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Axogen, Inc. (AXGN) stock

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NASDAQ: AXGN Nasdaq Health Care Equipment Next results ~January 18, 2027

B Fundamentals grade

Axogen, Inc. is a US-listed company in the health care equipment industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$16

Valuation models combined (3)

Base case. Range ~$12–$22. Weighted average of 3 models (growth cash-flow model, forward price-to-earnings vs peers, revenue-to-maturity model), the growth cash-flow model counting double.

Price vs value

No Buy/Hold/Sell rating is issued: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Axogen, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Funds158 adding, 82 cuttingOf 50 active managers that changed their stake, 30 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Axogen files

Where Axogen stands after its latest 10-Q

Revenue for the twelve months to September 2026 was $267m, up 24.3% on a year earlier, faster than the 23.6% growth a quarter earlier. That growth ranks 10 of 58 among the health care equipment companies we cover. Free-cash-flow margin rose to 8.3% from 1.6% a year earlier. Operating margin narrowed to -5.2% from 1.8%. The diluted share count is up 10.6% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 6 of our 7 financial-health checks. Our revenue-to-maturity cash-flow model value is $22.77 a share, against a share price of $50.21.

Source: 10-Q filed October 28, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 18, 2027 (estimated)

Axogen, Inc.'s trailing-twelve-month revenue grew 24.3% year on year, with a free-cash-flow margin of 8.3%. Where it stands out: long-term debt as % of assets of 0.0% ranks 1 of 87 health care equipment companies we cover.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 559.7% while net income fell 1422.3%: a 1982pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 24.3% over the last 12 months, against a median of 9.1% for health care equipment companies we cover.
  • Net cash. Cash exceeds long-term debt by $0.3bn.

Things to watch

  • Loss-making. Operating margin is -5.2%: costs exceed revenue.
  • Margins narrowing. Operating margin is down 7.0 points on a year ago.
  • Heavy stock-based pay. Stock pay equals 15.4% of revenue, against a median of 6.1% for health care equipment companies we cover: a real cost that cash-flow figures leave out.
  • Share dilution. Diluted shares rose 10.6% in a year.
  • Volatile shares. Over the past year the shares showed annualised volatility of 59% and a beta of 0.9 against the S&P 500.
  • Short interest rising. Shares sold short rose 26% in a month to 9.8% of tradable shares.

Latest results: FY2026 Q3

Filed October 28, 2026
Earnings per share
$0.21 against an average estimate of $0.13: beat by 59.9%
Revenue
$76m, up 26.2% on a year earlier
Share reaction
+32.5% in the first session after the results on October 28, 2026, against 0.0% for the S&P 500
Guidance given
revenue growth $290m (Full-Year 2026); revenue growth % growth 29% (Full-Year 2026)
Next report
October 28, 2026; average EPS estimate $0.15

Axogen's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+1.0%
  • 1 week+31.1%
  • 1 month+33.3%
  • This year+52.3%
  • 1 year+124.3%
  • 5 years+219.6%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$267M
Operating margin
-5.2%
Net margin
-12.0%
EPS (TTM, diluted)
$-0.61

Growth

Revenue growth
+24.3%
Change in growth rate
+0.8 pts
Share count change
+10.6%

Cash

Free cash flow (TTM)
$22M
FCF margin
8.3%
Stock pay % of revenue
15.4%

Earnings

Last results
October 28, 2026
Next results (est.)
January 18, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Guidance
  3. Announcement
  4. Agreement
  5. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Axogen, Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Valuation models

We value Axogen, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 8.5%: the 10-year Treasury yield (4.9%) plus a beta of 0.78 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$16 ~$12–$19 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$12 ~$10–$19 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: the model gives no positive value
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$7.6 ~$8.2–$29 Left out: out of range vs price (0.15x)
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. ~$22 ~$19–$26 Included
Combined value Weighted average of the models that apply: the primary model (growth cash-flow model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$16 ~$12–$22 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Axogen, Inc. with Health Care Equipment in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$5.00$9.00$28.30$20.43$17.89$17.90$9.37$9.98$6.83$16.48$32.73$49.85
Market value$130m$276m$943m$759m$702m$715m$386m$420m$293m$729m$1.5bn$2.6bn
+ Net debt (− = net cash)−$1m−$6m−$12m−$24m−$34m−$14m$12m$30m$16m$20m$13m−$329m
Enterprise value$129m$271m$931m$734m$668m$702m$398m$450m$308m$749m$1.5bn$2.3bn
Multiples
Price / sales 4.8x6.7x15.6x9.0x6.6x6.4x3.0x3.0x1.8x3.9x6.7x9.7x
Price / earnings ————————————
Price / free cash flow —————————n/m—117.8x
EV / EBITDA —————————n/m——

