3.17×	2.13×	▼ 33%
Interest coverage	—	-18.61×	-11.57×	-13.00×	-10.47×	▲ 19%

AXSM 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

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: higher risk than most peers: less short-term liquidity (current ratio 1.43 vs a peer median of 2.59) and more debt relative to equity (2.26× vs a peer median of 0.22×)higher risk: less liquidity (current ratio 1.43 vs peers 2.59) and more debt vs equity (2.26× vs peers 0.22×)

Ranks #949 of 1,157 healthcare companies (bottom 19%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 20% from December 2022 to August 2026.

Axsome Therapeutics had 20% more shares at August 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.Axsome Therapeutics had 20% more shares at August 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.

Much more borrowing than peers. Debt is 2.3× equity vs a peer median of 0.2×.Debt is 2.3× equity vs peers 0.2×.

Debt is 2.3× shareholders' equity, against a peer median of 0.2×, among the highest 10% of its peer group.Debt is 2.3× shareholders' equity, vs peers 0.2×, among the highest 10% of its peer group.

Stock-based pay is a large cost. Stock pay was 15% of revenue in 2025.

Axsome Therapeutics paid employees $94M in stock in 2025, 15% of its $638M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.

Operating loss narrowing. Operating margin -26% in 2025, the smallest loss relative to revenue of the last 4 years.

Axsome Therapeutics still lost money on operations in 2025 (margin -26%), but that was its smallest operating loss relative to revenue in the 4 years of filings we have.

Questions investors ask about Axsome Therapeutics

Is Axsome Therapeutics getting weaker?

Its latest SEC filing (Aug 10, 2026) showed no major changes. Its overall score is unchanged at 32/100 since Oct 28, 2026.

How is Axsome Therapeutics 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 -2.6% vs a peer median of 1.5% (weaker than 100% of peers).Earnings yield -2.6% vs peers 1.5% (weaker than 100% of peers).

Is Axsome Therapeutics growing?

Yes, faster than most of its peers. Growth scores 92/100 against 1,393 healthcare peers. 3-year revenue growth 62.0% vs a peer median of 5.8% (stronger than 94% of peers).3-year revenue growth 62.0% vs peers 5.8% (stronger than 94% of peers).

How profitable is Axsome Therapeutics?

Less profitable than most of its peers. Profitability scores 21/100 against 1,393 healthcare peers. Return on assets -25.2% vs a peer median of 1.7% (weaker than 84% of peers).Return on assets -25.2% vs peers 1.7% (weaker than 84% of peers).

How risky is Axsome Therapeutics?

Higher risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Debt / equity 2.26× vs a peer median of 0.22× (weaker than 100% of peers).Debt / equity 2.26× vs peers 0.22× (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

708.2M USD

776.6M USD

+9.6%

Net income (12 months)

−188.3M USD

−191.6M USD

+1.8%

Operating margin

-24.4%

-24.0%

+0.5 pts

Free cash flow (12 months)

−71.0M USD

−72.0M USD

+1.4%

Debt

187.8M USD

188.0M USD

+0.1%

Cash

305.1M USD

319.9M USD

+4.8%

Shares outstanding

51.5M

52.4M

+1.8%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

—

89.6%

—

Operating margin

—

-359.3%

-85.7%

-72.7%

-26.1%

▲ 47 pts

Net margin

—

-374.0%

-88.4%

-74.5%

-28.7%

▲ 46 pts

Return on assets (ROA)

-148.5%

-56.5%

-40.7%

-50.5%

-26.6%

▲ 24 pts

Return on equity (ROE)

-834.3%

-170.8%

-125.3%

-503.8%

-207.5%

▲ 296 pts

Free cash flow margin

—

-234.3%

-53.8%

-33.4%

-14.7%

▲ 19 pts

Current ratio

3.75×

2.54×

3.63×

2.11×

1.55×

▼ 26%

Quick ratio

—

2.50×

3.52×

2.04×

1.48×

▼ 27%

Debt to equity

3.14×

0.86×

0.93×

3.17×

2.13×

▼ 33%

Interest coverage

—

-18.61×

-11.57×

-13.00×

-10.47×

▲ 19%