IXHL
Incannex Healthcare Limited
Drug Manufacturers - Specialty & Generic
Market Cap$165M
5Y Perf.-98.3%
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Stock Comparison
IXHL vs MNMD
Revenue, margins, valuation, and 5-year total return — side by side.
MNMD
Mind Medicine (MindMed) Inc.
Biotechnology
Market Cap$2.04B
5Y Perf.+13.6%
IXHL vs MNMD — Key Financials
Market cap, revenue, margins, and valuation side-by-side.
| Company Snapshot | IXHL | MNMD |
|---|---|---|
| Industry | Drug Manufacturers - Specialty & Generic | Biotechnology |
| Market Cap | $165M | $2.04B |
| Revenue (TTM) | $104K | $0.00 |
| Net Income (TTM) | $-62M | $-238M |
| Gross Margin | 100.0% | — |
| Operating Margin | -451.1% | — |
| Total Debt | $258K | $0.00 |
| Cash & Equiv. | $15M | $258M |
IXHL vs MNMD — Long-Term Stock Performance
Price return indexed to 100 at period start. Dividends excluded.
IXHL
MNMD
| Stock | Mar 22 | May 26 | Return |
|---|---|---|---|
| Incannex Healthcare… (IXHL) | 100 | 1.7 | -98.3% |
| Mind Medicine (Mind… (MNMD) | 100 | 113.6 | +13.6% |
Price return only. Dividends and distributions are not included.
Quick Verdict: IXHL vs MNMD
Each card shows where this stock fits in a portfolio — not just who wins on paper.
Bottom line: MNMD leads in 3 of 6 categories, making it the strongest pick for profitability and margin quality and recent price momentum and sentiment. Incannex Healthcare Limited is the stronger pick specifically for growth and revenue expansion and capital preservation and lower volatility. As sector peers, any of these can serve as alternatives in the same allocation.
IXHL
Incannex Healthcare Limited
The Income Pick
IXHL is the clearest fit if your priority is income & stability and growth exposure.
- beta 1.65
- Rev growth 378.7%, EPS growth -10.9%
- Lower volatility, beta 1.65, Low D/E 1.9%, current ratio 2.86x
Best for: income & stability and growth exposure
MNMD
Mind Medicine (MindMed) Inc.
The Long-Run Compounder
MNMD carries the broadest edge in this set and is the clearest fit for long-term compounding.
- 5.1% 10Y total return vs IXHL's -98.9%
- 1.2% margin vs IXHL's -600.6%
- +214.0% vs IXHL's +32.2%
Best for: long-term compounding
See the full category breakdown
| Category | Winner | Why |
|---|---|---|
| Growth | IXHL | 378.7% revenue growth vs MNMD's -96.9% |
| Quality / Margins | MNMD | 1.2% margin vs IXHL's -600.6% |
| Stability / Safety | IXHL | Beta 1.65 vs MNMD's 1.68 |
| Dividends | Tie | Neither stock pays a meaningful dividend |
| Momentum (1Y) | MNMD | +214.0% vs IXHL's +32.2% |
| Efficiency (ROA) | MNMD | -70.7% ROA vs IXHL's -305.4%, ROIC -389.5% vs -8.2% |
IXHL vs MNMD — Financial Metrics
Side-by-side numbers across 2 stocks — who leads on profitability, valuation, growth, and risk.
BEST OVERALLMNMDLAGGINGIXHL
IXHLIncannex Healthcare L…
1leads
MNMDMind Medicine (MindMe…
3leads
6 Total Categories
CATEGORYLEADERvs IXHLMETRICS WON
Income & Cash FlowRevenue, margins, and cash flow strength
IXHL1/1
Valuation MetricsMultiples, price ratios, and targets
MNMD2/2
Profitability & EfficiencyROE, ROIC, leverage, and quality scores
MNMD7/8
Total Returns1Y, 3Y, 5Y total returns with dividends
MNMD6/6
Risk & VolatilityBeta, volatility, and downside exposure
Tied
—
Analyst OutlookRatings, price targets, and dividends
—
—
Income & Cash Flow (Last 12 Months)
IXHL leads this category, winning 1 of 1 comparable metric.
