Alpha Cognition Inc (ACOG) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-19.8%

$6.69

vs $8.34 price

Levered DCF

$4.43

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

7.33

Safe zone

Rating

C-

Overall 1 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-5.56×	-2.92×	-1.85×	-1.59×	-0.76×	-2.54×	-2.6×	-10.15×
P/B	1.84×	1.03×	-5.4×	-14.74×	1.66×	918.86×	0×	0×
P/S	11.24×	0×	0×	0×	0×	0×	0×	0×
EV / EBITDA	-2.15×	0.34×	-1.85×	-1.57×	-0.25×	-2.43×	0×	0×
Gross margin	81.3%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Operating margin	-221.7%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Net margin	-202.2%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Current ratio	8.65×	15×	0.73×	0.58×	6.75×	2.15×	0×	0×
Debt / equity	0×	0.02×	-0.26×	-0.92×	0.12×	200.84×	0×	0×
Interest coverage	0×	-63.84×	-142.04×	-77.89×	-21.9×	-7.41×	0×	0×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-33.1%	-35.3%	292.2%	917.7%	-216.5%	-36133.7%	0.0%	0.0%
Return on invested capital	-32.1%	-24.6%	-918.0%	-12755.3%	-95.2%	-116.8%	0.0%	0.0%
Return on assets	-25.9%	-28.8%	-561.6%	-410.5%	-151.7%	-68.6%	0.0%	0.0%
Free cash flow yield	-18.0%	-18.2%	-34.3%	-47.5%	-66.2%	-37.0%	-15.4%	0.0%
Earnings yield	-18.0%	-34.3%	-54.1%	-62.3%	-130.1%	-39.3%	-38.5%	-9.8%
Enterprise value	$48.8M	-$4.9M	$25.2M	$25M	$6.1M	$15.3M	$0	$0
Net debt / EBITDA	2.92×	3.31×	0.02×	0.07×	0.54×	0.55×	0×	0×
Cash conversion cycle (days)	543	0	0	0	0	0	0	0