COMPUGEN LTD financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data COMPUGEN LTD files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	0.71		17.8		2	6	7.5	33.5	27.9	72.8
Cost of revenue	0.22		1.03		0.06	0.68	0.98	2	7.93	9.25
Gross profit	0.49		16.8		1.94	5.32	6.53	31.5	19.9	63.5
Research and development	24.5	28.6	30.3	19.8	22.8	28.7	30.6	34.5	24.8	22.8
Selling and marketing	0	0	0.31	0	0
General and administrative	7.35	7.63	8.04	8.41	9.81	10.9	10.3	9.73	9.44	8.89
Operating expenses	33.1	37.4	40	28.9	33.4	40.4	41.9	44.4	34.8	32.2
Operating income	-32.6	-37.4	-23.2	-28.9	-31.5	-35.1	-35.4	-13	-14.9	31.3
Interest expense	0.02	0.02	0.02	0.03	0.04	0.03	0.03	0.03	0.03	0.03
Interest income	0.73	0.52	0.64	0.94	1.77	0.89	1.44	2.96	3.49	3.91
Pre-tax income	-31.5	-37.1	-22.6	-28.1	-29.7	-34.2	-33.6	-9.78	-9.71	35.4
Income tax	0.02			-0.72	0	0	0.06	8.97	4.52	0.05
Net income	-31.5	-37.1	-22.6	-27.3	-29.7	-34.2	-33.7	-18.8	-14.2	35.3
EBITDA	-31.1	-35.8	-21.8	-27.9	-30.8	-34.6	-34.9	-12.5	-14.4	31.8
EPS, basic	-0.62	-0.72	-0.41	-0.43	-0.37	-0.41	-0.39	-0.21	-0.16	0.38
EPS, diluted	-0.62	-0.72	-0.41	-0.43	-0.37	-0.41	-0.39	-0.21	-0.16	0.38
Shares, basic (weighted)	50.9	51.2	55.3	63.6	79.6	84.2	86.6	87.6	89.5	93.4
Shares, diluted (weighted)	50.9	51.2	55.3	63.6	79.6	84.2	86.6	87.6	89.5	93.8

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	9.71	25.5	5.86	9.19	7.14	7.8	11.1	13.9	18.2	90.6
Short-term investments							0	11.7	23.6	9.28
Receivables					2		0	61	0
Other current assets	1.15	0.74	0.06	0.31	0.12	0.13	0.23	0.23	0.14	0.14
Total current assets	62.7	31.2	46.6	45	129	123	86.1	115	106	148
Property, plant and equipment	5.97	4.65	3.37	2.34	1.71	1.66	1.53	1.22	0.85	0.68
Lease right-of-use assets				3.25	2.77	2.25	1.83	1.33	2.84	2.52
Total assets	71.1	38.7	53.2	53.8	138	132	94.2	121	115	157
Accounts payable	1.27	3.45	2.95	1.09	1.41	4.62	1.77	3.5	1.84	2.35
Accrued liabilities	2.07	1.67	2.5	2.65	2.88	3.3	2.81	7.86	5.17	5.68
Deferred revenue							0	11.1	9.63	11
Total current liabilities	4.74	6.19	9.99	6.82	10.5	17.1	11.9	26.3	20.2	22.6
Lease liabilities				2.98	2.53	1.98	1.31	0.72	2.46	2.44
Total liabilities	7.62	9.45	15.9	15.4	18.5	25.5	16.5	55.8	60.1	53.8
Paid-in capital	334	337	368	396	507	529	533	540	543	556
Retained earnings	-271	-308	-331	-358	-388	-422	-456	-475	-489	-453
Other comprehensive income	0.01	0.02					0	0	0.01	0.01
Shareholders' equity	63.5	29.3	37.2	38.3	120	107	77.7	65.6	54.9	103
Total equity	63.5	29.3	37.2	38.3	120	107	77.7	65.6	54.9	103
Total liabilities and equity	71.1	38.7	53.2	53.8	138	132	94.2	121	115	157
Shares outstanding	51.1	51.3	59.8	67.9	83.7	86.4	86.6	89.2	89.5	94.6