Income & Cash Flow (Last 12 Months)
IXHL and MNMD operate at a comparable scale, with $103,965 and $0 in trailing revenue.
| Metric | IXHLIncannex Healthca… | MNMDMind Medicine (Mi… |
|---|---|---|
| RevenueTrailing 12 months | $103,965 | $0 |
| EBITDAEarnings before interest/tax | -$47M | -$191M |
| Net IncomeAfter-tax profit | -$62M | -$238M |
| Free Cash FlowCash after capex | -$15M | -$174M |
| Gross MarginGross profit ÷ Revenue | +100.0% | — |
| Operating MarginEBIT ÷ Revenue | -451.1% | — |
| Net MarginNet income ÷ Revenue | -600.6% | — |
| FCF MarginFCF ÷ Revenue | -141.6% | — |
| Rev. Growth (YoY)Latest quarter vs prior year | +2.7% | — |
| EPS Growth (YoY)Latest quarter vs prior year | +47.4% | -163.0% |
IXHL leads this category, winning 1 of 1 comparable metric.
Valuation Metrics
MNMD leads this category, winning 2 of 2 comparable metrics.
Valuation Metrics
| Metric | IXHLIncannex Healthca… | MNMDMind Medicine (Mi… |
|---|---|---|
| Market CapShares × price | $165M | $2.0B |
| Enterprise ValueMkt cap + debt − cash | $151M | $1.8B |
| Trailing P/EPrice ÷ TTM EPS | -3.53x | -10.04x |
| Forward P/EPrice ÷ next-FY EPS est. | — | — |
| PEG RatioP/E ÷ EPS growth rate | — | — |
| EV / EBITDAEnterprise value multiple | — | — |
| Price / SalesMarket cap ÷ Revenue | 1923.03x | — |
| Price / BookPrice ÷ Book value/share | 12.35x | 5.56x |
| Price / FCFMarket cap ÷ FCF | — | — |
MNMD leads this category, winning 2 of 2 comparable metrics.
Profitability & Efficiency
MNMD leads this category, winning 7 of 8 comparable metrics.
Profitability & Efficiency
MNMD delivers a -102.5% return on equity — every $100 of shareholder capital generates $-102 in annual profit, vs $-5 for IXHL. On the Piotroski fundamental quality scale (0–9), IXHL scores 4/9 vs MNMD's 3/9, reflecting mixed financial health.
| Metric | IXHLIncannex Healthca… | MNMDMind Medicine (Mi… |
|---|---|---|
| ROE (TTM)Return on equity | -4.7% | -102.5% |
| ROA (TTM)Return on assets | -3.1% | -70.7% |
| ROICReturn on invested capital | -8.2% | -3.9% |
| ROCEReturn on capital employed | -191.2% | -52.2% |
| Piotroski ScoreFundamental quality 0–9 | 4 | 3 |
| Debt / EquityFinancial leverage | 0.02x | — |
| Net DebtTotal debt minus cash | -$15M | -$258M |
| Cash & Equiv.Liquid assets | $15M | $258M |
| Total DebtShort + long-term debt | $258,000 | $0 |
| Interest CoverageEBIT ÷ Interest expense | -160.97x | -21.81x |
MNMD leads this category, winning 7 of 8 comparable metrics.
Total Returns (Dividends Reinvested)
MNMD leads this category, winning 6 of 6 comparable metrics.
Total Returns (Dividends Reinvested)
A $10,000 investment in MNMD five years ago would be worth $4,205 today (with dividends reinvested), compared to $108 for IXHL. Over the past 12 months, MNMD leads with a +214.0% total return vs IXHL's +32.2%. The 3-year compound annual growth rate (CAGR) favors MNMD at 82.7% vs IXHL's -56.4% — a key indicator of consistent wealth creation.
| Metric | IXHLIncannex Healthca… | MNMDMind Medicine (Mi… |
|---|---|---|
| YTD ReturnYear-to-date | -59.0% | +51.7% |
| 1-Year ReturnPast 12 months | +32.2% | +214.0% |
| 3-Year ReturnCumulative with dividends | -91.7% | +510.3% |
| 5-Year ReturnCumulative with dividends | -98.9% | -57.9% |
| 10-Year ReturnCumulative with dividends | -98.9% | +512.1% |
| CAGR (3Y)Annualised 3-year return | -56.4% | +82.7% |
MNMD leads this category, winning 6 of 6 comparable metrics.
Risk & Volatility
Evenly matched — IXHL and MNMD each lead in 1 of 2 comparable metrics.
