Operating margins exhibit structural volatility, swinging from a negative 47.1% in 2022Q4 to a positive 83.2% in 2025Q4 due to the lumpy nature of milestone-based revenue recognition.
| Metric | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 |
|---|
| Sales/Revenue | 72.76M | 27.86M | 33.46M | 7.5M | 6M | 2M | 0 | 17.8M | 0 | 712K | 9.28M | 12.37M | 3.55M | 242K | -424K | 1.11M | 250K | 338K | 180K | 215K | 646K | 4.03M | 8.83M | 11.1M | 11.36M | 6.89M | 3.24M |
| Revenue Growth % | 161.14% | -16.72% | 346.12% | 25% | 200% | - | -100% | - | -100% | -92.33% | -24.99% | 248.46% | 1366.53% | 157.08% | -138.03% | 346% | -26.04% | 87.78% | -16.28% | -66.72% | -83.96% | -54.37% | -20.46% | -2.32% | 64.85% | 112.88% | - |
| Cost of Goods Sold | 9.25M | 7.93M | 2M | 975K | 680K | 60K | 989K | 1.03M | 1.59M | 223K | 1.63M | 3.34M | 2.51M | 201K | 424K | 224K | 0 | 7K | 0 | 6K | 148K | 1.1M | 2.27M | 2.82M | 3.46M | 478K | -769K |
| COGS % of Revenue | 12.71% | 28.46% | 5.99% | 13% | 11.33% | 3% | - | 5.81% | - | 31.32% | 17.6% | 27.04% | 70.7% | 83.06% | -100% | 20.09% | - | 2.07% | - | 2.79% | 22.91% | 27.32% | 25.78% | 25.4% | 30.41% | 6.94% | -23.76% |
| Gross Profit | 63.51M | 19.93M | 31.45M | 6.53M | 5.32M | 1.94M | -989K | 16.77M | -1.59M | 489K | 7.64M | 9.02M | 1.04M | 41K | -848K | 891K | 250K | 331K | 180K | 209K | 498K | 2.93M | 6.55M | 8.28M | 7.91M | 6.41M | 4.01M |
| Gross Margin % | 87.29% | 71.54% | 94.01% | 87% | 88.67% | 97% | - | 94.19% | - | 68.68% | 82.4% | 72.96% | 29.3% | 16.94% | 200% | 79.91% | 100% | 97.93% | 100% | 97.21% | 77.09% | 72.68% | 74.22% | 74.6% | 69.59% | 93.06% | 123.76% |
| Gross Profit Growth % | 218.62% | -36.63% | 382.07% | 22.65% | 174.23% | 296.16% | -105.9% | 1152.48% | -425.77% | -93.6% | -15.28% | 767.6% | 2436.59% | 104.83% | -195.17% | 256.4% | -24.47% | 83.89% | -13.88% | -58.03% | -82.99% | -55.32% | -20.86% | 4.72% | 23.27% | 60.08% | - |
| Operating Expenses | 32.19M | 34.83M | 44.45M | 41.9M | 40.39M | 33.44M | 28.88M | 39.99M | 37.41M | 33.07M | 28.56M | 21.36M | 18.08M | 13.58M | 11.98M | 8.77M | 7.88M | 13.24M | 12.64M | 14.2M | 15.38M | 18.5M | 20.77M | 23.32M | 26.92M | 21.35M | 12.85M |
| OpEx % of Revenue | 44.23% | 124.98% | 132.84% | 558.65% | 673.23% | 1671.8% | - | 224.68% | - | 4644.94% | 307.88% | 172.72% | 509.52% | 5612.81% | -2825.24% | 786.46% | 3151.6% | 3918.05% | 7022.22% | 6605.58% | 2380.19% | 459.5% | 235.29% | 210.16% | 237.01% | 309.78% | 397.1% |
| Selling, General & Admin | 9.43M | 10.02M | 9.97M | 11.25M | 11.7M | 10.68M | 9.06M | 9.68M | 8.82M | 8.52M | 7.32M | 6.29M | 5.81M | 4.14M | 5.2M | 3.54M | 2.83M | 4.5M | 4.25M | 4.39M | 4.91M | 6.19M | 7.46M | 9.15M | 10.95M | 9.18M | 4.32M |
| SG&A % of Revenue | 12.96% | 35.94% | 29.81% | 150.01% | 195% | 533.8% | - | 54.35% | - | 1197.05% | 78.87% | 50.83% | 163.65% | 1711.16% | -1226.65% | 317.67% | 1131.2% | 1330.77% | 2363.33% | 2042.79% | 759.29% | 153.61% | 84.53% | 82.47% | 96.37% | 133.19% | 133.4% |
| Research & Development | 22.76M | 24.81M | 34.47M | 30.65M | 28.69M | 22.76M | 19.82M | 30.32M | 28.58M | 24.55M | 21.25M | 15.07M | 12.28M | 9.44M | 6.78M | 5.23M | 5.05M | 8.74M | 8.39M | 9.81M | 10.47M | 12.32M | 13.31M | 14.17M | 15.98M | 12.17M | 6.68M |
