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Axsome Therapeutics, Inc. (AXSM) stock

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NASDAQ: AXSM Nasdaq Pharmaceuticals Next results ~January 21, 2027

C Fundamentals grade

Axsome Therapeutics, Inc. is a US-listed company in the pharmaceuticals 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

~$60

Valuation models combined (4)

Base case. Range ~$37–$74. Weighted average of 4 models (growth cash-flow model, forward price-to-earnings vs peers, forward price-to-sales 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.

Axsome Therapeutics, 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.

  • Insiders0 buying, 8 selling0 purchases and 33 sales by directors and officers, last 12 monthsInsider trades
  • Funds289 adding, 195 cuttingOf 81 active managers that changed their stake, 47 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Axsome Therapeutics files

10-Q filed November 2: Axsome Therapeutics

Model value −7.2%

Axsome Therapeutics posted revenue of $865m for the twelve months to September 2026, a 54.2% increase on the prior year, though growth has eased from 56.9% a quarter earlier. Among the 74 pharmaceuticals companies we cover, that pace ranks 9th. Profitability continues to improve: free-cash-flow margin climbed to -9.5% from -18.1%, while operating margin widened to -17.5% from -37.8%. Shareholders face some dilution, with the diluted share count up 4.7% on a year earlier. Our model value has fallen from $64.79 to $60.14 a share, well below the current share price of $136.

Source: 10-Q filed November 2, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Axsome Therapeutics stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $777m, up 56.9% on a year earlier, slower than 63.9% a quarter earlier. Free-cash-flow margin rose to -9.3% from -24.5% a year earlier. Operating margin widened to -24.0% from -46.2%. The diluted share count is up 4.4% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 5 of our 7 financial-health checks. Our revenue-to-maturity cash-flow model value is $57.51 a share, against a share price of $160.

10-Q on SEC EDGAR

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 21, 2027 (estimated)

Axsome Therapeutics, Inc.'s trailing-twelve-month revenue grew 54.2% year on year, with a free-cash-flow margin of -9.5%. Where it stands out: revenue growth of 54.2% ranks 9 of 74 pharmaceuticals companies we cover. Where it lags: days sales outstanding of 145 days ranks 50 of 59 pharmaceuticals companies we cover.

Current signal Net margin expanding: TTM net margin reached -18.2%, up 22.7pp year over year.

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 54.2% over the last 12 months, against a median of 10.0% for pharmaceuticals companies we cover.
  • Margins widening. Operating margin is up 20.4 points on a year ago.
  • Net cash. Cash exceeds long-term debt by $0.2bn.

Things to watch

  • Loss-making. Operating margin is -17.5%: costs exceed revenue.
  • Burning cash. Free cash flow was -9.5% of revenue over the last 12 months.
  • Share dilution. Diluted shares rose 4.7% in a year.
  • Insiders selling. 8 insiders sold $134M of stock over the past 365 days and none bought (100% under pre-set trading plans).
  • Growth easing. The growth rate is 2.7 points lower than a quarter earlier.
  • Below peers: days sales outstanding. Days sales outstanding of 145 days ranks 50 of 59 pharmaceuticals companies we cover (median 72 days).

Latest results: FY2026 Q3

Filed November 2, 2026
Earnings per share
-$0.25 against an average estimate of -$0.64: beat by 60.9%
Revenue
$260m, up 51.9% on a year earlier
Next report
November 2, 2026; average EPS estimate $0.17

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

Price chart

  • 1 day+3.2%
  • 1 week-1.3%
  • 1 month-21.7%
  • This year-25.5%
  • 1 year+3.4%
  • 5 years+243.6%
  • 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)
$865M
Operating margin
-17.5%
Net margin
-18.2%
EPS (TTM, diluted)
$-3.05

