Axogen Inc. Common Stock (AXGN)

FairStock Score: 25/100 — RISKY

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

At the 2026-10-13 close of $36.17, Axogen carries a $1.9B market value. The business is real: it sells nerve-repair products, including Avance and Axoguard, to surgeons. Revenue grew from $159.0M in fiscal 2023, the year ended 2023-12-31, to $187.3M in fiscal 2024, the year ended 2024-12-31, and to $225.2M in fiscal 2025, the year ended 2025-12-31. Yet profits remain elusive. In fiscal 2025, net income was -$15.7M, or EPS -$0.34. Fiscal 2024 lost $10.0M and fiscal 2023 lost $21.7M. The pattern continues unevenly: fiscal Q1 2026, the quarter ended 2026-03-31, lost $19.6M, while fiscal Q2 2026, the quarter ended 2026-06-30, lost $1.5M on revenue of $69.7M. That is better, but not durable proof. As a Graham-style investor, I want a margin of safety. At that close, FairStock calculations show a negative P/E of -53.99, so there are no earnings to value, and P/B of 7.57. ROE is -18.21%, ROCE is -3.15%, and trailing FCF yield is only 0.3%. The FairStock Score is 25/100. Debt is low, with D/E of 0.08, and Altman Z is 23.37, so solvency is not the immediate issue. But low debt does not equal high returns. The potential moat is specialized nerve repair and surgeon relationships, but the financials show no consistent pricing power. Revenue growth is encouraging, yet cash profits are thin. The stock may price in a future profit inflection that has not arrived. I would need evidence of sustained positive net income and stronger free cash flow before calling this a bargain.

In plain English: Axogen makes medical products used to repair peripheral nerves. Sales are growing, but the company has mostly lost money and has not yet shown steady profits. At the recent price, the stock looks expensive compared with its profits and cash generation, even though it does not carry much debt.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer