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AXSMAxsome Therapeutics, Inc.
$193.45$10.0B
Overview & Tools
OverviewChart Terminal ↗Visualize
Valuation & Forecasts
Valuation ModelsEstimatesDCF Model
Price & Analyst Data
Analyst TargetsPrice History
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Income StatementBalance SheetCash FlowRatios & Margins
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AXSM logo

Axsome Therapeutics, Inc.

AXSM
NASDAQ · Biotechnology
$193.45
At close - Sep 23, 4:00 PM EDT - USD
Market Cap$9.95B
P/E-52.6x
52W High$260.19
Volume912.9K
OverviewTerminalAnalysisFinancialsValuationEarningsBreakoutsOwnership
VCP Research Verdict2026Q2

Auvelity Ramp Drives Revenue Growth Amid Persistent Cash Burn

Axsome's accelerating revenue growth, up 45.5% year-over-year to $218.4M in Q2 2026, is driven by Auvelity's commercial success, yet the company remains deeply unprofitable with a -22.7% operating margin and negative free cash flow of -$32.8M. The balance shee...

GrowthAccelerating
ProfitabilityWeak
ValuationReview
TechnicalsWeak
Explore valuation models
MARKET ACTION

AXSM price & volume

Price trend, volume and key moving averages

Launch Terminal
Loading chart...
Decision Checklist4 Core Signals

What matters now

The signals most likely to change the investment case.

01

Earnings momentum

4/12 Beats

EPS beat 4 of last 12 quarters

02

Valuation risk

-327% Peers

P/E is 327% below peer median

03

Market leadership

RS 63 · Avg

Average momentum (RS Rating: 63)

04

Weak Trend

Below 200DMA

Price < 200DMA

Next CatalystEstimated earnings · Nov 10
01

Build the investment case

Start with the evidence for owning the stock and the risks that can break the thesis.

EXECUTIVE THESIS

The Investment Case

Full Analysis
Fundamental Trajectory

Revenue surged 45.5% year-over-year to $218.4M in Q2 2026 with gross margin expanding to 93.8%, but operating margin remained deeply negative at -22.7% due to SG&A of $208.1M nearly matching revenue.

Analyst Consensus+46.0% target
Buy(26 analysts)
25 Buy1 Hold0 Sell

The Bull Case

Upside Catalysts

Stock Analysis Availability

Comprehensive stock analysis, price targets, and earnings estimates are available for informed investment decisions.

Financial Overview

Detailed stock quotes, historical data, and vital information are accessible for trading and investing strategies.

Market Performance Tracking

Real-time stock prices and financial overviews enable investors to monitor performance closely.

The Bear Case

Key Downside Risks

Market performance

Price History →

Trailing total returns as of 9/24/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).

YTD Return
AXSM+8.26%
S&P 500 (^GSPC)+12.39%
1-Year Return
AXSM+63.68%
S&P 500 (^GSPC)+15.77%
3-Year Return
AXSM+173.50%
S&P 500 (^GSPC)+75.48%
5-Year Return
AXSM+486.92%
S&P 500 (^GSPC)+49.30%
02

Test the fundamentals

Check whether operating performance supports the current valuation.

VALUATION & INTRINSIC VALUE

Valuation Scenarios

Valuation Analysis
Trailing P/E
-52.6x
Forward P/E
N/A
EV/EBITDA
N/A
FCF YieldCash Flow
N/A

Valuation vs 5-Year History

Multiple Range
Metric
Current
5Y Median
Historical Range
Percentile
P/E
-52.6x
N/A
N/A
EV/EBITDA
N/A
N/A
N/A
Price/FCF
N/A
N/A
N/A
Current Multiple
5Y Median (50th %ile)

Intrinsic Value Scenarios

DCF Projection
Bear$10.45-94.6%
Base (Fair)$196.56-5.4%
Bull$16.76-91.3%
$10.45 Bear$196.56 Base$16.76 Bull
Current Market Price: $193.45
Trades at a 1.6% discount to Base DCF ($196.56)
Open DCF & Valuation Models →Chart Terminal ↗

Growth & profitability

Annual revenue & EPS trend
Revenue
$638M+65.5% YoY
Net income
-$183M+36.2% YoY
Free cash flow
-$94M+27.0% YoY
Operating margin
-26.5%+46.2 pts YoY
ROIC (TTM)-1906.7%
Avg ROIC 5Y-
ROE (TTM)-252.1%
Piotroski Score4 / 9
Financial Statements →
03

Monitor what changed

Recent results and news deserve attention only when they alter the forward view.

OPERATING RESULTS

Recent Earnings

Earnings History
EPS Beat Rate4/12 (33%)
Revenue Beat Rate8/12 (67%)
QuarterEPS (Act vs Est)Revenue (Act vs Est)
Q3 2026Latest
Aug 10, 2026
-$0.99-11.0%
vs -$0.89
$216M-2.2%
vs $221M
Q2 2026
May 4, 2026
-$1.26-48.2%
vs -$0.85
$189M-0.8%
vs $191M
Q1 2026
Feb 23, 2026
-$0.71-1.4%
vs -$0.70
$195M+0.7%
vs $193M
Q4 2025
Nov 3, 2025
-$0.94-14.6%
vs -$0.82
$171M-10.6%
vs $191M
Historical baseline: 12 quarters analyzedGAAP / Adjusted
MARKET COVERAGE

Latest News

5 Stories
GlobeNewsWire·2d ago
Axsome Therapeutics Announces Results of the Shared Goals Survey of Caregivers of Patients with Alzheimer's Disease Agitation Presented at Psych Congress 2026 in Connection with World Alzheimer's Day

