Detailed financial statements for Evogene Ltd. (EVGN): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Evogene Ltd., along with its subsidiaries, operates as a computational biology firm. Its core activity involves the discovery and advancement of products across diverse life-science sectors, such as human health and agriculture, primarily leveraging its proprietary Computational Predictive Biology (CPB) platform.
Analysis Summary
Evogene Ltd. reported revenue of $3.9M in the most recent fiscal year, growing at a 5-year CAGR of 29.9%.
Trailing-twelve-month margins: gross margin -14.2%, operating margin -10.2%, net margin -7.0%.
At the current price of $0.50, EVGN has negative trailing earnings (P/E not meaningful) and an ROE of 7.66%. Market capitalisation stands at $4M.
Balance sheet quality for EVGN: current ratio of 4.5, net cash position of $10.8M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.5M | $3.4M | $1.7M | $753000 | $1.0M | $930000 | $1.7M | $3.0M | $5.6M | $3.9M |
| Cost of Revenue | $5.6M | $2.8M | $1.5M | $334000 | $574000 | $767000 | $909000 | $1.5M | $2.4M | $4.1M |
| Gross Profit | $901000 | $536000 | $295000 | $419000 | $466000 | $163000 | $766000 | $1.5M | $3.2M | -$241000 |
| Research & Development | $16.4M | $17.0M | $14.7M | $15.8M | $17.3M | $21.1M | $20.8M | $16.2M | $12.5M | $8.0M |
| Selling, General & Admin | $5.6M | $5.5M | $5.6M | $5.8M | $8.0M | $10.0M | $10.4M | $7.5M | $9.0M | $5.8M |
| Operating Expenses | $22.0M | $22.5M | $20.3M | $21.6M | $25.3M | $31.1M | $27.7M | $23.7M | $22.0M | $13.8M |
| Operating Income | -$21.1M | -$21.9M | -$20.0M | -$21.2M | -$24.8M | -$31.0M | -$26.9M | -$22.2M | -$18.8M | -$14.0M |
| EBITDA | -$18.8M | -$18.7M | -$18.8M | -$16.0M | -$23.2M | -$27.9M | -$27.0M | -$20.5M | -$13.4M | -$12.2M |
| Interest Expense | $155000 | $129000 | $141000 | $354000 | $269000 | $403000 | $241000 | $171000 | $124000 | $1.9M |
| Pre-tax Income | -$19.6M | -$20.8M | -$20.8M | -$19.1M | -$26.2M | -$30.4M | -$29.8M | -$21.9M | -$14.8M | -$13.5M |
| Income Tax | $36000 | $11000 | $30000 | $24000 | $32000 | $13000 | $90000 | $19000 | $9000 | $1000 |
| Net Income | -$19.6M | -$20.8M | -$20.8M | -$18.1M | -$23.4M | -$27.8M | -$26.6M | -$23.9M | -$16.5M | -$8.5M |
| EPS | $-0.77 | $-0.81 | $-0.81 | $-0.70 | $-0.64 | $-0.68 | $-6.46 | $-5.23 | $-2.89 | $-1.08 |
| EPS (Diluted) | $-0.77 | $-0.81 | $-0.81 | $-0.70 | $-0.64 | $-0.68 | $-6.46 | $-5.23 | $-2.89 | $-1.08 |
| Shares Outstanding (Diluted) | $25.4M | $25.7M | $25.8M | $25.8M | $36.6M | $41.0M | $4.1M | $4.6M | $5.7M | $7.9M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $312000 | $314000 | $334000 | $347000 |
| Gross Profit | $155000 | -$2.0M | $204000 | -$8000 |
| Operating Income | -$2.7M | -$5.2M | -$3.1M | -$2.4M |
| EBITDA | -$2.0M | -$6.5M | -$1.8M | -$2.3M |
| Net Income | $3.9M | -$5.3M | -$5.9M | -$1.8M |
| EPS | $0.44 | $-0.61 | $-0.60 | $-0.14 |
