Adagene Inc. key statistics and ratios

In fiscal 2025, Adagene Inc. had return on equity of -41.0%, an operating margin of -279.5%, debt equal to 17.3% of equity and a current ratio of 3.07. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Adagene Inc.: financial ratios, annual
Fiscal year	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Operating margin	<−999%	<−999%	<−999%	−711.2%	−903.1%	−131.0%	<−999%	−279.5%
Net margin	<−999%	<−999%	<−999%	−719.2%	−860.6%	−104.6%	<−999%	−229.6%
Free-cash-flow margin	−978.0%	<−999%	<−999%	−451.3%	−530.6%	−157.6%	<−999%	−204.3%
Return on equity	—	—	—	—	−66.7%	−24.7%	−55.2%	−41.0%
Return on assets	—	−15.5%	−44.6%	−53.5%	−46.8%	−14.1%	−32.6%	−21.0%
Asset turnover	—	0.00	0.01	0.07	0.05	0.14	0.00	0.09
Current ratio	—	14.47	4.90	6.24	2.71	3.61	2.30	3.07
Debt to equity	—	—	—	4.8%	33.4%	31.1%	36.0%	17.3%
Interest cover (operating income ÷ interest)	n/m	n/m	n/m	n/m	n/m	n/m	n/m	n/m
R&D as % of revenue	>999%	>999%	>999%	669.3%	875.3%	202.3%	>999%	287.2%
Capital spending as % of revenue	34.1%	31.6%	133.4%	24.7%	7.4%	0.5%	32.5%	0.2%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

4 of 6 checks passed · December 31, 2025

What it owns · $78m

Short-term assets $77mLonger-term assets $1m

What it owes, and who funded it · $62m

Short-term liabilities $25mLonger-term liabilities $1mShareholders' equity $35m

Short-term assets cover short-term liabilities $77m of assets due within a year against $25m of liabilities due within a year.
Short-term assets cover long-term liabilities $77m short-term assets against $1m of longer-dated liabilities.
More cash than debt $75m of cash against $6m of debt.
Debt below 40% of shareholders' equity Debt is 17% of equity.
Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
A year's operating cash flow covers at least 20% of debt −$16m of operating cash flow against $6m of debt.
Operating profit covers interest at least five times over Operating income of −$21m against $463,132 of interest.

From Adagene Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Adagene Inc.'s SEC filings (10-K and 10-Q). How we read and check them: methodology and data sources. Not investment advice. Back to Adagene Inc.