Cogstate Ltd (AU:CGS)
ASX:CGS
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Cogstate Ltd
(Sydney:CGS)
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Rating:70Outperform
Price Target:
AU$3.00
▲(18.58% Upside)
Action:Reiterated
Date:06/11/26
Score is driven by strong balance-sheet quality and a favorable earnings-call outlook with improving forward contract visibility and expected H2 margin recovery. Technicals are supportive with the price above key moving averages and positive MACD. Offsetting factors are weaker recent revenue and free-cash-flow trends and a relatively high P/E with a modest dividend yield.
Positive Factors
Strong liquidity & no debt
A cash balance of $34.1M and zero debt provides durable financial flexibility to absorb clinical trial timing volatility, fund technology and AI investments, and support channel expansion without needing external financing, strengthening strategic optionality over the next 2–6 months.
Negative Factors
Revenue and FCF weakness
A steep revenue decline and halved free cash flow indicate structural sensitivity to study activity and timing. Persistently weaker cash generation limits reinvestment capacity and increases reliance on backlog conversion to restore normalised growth and fund strategic initiatives over the coming months.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong liquidity & no debt
A cash balance of $34.1M and zero debt provides durable financial flexibility to absorb clinical trial timing volatility, fund technology and AI investments, and support channel expansion without needing external financing, strengthening strategic optionality over the next 2–6 months.
Read all positive factors
Cogstate Ltd (CGS) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$479.07M
Dividend Yield0.88%
Average Volume (3M)355.93K
Price to Earnings (P/E)30.4
Beta (1Y)0.13
Revenue Growth16.76%
EPS Growth50.77%
CountryAU
Employees147
SectorHealthcare
Sector Strength45
IndustryMedical - Healthcare Information Services
Share Statistics
EPS (TTM)0.06
Shares Outstanding169,884,350
10 Day Avg. Volume327,690
30 Day Avg. Volume355,934
Financial Highlights & Ratios
PEG Ratio1.95
Price to Book (P/B)6.26
Price to Sales (P/S)9.00
P/FCF Ratio35.68
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$3.18Price Target Upside25.49% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)0.06
Revenue Forecast (FY)AU$59.12M
Cogstate Ltd Business Overview & Revenue Model
Company Description
Melbourne, Australia-based Cogstate Limited, established in 1999, is a neuroscience technology company specializing in computerized cognitive assessments and digital solutions for clinical outcome evaluations. Its comprehensive suite of cognitive ...
How the Company Makes Money
Cogstate makes money primarily by providing cognitive assessment solutions and associated services to support clinical research and clinical trials. Its core revenue model is business-to-business and is typically tied to study activity: (1) Clinic...
Cogstate Ltd Earnings Call Summary
Earnings Call Date:Feb 18, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Aug 18, 2026
Earnings Call Sentiment Positive
The call presented strong commercial momentum and forward visibility: record new trial starts, a 105% jump in sales contracts, solid YoY revenue/backlog growth, expanding channel partnerships, and a healthy cash balance. Short‑term margin pressure and a $0.5M doubtful debt provision were acknowledged, largely driven by deliberate investments in delivery capacity, timing of contract recognition and one‑off adjustments. Management expects margins to recover in H2 as contracted revenue converts and maintains a clear strategy of diversification and technology investment to sustain medium‑term growth.Positive Updates
Significant Growth in Trial Portfolio
Managing 133 clinical trials as at 31 Dec, up 34% year‑on‑year, with a record 42 new trial starts in the December half (most active half-year ever).
Negative Updates
Lower In‑period Revenue Yield and Timing Skew
Revenue yield in the half was lower than historical average due to ~1/3 of new contract value signed in December and a mix of Phase IV/real‑world evidence deals (slower revenue recognition), contributing to H1 being ~8% below the June half.
Read all updates
Q2-2026 Updates
Positive
Negative
Significant Growth in Trial Portfolio
Managing 133 clinical trials as at 31 Dec, up 34% year‑on‑year, with a record 42 new trial starts in the December half (most active half-year ever).
