Annexon, Inc. (ANNX) Key Metrics
ANNX valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $646.5M
- Enterprise value
- $549.1M
- P/E (TTM)
- —
- Forward P/E
- —
- PEG ratio
- —
- Price / sales
- —
- Price / book
- 3.9 10-yr median 1.9
- EV / EBITDA
- —
- Dividend yield
- —
- Beta
- 1.33
ANNX key metrics, 2017–2025
Fiscal year ended December 31, 2025 · U.S. dollarsANNX valuation Price multiples at each fiscal year-end price.
ANNX returns How much profit the business earns on the capital it uses.
ANNX per-share figures Results divided by the shares outstanding at year-end.
ANNX financial health Debt, liquidity and how easily interest is covered.
ANNX efficiency & capital use Working capital cycle and where the cash goes.
ANNX valuation history
ANNX returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
ANNX debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
ANNX cash returned to shareholders
ANNX price vs earnings per share
ANNX key metrics
2017–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Valuation | |||||||||
| Market capitalization | $778.6M | $704.9M | $343.6M | $282.7M | $440.3M | — | — | — | — |
| Enterprise value | $566.5M | $421.8M | $115.2M | $72.9M | $232.1M | — | — | — | — |
| Price / book | 3.7 | 2.4 | 1.4 | 1.2 | 1.9 | — | — | — | — |
| Earnings yield | −26.5% | −19.6% | −39.1% | −48.9% | −29.0% | — | — | — | — |
| Free cash flow yield | −24.0% | −16.7% | −35.3% | −43.5% | −24.5% | — | — | — | — |
| Dividend yield | 0.2% | — | — | — | — | — | — | — | — |
| Shareholder yield (dividends + buybacks) | 0.2% | — | — | 0.0% | 0.0% | — | — | — | — |
| Share price at fiscal year-end | $5.02 | $5.13 | $4.54 | $5.17 | $11.49 | $25.03 | — | — | — |
| Per share | |||||||||
| Revenue per share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | — | $0.00 | — | $0.00 |
| Earnings per share | −$1.33 | −$1.01 | −$1.77 | −$2.53 | −$3.34 | — | −$0.97 | — | −$0.49 |
| Operating cash flow per share | −$1.20 | −$0.86 | −$1.60 | −$2.13 | −$2.77 | — | −$0.74 | — | −$0.50 |
| Free cash flow per share | −$1.20 | −$0.86 | −$1.60 | −$2.25 | −$2.81 | — | −$0.75 | — | −$0.52 |
| Cash per share | $1.54 | $2.27 | $3.43 | $4.44 | $6.33 | — | $1.15 | — | $0.08 |
| Book value per share | $1.36 | $2.13 | $3.31 | $4.23 | $6.05 | — | $1.14 | — | −$1.21 |
| Tangible book value per share | $1.36 | $2.13 | $3.31 | $4.23 | $6.05 | — | $1.14 | — | −$1.21 |
| Dividends per share | $0.01 | — | — | — | — | — | — | — | — |
| Capex per share | $0.00 | $0.00 | $0.00 | $0.12 | $0.04 | — | $0.01 | — | $0.01 |
| Debt per share | $0.17 | $0.21 | $0.41 | $0.60 | $0.90 | — | — | — | $1.28 |
| Shares outstanding | 155.1M | 137.4M | 75.7M | 54.7M | 38.3M | — | 38.2M | — | 38.2M |
| Change in shares outstanding | +12.9% | +81.6% | +38.4% | +42.7% | — | — | — | — | — |
| Returns & profitability | |||||||||
| Return on equity (ROE) | −81.9% | −50.8% | −55.7% | −59.7% | −44.4% | −32.4% | −91.3% | — | — |
| Return on invested capital (ROIC) | — | −754.7% | −521.0% | −509.2% | — | — | — | −30.0% | — |
| Return on assets (ROA) | −65.9% | −42.7% | −46.1% | −48.3% | −39.7% | −30.9% | −75.8% | −65.4% | −239.2% |
| Return on tangible assets | −74.5% | −39.5% | −45.1% | −48.5% | −44.5% | −17.6% | −74.5% | −38.0% | −239.2% |
| Financial health | |||||||||
| Total debt | $26.2M | $29.0M | $31.4M | $32.9M | $34.6M | $391,000 | — | $107.2M | $49.0M |
| Cash & short-term investments | $238.3M | $312.0M | $259.7M | $242.7M | $242.7M | $351.2M | $43.9M | $44.2M | $3.0M |
