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Incannex Healthcare Limited (IXHL) 10-Year Financial Performance & Capital Metrics

IXHL • • Industrial / General
HealthcareSpecialty & Generic PharmaCannabis & Hemp ProductsMedical Cannabis Producers
AboutIncannex Healthcare Limited engages in the research, development, and sale of medicinal cannabinoid products in Australia. It offers pharmaceutical grade cannabinoid products under the Incannex brand name. The company's products include IHL-42X, which is in Phase II clinical trials for obstructive sleep apnea; IHL-216A for traumatic brain injury; and IHL-675A, a combination of hydroxychloroquine and cannabidiol for the prevention and treatment of inflammatory lung conditions, such as acute respiratory distress syndrome, chronic obstructive pulmonary disease, asthma, and bronchitis, as well as rheumatoid arthritis and inflammatory bowel diseases. It has partnership with The Alfred Hospital and Novotech on IHL-42X clinical program for obstructive sleep apnea; and Monash Trauma Group at the Department of Neuroscience, Monash University to conduct a study on the protective effect of IHL-216A in sports concussion. The company was formerly known as Impression Healthcare Limited and changed its name to Incannex Healthcare Limited in June 2020. Incannex Healthcare Limited was incorporated in 2001 and is based in Sydney, Australia.Show more
  • Revenue $86K +378.7%
  • EBITDA -$24M +47.5%
  • Net Income -$47M -69.7%
  • EPS (Diluted) -1.36 -19.3%
  • Gross Margin 100%
  • EBITDA Margin -27375.58% +89.0%
  • Operating Margin -27661.63% +89.0%
  • Net Margin -54517.44% +64.6%
  • ROE -381.09% -120.9%
  • ROIC -822.2% +39.6%
  • Debt/Equity 0.02 -42.1%
  • Interest Coverage -78.51
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓Company is almost debt free
  • ✓Momentum leader: RS Rating 89 (top 11%)
  • ✓Trading at only 1.0x book value

✗Weaknesses

  • ✗Weak Piotroski F-Score: 3/9
  • ✗Negative free cash flow
  • ✗Low quality earnings: Net income not backed by cash flow
  • ✗Sales declining 27.0% over 5 years
  • ✗Shares diluted 100.0% in last year
  • ✗Trading more than 30% below 52-week high

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-
5Y-27.03%
3Y-
TTM-86.17%

Profit (Net Income) CAGR

10Y-
5Y-
3Y-
TTM-265.34%

EPS CAGR

10Y-
5Y-
3Y-
TTM-333.6%

ROCE

10Y Avg-1292.91%
5Y Avg-158.01%
3Y Avg-175.29%
Latest-191.15%

Peer Comparison

Medical Cannabis Producers
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Size & Scale
Valuation
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Sector-Specific
NameMarket CapCurrent PriceP/E RatioRevenue Growth 1YNet MarginROEFCF YieldDebt/Equity
ACBAurora Cannabis Inc.239.88M4.24148.7727.01%7.68%4.54%0.17
IXHLIncannex Healthcare Limited132.26M0.38-0.28378.7%-1671.96%-466.4%0.02
TLRYTilray Brands, Inc.1.13B9.71-0.294.84%-252.55%-136.55%0.22
IMCCIM Cannabis Corp.7.08M1.35-0.3010.71%-8.96%-109.13%5.73
AKANAkanda Corp.190.81K1.31-0.33-61.27%-12.14%-8.5%0.08
INCRInterCure Ltd.52M0.95-0.67-32.82%-28.38%-17.05%0.53
FLGCFlora Growth Corp.6.84M6.54-5.03-21.78%-32.14%-24.58%1.09