| R&D % of Revenue | 31.28% | 89.04% | 103.03% | 408.64% | 478.23% | 1138% | - | 170.33% | - | 3447.89% | 229.01% | 121.89% | 345.87% | 3901.65% | -1598.58% | 468.79% | 2020.4% | 2587.28% | 4658.89% | 4562.79% | 1620.9% | 305.89% | 150.76% | 127.69% | 140.63% | 176.59% | 206.24% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 281K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.86M |
| Operating Income | 31.33M | -14.89M | -12.99M | -35.37M | -35.07M | -31.5M | -28.88M | -23.23M | -37.41M | -32.58M | -20.92M | -12.34M | -17.04M | -13.54M | -11.98M | -7.88M | -7.63M | -12.91M | -12.46M | -13.99M | -14.88M | -15.58M | -14.22M | -15.04M | -19.02M | -16.18M | -8.85M |
| Operating Margin % | 43.05% | -53.44% | -38.83% | -471.65% | -584.57% | -1574.8% | - | -130.49% | - | -4576.26% | -225.48% | -99.76% | -480.22% | -5595.87% | 2825.24% | -706.55% | -3051.6% | -3820.12% | -6922.22% | -6508.37% | -2303.1% | -386.81% | -161.07% | -135.57% | -167.42% | -234.74% | -273.34% |
| Operating Income Growth % | 310.37% | -14.62% | 63.27% | -0.86% | -11.36% | -9.06% | -24.33% | 37.9% | -14.8% | -55.77% | -69.56% | 27.61% | -25.85% | -13.05% | -52.06% | -3.26% | 40.92% | -3.63% | 10.96% | 5.95% | 4.49% | -9.57% | 5.5% | 20.9% | -17.58% | -82.82% | - |
| EBITDA | 31.8M | -14.4M | -12.52M | -34.89M | -34.61M | -30.78M | -27.89M | -21.83M | -35.81M | -31.1M | -19.81M | -11.68M | -16.67M | -13.24M | -11.8M | -7.68M | -7.37M | -12.44M | -11.83M | -13M | -12.49M | -13.81M | -11.54M | -12.15M | -14.74M | -11.18M | -6.99M |
| EBITDA Margin % | 43.7% | -51.7% | -37.41% | -465.23% | -576.88% | -1539.05% | - | -122.66% | - | -4367.84% | -213.56% | -94.44% | -469.79% | -5472.31% | 2783.02% | -688.52% | -2946% | -3678.99% | -6570.56% | -6045.12% | -1933.75% | -343.01% | -130.76% | -109.45% | -129.79% | -162.28% | -215.88% |
| EBITDA Growth % | 320.76% | -15.09% | 64.13% | -0.81% | -12.45% | -10.37% | -27.74% | 39.03% | -15.15% | -56.97% | -69.64% | 29.95% | -25.9% | -12.23% | -53.71% | -4.24% | 40.77% | -5.14% | 9% | -4.04% | 9.56% | -19.69% | 4.98% | 17.62% | -31.84% | -60.03% | - |
| D&A (Non-Cash Add-back) | 475K | 486K | 476K | 482K | 461K | 715K | 989K | 1.39M | 1.59M | 1.48M | 1.11M | 658K | 370K | 299K | 179K | 201K | 264K | 477K | 633K | 996K | 2.39M | 1.76M | 2.67M | 2.9M | 4.28M | 4.99M | 1.86M |
| EBIT | 35.4M | -9.68M | -9.75M | -33.61M | -34.18M | -29.66M | -28.03M | -23.23M | -37.05M | -32.58M | -20.92M | -12.34M | -17.04M | -13.54M | -11.99M | -7.88M | -7.63M | -12.91M | -12.46M | -13.99M | -14.88M | -15.58M | -14.22M | -15.04M | -19.02M | -14.93M | -8.85M |
| Net Interest Income | 4.41M | 5.2M | 3.21M | 1.41M | 869K | 1.72M | 903K | 620K | 15K | 705K | 755K | 330K | 141K | 240K | 0 | 241K | 65K | 348K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 4.41M | 5.24M | 3.24M | 1.44M | 894K | 1.76M | 935K | 643K | 523K | 728K | 815K | 346K | 169K | 301K | 0 | 0 | 0 | 502K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 34K | 31K | 27K | 25K | 42K | 32K | 620K | 508K | 705K | 755K | 330K | 141K | 240K | -306K | 241K | 65K | 154K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 4.07M | 5.18M | 3.21M | 1.74M | 871K | 1.8M | 820K | 628K | 339K | 1.1M | 1.15M | 1.76M | 3.46M | -86K | 0 | 675K | 3.79M | 401K | 1M | 1.94M | 900K | 1.85M | 2.77M | 2.84M | -348K | 1.3M | -18K |
