Adagene Inc. (ADAG) Key Metrics
ADAG valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $138.3M
- Enterprise value
- $76.3M
- P/E (TTM)
- —
- Forward P/E
- —
- PEG ratio
- —
- Price / sales
- 14.9 10-yr median 9.3
- Price / book
- 2.2 10-yr median 1.4
- EV / EBITDA
- 1.1
- Dividend yield
- —
- Beta
- 0.54
ADAG key metrics, 2018–2025
Fiscal year ended December 31, 2025 · U.S. dollarsADAG valuation Price multiples at each fiscal year-end price.
Price / sales−98.7%
9.3
2025 · hover or tap a bar for each year
20182025
Price / book+42.3%
2.0
2025 · hover or tap a bar for each year
20182025
Free cash flow yield+19.5 pts
−22.0%
2025 · hover or tap a bar for each year
20182025
ADAG returns How much profit the business earns on the capital it uses.
Return on equity+14.2 pts
−41.0%
2025 · hover or tap a bar for each year
20182025
Return on assets+11.6 pts
−21.0%
2025 · hover or tap a bar for each year
20182025
Free cash flow margin
−204.3%
2025 · hover or tap a bar for each year
20182025
Asset turnover+8,995.0%
0.09
2025 · hover or tap a bar for each year
20182025
ADAG per-share figures Results divided by the shares outstanding at year-end.
Revenue per share+6,990.4%
$0.20
2025 · hover or tap a bar for each year
20182025
Earnings per share
−$0.47
2025 · hover or tap a bar for each year
20182025
Free cash flow per share
−$0.42
2025 · hover or tap a bar for each year
20182025
Book value per share−33.3%
$0.94
2025 · hover or tap a bar for each year
20182025
Shares outstanding+4.8%
37.8M
2025 · hover or tap a bar for each year
20182025
ADAG financial health Debt, liquidity and how easily interest is covered.
Debt / equity−51.6%
0.18
2025 · hover or tap a bar for each year
20182025
Net debt−$1.6M
−$68.3M
2025 · hover or tap a bar for each year
20182025
Current ratio+33.7%
3.07
2025 · hover or tap a bar for each year
20182025
Interest coverage
-46.3
2025 · hover or tap a bar for each year
20182025
Debt / assets−61.4%
0.08
2025 · hover or tap a bar for each year
20182025
ADAG efficiency & capital use Working capital cycle and where the cash goes.
Days sales outstanding−407 days
1 days
2025 · hover or tap a bar for each year
20182025
Days payables outstanding+787 days
2,232 days
2025 · hover or tap a bar for each year
20182025
Cash conversion cycle−1,194 days
-2,232 days
2025 · hover or tap a bar for each year
20182025
Capex / revenue−32.3 pts
0.2%
2025 · hover or tap a bar for each year
20182025
ADAG valuation history
Fiscal year-endToday8-year median
ADAG returns on capital
ROEROICROA
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
ADAG debt vs cash
Total debtCash & short-term investments
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
ADAG cash returned to shareholders
DividendsBuybacksFree cash flow
ADAG price vs earnings per share
Share price at year-endEPS (right axis)
ADAG key metrics
2018–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||
| Market capitalization | $71.4M | $71.7M | $67.6M | $45.9M | $258.3M | — | — | — |