Profit & Loss

Jun 2016Jun 2017Jun 2018Jun 2019Jun 2020Jun 2021Jun 2022Jun 2023Jun 2024Jun 2025
Sales/Revenue+0216.74K743.58K825.33K415.63K1.43M0017.96K86K
Revenue Growth %--2.43%0.11%-0.5%2.43%-1%--3.79%
Cost of Goods Sold+0396.9K384.98K407.74K309.44K685.2K4.36K000
COGS % of Revenue-1.83%0.52%0.49%0.74%0.48%----
Gross Profit+0-180.17K358.59K417.58K106.19K740.54K-4.36K017.96K86K
Gross Margin %--0.83%0.48%0.51%0.26%0.52%--1%1%
Gross Profit Growth %--2.99%0.16%-0.75%5.97%-1.01%1%-3.79%
Operating Expenses+577.22K15.92M2.72M2.37M2.96M9.31M-4.36K13.64M44.99M23.88M
OpEx % of Revenue-73.47%3.66%2.87%7.11%6.53%--2504.42%277.62%
Selling, General & Admin383.57K2.11M2.68M1.83M1.51M5.77M7M7.92M25.56M13.13M
SG&A % of Revenue-9.71%3.61%2.21%3.62%4.05%--1422.58%152.65%
Research & Development000003.57M3.7M6.31M19.28M10.75M
R&D % of Revenue-----2.5%--1073.25%124.97%
Other Operating Expenses193.65K13.82M40.13K544.88K1.45M-28.18K-10.7M-595K154.2K0
Operating Income+-577.22K-16.1M-2.36M-1.95M-2.85M-8.57M-10.16M-13.64M-44.97M-23.79M
Operating Margin %--74.3%-3.18%-2.37%-6.85%-6.01%---2503.42%-276.62%
Operating Income Growth %0.7%-26.9%0.85%0.17%-0.46%-2.01%-0.19%-0.34%-2.3%0.47%
EBITDA+-599.81K-16.08M-2.32M-1.92M-2.81M-8.57M-10.16M-13.55M-44.82M-23.54M
EBITDA Margin %--74.19%-3.13%-2.33%-6.77%-6.01%---2494.83%-273.76%
EBITDA Growth %0.68%-25.81%0.86%0.17%-0.46%-2.05%-0.19%-0.33%-2.31%0.47%
D&A (Non-Cash Add-back)023.71K40.13K29.33K36.54K0088K154.2K246K
EBIT-599.81K-16.1M-2.35M-1.95M-2.85M-8.57M-10.16M-13.64M-27.86M-48.34M
Net Interest Income+-52.27K-31.03K-4.42K-58.43K3.12K2.01K4.31K241K308.4K-241K
Interest Income8.54K7.24K5.04K1.14K3.12K2.01K4.31K241K308.4K62K
Interest Expense60.81K38.27K9.46K59.57K00000303K
Other Income/Expense-83.41K-31.03K4.96K-57.17K149.22K28.74K-88.3K-35.17M17.38M-23.1M
Pretax Income+-660.63K-16.13M-2.36M-2.01M-2.7M-8.54M-10.25M-48.81M-27.59M-46.88M
Pretax Margin %--74.44%-3.17%-2.44%-6.5%-5.99%---1535.75%-545.17%
Income Tax+-68.73K-234.15K-193.4K-105.98K000044.91K0
Effective Tax Rate %0.9%0.99%0.92%0.95%1.2%1%1%1%1%1%
Net Income+-591.89K-15.9M-2.17M-1.9M-3.23M-8.54M-10.25M-48.81M-27.63M-46.88M
Net Margin %--73.36%-2.91%-2.31%-7.77%-5.99%---1538.25%-545.17%
Net Income Growth %0.7%-25.86%0.86%0.12%-0.7%-1.65%-0.2%-3.76%0.43%-0.7%
Net Income (Continuing)-591.89K-15.9M-2.17M-1.9M-2.7M-8.54M-10.25M-48.81M-27.63M-46.88M
Discontinued Operations0000-527.95K00000
Minority Interest0000000000
EPS (Diluted)+-0.04-0.50-0.04-0.01-0.02-0.03-0.03-3.17-1.14-1.36
EPS Growth %0.79%-13.29%0.92%0.77%--1.19%0.01%-90.62%0.64%-0.19%
EPS (Basic)-0.04-0.50-0.04-0.01-0.02-0.03-0.03-3.17-1.14-1.36
Diluted Shares Outstanding15.69M31.91M57M111.86M171.01M244.5M297.79M15.38M16.16M34.45M
Basic Shares Outstanding15.69M31.91M57M111.86M171.01M244.5M297.79M15.38M16.16M34.45M
Dividend Payout Ratio----------