Growth

Revenue growth
+54.2%
Change in growth rate
−2.7 pts
Share count change
+4.7%

Cash

Free cash flow (TTM)
-$82.6M
FCF margin
-9.5%
Stock pay % of revenue
11.5%

Earnings

Last results
November 2, 2026
Next results (est.)
January 21, 2027

News & updates

Updated November 2, 2026

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

  1. Results
  2. Insider trade
  3. Results
  4. Insider trade
  5. Announcement

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

Axsome Therapeutics, 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 Axsome Therapeutics, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 8.9%: the 10-year Treasury yield (4.9%) plus a beta of 0.87 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. ~$74 ~$40–$100 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. ~$37 ~$39–$71 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. ~$41 ~$35–$100 Included, half weight
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. ~$65 ~$52–$81 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. ~$60 ~$37–$74 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Axsome Therapeutics, Inc. with Pharmaceuticals 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 2022202320242025Now
Share price$77.13$79.59$84.61$182.64$136.01
Market value$3.1bn$3.6bn$4.1bn$9.1bn$7.0bn
+ Net debt (− = net cash)−$106m−$206m−$135m−$135m−$126m
Enterprise value$3.0bn$3.4bn$3.9bn$9.0bn$6.9bn
Multiples
Price / sales 62.7x13.4x10.5x14.2x8.1x
Price / earnings —————
Price / free cash flow —————
EV / EBITDA —————

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

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.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current −$2.24 +35% $957m +50%
Next $4.20 +287% $1.5bn +54%

Next year's EPS estimate has moved −27.5% in 90 days, across 12 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +23.3% on 90 days ago. In the last 30 days, 0 analysts raised Axsome Therapeutics, Inc.'s forecast and 2 cut it.

Consensus EPS forecast Axsome Therapeutics, Inc., last 90 days
−$5.00 $0.00 $5.00 $10.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: −$1.82 Current fiscal year, 60 days ago: −$2.64 Current fiscal year, 30 days ago: −$2.69 Current fiscal year, 7 days ago: −$2.98 Current fiscal year, Now: −$2.24 −$2.24 Next fiscal year, 90 days ago: $5.80 Next fiscal year, 60 days ago: $5.03 Next fiscal year, 30 days ago: $4.72 Next fiscal year, 7 days ago: $3.69 Next fiscal year, Now: $4.20 $4.20

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

View chart data
Period Current fiscal yearNext fiscal year
90 days ago −$1.82$5.80
60 days ago −$2.64$5.03
30 days ago −$2.69$4.72
7 days ago −$2.98$3.69
Now −$2.24$4.20

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 −$0.64 −$0.25 +60.9%
Jun 2026 −$0.78 −$0.99 −26.9%
Mar 2026 −$0.86 −$1.26 −46.0%
Dec 2025 −$0.73 −$0.56 +23.6%

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

Management guidance

Earnings release, August 10, 2026

No numeric guidance in Axsome Therapeutics, Inc.'s latest earnings release (filed August 10, 2026). Some companies give their outlook only on the earnings call.

Analyst recommendations

22 analysts, Nov 2026
Buy2195%
Hold15%
Sell00%

Monthly trend

  1. Nov 202631822
  2. Oct 202631822
  3. Sep 202631721

Counts of recommendations published by analysts covering Axsome Therapeutics, 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
9.2%
of tradable shares
Days to cover
3.67
at average volume
Short interest, 1 month
−1%
to October 15, 2026
Held by institutions
74%
of shares
Held by insiders
15.1%
of shares
Employees
925
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 +0.8%

$134.99 on October 31, 2025 to $136.01

ThenNowEffect
Revenue (last 12 months) $495m $777m +56.9%
P/S multiple 13.3x 8.9x −32.9%
Share count 49m 51m −4.3%

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

Last 3 years +108.8%

$65.14 on November 3, 2023 to $136.01

ThenNowEffect
Revenue (last 12 months) $182m $777m +325.5%
P/S multiple 15.4x 8.9x −42.0%
Share count 43m 51m −15.3%

Biggest factor: revenue. 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
AXSM−54%+104%+3%+6%+116%−26%
Industry peers (median)−18%−52%−14%−2%+7%−12%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
AXSM50%67%50%50%58%46%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
AXSM−76%−54%−36%−33%−31%−47%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 19, 2015: 87% from January 5, 2016 to December 27, 2018. Getting back needed a 649% gain, reached on March 25, 2019, 88 days after the low.

