Compugen Ltd. CGEN

Health CareBiotechnology & Medical ResearchIsrael

Last close 1.98 USD on Nov 2, 2026, +29.4% year to date

Quant rating

Quant rating B Rank 65 of 211 in Health Care

Growth B 72 of 211
Valuation A 10 of 211
Quality C 115 of 211
Revisions B 41 of 211
Momentum C 124 of 211

Wall Street consensus Strong Buy (1.40)Average target 4.60 USD +132.3%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 188M
Enterprise value: 62M
52-week range: 1.44 – 3.23
3-year range: 0.53 – 3.23
Dividend yield: –
Beta (5 years): 2.82
Shares outstanding: 94.7M
Next earnings: Nov 9, 2026

About the company

Compugen Ltd. is a therapeutic discovery company. The Company focuses on infrastructure to discover drug targets and develop therapeutics. The Company is engaged in the research, development and commercialization of therapeutic and product candidates. The Company's pipeline primarily consists of early and preclinical stage immuno-oncology programs based on drug targets discovered by the Company, primarily immune checkpoint and myeloid protein target candidates. These programs are focused on the development of cancer immunotherapy drugs with potential to harness the immune system to provide treatment solutions in areas of unmet medical needs in various cancer types and patient populations, both as monotherapy and in combination with other drugs. Its pipeline also includes a preclinical stage fusion protein autoimmune product candidate. Its fields of focus are oncology and immunology, with emphasis on its discovery capabilities on immuno-oncology.

Growth and profitability

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	72.8	27.9	33.5	7.5	6.0	–
Revenue growth	161.1%	−16.7%	346.1%	25.0%	200.0%	105.2%
EPS (basic, normalized)	0.38	−0.16	−0.21	−0.39	−0.41	–
EPS growth	–	–	–	–	–	–
Gross margin	87.3%	71.5%	94.0%	87.0%	88.7%	85.7%
Net margin	48.6%	−51.1%	−56.1%	−449.3%	−570.0%	−215.6%
ROE	44.8%	−23.6%	−26.2%	−36.5%	−30.2%	−14.3%

Balance sheet, last quarter
Cash & short-term investments (mil)	125
Current ratio	5.72x
Long-term debt (mil)	0
Net debt (mil)	−125
Total equity (mil)	88.7
Net debt / equity	−1.41x
Net debt / EBITDA	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	72.8	+161.1%	0.9x	–	–	–	0.38	+337.5%	5.2x
2026	11.5	−84.2%	5.4x	–	–	–	−0.28	−173.7%	−7.1x
2027	20.1	+74.3%	3.1x	–	–	–	−0.28	+1.4%	−7.2x
2028	24.7	+23.1%	2.5x	–	–	–	−0.27	+3.6%	−7.4x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	11.5	0.0%	+4.7%	−21.2%	−0.28	0.0%	+2.8%	−12.0%
2027	20.1	0.0%	0.0%	−24.1%	−0.28	0.0%	+2.8%	−13.8%
2028	24.7	0.0%	0.0%	−31.7%	−0.27	0.0%	+2.2%	−4.3%

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	2.6	6.7	17.1	1.5	2.3	1.3	1.9	67.3	2.2	2.6
Sales mean (mil)	6.2	2.5	17.9	17.4	3.7	4.0	1.5	1.4	2.1	1.6
Surprise	−58.8%	+168.9%	−4.1%	−91.6%	−38.3%	−68.2%	+28.7%	+4,863.0%	+3.8%	+62.0%
EPS reported	−0.08	−0.02	0.01	−0.07	−0.08	−0.08	−0.07	0.60	−0.08	−0.07
EPS mean	−0.02	−0.07	0.11	0.07	−0.06	−0.07	−0.09	0.05	−0.07	−0.08
Surprise	−263.6%	+71.0%	−90.5%	−195.5%	−45.5%	−23.1%	+19.2%	+1,100.0%	−10.3%	+12.5%

Peer comparison Biotechnology & Medical Research

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
CGEN Compugen Ltd.	188M	–	48.6%	2.11x	−7.1x	−7.2x	–	–
CYTK Cytokinetics, Incorporated	8.6B	0.03x	−891.6%	−49.61x	−10.2x	−13.6x	−12.1x	−16.5x
TNGX Tango Therapeutics, Inc.	3.7B	9.30x	−162.9%	3.58x	−15.4x	−13.1x	−11.1x	−8.1x
CELC Celcuity Inc.	3.3B	0.00x	–	−256.73x	−13.0x	−28.5x	−12.7x	−25.0x
VRDN Viridian Therapeutics, Inc.	2.9B	1.45x	−483.6%	4.33x	−6.6x	−10.7x	−5.3x	−7.7x
CLDX Celldex Therapeutics, Inc.	2.3B	2.53x	−16,748.0%	3.19x	−7.0x	−6.8x	−4.8x	−4.5x
Mean		2.66x	−3,647.5%	−48.86x	−9.9x	−13.3x	−9.2x	−12.3x
Median		1.45x	−483.6%	2.65x	−8.6x	−11.9x	−11.1x	−8.1x