Read all positive updates
Company Guidance
Guidance from the call is that Cogstate expects revenue growth from H1 into H2 and from FY25 into FY26, entering the June half with $21.7m of revenue already contracted for H2 (up 24% y/y) and $27.0m contracted for FY27 (up 13% y/y), with total future contract revenue up 6% y/y and a clinical trials backlog of $92.3m (up 9% y/y); management expects H2 gross margins to recover to roughly 56–59% (with a longer‑term target north of 60%), operating costs to remain relatively constant in H2 while continuing targeted investment in technology and channel partnerships (tech spend YTD ~$2.2m, AI product development ~$0.5–0.6m), and improved profitability in H2 (H1 EBITDA was $6.5m at a 24.3% margin, PBT $5.3m, NPAT $4.5m) supported by $34.1m cash on hand, no debt, and an unchanged annual dividend policy targeting a 20–50% NPAT payout (no interim dividend declared).Cogstate Ltd Financial Statement Overview
Summary
Income Statement
65
Positive
Balance Sheet
75
Positive
Cash Flow
60
Neutral
| Breakdown | TTM | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 56.26M | 33.29M | 43.43M | 39.94M | 44.98M | 32.69M |
| Gross Profit | 19.54M | 20.11M | 24.71M | 8.16M | 14.87M | 7.81M |
| EBITDA | 15.86M | 11.09M | 6.60M | 5.69M | 13.11M | 4.54M |
| Net Income | 11.04M | 6.65M | 3.63M | 3.52M | 7.13M | 5.27M |
Balance Sheet | ||||||
| Total Assets | 68.06M | 64.77M | 57.84M | 53.94M | 58.44M | 51.39M |
| Cash, Cash Equivalents and Short-Term Investments | 34.07M | 35.56M | 30.08M | 28.61M | 30.59M | 23.64M |
| Total Debt | 716.74K | 638.90K | 672.72K | 378.01K | 1.41M | 1.74M |
| Total Liabilities | 16.43M | 16.88M | 16.89M | 16.34M | 25.52M | 29.60M |
| Stockholders Equity | 51.63M | 47.90M | 27.29M | 37.60M | 32.92M | 21.78M |
Cash Flow | ||||||
| Free Cash Flow | 9.75M | 8.40M | 4.75M | -1.01M | 5.87M | 12.94M |
| Operating Cash Flow | 10.26M | 11.48M | 5.78M | 1.17M | 9.25M | 16.22M |
| Investing Cash Flow | -5.60M | -2.24M | -1.12M | -1.68M | -3.53M | -2.64M |
| Financing Cash Flow | -4.67M | -3.79M | -3.22M | -883.51K | 760.36K | -184.78K |
Cogstate Ltd Technical Analysis
Positive
2.53
Price Trends
2.51
Positive
2.35
Positive
2.34
Positive
Market Momentum
0.08
Negative
59.59
Neutral
73.94
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:CGS, the sentiment is Positive. The current price of 2.53 is below the 20-day moving average (MA) of 2.64, above the 50-day MA of 2.51, and above the 200-day MA of 2.34, indicating a bullish trend. The MACD of 0.08 indicates Negative momentum. The RSI at 59.59 is Neutral, neither overbought nor oversold. The STOCH value of 73.94 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:CGS.
Cogstate Ltd Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | AU$479.07M | 30.42 | 29.05% | 0.88% | 16.76% | 50.77% | |
67 Neutral | AU$134.36M | 33.98 | 4.37% | ― | 36.43% | ― | |
52 Neutral | AU$45.06M | -7.79 | -14.19% | ― | 0.03% | -5.85% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
49 Neutral | AU$4.91M | -4.91 | -42.29% | ― | ― | -64.67% | |
48 Neutral | AU$41.28M | -12.64 | -1122.02% | ― | ― | ― | |
43 Neutral | AU$22.99M | -3.21 | -1009.84% | ― | 13.69% | 7.57% |
* Healthcare Sector Average
AU:CGS
Cogstate Ltd
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1.42
105.99%
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Cogstate Ltd Corporate Events
Cogstate targets sustainable growth via expanded clinical trial indications and services
Jun 9, 2026
Cogstate Ltd will host an investor webinar titled “Unlocking Sustainable Clinical Trials Growth through Indication and Solution Expansion” to outline momentum and diversification in its Clinical Trials business. The session will highli...
Cogstate Cancels Over 1.1 Million Shares in On-Market Buy-Back
Jun 3, 2026
Cogstate Ltd has cancelled 1,109,662 ordinary fully paid shares through an on-market share buy-back, as notified in its latest capital management announcement. The reduction in issued capital indicates an active approach to managing its share base...
Cogstate to Showcase Clinical Trials Growth Strategy via Investor Webinar
May 31, 2026
Cogstate Ltd, a specialist in CNS endpoint innovation and digital cognitive assessment solutions for both pharmaceutical trials and healthcare providers, focuses on enabling accurate, actionable measurement of cognition to support the development ...
Cogstate Updates Daily On-Market Share Buy-Back Activity
May 27, 2026
Cogstate Ltd has continued its on-market share buy-back program for its ordinary fully paid shares listed on the ASX under code CGS. The company disclosed that, as of the latest notification dated 28 May 2026, a total of 1,772,688 shares had been ...
Cogstate Reshapes Company Secretarial Team, Adds CFO as Joint Secretary
May 22, 2026
Cogstate has reshaped its company secretarial structure, announcing the resignation of joint company secretary Kristi Geddes as she departs to pursue other opportunities. The board expressed appreciation for her contribution and confirmed that lon...