| Pretax Income | 35.4M | -9.71M | -9.78M | -33.64M | -34.2M | -29.7M | -28.06M | -22.6M | -37.07M | -31.49M | -19.77M | -10.73M | -13.58M | -13.63M | -12M | -7.44M | -3.84M | -12.51M | -11.46M | -13.88M | -14.66M | -15.14M | -13.55M | -13.4M | -19.37M | -14.87M | -8.87M |
| Pretax Margin % | 48.65% | -34.84% | -29.24% | -448.48% | -570.05% | -1484.9% | - | -126.96% | - | -4422.19% | -213.14% | -86.8% | -382.73% | -5631.4% | 2831.13% | -667.62% | -1537.2% | -3701.48% | -6365.56% | -6457.67% | -2269.35% | -375.94% | -153.57% | -120.79% | -170.48% | -215.85% | -273.9% |
| Income Tax | 54K | 4.52M | 8.97M | 58K | 0 | 0 | -722K | 0 | 0 | 20K | 390K | 360K | 500K | 0 | 0 | -1.35M | 0 | -37K | 32K | -1.08M | -1.12M | -2.29M | -3.44M | -2.84M | -3.53M | -1.59M | -701K |
| Effective Tax Rate % | 0.15% | -46.58% | -91.68% | -0.17% | 0% | 0% | 2.57% | 0% | 0% | -0.06% | -1.97% | -3.35% | -3.68% | 0% | 0% | 18.14% | 0% | 0.3% | -0.28% | 7.79% | 7.63% | 15.15% | 25.35% | 21.19% | 18.21% | 10.69% | 7.91% |
| Net Income | 35.34M | -14.23M | -18.75M | -33.69M | -34.2M | -29.7M | -27.34M | -22.6M | -37.07M | -31.51M | -20.16M | -11.09M | -14.08M | -13.63M | -12M | -7.2M | -3.83M | -12.53M | -12.11M | -13.02M | -13.98M | -13.72M | -11.44M | -12.2M | -15.14M | -13.4M | -8.13M |
| Net Margin % | 48.57% | -51.07% | -56.05% | -449.25% | -570.05% | -1484.9% | - | -126.96% | - | -4425% | -217.34% | -89.71% | -396.82% | -5631.4% | 2831.13% | -646.01% | -1532.4% | -3706.21% | -6730% | -6055.81% | -2163.78% | -340.75% | -129.64% | -109.98% | -133.31% | -194.51% | -251.13% |
| Net Income Growth % | 348.35% | 24.12% | 44.34% | 1.49% | -15.17% | -8.64% | -20.97% | 39.03% | -17.65% | -56.26% | -81.75% | 21.22% | -3.34% | -13.53% | -66.65% | -88.02% | 69.42% | -3.41% | 6.96% | 6.85% | -1.87% | -19.93% | 6.24% | 19.41% | -12.98% | -64.89% | - |
| Net Income (Continuing) | 35.34M | -14.23M | -18.75M | -33.69M | -34.2M | -29.7M | -27.34M | -22.6M | -37.07M | -31.51M | -20.16M | -11.09M | -14.08M | -13.63M | -12M | -7.2M | -3.84M | -12.51M | -11.49M | -13.02M | -13.98M | -13.72M | -11.44M | -12.2M | -15.14M | -13.4M | -8.13M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.38 | -0.16 | -0.21 | -0.39 | -0.41 | -0.37 | -0.43 | -0.41 | -0.72 | -0.62 | -0.40 | -0.23 | -0.36 | -0.38 | -0.35 | -0.22 | -0.13 | -0.44 | -0.43 | -0.47 | -0.50 | -0.50 | -0.43 | -0.47 | -0.58 | -0.96 | -0.58 |
| EPS Growth % | 337.5% | 23.81% | 46.15% | 4.88% | -10.81% | 13.95% | -4.88% | 43.06% | -16.13% | -55% | -73.91% | 36.11% | 5.26% | -8.57% | -59.09% | -69.23% | 70.45% | -2.33% | 8.51% | 6% | 0% | -16.28% | 8.51% | 18.97% | 39.58% | -65.52% | - |
| EPS (Basic) | 0.38 | -0.16 | -0.21 | -0.39 | -0.41 | -0.37 | -0.43 | -0.41 | -0.72 | -0.62 | -0.40 | -0.23 | -0.36 | -0.38 | -0.35 | -0.22 | -0.13 | -0.44 | -0.43 | -0.47 | -0.50 | -0.50 | -0.43 | -0.47 | -0.58 | -0.96 | -0.58 |
| Diluted Shares Outstanding | 93.82M | 89.53M | 87.63M | 86.56M | 84.2M | 79.59M | 63.64M | 55.28M | 51.18M | 50.86M | 50.44M | 48.39M | 38.87M | 36.25M | 34.28M | 33.28M | 28.61M | 28.43M | 28.27M | 27.99M | 27.77M | 27.47M | 26.41M | 26.1M | 26.01M | 13.91M | 14.1M |
| Basic Shares Outstanding | 93.43M | 89.53M | 87.63M | 86.56M | 84.2M | 79.59M | 63.64M | 55.28M | 51.18M | 50.86M | 50.44M | 47.81M | 38.87M | 35.84M | 34.28M | 33.28M | 28.61M | 28.43M | 28.27M | 27.99M | 27.77M | 27.47M | 26.41M | 26.1M | 26.01M | 13.91M | 14.1M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Binary clinical milestone dependence