Risk & Volatility
IXHL is the less volatile stock with a 1.65 beta — it tends to amplify market swings less than MNMD's 1.68 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. MNMD currently trades 98.1% from its 52-week high vs IXHL's 9.6% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | IXHLIncannex Healthca… | MNMDMind Medicine (Mi… |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 1.65x | 1.68x |
| 52-Week HighHighest price in past year | $49.80 | $21.09 |
| 52-Week LowLowest price in past year | $0.34 | $6.03 |
| % of 52W HighCurrent price vs 52-week peak | +9.6% | +98.1% |
| RSI (14)Momentum oscillator 0–100 | 67.0 | 64.9 |
| Avg Volume (50D)Average daily shares traded | 590K | 792K |
Evenly matched — IXHL and MNMD each lead in 1 of 2 comparable metrics.
Analyst Outlook
Insufficient data to determine a leader in this category.
Analyst Outlook
| Metric | IXHLIncannex Healthca… | MNMDMind Medicine (Mi… |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | — | Buy |
| Price TargetConsensus 12-month target | — | $20.00 |
| # AnalystsCovering analysts | — | 1 |
| Dividend YieldAnnual dividend ÷ price | — | — |
| Dividend StreakConsecutive years of raises | — | — |
| Dividend / ShareAnnual DPS | — | — |
| Buyback YieldShare repurchases ÷ mkt cap | 0.0% | 0.0% |
Insufficient data to determine a leader in this category.
Key Takeaway
MNMD leads in 3 of 6 categories (Valuation Metrics, Profitability & Efficiency). IXHL leads in 1 (Income & Cash Flow). 1 tied.
Best OverallMind Medicine (MindMed) Inc. (MNMD)Leads 3 of 6 categories
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IXHL vs MNMD: Frequently Asked Questions
8 questions · data-driven answers · updated daily
01Is IXHL or MNMD a better buy right now?
Analysts rate Mind Medicine (MindMed) Inc.
(MNMD) a "Buy" — based on 1 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which is the better long-term investment — IXHL or MNMD?
Over the past 5 years, Mind Medicine (MindMed) Inc.
(MNMD) delivered a total return of -57. 9%, compared to -98. 9% for Incannex Healthcare Limited (IXHL). Over 10 years, the gap is even starker: MNMD returned +512. 1% versus IXHL's -98. 9%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
03Which is safer — IXHL or MNMD?
By beta (market sensitivity over 5 years), Incannex Healthcare Limited (IXHL) is the lower-risk stock at 1.
65β versus Mind Medicine (MindMed) Inc. 's 1. 68β — meaning MNMD is approximately 2% more volatile than IXHL relative to the S&P 500.
04Which is growing faster — IXHL or MNMD?
On earnings-per-share growth, the picture is similar: Incannex Healthcare Limited grew EPS -1093.
0% year-over-year, compared to -1273. 3% for Mind Medicine (MindMed) Inc.. Higher growth typically commands a higher valuation multiple — check whether the premium P/E or P/S is justified by the growth rate using the PEG ratio.
05Which has better profit margins — IXHL or MNMD?
Mind Medicine (MindMed) Inc.
(MNMD) is the more profitable company, earning 0. 0% net margin versus -545. 2% for Incannex Healthcare Limited — meaning it keeps 0. 0% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: MNMD leads at 0. 0% versus -276. 6% for IXHL. At the gross margin level — before operating expenses — IXHL leads at 100. 0%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
06Which pays a better dividend — IXHL or MNMD?
None of the stocks in this comparison currently pay a material dividend.
All are effectively zero-yield and should be held for capital appreciation rather than income.
07Is IXHL or MNMD better for a retirement portfolio?
For long-horizon retirement investors, Mind Medicine (MindMed) Inc.
(MNMD) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (+512. 1% 10Y return). Incannex Healthcare Limited (IXHL) carries a higher beta of 1. 65 — meaning larger drawdowns in market downturns, which matters significantly when you cannot wait years for a recovery. Both have compounded well over 10 years (MNMD: +512. 1%, IXHL: -98. 9%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
08What are the main differences between IXHL and MNMD?
Both stocks operate in the Healthcare sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both.
In terms of investment character: IXHL is a small-cap high-growth stock; MNMD is a small-cap quality compounder stock. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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