COMPUGEN LTD

CGEN
About the company

Compugen Ltd., a clinical-stage therapeutic discovery and development company, engages in the research, development, and commercialization of therapeutics and product candidates in Israel, the United States, and Europe.

Country: IsraelPrice: $2.10Market Cap: $198.9M

Investment snapshot

24%positive consensus
Scored 1d ago

Positive

3

BUY / PASS

Neutral / negative

4 / 9

NEUTRAL / FAIL

Median fair value

$3.05

+45.2% vs price

Models with upside

3 / 17

Positive margin of safety

Strongest signal

Models split on CGEN at $2.10 — fair values range $0.05–$11.87

Key risk

11 of 12 flag CGEN's debt & leverage — Graham, Buffett, Lynch +8 more

Framework analysis

VerdictMeaning
BUYPositive purchase signal: the framework's buy requirements are met.
PASSThe company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state.
NEUTRALNeither a positive nor negative conclusion. It does not mean to hold an existing position.
FAILThe company does not clear the framework's requirements.
RankedRanked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL.

Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.

MetricGraham

Defensive Value

Buffett

Quality Compounder

Lynch

GARP

Greenblatt

Magic Formula

Piotroski

F-Score

Dreman

Contrarian Value

Munger

Quality Focus

Pabrai

Dhandho Framework

Akre

Three-Legged Stool

Marks

Risk-Aware Value

Ackman

Activist Value

Templeton

Global Bargain Hunter

Sleep

Scale Economies Shared

Asness

Systematic Factors

Neff

Low-P/E Total Return

Schloss

Asset-Value Discipline

O'Shaughnessy

Systematic Factor Composite

VerdictFAILFAILFAILBUY · Rank #51 (Top 1.6%)NEUTRALPASSFAILNEUTRALFAILFAILBUYFAILPASSNEUTRALFAILFAILNEUTRAL
Score
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Intrinsic Value (annual)N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Margin of Safety+31.1%N/AN/A-2000.0%N/A-4100.0%+65.2%N/AN/AN/A+82.3%N/AN/AN/AN/AN/AN/A
Financial Basis

Annual history · FY 2025

Latest source filing: 2026-03-02

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-03-02

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-03-02

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-03-02

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-03-02

Score computed: 2026-11-14

Annual history · FY 2025 · Market data at 2026-11-01

Latest source filing: 2026-03-02

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2025

Latest source filing: 2026-03-02

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2025

Latest source filing: 2026-03-02

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment

Latest source filing: 2026-03-02

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment

Latest source filing: 2026-03-02

Score computed: 2026-11-14

Annual history · FY 2025 · Market data at 2026-11-01

Latest source filing: 2026-03-02

Score computed: 2026-11-14

Annual history · FY 2025 · Price history 2025-01-01–2026-11-01

Latest source filing: 2026-03-02

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment

Latest source filing: 2026-03-02

Score computed: 2026-11-14

Annual history · FY 2025 · Price history 2025-01-01–2026-11-01

Latest source filing: 2026-03-02

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-03-02

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-03-02

Score computed: 2026-11-14

Annual history · FY 2025 · Price history 2025-01-01–2026-11-01

Latest source filing: 2026-03-02

Score computed: 2026-11-14

Where It Passes

  • Valuation models60% pass✓ 3✗ 2▾

    Models split on CGEN at $2.10 — fair values range $0.05–$11.87

    Graham fair value$3.05
    ✓Graham+31.1% margin vs $2.10
    Greenblatt fair value$0.10
    ✗Greenblatt-2000.0% margin vs $2.10
    Dreman fair value$0.05
    ✗Dreman-4100.0% margin vs $2.10
    Munger fair value$6.04
    ✓Munger+65.2% margin vs $2.10
    Ackman fair value$11.87
    ✓Ackman+82.3% margin vs $2.10