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

31 /100

Weak moat

How hard Axogen's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Cash operating profit has been a median -2.3% of total assets over 10 years.

  • Pricing power 18 / 20

    Gross margin has been a median 81.3%, moving by 4.2 percentage points (standard deviation) across 10 years.

  • Durability 10 / 20

    Operating margin has been a median -18.0%; its worst year was -29.3%.

  • Cash conversion 2 / 20

    Free cash flow was positive in 2 of 10 years, at a median -22.1% of revenue.

  • Discipline 1 / 20

    The diluted share count rose 27.4% over five years; stock-based pay has been a median 9.0% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

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

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $0.55 +91% $290m +29%
Next $0.71 +28% $372m +28%

Next year's EPS estimate has moved +4.2% in 90 days, across 9 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +26.0% on 90 days ago. In the last 30 days, 1 analyst raised Axogen, Inc.'s forecast and 3 cut it.

Consensus EPS forecast Axogen, Inc., last 90 days
$0.40 $0.50 $0.60 $0.70 $0.80 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $0.44 Current fiscal year, 60 days ago: $0.46 Current fiscal year, 30 days ago: $0.46 Current fiscal year, 7 days ago: $0.48 Current fiscal year, Now: $0.55 $0.55 Next fiscal year, 90 days ago: $0.68 Next fiscal year, 60 days ago: $0.69 Next fiscal year, 30 days ago: $0.68 Next fiscal year, 7 days ago: $0.72 Next fiscal year, Now: $0.71 $0.71

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $0.44$0.68
60 days ago $0.46$0.69
30 days ago $0.46$0.68
7 days ago $0.48$0.72
Now $0.55$0.71

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $0.13 $0.21 +59.9%
Jun 2026 $0.12 $0.12 +1.2%
Mar 2026 $0.07 $0.07 −2.0%
Dec 2025 $0.10 $0.07 −27.9%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 28, 2026
  • Revenue growth Full-Year 2026 about $290m
    “Revenue growth of at least 29% or $290 million; Organic revenue growth of at least 26% or $283 million.” source
  • Revenue growth % Full-Year 2026 about 29% growth
    “Revenue growth of at least 29% or $290 million; Organic revenue growth of at least 26% or $283 million.” source
  • Organic revenue growth Full-Year 2026 about $283m
    “Revenue growth of at least 29% or $290 million; Organic revenue growth of at least 26% or $283 million.” source
  • Organic revenue growth % Full-Year 2026 about 26% growth
    “Revenue growth of at least 29% or $290 million; Organic revenue growth of at least 26% or $283 million.” source
  • Gross margin Full-Year 2026 about 73%
    “Gross margin of at least 73%” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

11 analysts, Oct 2026
Buy11100%
Hold00%
Sell00%

Monthly trend

  1. Oct 20262911
  2. Sep 20262810
  3. Aug 20262810
  4. Jul 2026279

Counts of recommendations published by analysts covering Axogen, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
9.8%
of tradable shares
Days to cover
3.57
at average volume
Short interest, 1 month
+26%
to October 15, 2026
Held by institutions
96%
of shares
Held by insiders
1.9%
of shares
Employees
622
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +124.3%

$22.22 on October 31, 2025 to $49.85

ThenNowEffect
Revenue (last 12 months) $203m $251m +23.6%
P/S multiple 5.0x 9.7x +94.1%
Share count 46m 49m −6.5%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