| EPS (Diluted) | $0.44 | $-0.61 | $-0.60 | $-0.14 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $3.2M | $3.4M | $5.8M | $34.7M | $46.2M | $32.3M | $29.0M | $20.8M | $15.3M | $13.0M |
| Short-term Investments | $84.9M | $68.3M | $48.7M | $12.1M | $2.0M | $21.5M | $6.4M | $10.3M | $10000 | 0 |
| Receivables | $1.2M | $813000 | $746000 | $1.2M | $2.2M | $1.2M | $803000 | $804000 | $1.5M | $1.4M |
| Inventory | 0 | 0 | 0 | 0 | 0 | $92000 | $566000 | $76000 | $1.8M | $210000 |
| Total Current Assets | $89.5M | $72.8M | $55.5M | $49.0M | $51.8M | $56.9M | $37.8M | $34.5M | $21.6M | $15.6M |
| Property, Plant & Equipment | $6.5M | $4.8M | $3.2M | $5.3M | $3.9M | $4.2M | $4.1M | $3.4M | $4.3M | $2.6M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | $17.1M | $16.1M | $15.2M | $14.1M | $13.2M | $12.2M | 0 |
| Total Assets | $96.0M | $77.6M | $58.7M | $71.4M | $71.9M | $76.3M | $56.1M | $51.1M | $39.9M | $20.0M |
| Accounts Payable | $1.3M | $1.1M | $1.0M | $1.0M | $863000 | $1.5M | $1.0M | $1.8M | $1.2M | $639000 |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $10.4M | 0 |
| Total Current Liabilities | $5.2M | $4.7M | $5.4M | $5.7M | $9.7M | $6.9M | $5.6M | $6.9M | $18.7M | $3.4M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | $10.1M | $10.4M | 0 | 0 |
| Total Liabilities | $8.7M | $8.2M | $8.4M | $11.1M | $15.0M | $12.9M | $21.3M | $22.4M | $25.0M | $8.1M |
| Retained Earnings | -$96.2M | -$117.0M | -$137.8M | -$155.9M | -$179.3M | -$207.1M | -$233.7M | -$257.6M | -$274.1M | -$282.6M |
| Total Equity | $87.3M | $69.4M | $50.1M | $50.1M | $46.0M | $53.7M | $27.9M | $12.1M | -$1.5M | -$82000 |
| Total Debt | 0 | 0 | 0 | $3.0M | $2.4M | $2.7M | $11.9M | $11.5M | $12.9M | $2.2M |
| Net Debt | -$88.1M | -$71.8M | -$54.5M | -$43.9M | -$45.8M | -$51.2M | -$23.4M | -$19.6M | -$2.4M | -$10.8M |
| Working Capital | $84.3M | $68.1M | $50.1M | $43.3M | $42.1M | $50.0M | $32.1M | $27.5M | $2.9M | $12.2M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $5.6M | $13.0M | $8.5M | $9.4M |
| Total Assets | $26.1M | $20.0M | $17.9M | $13.4M |
| Total Liabilities | $8.8M | $8.1M | $10.0M | $7.7M |
| Total Equity | $1.1M | -$82000 | -$2.5M | -$3.3M |
| Total Debt | $2.5M | $2.2M | $2.0M | $2.1M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$19.6M | -$20.8M | -$20.8M | -$19.1M | -$26.2M | -$30.4M | -$29.8M | -$26.0M | -$18.1M | -$14.2M |
| Depreciation & Amortization | $2.3M | $2.1M | $2.0M | $2.8M | $2.7M | $2.2M | $2.6M | $2.6M | $2.5M | $1.1M |
| Stock-based Compensation | $2.9M | $2.2M | $1.7M | $1.6M | $4.1M | $2.6M | $1.2M | $1.9M | $1.8M | $654000 |
| Change in Working Capital | $1.9M | -$196000 | -$161000 | -$997000 | -$1.4M | $1.7M | -$771000 | -$400000 | -$3.3M | -$1.3M |
| Operating Cash Flow | -$11.7M | -$15.9M | -$15.2M | -$17.4M | -$19.5M | -$24.8M | -$23.7M | -$21.6M | -$19.7M | -$13.5M |
| Capital Expenditure | -$808000 | -$590000 | -$374000 | -$900000 | -$682000 | -$724000 | -$1.2M | -$785000 | -$626000 | -$135000 |