Technical analysis

1M−14.3%
3M−15.7%
1Y+11.9%
3Y+161.4%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Compugen Ltd., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	72.8	27.9	33.5	7.5	6.0	2.0
Cost of revenue	9.3	7.9	2.0	1.0	0.7	0.1
Gross profit	63.5	19.9	31.5	6.5	5.3	1.9
Selling, general & administrative expenses	9.4	10.0	10.0	11.3	11.7	10.7
Research & development	22.8	24.8	34.5	30.6	28.7	22.8
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	–	–	–	–	–	–
Other operating expenses	0	0	0	0	0	0
Operating income	31.3	−14.9	−13.0	−35.4	−35.1	−31.5
Net interest income (expense)	3.6	3.5	3.0	1.8	0.9	1.8
Gain (loss) on sale of assets	0	0	0	0	0	0
Other non-operating income (expense)	0.5	1.7	0.2	0	0	0
Net income before taxes	35.4	−9.7	−9.8	−33.6	−34.2	−29.7
Provision for taxes	0.1	4.5	9.0	0.1	0	0
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	35.3	−14.2	−18.8	−33.7	−34.2	−29.7
Extraordinary items	–	–	–	–	–	–
Net income	35.3	−14.2	−18.8	−33.7	−34.2	−29.7
EBIT, normalized	31.9	−14.4	−12.6	−35.4	−35.1	−31.5
EBITDA, normalized	32.4	−13.9	−12.1	−34.9	−34.6	−30.8
Basic EPS, normalized	0.38	−0.16	−0.21	−0.39	−0.41	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Compugen Ltd., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	146	103	50.7	83.3	117	124
Receivables	0.3	0.3	61.3	0.3	0.2	2.2
Total inventory	–	–	–	–	–	–
Prepaid expenses	2.1	2.5	2.2	2.1	5.3	2.5
Other current assets	0	0	0.4	0.4	0.7	0.7
Total current assets	148	106	115	86.1	123	129
Property, plant & equipment	3.2	3.7	2.5	3.4	3.9	4.5
Goodwill	–	–	–	–	–	–
Intangibles	–	–	–	–	–	–
Long-term investments	3.6	3.1	3.0	2.8	3.1	2.9
Note receivable	–	–	–	–	–	–
Other long-term assets	1.7	2.2	1.2	1.9	1.9	1.9
Total assets	157	115	121	94.2	132	138
Liabilities
Accounts payable	2.4	1.8	3.5	1.8	4.6	1.4
Payable/accrued	–	–	–	–	–	–
Accrued expenses	9.2	8.7	11.6	9.8	8.8	8.4
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	–	–	–	–	–	–
Other current liabilities	11.0	9.6	11.1	0.3	3.6	0.7
Total current liabilities	22.6	20.2	26.3	11.9	17.1	10.5
Long-term debt	0	0	0	0	0	0
Minority interest	–	–	–	–	–	–
Other liabilities	31.3	39.9	29.5	4.6	8.4	8.0
Total liabilities	53.8	60.1	55.8	16.5	25.5	18.5
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	0.3	0.2	0.2	0.2	0.2	0.2
Additional paid-in capital	556	543	540	533	529	507
Retained earnings (accumulated deficit)	−453	−489	−475	−456	−422	−388
Treasury stock	–	–	–	–	–	–
Other equity	0	0	0	0	0	0
Total equity	103	54.9	65.6	77.7	107	120
Total liabilities & shareholders' equity	157	115	121	94.2	132	138

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Compugen Ltd., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	35.3	−14.2	−18.8	−33.7	−34.2	−29.7
Depreciation, depletion & amortization	0.5	0.5	0.5	0.5	0.5	0.7
Deferred taxes	–	–	–	–	–	–
Non-cash items	1.2	1.3	3.1	4.7	4.2	2.9
Changes in working capital	−5.3	62.0	−20.7	−5.6	6.8	−2.3
Cash from operations	31.6	49.6	−35.9	−34.1	−22.7	−28.3
Investing activities
Capital expenditures	−0.3	−0.1	−0.2	−0.5	−0.3	−0.2
Other investing cash flows	30.3	−46.1	35.7	37.5	6.9	−82.0
Cash from investing	30.0	−46.3	35.5	37.1	6.6	−82.2
Financing activities
Financing cash flow items	0	–	–	–	–	–
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	10.6	0.6	3.1	0.4	16.8	108
Cash from financing	10.6	0.6	3.1	0.4	16.8	108
Foreign exchange effects	0.1	0.1	0.1	−0.4	−0.1	–
Net change in cash	72.4	4.0	2.8	2.9	0.7	−2.0
Free cash flow	31.3	49.5	−36.1	−34.6	−23.0	−28.5

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.