Last 3 years +1133.9%

$4.04 on November 3, 2023 to $49.85

ThenNowEffect
Revenue (last 12 months) $148m $251m +69.8%
P/S multiple 1.2x 9.7x +737.9%
Share count 42m 49m −13.3%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
AXGN−48%+7%−32%+141%+99%+52%
Industry peers (median)−7%−37%−8%−20%−16%−15%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
AXGN25%42%33%67%67%64%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
AXGN−63%−35%−67%−47%−54%−33%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 94% from July 23, 2018 to November 1, 2023. Getting back needed a 1449% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$23.25 – $51.73
From 52-week high
−3.6%
vs 50-day average
+16.4%
vs 200-day average
+25.7%
Volatility (1 year)
59%
Beta vs S&P 500
0.90

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
8 up, 4 down
typical move ±17.3%
After a week
7 up, 4 down
typical move ±17.4%
After a month
8 up, 3 down
typical move ±21.9%
Results releasedNext dayS&P 500 next day5 days21 days
October 28, 2026 +32.5% 0.0% — —
July 29, 2026 +0.5% +0.1% +9.9% +25.7%
April 28, 2026 +6.0% −0.5% +11.0% +2.6%
February 24, 2026 −11.8% +1.6% −15.7% −5.9%
January 12, 2026 −7.7% 0.0% −4.9% +1.2%
October 29, 2025 +25.4% −1.1% +29.3% +58.5%
August 5, 2025 +9.6% +0.3% +12.8% +22.7%
May 8, 2025 −30.6% +0.6% −28.1% −36.5%
February 25, 2025 +8.1% −0.4% +3.4% +4.4%
January 10, 2025 +19.5% −1.4% +18.5% +14.7%
November 7, 2024 −17.4% +1.2% −18.7% −4.3%
August 8, 2024 +39.1% +2.8% +39.1% +64.4%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Axogen, Inc. in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Axogen, Inc.
$150M $200M $250M $300M FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $159M Revenue (TTM), FY24 Q1: $163.7M Revenue (TTM), FY24 Q2: $173.5M Revenue (TTM), FY24 Q3: $180.9M Revenue (TTM), FY24 Q4: $187.3M Revenue (TTM), FY25 Q1: $194.5M Revenue (TTM), FY25 Q2: $203.3M Revenue (TTM), FY25 Q3: $214.7M Revenue (TTM), FY25 Q4: $225.2M Revenue (TTM), FY26 Q1: $238.1M Revenue (TTM), FY26 Q2: $251.2M Revenue (TTM), FY26 Q3: $266.9M $266.9M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $159M
FY24 Q1 $163.7M
FY24 Q2 $173.5M
FY24 Q3 $180.9M
FY24 Q4 $187.3M
FY25 Q1 $194.5M
FY25 Q2 $203.3M
FY25 Q3 $214.7M
FY25 Q4 $225.2M
FY26 Q1 $238.1M
FY26 Q2 $251.2M
FY26 Q3 $266.9M
Revenue growth, TTM YoY Axogen, Inc.
10% 15% 20% 25% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 14.7% Revenue growth, TTM YoY, FY24 Q1: 13.5% Revenue growth, TTM YoY, FY24 Q2: 17.3% Revenue growth, TTM YoY, FY24 Q3: 18.8% Revenue growth, TTM YoY, FY24 Q4: 17.8% Revenue growth, TTM YoY, FY25 Q1: 18.8% Revenue growth, TTM YoY, FY25 Q2: 17.2% Revenue growth, TTM YoY, FY25 Q3: 18.7% Revenue growth, TTM YoY, FY25 Q4: 20.2% Revenue growth, TTM YoY, FY26 Q1: 22.4% Revenue growth, TTM YoY, FY26 Q2: 23.6% Revenue growth, TTM YoY, FY26 Q3: 24.3% 24.3%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 14.7%
FY24 Q1 13.5%
FY24 Q2 17.3%
FY24 Q3 18.8%
FY24 Q4 17.8%
FY25 Q1 18.8%
FY25 Q2 17.2%
FY25 Q3 18.7%
FY25 Q4 20.2%
FY26 Q1 22.4%
FY26 Q2 23.6%
FY26 Q3 24.3%
Operating margin (TTM) Axogen, Inc.
-15% -10% -5% 0% 5% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: -13.5% Operating margin (TTM), FY24 Q1: -11.4% Operating margin (TTM), FY24 Q2: -7.0% Operating margin (TTM), FY24 Q3: -4.7% Operating margin (TTM), FY24 Q4: -1.8% Operating margin (TTM), FY25 Q1: -0.2% Operating margin (TTM), FY25 Q2: 0.8% Operating margin (TTM), FY25 Q3: 1.8% Operating margin (TTM), FY25 Q4: -3.5% Operating margin (TTM), FY26 Q1: -3.8% Operating margin (TTM), FY26 Q2: -5.1% Operating margin (TTM), FY26 Q3: -5.2% -5.2%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 -13.5%
FY24 Q1 -11.4%
FY24 Q2 -7.0%
FY24 Q3 -4.7%
FY24 Q4 -1.8%
FY25 Q1 -0.2%
FY25 Q2 0.8%
FY25 Q3 1.8%
FY25 Q4 -3.5%
FY26 Q1 -3.8%
FY26 Q2 -5.1%
FY26 Q3 -5.2%
FCF margin (TTM) Axogen, Inc.
-20% -10% 0% 10% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: -12.3% FCF margin (TTM), FY24 Q1: -12.9% FCF margin (TTM), FY24 Q2: -7.9% FCF margin (TTM), FY24 Q3: -4.6% FCF margin (TTM), FY24 Q4: 0.8% FCF margin (TTM), FY25 Q1: 0.6% FCF margin (TTM), FY25 Q2: 2.4% FCF margin (TTM), FY25 Q3: 1.6% FCF margin (TTM), FY25 Q4: -1.3% FCF margin (TTM), FY26 Q1: 3.9% FCF margin (TTM), FY26 Q2: 3.4% FCF margin (TTM), FY26 Q3: 8.3% 8.3%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 -12.3%
FY24 Q1 -12.9%
FY24 Q2 -7.9%
FY24 Q3 -4.6%
FY24 Q4 0.8%
FY25 Q1 0.6%
FY25 Q2 2.4%
FY25 Q3 1.6%
FY25 Q4 -1.3%
FY26 Q1 3.9%
FY26 Q2 3.4%
FY26 Q3 8.3%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Financial statements