| Net debt | −$212.1M | −$283.0M | −$228.4M | −$209.8M | −$208.1M | −$350.8M | −$43.9M | $63.0M | $46.0M |
| Debt / equity | 0.12 | 0.10 | 0.13 | 0.14 | 0.15 | 0.00 | — | 2.83 | — |
| Debt / assets | 0.09 | 0.08 | 0.11 | 0.12 | 0.12 | 0.00 | — | 2.23 | 6.26 |
| Current ratio | 5.68 | 10.37 | 14.72 | 11.10 | 11.39 | 33.33 | 9.21 | 13.74 | 1.68 |
| Quick ratio | 5.68 | 10.37 | 14.72 | 11.10 | 11.39 | 33.33 | 9.21 | 13.74 | 1.68 |
| Interest coverage | — | — | — | -39.9 | -61.1 | — | -7.0 | — | — |
| Working capital | $199.6M | $285.9M | $245.9M | $225.7M | $225.9M | $343.4M | $40.5M | $42.4M | $2.0M |
| Invested capital | −$496,000 | $10.1M | $22.2M | $21.4M | $23.8M | −$6.5M | −$401,000 | $100.9M | −$206,000 |
| Tangible asset value | $211.6M | $293.1M | $250.6M | $231.2M | $231.9M | $344.3M | $43.5M | $37.9M | −$46.2M |
| Net current asset value | $176.3M | $259.5M | $216.7M | $194.2M | $192.6M | $342.3M | $39.0M | $35.4M | −$49.1M |
| Graham net-net per share | $1.11 | $1.86 | $2.81 | $3.45 | $4.90 | — | $0.98 | — | −$1.32 |
| Capital allocation | |||||||||
| Dividends paid | $1.9M | — | — | — | — | $102.5M | — | — | — |
| Share buybacks (net) | — | — | — | $0 | $0 | $5.2M | $0 | $0 | $0 |
| Capex / depreciation | 0.06 | 0.01 | 0.09 | 3.10 | 0.77 | 0.70 | 0.54 | 0.03 | 2.09 |
| Efficiency | |||||||||
| Days of inventory on hand | — | — | — | — | — | -1.6 | — | — | — |
| Days payables outstanding | 1,255.5 | 840.8 | 720.8 | 1,023.5 | 795.8 | 1,670.4 | 1,348.2 | 1,045.3 | 2,052.6 |
| Receivables turnover | — | — | — | — | — | 0.00 | 0.00 | 0.00 | 0.00 |
| Payables turnover | 0.29 | 0.43 | 0.51 | 0.36 | 0.46 | 0.22 | 0.27 | 0.35 | 0.18 |
| Asset turnover | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Average receivables | — | — | — | — | — | $41,000 | $152,000 | $403,500 | $582,000 |
| Average payables | $12.7M | $8.0M | $6.5M | $9.3M | $7.4M | $3.1M | $1.8M | $1.4M | $1.5M |
| Average inventory | — | — | — | — | — | −$3,000 | — | — | — |
| Intangibles / total assets | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Computed from ANNX's annual financial statements (latest annual report filed March 30, 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.
ANNX valuation and financial ratios
Annexon earned a return on equity of −81.9% in fiscal 2025. It ended the year with $26.2 million of debt and $238.3 million in cash and short-term investments, a net cash position of $212.1 million. It returned $1.9 million to shareholders: $1.9 million in dividends and $0 in share buybacks. The share count rose 305.8% from 38.2M to 155.1M over 8 years.
See the ANNX income statement, the ANNX chart for price history, or the ANNX stock overview for the latest quote and news.
ANNX key metrics FAQ
What is Annexon's return on equity?
Annexon's return on equity (ROE) was −81.9% in fiscal 2025: net income of -$206.7 million on average shareholders' equity of $252.4 million.
How much debt does Annexon have?
Annexon had total debt of $26.2 million at the end of fiscal 2025, a debt-to-equity ratio of 0.12 and more cash than debt.
What is Annexon's dividend yield?
Annexon paid $1.9 million in dividends in fiscal 2025 ($0.01 per share), a payout ratio of —.
What is Annexon's free cash flow yield?
Annexon generated -$186.5 million of free cash flow in fiscal 2025, a free cash flow yield of −24.0% on its market value at year-end ($778.6 million).
What is Annexon's current ratio?
Annexon's current ratio was 5.68 at the end of fiscal 2025: current assets were 5.68 times current liabilities.