Balance Sheet

Jun 2016Jun 2017Jun 2018Jun 2019Jun 2020Jun 2021Jun 2022Jun 2023Jun 2024Jun 2025
Total Current Assets+85.22K645.15K399.02K268.96K2.92M7M26.15M23M16.2M19.96M
Cash & Short-Term Investments3.41K389.6K169.05K65.52K2.49M6.84M25.8M22.12M5.86M15.04M
Cash Only3.41K389.6K169.05K65.52K2.49M6.85M25.8M22.12M5.86M15.04M
Short-Term Investments0000000000
Accounts Receivable4.27K6.22K7.71K58.92K283.96K127.04K219.33K191K10.02M4.63M
Days Sales Outstanding-10.473.7926.06249.3732.52--203.48K19.63K
Inventory43.44K174.15K164.82K107.23K125.85K00000
Days Inventory Outstanding-160.15156.2695.99148.45-----
Other Current Assets34.08K74.83K53.19K33.95K19.21K-25194.84K000
Total Non-Current Assets+172.16K123.57K124.89K94.64K000786K845K485K
Property, Plant & Equipment18.45K33.85K72.3K59.97K000786K845K485K
Fixed Asset Turnover-6.40x10.29x13.76x----0.02x0.18x
Goodwill0000000000
Intangible Assets153.7K89.72K52.6K34.66K000000
Long-Term Investments0000000000
Other Non-Current Assets0000000000
Total Assets+257.38K768.72K523.91K363.6K2.92M7M26.15M23.78M17.05M20.45M
Asset Turnover-0.28x1.42x2.27x0.14x0.20x--0.00x0.00x
Asset Growth %-0.95%1.99%-0.32%-0.31%7.04%1.39%2.74%-0.09%-0.28%0.2%
Total Current Liabilities+779.96K593.01K807.62K656.48K736.35K567.3K1.39M2.55M5.62M6.98M
Accounts Payable105.89K411.72K366.37K264.06K405.47K174.8K898.02K1.75M527K6.07M
Days Payables Outstanding-378.63347.35236.38478.2793.1275.2K---
Short-Term Debt521.47K0148.03K45.63K0000163K184K
Deferred Revenue (Current)0000000085K0
Other Current Liabilities152.59K0146.33K274.69K77.27K105.35K204.29K263K170K726K
Current Ratio0.11x1.09x0.49x0.41x3.97x12.33x18.84x9.02x2.88x2.86x
Quick Ratio0.05x0.79x0.29x0.25x3.80x12.33x18.84x9.02x2.88x2.86x
Cash Conversion Cycle--208-187.3-114.33-80.45-----
Total Non-Current Liabilities+0305.48K00000408K210K74K
Long-Term Debt0305.48K00000000
Capital Lease Obligations0000000408K210K74K
Deferred Tax Liabilities0000000000
Other Non-Current Liabilities0000000000
Total Liabilities779.95K898.49K807.62K656.48K736.35K566.17K1.39M2.96M5.83M7.06M
Total Debt+521.47K305.48K148.03K45.63K000521K373K258K
Net Debt518.06K-84.12K-21.02K-19.89K-2.49M-6.84M-25.89M-21.6M-5.49M-14.78M
Debt / Equity-------0.03x0.03x0.02x
Debt / EBITDA----------
Net Debt / EBITDA----------
Interest Coverage-9.49x-420.78x-249.78x-32.78x------78.51x
Total Equity+-522.58K-129.77K-283.71K-292.88K2.18M6.43M24.76M20.82M11.22M13.39M
Equity Growth %-2.44%0.75%-1.19%-0.03%8.46%1.94%2.85%-0.16%-0.46%0.19%
Book Value per Share-0.03-0.00-0.00-0.000.010.030.081.350.690.39
Total Shareholders' Equity-522.58K-129.77K-283.71K-292.88K2.17M6.44M24.76M20.82M11.22M13.39M
Common Stock81.07K16.71M18.07M18.91M23.54M34.38M59.54M2K2K20K
Retained Earnings-603.65K-16.97M-18.52M-19.53M-22.44M-32.98M-40.59M-92.21M-110.67M-157.56M
Treasury Stock0000000000
Accumulated OCI00001.03M4.96M0-3.25M-3.33M-3.12M
Minority Interest0000000000