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

Fiscal year 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 3 5 8 11 17 27 41 60 84 107 112 127 139 159 187 225 267
Gross profit 2 2 6 9 13 22 35 51 71 89 91 104 109 122 142 167 198
EBITDA −4 −7 −8 −10 −10 −9 −8 −7 −20 −30 −22 −23 −27 −17 3 −1 −7
Operating income −4 −7 −8 −10 −10 −9 −8 −8 −21 −31 −23 −25 −30 −21 −3 −8 −14
Net income −5 −9 −9 −15 −18 −13 −14 −10 −22 −29 −24 −27 −29 −22 −10 −16 −32
Diluted EPS −$8.35 −$2.77 −$0.85 −$1.08 −$0.99 −$0.51 −$0.47 −$0.31 −$0.60 −$0.74 −$0.60 −$0.65 −$0.69 −$0.51 −$0.23 −$0.34 −$0.61
Growth (year on year)
Revenue — +61.4% +58.6% +42.3% +53.6% +62.5% +50.4% +47.0% +38.9% +27.1% +5.2% +13.4% +8.8% +14.7% +17.8% +20.2% +24.3%
EBITDA — — — — — — — — — — — — — — — — −169.6%
Margins
Gross margin 54.1% 50.0% 74.5% 77.7% 79.5% 82.3% 84.3% 84.6% 84.6% 83.7% 80.8% 82.0% 78.5% 76.6% 75.8% 74.3% 74.2%
EBITDA margin −139.0% −138.1% −99.0% −86.9% −57.4% −33.2% −18.9% −12.4% −23.5% −28.6% −19.3% −17.8% −19.4% −10.8% 1.7% −0.5% −2.8%
Operating margin −149.2% −143.7% −101.4% −87.6% −58.3% −33.9% −19.8% −13.2% −24.4% −29.4% −20.6% −20.0% −21.4% −13.5% −1.8% −3.5% −5.2%
Net margin −180.5% −190.1% −122.4% −133.0% −105.3% −48.9% −35.1% −17.3% −26.7% −27.3% −21.2% −21.2% −20.9% −13.7% −5.3% −7.0% −12.0%
Free-cash-flow margin — −146.4% −113.2% −97.0% −65.4% −49.3% −29.6% −17.1% −28.8% −23.0% −28.1% −32.4% −26.1% −12.3% 0.8% −1.3% 8.3%
Cash flow
Cash from operations −4 −7 −9 −10 −10 −13 −11 −9 −18 −20 −10 −13 −16 −6 5 1 28
Capital spending — 0 0 0 1 0 1 1 6 5 22 28 20 14 3 4 6
Free cash flow — −7 −9 −11 −11 −13 −12 −10 −24 −25 −32 −41 −36 −20 1 −3 22
Stock-based pay 0 0 0 1 1 1 1 4 8 10 8 11 16 14 16 30 41
Free cash flow after stock pay — −7 −9 −11 −12 −15 −14 −14 −32 −35 −40 −52 −52 −34 −14 −33 −19
Balance sheet
Cash 2 8 14 20 8 26 30 37 24 36 49 33 15 31 28 36 329
Total debt 7 5 22 25 25 25 24 25 0 2 35 45 46 47 47 48 0
Net debt (negative = net cash) 5 −3 8 5 17 −1 −6 −12 −24 −34 −14 12 30 16 20 13 −329
Diluted shares — — 11m 13m 18m 26m 31m 33m 37m 39m 40m 41m 42m 43m 44m 46m 52m

