Is the business good?
How good a business is AXGN?
Axogen, Inc. earns −5.0% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
−5.0%
Return on invested capital · cost of capital 9.0% · 14 points below what the capital costs: growth destroys value
- Operating margin
- −3.8%
Operating margin · Medical Devices median 11% · 12 months to Q1 2026
- Share count, year on year
- +14%
Share count, year on year · shareholders own a smaller slice than a year ago
- R&D as % of revenue
- 14%
R&D as % of revenue
| Year | Operating margin |
|---|---|
| FY2020 | −21% |
| FY2021 | −20% |
| FY2022 | −21% |
| FY2023 | −14% |
| FY2024 | −1.8% |
| FY2025 | −3.5% |
Details›
- Gross margin12 months to Q1 2026
- 75%
- Operating margin12 months to Q1 2026
- −3.8%
- Net margin12 months to Q1 2026
- −13%
- Free cash flow margin
- 3.9%
- R&D as % of revenue
- 14%
- Revenue, trailing twelve months
- $238M
- Free cash flow, trailing twelve months
- $9.3M
- Net income, trailing twelve months
- −$31M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- −5.0%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.