Where It Falls Short

  • Debt & Leverage8% pass✓ 3✗ 12▾

    11 of 12 flag CGEN's debt & leverage — Graham, Buffett, Lynch +8 more

    LT Debt vs Net Current Assets
    ✗GrahamLT Debt <= Net Current Assets
    Debt/Equity & Interest Coverage
    ✗BuffettD/E < 0.5 AND Interest Coverage > 5x
    Total Debt / Equity
    ✗Lynch< 0.33
    Cash - Long-term Debt
    ✗LynchPositive preferred
    LT Debt / Total Assets Change0.00% -> 0.00%
    ✓PiotroskiDecreased YoY
    Current Assets / Current Liabilities6.56
    ✓Dreman> 1.5✓SchlossCurrent ratio >= 1.50x (app cutoff)
    Total Debt / Shareholders' Equity
    ✗Dreman< 0.8✗Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✗SchlossD/E < 1.00x
    Debt Levels
    ✗MungerDebt/Equity < 0.5✗AkreDebt/Equity < 0.3
    Interest Coverage & Debt/EBITDA
    ✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x
    Total Debt / Shareholders Equity
    ✗Ackman<= 1.0
    Negative debt-to-equity (higher means less debt)
    ✗AsnessTop 30% of eligible cross-section
  • Growth25% pass✓ 6✗ 7▾

    6 of 8 flag CGEN's growth — Graham, Lynch, Dreman +3 more

    EPS Growth (3-yr avg, 10-yr window)N/A (negative base EPS)
    ✗Graham>= 33% growth
    Basic earnings-growth PEG (dividends excluded)P/E 5.5x (growth N/A)
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR
    ✗Lynch15-30% (Fast Grower); > 0% to pass
    Inventory Growth vs Revenue GrowthN/A (no inventory)
    ✓LynchInventory growth < Revenue growth
    EPS Growth Direction$-0.13 (2009) -> $0.38 (2025)
    ✓DremanPositive over recent years
    EPS CAGR
    ✗Dreman> 5% annualized
    Positive Net Income Frequency1/17 years positive
    ✗MarksPositive net income in >= 7 of last 10 years
    3yr Median Revenue Growth161.1%
    ✓Ackman>= 5%
    Positive EPS Growth Frequency4/5 years with positive EPS growth
    ✓AckmanPositive EPS growth in >= 3 of last 5 years
    5-Year EPS CAGR
    ✗Templeton> 0% (5-year EPS CAGR)
    Revenue growth vs. gross and operating margin trendgross margin 94.0% -> 87.3%, operating margin -38.8% -> 43.1%
    ✓SleepRevenue rising; gross margin flat or falling; operating margin holding
    5-year Revenue CAGR105.2%
    ✓SleepCAGR > 7%
    3-5 Year Diluted EPS CAGR
    ✗Neff7%-20% annualized
  • Valuation31% pass✓ 13✗ 15▾