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

6 of 7 checks passed · September 30, 2026
What it owns · $550m
Short-term assets $438mLonger-term assets $112m
What it owes, and who funded it · $550m
Short-term liabilities $36mLonger-term liabilities $18mShareholders' equity $496m
  • Short-term assets cover short-term liabilities $438m of assets due within a year against $36m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $438m short-term assets against $18m of longer-dated liabilities.
  • More cash than debt $329m of cash against $0 of debt.
  • Debt below 40% of shareholders' equity Debt is 0% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 43% to 0% over five years.
  • A year's operating cash flow covers at least 20% of debt No debt to cover.
  • Operating profit covers interest at least five times over Operating income of −$14m against $2m of interest.

From Axogen, 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.

Dividends, buybacks and capital spending

Diluted share count
+10.6%
year over year
R&D spending
14.0%
of revenue
Days sales outstanding
47 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in health care equipment
Last 12 months unless stated AXGN KIDS LMAT CERS ESTA SKIN Median
Revenue, last 12 months $267m $264m $262m $254m $246m $290m $99m
Revenue growth, last 12 months 24.3% 16.1% 11.8% 74.6% 38.6% −6.5% 9.2%
Revenue growth, 3-year average 20.6% 23.0% 14.0% 89.8% 11.5% −9.5% 13.5%
Revenue growth, latest quarter 26.2% 18.6% 9.6% 9.5% 31.7% −7.8% 10.2%
Gross margin 74.2% 73.8% 72.9% 58.4% 70.5% 66.4% 61.2%
Operating margin −5.2% −9.4% 29.5% −1.0% −7.6% −1.5% −8.5%
Operating margin, 3-year average −2.7% −14.8% 25.0% −68.4% −27.9% −17.9% −17.9%
Net margin −12.0% −12.8% 25.0% −2.9% −15.8% −9.8% −12.0%
Cash from operations / revenue 10.6% 4.7% 31.6% 1.4% −13.1% 7.6% −1.9%
Free-cash-flow margin 8.3% 1.2% 28.1% 0.2% −16.9% 7.3% −3.9%
Free-cash-flow margin, 3-year average 1.7% −12.5% 21.9% −54.4% −36.3% 6.8% −7.0%
Stock pay / revenue 15.4% 6.4% 3.0% 8.4% 4.9% 3.8% 6.1%
Change in share count 10.6% 2.2% 2.0% 4.3% 4.2% −1.8% 4.0%

Median of all 134 companies we cover in health care equipment. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

134 health care equipment companies
Measure Company Peer median Rank
Revenue growth Growth 24.3% 9.1% 33 of 129
Change in growth rate Growth +0.8pp -0.6pp 47 of 129
Gross margin Profitability 74.2% 61.9% 30 of 123
Operating margin Profitability -5.2% -8.3% 59 of 132
Net margin Profitability -12.0% -12.0% 67 of 133
Free-cash-flow margin Cash generation 8.3% -3.4% 36 of 128
Stock pay as % of revenue Cash generation 15.4% 6.1% 89 of 123
Long-term debt as % of assets Balance sheet 0.0% 24.2% 1 of 87
Change in share count Balance sheet 10.6% 3.3% 85 of 115
Days sales outstanding Balance sheet 47 days 57 days 31 of 118

