Cogstate - Public Comps and Valuation Multiples

Cogstate Overview

About Cogstate

Cogstate Ltd is a cognitive science company. The principal activity of the group is the Creation, validation, and commercialisation of digital brain health assessments; and the Design and provision of quality assurance services in clinical trials, focused on the administration, scoring, and recording of conventional brain health assessments and reporting. Its operating segment includes Clinical Trials, Healthcare, and Administration. The company generates maximum revenue from the Clinical Trials segment. In the clinical trials segment, technology and services are sold to pharmaceutical and biotechnology companies. The company derives revenue from the sale of licensed software and cognitive testing services.

Founded

1999

HQ

Employees

352

Website

cogstate.com

Sectors

Health Data & Analytics
HealthTech

Financials

LTM Revenue $83.0M

LTM EBITDA $24.6M

EV

$206M

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Cogstate Financials

As of August 2025, Cogstate reported last 12-month revenue of $83.0M and EBITDA of $24.6M.

In the same period, Cogstate generated $52.3M in LTM gross profit and $15.5M in net income.

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Cogstate P&L

In the most recent fiscal year, Cogstate reported revenue of $33.2M and EBITDA of $11.1M.

Cogstate expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$83.0M	XXX	$33.2M	XXX	XXX	XXX
Gross Profit	$52.3M	XXX	$20.1M	XXX	XXX	XXX
Gross Margin	63%	XXX	60%	XXX	XXX	XXX
EBITDA	$24.6M	XXX	$11.1M	XXX	XXX	XXX
EBITDA Margin	30%	XXX	33%	XXX	XXX	XXX
EBIT	$19.8M	XXX	$7.1M	XXX	XXX	XXX
EBIT Margin	24%	XXX	21%	XXX	XXX	XXX
Net Profit	$15.5M	XXX	$6.6M	XXX	XXX	XXX
Net Margin	19%	XXX	20%	XXX	XXX	XXX
Net Debt	XXX	XXX	n/a	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Cogstate including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $83.0M. EBITDA for the last twelve months was $24.6M. In the most recent fiscal year, Cogstate achieved $33.2M in revenue and $11.1M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$83.0M	Analyst estimates available to subscribers	$33.2M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$52.3M	Analyst estimates available to subscribers	$20.1M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	63.0% gross margin	Analyst estimates available to subscribers	60.4% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$24.6M	Analyst estimates available to subscribers	$11.1M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	29.6% EBITDA margin	Analyst estimates available to subscribers	33.3% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$19.8M	Analyst estimates available to subscribers	$7.1M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	23.9% EBIT margin	Analyst estimates available to subscribers	21.2% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$15.5M	Analyst estimates available to subscribers	$6.6M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	18.7% net profit margin	Analyst estimates available to subscribers	20.0% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	n/a	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Cogstate

This financial data table provides comprehensive performance metrics for Cogstate, a company based in Australia. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Cogstate generated $83.0M in revenue over the last twelve months.
The company achieved $24.6M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $52.3M.
Net income over the last twelve months reached $15.5M.

Fiscal Year Performance

In the most recent fiscal year, Cogstate reported $33.2M in total revenue.
Fiscal year EBITDA was $11.1M.
The company maintained a gross profit margin of 60.4% in the most recent fiscal year.
EBITDA margin for the fiscal year was 33.3%.
Net profit margin reached 20.0% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Cogstate. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Cogstate Stock Performance

Cogstate has current market cap of AUD 368M (or $241M), and EV of AUD 314M (or $206M).

Market Cap Evolution

Cogstate Stock Data

As of September 30, 2025, Cogstate's stock price is AUD 2 (or $1).

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$206M	$241M	XXX	XXX	XXX	XXX	$0.06

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Cogstate Valuation Multiples

Cogstate's trades at 6.7x EV/Revenue multiple, and 23.4x EV/EBITDA.

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Cogstate Financial Valuation Multiples

As of September 30, 2025, Cogstate has market cap of $241M and EV of $206M.

Equity research analysts estimate Cogstate's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Cogstate has a P/E ratio of 23.8x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$241M	XXX	$241M	XXX	XXX	XXX
EV (current)	$206M	XXX	$206M	XXX	XXX	XXX
EV/Revenue	3.8x	XXX	6.7x	XXX	XXX	XXX
EV/EBITDA	12.8x	XXX	23.4x	XXX	XXX	XXX
EV/EBIT	15.9x	XXX	37.1x	XXX	XXX	XXX
EV/Gross Profit	6.0x	XXX	n/a	XXX	XXX	XXX
P/E	23.8x	XXX	47.2x	XXX	XXX	XXX
EV/FCF	22.8x	XXX	51.1x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Cogstate Margins & Growth Rates

Cogstate's last 12 month revenue growth is 6%

Cogstate's revenue per employee in the last FY averaged $0.1M, while opex per employee averaged $37K for the same period.

Cogstate's rule of 40 is 35% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Cogstate's rule of X is 46% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Cogstate Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	6%	XXX	38%	XXX	XXX	XXX
EBITDA Margin	30%	XXX	28%	XXX	XXX	XXX
EBITDA Growth	2%	XXX	39%	XXX	XXX	XXX
Rule of 40	35%	XXX	35%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	46%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.1M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$37K	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	0%	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	39%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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