| Enterprise value | $3.1M | $5.0M | −$20.0M | −$69.9M | $91.4M | — | — | — |
| Price / sales | 9.3 | 694.6 | 3.7 | 4.9 | 25.4 | — | — | — |
| Price / book | 2.0 | 1.4 | 1.0 | 0.6 | 1.7 | — | — | — |
| EV / sales | 0.4 | 48.3 | -1.1 | -7.5 | 9.0 | — | — | — |
| Earnings yield | −24.7% | −46.6% | −28.0% | −174.2% | −28.3% | — | — | — |
| Free cash flow yield | −22.0% | −41.5% | −42.2% | −107.4% | −17.8% | — | — | — |
| Dividend yield | — | — | — | 0.7% | 1.8% | — | — | — |
| Shareholder yield (dividends + buybacks) | — | 0.0% | 0.0% | 9.4% | 2.7% | — | — | — |
| Share price at fiscal year-end | $1.89 | $1.99 | $1.93 | $1.32 | $8.07 | — | — | — |
| Per share | ||||||||
| Revenue per share | $0.20 | $0.00 | $0.52 | $0.27 | $0.32 | $0.02 | $0.01 | — |
| Earnings per share | −$0.47 | −$0.93 | −$0.54 | −$2.31 | −$2.29 | −$0.59 | −$0.49 | — |
| Operating cash flow per share | −$0.41 | −$0.82 | −$0.81 | −$1.40 | −$1.36 | −$1.02 | −$0.51 | — |
| Free cash flow per share | −$0.42 | −$0.83 | −$0.81 | −$1.42 | −$1.43 | −$1.05 | −$0.52 | — |
| Cash per share | $1.97 | $2.36 | $3.14 | $4.15 | $5.45 | $2.68 | $2.85 | — |
| Book value per share | $0.94 | $1.40 | $2.01 | $2.40 | $4.89 | −$3.19 | −$1.61 | — |
| Tangible book value per share | $0.94 | $1.40 | $2.01 | $2.40 | $4.89 | −$3.19 | −$1.61 | — |
| Dividends per share | — | — | — | $0.01 | $0.14 | — | — | — |
| Capex per share | $0.00 | $0.00 | $0.00 | $0.02 | $0.08 | $0.03 | $0.00 | — |
| Debt per share | $0.17 | $0.51 | $0.64 | $0.81 | $0.23 | $0.28 | $0.07 | — |
| Shares outstanding | 37.8M | 36.0M | 35.0M | 34.6M | 32.0M | 28.1M | 35.3M | — |
| Change in shares outstanding | +4.8% | +2.8% | +1.1% | +8.2% | +14.1% | −20.6% | — | — |
| Returns & profitability | ||||||||
| Return on equity (ROE) | −41.0% | −55.2% | −24.7% | −66.7% | −217.9% | — | — | — |
| Return on assets (ROA) | −21.0% | −32.6% | −14.1% | −46.8% | −53.5% | −17.3% | −21.6% | −27.0% |
| Return on tangible assets | −22.5% | −37.4% | −16.4% | −52.5% | −38.6% | −19.5% | −16.3% | −27.0% |
| Free cash flow margin | −204.3% | — | −157.6% | −530.6% | −451.3% | — | — | −978.0% |
| Financial health | ||||||||
| Total debt | $6.3M | $18.5M | $22.3M | $28.0M | $7.5M | $8.0M | $2.6M | $2.3M |
| Cash & short-term investments | $74.5M | $85.2M | $109.9M | $143.8M | $174.4M | $75.2M | $100.5M | $49.1M |
| Net debt | −$68.3M | −$66.7M | −$87.6M | −$115.8M | −$166.9M | −$67.2M | −$98.0M | −$46.7M |
| Debt / equity | 0.18 | 0.37 | 0.32 | 0.34 | 0.05 | — | — | — |
| Debt / assets | 0.08 | 0.21 | 0.19 | 0.18 | 0.04 | 0.09 | 0.02 | 0.04 |
| Current ratio | 3.07 | 2.30 | 3.61 | 2.71 | 6.24 | 4.90 | 14.47 | 5.01 |
| Quick ratio | 3.07 | 2.30 | 3.61 | 2.71 | 6.24 | 4.90 | 14.47 | 5.01 |
| Interest coverage | -46.3 | -42.2 | -21.4 | -121.0 | -198.9 | -94.8 | -138.8 | -190.3 |
| Working capital | $52.2M | $49.6M | $82.0M | $94.2M | $156.1M | $63.0M | $96.7M | $41.5M |
| Invested capital | −$32.9M | −$16.2M | −$17.1M | −$32.7M | −$10.3M | −$156.6M | −$155.0M | −$87.8M |