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Geography
Region Revenue Share YoY
United States $222M 98.8% ▲ 20.7%
Outside the US $2.8M 1.2% ▼ 10.2%

From Axogen, Inc.'s 10-K filed February 24, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$2.5B
Institutions reporting
251
Shares held vs prior quarter
▲ 8.2%
Positions opened / closed
49 / 18

Top buyers and sellers, Q2 2026: 158 institutions bought and 82 sold ; the biggest buyer was Citadel Advisors LLC (+1.1M shares) and the biggest seller First Light Asset Management, LLC (−1.3M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $204M 4.4M 8.2% ▲ 14.2%
First Light Asset Management, LLC $127M 2.7M 5.1% ▼ 31.3%
Morgan Stanley $127M 2.7M 5.1% ▼ 12.0%
Vanguard Capital Management LLC $104M 2.3M 4.2% ▼ 1.5%
Assenagon Asset Management S.A. $96.4M 2.1M 3.9% ▲ 51.1%
Polar Capital Holdings PLC $69.3M 1.5M 2.8% 0.0%
Artemis Investment Management LLP $64.5M 1.4M 2.6% ▲ 299.2%
Wellington Management Group LLP $64.3M 1.4M 2.6% ▲ 44.3%
Geode Capital Management, LLC $63.5M 1.4M 2.6% ▲ 12.7%
Citadel Advisors LLC $62.9M 1.4M 2.5% ▲ 455.3%
Wasatch Advisors LP $59.9M 1.3M 2.4% ▼ 30.2%
Goldman Sachs Group Inc $58.3M 1.3M 2.3% ▲ 116.4%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Axogen, Inc.'s complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $0 net buying

No open-market insider trades reported in the last 12 months.

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 2 trades and filings

No trades in Axogen, Inc. disclosed in the last 12 months; 2 earlier trades on record.

  • Donna Shalala(FL):Sale (full), $1,001 - $15,000, traded June 24, 2019, filed April 27, 2020
  • Donna Shalala(FL):Purchase, $1,001 - $15,000, traded April 16, 2019, filed April 27, 2020

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 18, 2027 estimated from the company's past filing pattern, not announced

  • October 28, 2026
  • July 29, 2026
  • April 28, 2026
  • February 24, 2026
  • January 12, 2026
  • October 29, 2025

Recent SEC filings

Data status

When each part of this page on Axogen, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Axogen, Inc. in brief

What does Axogen, Inc. do?
Axogen, Inc. is a US-listed company in the health care equipment industry. Its financial year ends in December.
What is Axogen, Inc.'s stock ticker?
Axogen, Inc. trades under the ticker AXGN on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Axogen, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Axogen, Inc. reported revenue of $267M, 24.3% higher than a year earlier, according to its SEC filings.
What is Axogen, Inc.'s free cash flow?
Axogen, Inc.'s free-cash-flow margin is 8.3% of revenue over the trailing twelve months, ranking 36 of the 128 health care equipment companies we cover.
Who are Axogen, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., First Light Asset Management, LLC and Morgan Stanley. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Axogen, Inc.'s market cap?
On November 2, 2026, Axogen, Inc.'s market capitalisation was about $2.6B and net debt of -$329M. Market figures come from third-party market data and may be delayed.
How much debt does Axogen, Inc. have?
Axogen, Inc.'s debt-to-equity ratio is 0.0%, from its latest balance sheet (43.4% five years earlier). The financial health section below sets out its other solvency checks.
Who are Axogen, Inc.'s competitors?
In our Health Care Equipment peer group, the companies closest to Axogen, Inc. are Orthopediatrics Corp, Lemaitre Vascular Inc, Cerus Corp, Establishment Labs Holdings Inc. and Skinhealth Systems Inc. The side-by-side comparison below sets their revenue, margins and growth against Axogen, Inc.'s.
When is Axogen, Inc.'s next earnings date?
Around January 18, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Axogen, Inc. announces its own schedule.