Cogstate Issues Daily Update on Ongoing On-Market Share Buy-Back
May 12, 2026
Cogstate Ltd has provided an updated notification to the ASX regarding its ongoing on-market share buy-back program for its ordinary fully paid shares under code CGS. The company reported that a total of 1,066,177 shares had been repurchased prior...
Cogstate Continues On‑Market Share Buy‑Back Program
May 11, 2026
Cogstate Ltd has updated the market on its ongoing on-market share buy-back program for its ordinary fully paid shares, listed on the ASX under the ticker CGS. The company reported that it has repurchased a total of 1,042,600 shares prior to the l...
Cogstate Appoints New Director Darryl Inns With No Initial Equity Holdings
May 7, 2026
Cogstate Limited has announced the appointment of Darryl Inns as a director of the company, effective 1 May 2026, in a regulatory filing to the ASX. The filing notes that Inns currently holds no relevant interests in Cogstate securities and has no...
Cogstate Issues Daily Update on Ongoing On-Market Share Buy-Back
May 3, 2026
Cogstate Ltd has provided an updated notification to the ASX regarding its on-market share buy-back program for its ordinary fully paid shares. The update, dated 4 May 2026, reports cumulative progress of the buy-back since the initial announcemen...
Cogstate Updates ASX on Daily Progress of On‑Market Share Buy‑Back
Apr 23, 2026
Cogstate Ltd has provided an updated notification to the ASX regarding its ongoing on-market share buy-back of ordinary fully paid shares under code CGS. The company reported that, as of the latest daily update dated 24 April 2026, it had repurcha...
Cogstate Adds Veteran ASX CFO Darryl Inns to Board in Governance Refresh
Apr 23, 2026
Cogstate Ltd, a specialist in CNS clinical trial endpoint data quality and digital cognitive assessments, has strengthened its board with the appointment of former ASX-listed company CFO Darryl Inns as a Non-Executive Director, effective 1 May 202...
Cogstate Updates Market on Progress of On‑Market Share Buy‑Back
Apr 22, 2026
Cogstate Ltd has provided an updated notification to the ASX on the progress of its on‑market share buy‑back program for its ordinary fully paid shares. The company reported that as of 23 April 2026, it had repurchased a cumulative tot...
Cogstate Updates Director Martyn Myer’s Shareholdings Across Family Entities
Apr 15, 2026
Cogstate Limited has reported changes to director Martyn Myer’s interests in the company’s ordinary shares, reflecting a reallocation of holdings across a mix of direct and indirect entities, including family trusts, superannuation fun...
Cogstate Seeks ASX Quotation for Additional Ordinary Shares
Apr 9, 2026
Cogstate Ltd has applied to the ASX for quotation of 4,346 new ordinary fully paid shares, to be traded under its existing ticker CGS. The securities were issued on 24 March 2026 following the exercise or conversion of existing options or other co...
Cogstate Trims Potential Dilution as Options and Performance Rights Lapse
Apr 9, 2026
Cogstate Ltd has reported the cessation of several equity-linked securities, including 30,000 options expiring in August 2026 and multiple tranches of performance rights, after conditions attached to these instruments were not met or became incapa...
Cogstate Lifts Contracted Revenue as CNS Trial Demand Grows
Apr 7, 2026
Cogstate Ltd, a specialist in CNS clinical trial endpoints and digital cognitive testing, continues to expand its role in neuroscience research by supplying technology and services that improve the accuracy and actionability of cognitive data. The...
Cogstate issues daily update on ongoing on-market share buy-back
Mar 25, 2026
Cogstate Ltd, listed on the ASX under ticker CGS, is an Australian public company with ordinary fully paid shares and an established presence in the equity capital markets. The company actively manages its capital base through on-market transactio...
Cogstate Reports Daily Progress in Ongoing On-Market Share Buy-Back
Mar 24, 2026
Cogstate Ltd has provided an updated notification to the ASX regarding its ongoing on-market share buy-back of ordinary fully paid shares under code CGS. The update, dated 25 March 2026, reports that the company has bought back a cumulative 852,50...
Cogstate Updates Market on Progress of On-Market Share Buy-Back
Mar 22, 2026
Cogstate Ltd has provided an updated notification to the ASX regarding its ongoing on-market share buy-back of ordinary fully paid shares under the code CGS. The company reported that it had repurchased a cumulative total of 744,799 shares prior t...
Cogstate Issues Daily Update on Ongoing On-Market Share Buy-Back
Mar 18, 2026
Cogstate Ltd has provided an updated notification to the ASX regarding its ongoing on-market share buy-back program for its ordinary fully paid shares. The company reported that a total of 743,004 shares had been repurchased before the previous tr...
Cogstate Updates Investors on Progress of On‑Market Share Buy‑Back
Mar 17, 2026
Cogstate Ltd has provided an update on its on‑market share buy‑back program for its ordinary fully paid shares listed on the ASX under the code CGS. The company reported that, as of the latest notification dated 18 March 2026, it had r...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.