What is Axogen's return on invested capital?

Axogen (AXGN) reported return on invested capital of -5.5% in Q1 2026.

What is the long-term trend for Axogen's return on invested capital?

Over 4 years (2020 to 2025), Axogen's return on invested capital has grown at a -29.4% compound annual growth rate (CAGR), from -21.4% to -5.3%.

What does return on invested capital mean?

Net operating profit after tax (operating income taxed at the effective rate) divided by average invested capital (debt plus equity minus cash). Measures the after-tax return on all capital put to work in the business, independent of capital structure.

Axogen AXGN Return on invested capital

Return on invested capital at other companies

Baxter InternationalBAX

-6.5%-9.2pp

LeMaitre VascularLMAT

15.3%+2.5pp

MedtronicMDT

6.7%+0.1pp

Other financials

Income statement

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Revenue$61.5M+26.6%

Gross profit$46.2M+32.2%

Operating income-$2.8M-70.5%

Net income-$19.6M-411%

EPS (diluted)-$0.38-375%

Balance sheet

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Cash & equivalents$84.7M+251%

Total debt$20.6M-69.8%

Total equity$244.8M+132%

Total assets$289.5M+47.6%

Cash flow

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Operating cash flow$1.6M+112%

CapEx$2.8M+989%

Free cash flow-$1.2M+90.9%

Valuation

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Market cap$2.38B+110%

Enterprise value$2.31B+91.4%

P/S10×+4.2×

Profitability

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Gross margin75%+0.8pp

Operating margin-3.8%—

Net margin-13.2%-22.8pp

FCF margin-12.9%-3.8pp

Returns & leverage

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Return on equity-18%-70.5pp

Debt / equity0.1×-0.6×

Current ratio7.1×+2.8×

Where this comes from

Calculated from Axogen’s reported figures.

nopat/invested capital=-5.5%

Based on trailing twelve months.

The official record: Axogen’s 10-Q, filed April 28, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Axogen's return on invested capital?: Axogen (AXGN) reported return on invested capital of -5.5% in Q1 2026.
What is the long-term trend for Axogen's return on invested capital?: Over 4 years (2020 to 2025), Axogen's return on invested capital has grown at a -29.4% compound annual growth rate (CAGR), from -21.4% to -5.3%.
What does return on invested capital mean?: Net operating profit after tax (operating income taxed at the effective rate) divided by average invested capital (debt plus equity minus cash). Measures the after-tax return on all capital put to work in the business, independent of capital structure.