Price behaviour

52-week range
$134.93 – $255.17
From 52-week high
−46.7%
vs 50-day average
−25.8%
vs 200-day average
−31.7%
Volatility (1 year)
45%
Beta vs S&P 500
0.56

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
7 up, 4 down
typical move ±3.5%
After a week
8 up, 3 down
typical move ±5.3%
After a month
7 up, 4 down
typical move ±14.0%
Results releasedNext dayS&P 500 next day5 days21 days
August 10, 2026 +1.4% −0.3% +1.7% −1.0%
May 4, 2026 +8.0% +0.4% +4.8% +13.1%
February 23, 2026 −7.5% −0.3% −9.4% −13.6%
January 12, 2026 +2.9% 0.0% +8.9% +9.9%
November 3, 2025 0.0% −1.0% +2.1% +9.5%
August 4, 2025 +0.6% +1.0% +0.9% +18.4%
May 5, 2025 0.0% −1.4% −1.8% −3.6%
February 18, 2025 −3.2% +0.5% −3.1% −4.0%
January 13, 2025 +5.7% +0.3% +20.1% +64.3%
November 12, 2024 +7.5% −0.3% +4.9% +3.7%
August 5, 2024 +1.3% −2.0% +0.6% +13.2%

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.

Axsome Therapeutics, Inc. in five measures

Fundamentals grade C
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) Axsome Therapeutics, Inc.
$0 $500M $1B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $270.6M Revenue (TTM), FY24 Q1: $251M Revenue (TTM), FY24 Q2: $291.5M Revenue (TTM), FY24 Q3: $338.5M Revenue (TTM), FY24 Q4: $385.7M Revenue (TTM), FY25 Q1: $432.2M Revenue (TTM), FY25 Q2: $495M Revenue (TTM), FY25 Q3: $561.3M Revenue (TTM), FY25 Q4: $638.5M Revenue (TTM), FY26 Q1: $708.2M Revenue (TTM), FY26 Q2: $776.6M Revenue (TTM), FY26 Q3: $865.3M $865.3M

Source: SEC EDGAR filings. Retrieved November 3, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $270.6M
FY24 Q1 $251M
FY24 Q2 $291.5M
FY24 Q3 $338.5M
FY24 Q4 $385.7M
FY25 Q1 $432.2M
FY25 Q2 $495M
FY25 Q3 $561.3M
FY25 Q4 $638.5M
FY26 Q1 $708.2M
FY26 Q2 $776.6M
FY26 Q3 $865.3M
Revenue growth, TTM YoY Axsome Therapeutics, Inc.
40% 50% 60% 70% 80% FY24 Q1 FY24 Q3 FY25 Q1 FY25 Q3 FY26 Q1 FY26 Q3 Revenue growth, TTM YoY, FY24 Q1: 73.6% Revenue growth, TTM YoY, FY24 Q2: 59.7% Revenue growth, TTM YoY, FY24 Q3: 51.5% Revenue growth, TTM YoY, FY24 Q4: 42.5% Revenue growth, TTM YoY, FY25 Q1: 72.2% Revenue growth, TTM YoY, FY25 Q2: 69.8% Revenue growth, TTM YoY, FY25 Q3: 65.8% Revenue growth, TTM YoY, FY25 Q4: 65.5% Revenue growth, TTM YoY, FY26 Q1: 63.9% Revenue growth, TTM YoY, FY26 Q2: 56.9% Revenue growth, TTM YoY, FY26 Q3: 54.2% 54.2%

Source: SEC EDGAR filings. Retrieved November 3, 2026.

View chart data
Period Revenue growth, TTM YoY
FY24 Q1 73.6%
FY24 Q2 59.7%
FY24 Q3 51.5%
FY24 Q4 42.5%
FY25 Q1 72.2%
FY25 Q2 69.8%
FY25 Q3 65.8%
FY25 Q4 65.5%
FY26 Q1 63.9%
FY26 Q2 56.9%
FY26 Q3 54.2%
Operating margin (TTM) Axsome Therapeutics, Inc.
-150% -100% -50% 0% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: -85.7% Operating margin (TTM), FY24 Q1: -116.6% Operating margin (TTM), FY24 Q2: -104.9% Operating margin (TTM), FY24 Q3: -90.5% Operating margin (TTM), FY24 Q4: -72.7% Operating margin (TTM), FY25 Q1: -62.5% Operating margin (TTM), FY25 Q2: -46.2% Operating margin (TTM), FY25 Q3: -37.8% Operating margin (TTM), FY25 Q4: -26.1% Operating margin (TTM), FY26 Q1: -24.4% Operating margin (TTM), FY26 Q2: -24.0% Operating margin (TTM), FY26 Q3: -17.5% -17.5%