| Tangible asset value | $35.3M | $50.5M | $70.6M | $83.1M | $156.6M | −$89.4M | −$57.0M | −$41.0M |
| Net current asset value | $34.5M | $49.0M | $68.3M | $80.0M | $153.0M | −$94.6M | −$59.0M | −$43.6M |
| Graham net-net per share | $0.84 | $1.29 | $1.85 | $2.16 | $4.59 | −$3.51 | −$1.72 | — |
| Capital allocation | ||||||||
| Dividends paid | — | — | — | $322,827 | $4.6M | — | — | — |
| Share buybacks (net) | — | $0 | $0 | $4.0M | $2.4M | $0 | — | — |
| Capex / revenue | 0.2% | 32.5% | 0.5% | 7.4% | 24.7% | 194.8% | 31.6% | 34.1% |
| Capex / depreciation | 0.03 | 0.04 | 0.07 | 0.48 | 2.23 | 1.09 | 0.19 | 0.57 |
| Stock-based compensation / revenue | 48.8% | 4,757.2% | 40.1% | 113.2% | 183.6% | 2,110.3% | 127.4% | 8.4% |
| R&D / revenue | 287.2% | 27,887.9% | 202.3% | 875.3% | 669.3% | 3,377.4% | 3,377.4% | 1,064.1% |
| SG&A / revenue | 92.2% | 7,047.5% | 47.9% | 127.8% | 141.9% | 716.2% | 716.2% | 183.0% |
| Efficiency | ||||||||
| Days sales outstanding | 0.6 | 407.3 | 8.5 | 159.6 | 137.0 | 864.2 | 1,357.6 | 345.4 |
| Days payables outstanding | 2,232.2 | 1,445.3 | — | — | — | — | — | — |
| Cash conversion cycle (days) | -2,231.6 | -1,038.0 | — | — | — | — | — | — |
| Receivables turnover | 597.93 | 0.90 | 43.05 | 2.29 | 2.66 | 0.42 | 0.27 | 1.06 |
| Payables turnover | 0.16 | 0.25 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Inventory turnover | — | — | — | — | 0.00 | — | 0.00 | — |
| Asset turnover | 0.09 | 0.00 | 0.14 | 0.05 | 0.07 | 0.01 | 0.01 | 0.03 |
| Average receivables | $12,829 | $115,168 | $420,730 | $4.1M | $3.8M | $1.1M | $1.8M | $1.4M |
| Average payables | $3.6M | $3.7M | $3.4M | $3.5M | $2.6M | $1.3M | $635,846 | $558,977 |
| Average inventory | — | — | — | — | $1 | — | $1 | — |
| Intangibles / total assets | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Computed from ADAG's annual financial statements (latest annual report filed April 1, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
ADAG valuation and financial ratios
Adagene earned a return on equity of −41.0% in fiscal 2025. It ended the year with $6.3 million of debt and $74.5 million in cash and short-term investments, a net cash position of $68.3 million.
See the ADAG income statement, the ADAG chart for price history, or the ADAG stock overview for the latest quote and news.
ADAG key metrics FAQ
What is Adagene's return on equity?
Adagene's return on equity (ROE) was −41.0% in fiscal 2025: net income of -$17.6 million on average shareholders' equity of $42.9 million.
How much debt does Adagene have?
Adagene had total debt of $6.3 million at the end of fiscal 2025, a debt-to-equity ratio of 0.18 and more cash than debt.
What is Adagene's free cash flow yield?
Adagene generated -$15.7 million of free cash flow in fiscal 2025, a free cash flow yield of −22.0% on its market value at year-end ($71.4 million).
What is Adagene's current ratio?
Adagene's current ratio was 3.07 at the end of fiscal 2025: current assets were 3.07 times current liabilities.