According to recent financial disclosures, Compugen's revenue trajectory is defined by sporadic, non-recurring milestone payments, evidenced by the $67.3M revenue spike in 2025Q4 compared to negligible figures in prior quarters, illustrating a business model entirely dependent on the successful execution of high-value pharmaceutical licensing agreements.
The absence of a consistent revenue CAGR highlights that the company does not operate with a traditional commercial sales cycle. Investors should interpret these revenue surges as validation of specific research programs rather than an indicator of sustainable, organic growth in the underlying business.
As reported in quarterly filings, Compugen's operating margins exhibit extreme volatility, swinging from a negative 47.1% in 2022Q4 to a positive 83.2% in 2025Q4, which reflects the immediate impact of milestone-based revenue recognition on a fixed-cost base that remains largely decoupled from clinical progress.
While the 94.7% gross margin in 2025Q4 suggests high profitability on intellectual property, this is a temporary artifact of accounting. The underlying cost structure remains heavily weighted toward R&D, meaning that margins will likely revert to negative territory once the current milestone payments are fully amortized.
Based on the provided income statement data, Compugen maintains a rigid R&D expenditure profile, consistently averaging between $5.5M and $8.3M per quarter, which demonstrates management's commitment to sustaining its discovery platform despite the inherent uncertainty surrounding the timing of future non-dilutive partnership inflows.
The stability of these costs suggests that the company is not scaling its operations in response to revenue, but rather maintaining a baseline level of research activity. This discipline is essential for survival, yet it implies that the company remains perpetually reliant on external capital or licensing events to fund its ongoing clinical pipeline.
Data from the most recent income statements suggests that Compugen's current profitability is an outlier, as the company's historical performance, including the $10.6M operating loss in 2023Q3, indicates that the business model is fundamentally designed to burn cash until a major clinical or licensing event occurs.
Short-term investors should be wary of extrapolating the 2025Q4 net income into future periods, as the lack of recurring revenue streams makes the current positive net margin unsustainable. The primary risk remains that the company may be forced to dilute shareholders if the next set of clinical milestones fails to materialize on schedule.
Quick answers to the most common questions about buying CGEN stock.
For fiscal year 2025, Compugen Ltd. (CGEN) reported total revenue of $72.8M. This represents a 2147.9% increase compared to $3.2M in 1999.
Compugen Ltd. (CGEN) is profitable, generating $35.3M in net income for the fiscal year ending 2025 with a net profit margin of 48.6%.
Compugen Ltd. (CGEN) reported an operating income of $31.3M, resulting in an operating profit margin of 43.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Compugen Ltd. (CGEN) generated $63.5M in gross profit for the year, representing a gross profit margin of 87.3%. This demonstrates the company's core pricing power and production efficiency.