    9 of 13 flag CGEN's valuation — Graham, Lynch, Dreman +6 more

    Price / 3-yr avg EPS630.0x
    ✗Graham<= 15x
    Price-to-Book Ratio1.9x
    ✗Graham<= 1.5x
    P/E x P/B1,217.7
    ✗Graham<= 22.5
    Basic earnings-growth PEG (dividends excluded)P/E 5.5x (growth N/A)
    ✗Lynch< 1.0 (ideally < 0.5)
    EBIT / Enterprise Value28.9%
    ✓Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=28.9%, ROC=88.2%
    ✓GreenblattBoth EY > 10% and ROC > 25%
    Price / EPS5.5x
    ✓Dreman< 12x✓Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)
    Price / (CFO / Shares)6.3x
    ✓Dreman< 8x
    Price / Book Value per Share1.9x
    ✗Dreman< 1.2x✗Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)
    Valuation ReasonablenessP/E=5.5x
    ✓MungerP/E < 25 or Owner Earnings Yield > 5%
    P/E or FCF YieldP/E=5.5x, FCF Yield=15.7%
    ✓PabraiP/E < 15 or FCF Yield > 10%
    P/B or P/E vs. Historical AverageP/E=5.5x, P/B=1.9x
    ✓MarksP/E < 15 or P/B < 2.0
    Discount to Intrinsic Value-4100.0% (IV=$0.05 vs Price=$2.10)
    ✗Marks>= 20% below intrinsic value
    Price / FCF per Share6.3x
    ✓Ackman<= 25
    Price vs. Trailing Low149% of trailing low ($1.41)
    ✗Templeton<= 120% of trailing low (certified split-adjusted live window)
    Net income / market capitalization+17.77%; #303/6340 (top 4.8%)
    ✓AsnessTop 30% of eligible cross-section✓OshaughnessyTop 10% of eligible cross-section
    Positive book equity / market capitalization+0.5164; #2826/6449 (top 43.8%)
    ✗AsnessTop 30% of eligible cross-section
    Price / Diluted EPS5.5x
    ✓NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)
    (EPS CAGR % + Dividend Yield %) / P/E
    ✗Neff> 0.7 (Neff's published traditional edge)
    Price / Tangible Book Value per Share1.93x
    ✗SchlossP/TBV <= 1.00x (app cutoff)
    Book Value per Share Change-24.1%
    ✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
    Revenue / market capitalization+0.3658; #3045/5247 (top 58.0%)
    ✗OshaughnessyTop 10% of eligible cross-section
    (Operating cash flow - capex) / market capitalization+15.75%; #388/4519 (top 8.6%)
    ✓OshaughnessyTop 10% of eligible cross-section
    Trailing six-month price return through the evaluation date-18.60%; #3895/6202 (top 62.8%)
    ✗OshaughnessyTop 10% of eligible cross-section
  • Verdicts31% pass✓ 4✗ 9▾

    Split decision: 9 FAIL · 4 NEUTRAL · 2 PASS · 1 BUY

    Overall verdict
    ✗GrahamFAIL (1/9)✗BuffettFAIL (1/9)✗LynchFAIL (2/7)✓GreenblattRank #51•PiotroskiNEUTRAL (F-Score 7)✓DremanPASS (6/11)✗MungerFAIL (1/4)•PabraiNEUTRAL (2/3)✗AkreFAIL (1/6)✗MarksFAIL (1/5)✓AckmanBUY (7/9)✗TempletonFAIL (3/8)✓SleepPASS (3/6)•AsnessNEUTRAL (Not ranked)✗NeffFAIL (3/6)✗SchlossFAIL (1/7)•OshaughnessyNEUTRAL (Not ranked)
  • Profitability38% pass✓ 18✗ 17▾