Source: SEC EDGAR filings. Retrieved November 3, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 -85.7%
FY24 Q1 -116.6%
FY24 Q2 -104.9%
FY24 Q3 -90.5%
FY24 Q4 -72.7%
FY25 Q1 -62.5%
FY25 Q2 -46.2%
FY25 Q3 -37.8%
FY25 Q4 -26.1%
FY26 Q1 -24.4%
FY26 Q2 -24.0%
FY26 Q3 -17.5%
FCF margin (TTM) Axsome Therapeutics, Inc.
-80% -60% -40% -20% 0% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: -53.8% FCF margin (TTM), FY24 Q1: -77.0% FCF margin (TTM), FY24 Q2: -57.6% FCF margin (TTM), FY24 Q3: -39.2% FCF margin (TTM), FY24 Q4: -33.4% FCF margin (TTM), FY25 Q1: -27.5% FCF margin (TTM), FY25 Q2: -24.5% FCF margin (TTM), FY25 Q3: -18.1% FCF margin (TTM), FY25 Q4: -14.7% FCF margin (TTM), FY26 Q1: -10.0% FCF margin (TTM), FY26 Q2: -9.3% FCF margin (TTM), FY26 Q3: -9.5% -9.5%

Source: SEC EDGAR filings. Retrieved November 3, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 -53.8%
FY24 Q1 -77.0%
FY24 Q2 -57.6%
FY24 Q3 -39.2%
FY24 Q4 -33.4%
FY25 Q1 -27.5%
FY25 Q2 -24.5%
FY25 Q3 -18.1%
FY25 Q4 -14.7%
FY26 Q1 -10.0%
FY26 Q2 -9.3%
FY26 Q3 -9.5%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 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 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 50 271 386 638 865
Gross profit 45 — — — —
EBITDA −180 −231 −280 −166 −151
Operating income −180 −232 −281 −167 −151
Net income −187 −239 −287 −183 −157
Diluted EPS −$4.60 −$5.27 −$5.99 −$3.68 −$3.05
Growth (year on year)
Revenue — +440.8% +42.5% +65.5% +54.2%
Margins
Gross margin 89.6% — — — —
EBITDA margin −358.8% −85.5% −72.6% −26.0% −17.4%
Operating margin −359.3% −85.7% −72.7% −26.1% −17.5%
Net margin −374.0% −88.4% −74.5% −28.7% −18.2%
Free-cash-flow margin −234.3% −53.8% −33.4% −14.7% −9.5%
Cash flow
Cash from operations −117 −145 −128 −93 −82
Capital spending 1 1 0 0 1
Free cash flow −117 −146 −129 −94 −83
Stock-based pay 38 63 85 94 100
Free cash flow after stock pay −155 −208 −214 −188 −182
Balance sheet
Cash 201 386 315 323 314
Total debt 95 180 181 188 188
Net debt (negative = net cash) −106 −206 −135 −135 −126
Diluted shares 41m 45m 48m 50m 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

5 of 7 checks passed · September 30, 2026
What it owns · $827m
Short-term assets $725mLonger-term assets $102m
What it owes, and who funded it · $827m
Short-term liabilities $510mLonger-term liabilities $212mShareholders' equity $105m
  • Short-term assets cover short-term liabilities $725m of assets due within a year against $510m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $725m short-term assets against $212m of longer-dated liabilities.
  • More cash than debt $314m of cash against $188m of debt.
  • Debt below 40% of shareholders' equity Debt is 178% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 336% to 178% over five years.
  • A year's operating cash flow covers at least 20% of debt −$82m of operating cash flow against $188m of debt.
  • Operating profit covers interest at least five times over Operating income of −$151m against −$7m of interest.