The Shared Goals: Navigating Alzheimer's Agitation survey finds that Alzheimer's disease agitation is often only recognized after daily life is significantly disrupted Ninety-seven percent of care partners reported that agitation negatively impacted their loved one's quality of life, and three in four wish they had recognized symptoms sooner Results from the survey were recently presented at Psych Congress 2026 in New Orleans, Louisiana Survey conducted by The Harris Poll and in collaboration with CaringKind NEW YORK, Sept. 21, 2026 (GLOBE NEWSWIRE) -- Axsome Therapeutics Inc. (NASDAQ: AXSM), a biopharmaceutical company leading a new era in the treatment of central nervous system (CNS) disorders, today, in connection with World Alzheimer's Day, announced results of the Shared Goals: Navigating Alzheimer's Agitation survey that highlight the profound impact that symptoms of agitation can have on people with Alzheimer's disease and their family care partners.

Defense World·3d ago
Axsome Sees AUVELITY Prescriptions Accelerate as Alzheimer’s Launch Gains Traction

Axsome Therapeutics (NASDAQ: AXSM) executives said the company is seeing accelerating prescription growth for AUVELITY following its sales-force expansion and the recent launch of the drug in Alzheimer's disease agitation, while management expects operating expenses to remain relatively stable in the second half of the year. Speaking at Morgan Stanley's Global Healthcare Conference, Chief Financial Officer

Defense World·4d ago
Axsome Therapeutics Highlights Auvelity Growth, Pipeline Progress at H.C. Wainwright Conference

Axsome Therapeutics (NASDAQ: AXSM) executives highlighted growth across its commercial portfolio, an expanded sales force and multiple late-stage clinical programs during the H.C. Wainwright 28th Annual Global Investment Conference. Chief Operating Officer Mark Jacobson said the company has three marketed products: Auvelity for major depressive disorder and Alzheimer's disease agitation; Sunosi for excessive daytime sleepiness associated

MarketBeat·4d ago
Axsome Sees AUVELITY Prescriptions Accelerate as Alzheimer's Launch Gains Traction

Axsome Therapeutics NASDAQ: AXSM executives said the company is seeing accelerating prescription growth for AUVELITY following its sales-force expansion and the recent launch of the drug in Alzheimer's disease agitation, while management expects operating expenses to remain relatively stable in the second half of the year.

Filtered for Axsome Therapeutics, Inc.More Headlines
04

Compare before deciding

Benchmark AXSM against direct peers instead of judging its metrics in isolation.

Peers Comparison

Key metrics vs top competitors for Axsome Therapeutics, Inc. (AXSM)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
AXSM logoAXSMAxsome Therapeutics, Inc.Current
$193.45$9.95B-52.5765.55%-28.69%-252.11%—
INVA logoINVAInnoviva, Inc.
$20.24$1.49B6.1318.52%80.56%30.03%—
SUPN logoSUPNSupernus Pharmaceuticals, Inc.
$43.39$2.52B-63.818.63%-13.23%-10.42%—
ACAD logoACADACADIA Pharmaceuticals Inc.
$25.43$4.35B11.1011.87%33.42%32.39%—
INTR logoINTRInter & Co, Inc.
$5.24$2.31B9.3631.26%15.79%14.95%—
PRAX logoPRAXPraxis Precision Medicines, Inc.
$282.12$7.87B-20.93-100%—-34.15%—

Compare AXSM vs Peers

Axsome Therapeutics, Inc. (AXSM) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs INVA

Most directly comparable listed peer for AXSM.

Scale Benchmark

vs MCK

Larger-name benchmark to compare AXSM against a more recognizable public peer.

Peer Set

Compare Top 5

vs INVA, SUPN, ACAD, INTR

05

Keep researching

Verify the primary filings, follow material updates, and answer the remaining questions.

AXSM SEC Filings & Documents

Axsome Therapeutics, Inc. (AXSM) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Aug 10, 2026·SEC

Material company update

Jul 15, 2026·SEC

Material company update

Jun 9, 2026·SEC

10-K Annual Reports

2
FY 2026

Feb 23, 2026·SEC

FY 2025

Feb 18, 2025·SEC

10-Q Quarterly Reports

6
FY 2026

Aug 10, 2026·SEC

FY 2026

May 4, 2026·SEC

FY 2025

Nov 3, 2025·SEC

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AXSM Frequently Asked Questions

Axsome Therapeutics, Inc. (AXSM) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials
What is Axsome Therapeutics, Inc.'s revenue?

Axsome Therapeutics, Inc. (AXSM) reported $776.6M in revenue for fiscal year 2025.

How fast is Axsome Therapeutics, Inc. growing?

Axsome Therapeutics, Inc. (AXSM) grew revenue by 65.5% over the past year. This is strong growth.

Is AXSM profitable?

Axsome Therapeutics, Inc. (AXSM) reported a net loss of $191.6M for fiscal year 2025.

Dividend & Returns
What is AXSM's return on equity?

Axsome Therapeutics, Inc. (AXSM) has a return on equity (ROE) of -252.1%. Negative ROE indicates the company is unprofitable.

What is Axsome Therapeutics, Inc.'s free cash flow?

Axsome Therapeutics, Inc. (AXSM) had negative free cash flow of $71.4M in fiscal year 2025, likely due to heavy capital investments.

What if you invested $1,000 in AXSM back in 2013?

Total return calculator · dividends reinvested · 13+ years of data

See returns →