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-31.5	-37.1	-22.6	-27.3	-29.7	-34.2	-33.7	-18.8	-14.2	35.3
Depreciation and amortization	1.48	1.59	1.39	0.99	0.72	0.46	0.48	0.48	0.49	0.48
Stock-based compensation	3.08	2.63	2.17	2.41	2.77	4.28	4.33	3.55	3.02	1.88
Change in receivables	0.21	0.42	-0.18	-0.14	-1.61	-2.8	3.04	-0.11	-0.21	0.36
Change in payables	-0.61	1.56	2.69	-3.5	3.82	3.37	-1.6	3.51	-4.41
Cash from operations	-19.8	-30.7	-13.3	-27.9	-28.3	-22.7	-34.1	-35.9	49.6	31.6
Capital expenditures	-2.6	-0.39	-0.16	-0.16	-0.17	-0.29	-0.48	-0.17	-0.12	-0.31
Purchases of investments	-50.6	-24.9	-62.4	-54.3	-152	-130	-76.9	-21.6	-63.5	-35.5
Sales and maturities of investments	69	71.6	27.4	59.4	70.3	137	114	10.1	53.2	50.3
Cash from investing	16.2	46.3	-35.2	5.33	-82.2	6.62	37.1	35.5	-46.3	30
Stock issued	2.46	0.2	27.7	22.8	74.1	15	0	3.08	0.54	10.5
Cash from financing	2.46	0.2	28.4	25.9	108	16.8	0.35	3.08	0.55	10.6
Exchange rate effect						-0.06	-0.39	0.13	0.07	0.14
Net change in cash	-1.15	15.8	-20.1	3.37	-2.03	0.7	2.91	2.83	3.97	72.4
Free cash flow	-22.4	-31	-13.4	-28	-28.5	-23	-34.6	-36.1	49.5	31.3
Interest paid	1.03
Income taxes paid	0.02							0.01	13.5	0.06

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $2.38 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	87.3%	Gross profit / revenue.
Operating margin	43.1%	Operating income / revenue.
EBITDA margin	43.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	48.6%	Pre-tax income / revenue.
Net margin	48.6%	Net income / revenue.
FCF margin	43.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	43.5%	Cash from operations / revenue.
Effective tax rate	0.2%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	44.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	26.0%	Net income / average total assets.
Return on invested capital (ROIC)	128.1%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	31.3%	Research and development expense / revenue.
Stock-based pay / revenue	2.6%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.4%	Capital expenditures / revenue.
D&A / revenue	0.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	161.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	113.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	105.2%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	218.6%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	113.5%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	100.9%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-36.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y	-36.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	87.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	9.8%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-3.0%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	36.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	18.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	2.5%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	4.8%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	2.7%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	3.3%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	6.56x	Current assets / current liabilities.
Quick ratio	4.43x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	4.43x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	34.4%	Total liabilities / total assets.
Interest coverage	1,119x	Operating income / interest expense.
Working capital	$125.5M	Current assets - current liabilities.
Tangible book value	$102.7M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.54x	Revenue / average total assets.
Fixed asset turnover	94.9x	Revenue / average property, plant and equipment.
Days payables	83 days	365 x average accounts payable / cost of revenue.
FCF conversion	88.6%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	1.0%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.38	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$0.38	Net income per basic share, as reported (split-adjusted).
Revenue per share	$0.78	Revenue / diluted weighted shares.
FCF per share	$0.33	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.34	Cash from operations / diluted weighted shares.
Book value per share	$1.09	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$1.09	Tangible book value / shares outstanding.
Cash per share	$1.06	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$225.1M	Share price x shares outstanding.
Enterprise value	$125.2M	Market cap + total debt - cash - short-term investments.
P/E	6.37x	Market cap / net income. Only when net income is positive.
P/S	3.09x	Market cap / revenue.
P/B	2.19x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	2.19x	Market cap / tangible book value, when positive.
P/FCF	7.19x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	7.12x	Market cap / cash from operations, when positive.
EV/Sales	1.72x	Enterprise value / revenue.
EV/EBIT	4.00x	Enterprise value / operating income, when both are positive.
EV/EBITDA	3.94x	Enterprise value / EBITDA, when both are positive.
EV/FCF	4.00x	Enterprise value / free cash flow, when both are positive.
FCF yield	13.9%	Free cash flow / market cap.
Earnings yield	15.7%	Net income / market cap (the inverse of P/E).

What was COMPUGEN LTD's revenue in fiscal 2025?

COMPUGEN LTD reported revenue of $72.8M for fiscal 2025, 161.1% higher than the year before.

Was COMPUGEN LTD profitable in fiscal 2025?

Yes. Net income was $35.3M, a net margin of 48.6%.

How much free cash flow did COMPUGEN LTD generate in fiscal 2025?

Cash from operations of $31.6M minus capital expenditures of $306.0K left free cash flow of $31.3M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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