From Axsome Therapeutics, 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
+4.7%
year over year
R&D spending
22.9%
of revenue
Sales & admin spending
88.5%
of revenue
Days sales outstanding
145 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in pharmaceuticals
Last 12 months unless stated AXSM SUPN CORT HRMY ANIP PCRX Median
Revenue, last 12 months $865m $865m $831m $960m $978m $746m $276m
Revenue growth, last 12 months 54.2% 26.9% 16.0% 24.3% 30.9% 5.7% 9.9%
Revenue growth, 3-year average 57.0% 12.3% 24.7% 24.4% 34.6% 3.7% 5.5%
Revenue growth, latest quarter 51.9% 18.0% 31.7% 30.3% 25.9% 6.2% 6.5%
Gross margin — 87.6% 98.3% 75.4% 60.0% 79.2% 62.0%
Operating margin −17.5% −5.7% 0.8% 24.0% 15.4% 2.7% −5.9%
Operating margin, 3-year average −48.6% −0.7% 12.5% 26.6% 8.9% 0.4% −7.4%
Net margin −18.2% −5.1% 6.6% 18.9% 11.1% 2.0% −7.3%
Cash from operations / revenue −9.5% 10.2% 13.2% 37.0% 19.4% 25.2% 10.2%
Free-cash-flow margin −9.5% 10.1% 12.9% 37.0% 17.7% 24.1% 8.6%
Free-cash-flow margin, 3-year average −22.3% 15.6% 19.9% 34.3% 17.6% 22.5% 7.4%
Stock pay / revenue 11.5% 4.1% 10.7% 4.3% 4.2% 7.5% 3.6%
Change in share count 4.7% 2.8% −2.2% 0.6% 11.6% −2.8% 1.9%

Median of all 75 companies we cover in pharmaceuticals. 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

75 pharmaceuticals companies
Measure Company Peer median Rank
Revenue growth Growth 54.2% 10.0% 9 of 74
Change in growth rate Growth -2.7pp -0.3pp 47 of 74
Operating margin Profitability -17.5% -5.9% 42 of 67
Net margin Profitability -18.2% -7.3% 48 of 75
Free-cash-flow margin Cash generation -9.5% 10.1% 54 of 74
Stock pay as % of revenue Cash generation 11.5% 3.6% 57 of 69
Long-term debt as % of assets Balance sheet 14.3% 23.8% 19 of 53
Change in share count Balance sheet 4.7% 1.5% 45 of 62
Days sales outstanding Balance sheet 145 days 72 days 50 of 59

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
Products and services
Line of business Revenue Share YoY
Products $634M 99.3% ▲ 66.1%
Royalty and Milestone Revenue $4.7M 0.7% ▲ 17.0%

From Axsome Therapeutics, Inc.'s 10-K filed February 23, 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
$9.4B
Institutions reporting
503
Shares held vs prior quarter
▲ 2.0%
Positions opened / closed
129 / 38

Top buyers and sellers, Q2 2026: 289 institutions bought and 195 sold ; the biggest buyer was Millennium Management LLC (+535K shares) and the biggest seller Blackrock, Inc (−809K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $760M 3.1M 8.0% ▼ 20.7%
Vanguard Portfolio Management LLC $486M 2.0M 5.1% ▼ 3.6%
Vanguard Capital Management LLC $481M 2.0M 5.1% ▲ 1.4%
Invesco Ltd. $409M 1.7M 4.3% ▲ 28.8%
FMR LLC $377M 1.5M 4.0% ▼ 1.8%
Geode Capital Management, LLC $237M 967K 2.5% ▼ 16.8%
Assenagon Asset Management S.A. $223M 909K 2.4% ▲ 5.0%
Morgan Stanley $197M 804K 2.1% ▲ 68.7%
State Street Corp $192M 786K 2.0% ▼ 20.4%
Deep Track Capital, LP $171M 700K 1.8% ▼ 36.4%
Two Sigma Investments, LP $164M 669K 1.7% ▲ 107.4%
Franklin Resources Inc $164M 668K 1.7% ▲ 52.4%

