Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Jun 27, 2026
Axsome Therapeutics, Inc. (AXSM)
A forensic read on Axsome Therapeutics, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
F · Poor — capital at risk
Forensic grade
Distress
Financial health
-5.6
Altman Z-score
Clean
Earnings quality
3
Forensic signals
-260.0%
ROE
$12.4B
Market cap
Axsome Therapeutics, Inc. earns a F (Poor — capital at risk) forensic quality grade, and its Altman Z-score is -5.6, placing it in the Distress zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-227%Return on invested capital.Return on invested capital is -227% and rising from -417% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+7.5%/yrShare-count dilution.Diluted share count changed +22% over the last 3 years to FY2025 (+7.5%/yr). The count is GROWING — existing holders are being diluted. That's ~7.5% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~22%.
15% of revStock-based comp load.Stock-based compensation ran 15% of revenue in FY2025 — about $1.88 per diluted share. Meaningful — reported free cash flow flatters the economics, since SBC is a real cost paid in shares.
Key fundamentals
Net Margin-28.7%
Debt / Equity2.13x
Free Cash Flow$-93.9M
Latest Revenue$638.5M
Return on Equity-207.5%
Revenue Growth YoY+65.5%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on Axsome Therapeutics, Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about AXSM's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown