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Drug manufacturers · Healthcare · Fiscal year ends Dec 31
Axsome Therapeutics reported revenue of $638M in the fiscal year ended Dec 2025, up 65.5% from the year before. Operating income was −$167M, an operating margin of −26.1%, and net income was −$183M. Operating cash flow of −$93M less capital expenditure of $480,000 left free cash flow of −$94M. It held more cash than debt (net cash $135M).
Ranks among the 78 drug manufacturers companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | – | 50.0 | 271 | 386 | 638 |
| Cost of revenue | – | 5.2 | 26.1 | 33.3 | 47.5 |
| Gross profit | – | 44.8 | 245 | 352 | 591 |
| Research & development | 58.1 | 57.9 | 97.9 | 187 | 183 |
| Selling, general & admin | 66.6 | 159 | 323 | 411 | 571 |
| Operating income | −125 | −180 | −232 | −281 | −167 |
| Interest expense | – | −9.7 | −20.0 | −21.6 | −15.9 |
| Pre-tax income | −130 | −187 | −238 | −287 | −184 |
| Income tax | 0.0 | 0.0 | 1.0 | 0.1 | −0.5 |
| Net income | −130 | −187 | −239 | −287 | −183 |
| Diluted EPS | −3.47 | −4.60 | −5.27 | −5.99 | −3.68 |
| Diluted shares | 37.6 | 40.7 | 45.4 | 47.9 | 49.7 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 86.5 | 201 | 386 | 315 | 323 |
| Receivables | – | 37.7 | 94.8 | 142 | 224 |
| Inventory | – | 4.3 | 15.1 | 15.7 | 27.9 |
| Current assets | 86.5 | 246 | 504 | 485 | 589 |
| Net PP&E | 0.3 | 0.7 | 0.8 | 0.6 | 0.6 |
| Goodwill | – | 10.3 | 12.0 | 12.0 | 12.0 |
| Total assets | 87.8 | 331 | 588 | 568 | 690 |
| Payables | 13.1 | 38.6 | 40.7 | 72.0 | 65.5 |
| Current liabilities | 23.1 | 96.6 | 139 | 230 | 379 |
| Short-term debt | – | – | – | 0.0 | 70.0 |
| Long-term debt | 49.1 | 94.3 | 178 | 181 | 118 |
| Total liabilities | 72.2 | 222 | 397 | 511 | 602 |
| Shareholders' equity | 15.6 | 110 | 191 | 57.0 | 88.3 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −108 | −117 | −145 | −128 | −93.4 |
| Capital expenditure | 0.3 | 0.7 | 0.6 | 0.3 | 0.5 |
| Free cash flow | −109 | −117 | −146 | −129 | −93.9 |
| Depreciation & amortisation | 0.1 | 0.3 | 0.5 | 0.5 | 0.5 |
| Stock-based compensation | 20.8 | 37.7 | 62.6 | 85.2 | 93.8 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | – | 440.8% | 42.5% | 65.5% |
| Gross margin | – | 89.6% | 90.4% | 91.4% | 92.6% |
| Operating margin | – | −359.3% | −85.7% | −72.7% | −26.1% |
| Net margin | – | −374.0% | −88.4% | −74.5% | −28.7% |
| Return on equityBlank when equity is negative | −834.3% | −170.8% | −125.3% | −503.8% | −207.5% |
| ROCEEBIT ÷ (assets − current liabilities) | −192.7% | −76.5% | −51.6% | −82.9% | −53.6% |
| Free cash flow margin | – | −234.3% | −53.8% | −33.4% | −14.7% |
| Cash conversion (CFO ÷ net income) | 0.83x | 0.62x | 0.61x | 0.45x | 0.51x |
| Receivable days | – | 275 | 128 | 134 | 128 |
| Inventory days | – | 303 | 212 | 172 | 215 |
| Payable days | – | 2710 | 570 | 789 | 504 |
| Interest cover | – | 18.6x | 11.6x | 13.0x | 10.5x |
| Debt ÷ equity | 3.14x | 0.86x | 0.93x | 3.17x | 2.13x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −37.4 | −107 | −208 | −135 | −135 |
| Current ratio | 3.75x | 2.54x | 3.63x | 2.11x | 1.55x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.