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 Axsome Therapeutics, Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $134M 33 trades by 8 insiders · 100% under pre-set plans
Net ▼ $134M net selling
Insider Date Trade Shares Price Value
Jacobson Mark L. Chief Operating Officer September 3, 2026 Sell pre-set plan 10,000 $208.65 $2.1M
Tabuteau Herriot Chief Executive Officer August 6, 2026 Sell pre-set plan 4,660 $213.95 $997,007
Tabuteau Herriot Chief Executive Officer August 5, 2026 Sell pre-set plan 45,004 $212.01 $9.5M
Tabuteau Herriot Chief Executive Officer July 1, 2026 Sell pre-set plan 49,666 $240.25 $11.9M
Jeffs Roger Director June 11, 2026 Sell pre-set plan 286 $249.12 $71,248
Coleman Mark Director June 10, 2026 Sell pre-set plan 643 $249.00 $160,107
Mahony Susan Director June 10, 2026 Sell pre-set plan 300 $246.18 $73,854
Jeffs Roger Director June 10, 2026 Sell pre-set plan 286 $246.18 $70,407
Pizzie Nick Chief Financial Officer June 9, 2026 Sell pre-set plan 33,000 $240.09 $7.9M
Tabuteau Herriot Chief Executive Officer June 9, 2026 Sell pre-set plan 49,670 $241.01 $12M
Mahony Susan Director June 9, 2026 Sell pre-set plan 300 $237.21 $71,163
Coleman Mark Director June 2, 2026 Sell pre-set plan 5,537 $223.39 $1.2M

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 1 trade and filings

No trades in Axsome Therapeutics, Inc. disclosed in the last 12 months; 1 earlier trade on record.

  • Chris Jacobs(R-NY 27):Purchase, $15,001 - $50,000, traded June 16, 2022, filed July 28, 2022

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 21, 2027 estimated from the company's past filing pattern, not announced

  • November 2, 2026
  • August 10, 2026
  • May 4, 2026
  • February 23, 2026
  • January 12, 2026
  • November 3, 2025

Recent SEC filings

Data status

When each part of this page on Axsome Therapeutics, 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.

Axsome Therapeutics, Inc. in brief

What does Axsome Therapeutics, Inc. do?
Axsome Therapeutics, Inc. is a US-listed company in the pharmaceuticals industry. Its financial year ends in December.
What is Axsome Therapeutics, Inc.'s stock ticker?
Axsome Therapeutics, Inc. trades under the ticker AXSM on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Axsome Therapeutics, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Axsome Therapeutics, Inc. reported revenue of $865M, 54.2% higher than a year earlier, according to its SEC filings.
What is Axsome Therapeutics, Inc.'s free cash flow?
Axsome Therapeutics, Inc.'s free-cash-flow margin is -9.5% of revenue over the trailing twelve months, ranking 54 of the 74 pharmaceuticals companies we cover.
Who are Axsome Therapeutics, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Portfolio Management LLC and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Axsome Therapeutics, Inc.'s market cap?
On November 2, 2026, Axsome Therapeutics, Inc.'s market capitalisation was about $7B and net debt of -$126M. Market figures come from third-party market data and may be delayed.
How much debt does Axsome Therapeutics, Inc. have?
Axsome Therapeutics, Inc.'s debt-to-equity ratio is 178.4%, from its latest balance sheet (335.5% five years earlier). The financial health section below sets out its other solvency checks.
Who are Axsome Therapeutics, Inc.'s competitors?
In our Pharmaceuticals peer group, the companies closest to Axsome Therapeutics, Inc. are Supernus Pharmaceuticals, Inc., Corcept Therapeutics Inc, Harmony Biosciences Holdings, Inc., ANI Pharmaceuticals Inc and Pacira Biosciences, Inc. The side-by-side comparison below sets their revenue, margins and growth against Axsome Therapeutics, Inc.'s.
Are insiders buying or selling Axsome Therapeutics, Inc. stock?
Over the last 12 months, Axsome Therapeutics, Inc.'s directors and officers reported 0 open-market purchases and 33 sales on Form 4. The insider trading page charts every trade.
When is Axsome Therapeutics, Inc.'s next earnings date?
Around January 21, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Axsome Therapeutics, Inc. announces its own schedule.