| Acquisitions | -$5.5M | -$4.8M | 0 | $10.0M | 0 | 0 | 0 | 0 | 0 | $78000 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$12.5M | -$16.5M | -$15.5M | -$18.3M | -$20.2M | -$25.6M | -$24.8M | -$22.4M | -$20.3M | -$13.6M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | -$3.8M | -$2.7M | -$3.0M | -$2.1M |
| Capital Expenditure | -$11372 | -$6000 | -$2000 | -$9287 |
| Free Cash Flow | -$3.8M | -$2.7M | -$3.0M | -$2.1M |
| Dividends Paid | 0 | 0 | -$192999 | -$2.5M |
| Stock-based Compensation | 0 | $155000 | 0 | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | -48.3% | -48.3% | -56.9% | +38.1% | -10.6% | +80.1% | +78.0% | +87.0% | -30.9% | |
| Net Income Growth (YoY) | -6.4% | +0.4% | +12.7% | -29.1% | -18.9% | +4.2% | +10.4% | +31.0% | +48.5% | |
| EPS Growth (YoY) | -5.2% | +0.0% | +13.6% | +8.6% | -6.3% | -850.0% | +19.0% | +44.7% | +62.6% | |
| Shares Change (YoY) | +1.1% | +0.1% | +0.0% | +41.9% | +12.2% | -90.0% | +10.9% | +24.7% | +38.2% | |
| FCF Growth (YoY) | -32.1% | +6.0% | -17.6% | -10.6% | -26.6% | +2.8% | +10.0% | +9.1% | +32.9% | |
| Gross Margin | 13.8% | 15.9% | 16.9% | 55.6% | 44.8% | 17.5% | 45.7% | 50.0% | 57.3% | -6.3% |
| Operating Margin | -322.5% | -649.1% | -1144.2% | -2810.9% | -2386.0% | -3328.3% | -1608.4% | -745.5% | -337.2% | -364.2% |
| EBITDA Margin | -287.6% | -552.6% | -1074.0% | -2127.5% | -2231.7% | -2998.2% | -1612.5% | -688.5% | -239.6% | -316.6% |
| Net Margin | -299.6% | -616.3% | -1188.2% | -2405.3% | -2247.5% | -2988.5% | -1590.3% | -800.8% | -295.6% | -220.2% |
| FCF Margin | -191.1% | -488.6% | -889.2% | -2425.5% | -1941.9% | -2748.7% | -1483.5% | -749.9% | -364.5% | -353.9% |
| Effective Tax Rate | -0.2% | -0.1% | -0.1% | -0.1% | -0.1% | -0.0% | -0.3% | -0.1% | -0.1% | -0.0% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-0.49 | $-0.64 | $-0.60 | $-0.71 | $-0.55 | $-0.62 | $-6.03 | $-4.89 | $-3.57 | $-1.73 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $25.4M | $25.7M | $25.8M | $25.8M | $36.6M | $41.0M | $4.1M | $4.6M | $5.7M | $7.9M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | 766.01% |
| Return on Invested Capital | -121.41% |
| Return on Assets | -68.20% |
| Gross Margin | -14.16% |
| Operating Margin | -1020.35% |
| Net Margin | -696.26% |
Financial Health
| Debt / Equity | -0.64 |
| Current Ratio | 3.57 |
| Piotroski F-Score | 2 |
| Altman Z-Score | -20.48 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -66.23 | -42.84 | -24.44 | -21.71 | -73.44 | -24.12 | -1.08 | -1.61 | -0.65 | -1.02 |
| P/B | 14.87 | 12.87 | 10.19 | 7.81 | 37.31 | 12.54 | 1.03 | 3.18 | -7.34 | -105.63 |
| P/S | 198.42 | 264.03 | 291.88 | 519.87 | 1651.98 | 723.25 | 17.22 | 12.87 | 1.91 | 2.25 |
| Gross Margin | 13.8% | 15.9% | 16.9% | 55.6% | 44.8% | 17.5% | 45.7% | 50.0% | 57.3% | -6.3% |
| Operating Margin | -322.5% | -649.1% | -1144.2% | -2810.9% | -2386.0% | -3328.3% | -1608.4% | -745.5% | -337.2% | -364.2% |
| Net Margin | -299.6% | -616.3% | -1188.2% | -2405.3% | -2247.5% | -2988.5% | -1590.3% | -800.8% | -295.6% | -220.2% |
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