Cash Flow

Jun 2016Jun 2017Jun 2018Jun 2019Jun 2020Jun 2021Jun 2022Jun 2023Jun 2024Jun 2025
Cash from Operations+-491.77K-2.06M-2.11M-1.52M-2.7M-5.18M-8.84M-10.75M-15.85M-12.51M
Operating CF Margin %--9.52%-2.84%-1.84%-6.49%-3.63%---881.98%-145.5%
Operating CF Growth %0.5%-3.2%-0.02%0.28%-0.78%-0.92%-0.71%-0.22%-0.47%0.21%
Net Income-549.82K-15.6M-2.18M-1.91M-3.24M-8.54M-10.25M-48.81M-18.46M-46.88M
Depreciation & Amortization11.65K13.82M42.33K000088K103K246K
Stock-Based Compensation0112.5K50.92K33.59K390.23K449.94K1.01M2.15M8.93M2.61M
Deferred Taxes0000000000
Other Non-Cash Items115.92K-232.73K-47.48K317.85K412.69K2.91M319.36K36.45M3.05M24.74M
Working Capital Changes-69.52K-159.66K26K40.27K-257.51K4.33K79.6K-626K-9.47M6.78M
Change in Receivables-32.77K-39.64K28.92K-30.67K0161.46K-63.74K000
Change in Inventory-36.75K-129.66K-2.92K49.33K0137.61K0000
Change in Payables0000000001.39M
Cash from Investing+-143.62K2.31M-35.23K-17.16K8.93K22K0-316K-277K-8K
Capital Expenditures-7.1K-37.8K-35.23K-17.16K000-316K-277K-8K
CapEx % of Revenue-0.17%0.05%0.02%-0%--15.42%0.09%
Acquisitions----------
Investments----------
Other Investing-136.52K-723008.93K00000
Cash from Financing+638.38K140.28K1.94M1.44M5.11M9.3M28.33M8.18M021.4M
Debt Issued (Net)----------
Equity Issued (Net)----------
Dividends Paid0000000000
Share Repurchases----------
Other Financing-2248.12K2.09M1.53M5.15M48.43K-1.54M36.22K0-24.77M
Net Change in Cash----------
Free Cash Flow+-498.87K-2.1M-2.15M-1.53M-2.7M-5.18M-8.84M-11.06M-16.12M-12.52M
FCF Margin %--9.7%-2.89%-1.86%-6.49%-3.63%---897.4%-145.59%
FCF Growth %0.49%-3.21%-0.02%0.29%-0.76%-0.92%-0.71%-0.25%-0.46%0.22%
FCF per Share-0.03-0.07-0.04-0.01-0.02-0.02-0.03-0.72-1.00-0.36
FCF Conversion (FCF/Net Income)0.83x0.13x0.97x0.80x0.84x0.61x0.86x0.22x0.57x0.27x
Interest Paid100439064.76K000000
Taxes Paid0000000000

Key Ratios

Metric2016201720182019202020212022202320242025
Return on Equity (ROE)-----341.39%-198.42%-65.73%-214.13%-172.49%-381.09%
Return on Invested Capital (ROIC)-87.63%--------1360.66%-822.2%
Gross Margin--83.13%48.23%50.6%25.55%51.94%--100%100%
Net Margin--7336.21%-291.24%-230.67%-776.62%-599.33%---153824.99%-54517.44%
Debt / Equity-------0.03x0.03x0.02x
Interest Coverage-9.49x-420.78x-249.78x-32.78x------78.51x
FCF Conversion0.83x0.13x0.97x0.80x0.84x0.61x0.86x0.22x0.57x0.27x
Revenue Growth--243.08%10.99%-49.64%243.03%-100%--378.7%

Frequently Asked Questions

Growth & Financials

Incannex Healthcare Limited (IXHL) reported $0.0M in revenue for fiscal year 2025. This represents a 45% decrease from $0.1M in 2012.

Incannex Healthcare Limited (IXHL) grew revenue by 378.7% over the past year. This is strong growth.

Incannex Healthcare Limited (IXHL) reported a net loss of $62.4M for fiscal year 2025.

Dividend & Returns

Incannex Healthcare Limited (IXHL) has a return on equity (ROE) of -381.1%. Negative ROE indicates the company is unprofitable.

Incannex Healthcare Limited (IXHL) had negative free cash flow of $14.7M in fiscal year 2025, likely due to heavy capital investments.

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