    10 of 16 flag CGEN's profitability — Graham, Buffett, Lynch +7 more

    Positive EPS (10 years)1/18 years positive
    ✗GrahamPositive EPS every year for 10 years
    EPS Growth (3-yr avg, 10-yr window)N/A (negative base EPS)
    ✗Graham>= 33% growth
    Net Income Positive (10+ years)1/18 years positive
    ✗BuffettPositive every year for 10+ years
    ROE (up to 5-year arithmetic mean)-19.1%
    ✗Buffett> 15% arithmetic mean (app rule)
    Operating Margin (10-yr trend)43.1% (latest)
    ✓BuffettStable or rising over 10 years
    Free Cash Flow Proxy
    ✗BuffettPositive and growing
    Earnings Variance (10-yr CoV)N/A (negative mean EPS)
    ✗BuffettCoV < 0.3
    Retained Earnings Effectiveness
    ✗Buffett$1 retained -> > $1 market value created
    Basic earnings-growth PEG (dividends excluded)P/E 5.5x (growth N/A)
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR
    ✗Lynch15-30% (Fast Grower); > 0% to pass
    ROE34.4%
    ✓Lynch> 15%
    EBIT / Enterprise Value28.9%
    ✓Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=28.9%, ROC=88.2%
    ✓GreenblattBoth EY > 10% and ROC > 25%
    Net Income / Total Assets22.57%
    ✓PiotroskiROA > 0
    ROA Change YoY-12.38% -> 22.57% (delta: +34.95%)
    ✓PiotroskiCurrent ROA > Prior ROA
    (CFO / Total Assets) vs ROACFO/Assets=20.20%, ROA=22.57%
    ✗PiotroskiCFO/Assets > ROA
    Gross Margin Change YoY71.5% -> 87.3%
    ✓PiotroskiImproved YoY
    Pre-Tax Income / Revenue48.6%
    ✓Dreman>= 8%
    Net Income / Shareholders' Equity34.4%
    ✓Dreman> 12%
    Margin of SafetyP/E=5.5x, P/B=1.9x
    ✓PabraiP/B < 1.5 or P/E < 15
    Return on Equity-6.7% (3-yr avg)
    ✗AkreROE > 20% (3-year avg)
    Discount to Intrinsic Value-4100.0% (IV=$0.05 vs Price=$2.10)
    ✗Marks>= 20% below intrinsic value
    Positive Net Income Frequency1/17 years positive
    ✗MarksPositive net income in >= 7 of last 10 years
    Operating Income / Revenue43.1%
    ✓Ackman>= 15%
    Net Income / Shareholders Equity34.4%
    ✓Ackman>= 15%
    5-Year EPS CAGR
    ✗Templeton> 0% (5-year EPS CAGR)
    Operating Margin Trend-38.8% (2023) -> 43.1% (2025)
    ✓TempletonNon-negative operating-margin trend over 3 years
    Revenue growth vs. gross and operating margin trendgross margin 94.0% -> 87.3%, operating margin -38.8% -> 43.1%
    ✓SleepRevenue rising; gross margin flat or falling; operating margin holding
    Net income / market capitalization+17.77%; #303/6340 (top 4.8%)
    ✓AsnessTop 30% of eligible cross-section✓OshaughnessyTop 10% of eligible cross-section
    Gross profit / total assets+40.57%; #928/3702 (top 25.1%)
    ✓AsnessTop 30% of eligible cross-section
    Net income / positive book equity+34.40%; #376/5226 (top 7.2%)
    ✓AsnessTop 30% of eligible cross-section
    Negative 5-year standard deviation of ROA-0.1978; #4221/5884 (top 71.7%)
    ✗AsnessTop 30% of eligible cross-section
    3-5 Year Diluted EPS CAGR
    ✗Neff7%-20% annualized
    Positive Diluted-EPS Years1/10 years positive
    ✗Schloss>= 70% positive over 5-10 observed years (app rule)
  • Cash Flow50% pass✓ 7✗ 5▾

    5 of 10 pass — Buffett, Lynch, Piotroski +2 more object

    Free Cash Flow Proxy
    ✗BuffettPositive and growing
    FCF Positive and Growing$31.3M
    ✗LynchPositive and growing
    Operating Cash Flow$31.6M
    ✓PiotroskiCFO > 0
    (CFO / Total Assets) vs ROACFO/Assets=20.20%, ROA=22.57%
    ✗PiotroskiCFO/Assets > ROA
    Price / (CFO / Shares)6.3x
    ✓Dreman< 8x
    P/E or FCF YieldP/E=5.5x, FCF Yield=15.7%
    ✓PabraiP/E < 15 or FCF Yield > 10%
    FCF Positive2/17 years FCF positive
    ✗MarksPositive FCF in majority of recent years
    (OCF - CapEx) / Market Cap15.8%
    ✓Ackman>= 4%
    Price / FCF per Share6.3x
    ✓Ackman<= 25
    Positive Operating Cash Flow frequency2/17 years positive
    ✗SleepPositive OCF in >= 70% of available years
    Operating Cash Flow - Capital Expenditures$31.3M
    ✓Neff> $0 (app proxy for a strong fundamental case)
    (Operating cash flow - capex) / market capitalization+15.75%; #388/4519 (top 8.6%)
    ✓OshaughnessyTop 10% of eligible cross-section
  • Efficiency50% pass✓ 5✗ 6▾

    4 of 8 pass — Buffett, Munger, Akre +1 more object

    Current Ratio6.56
    ✓Graham>= 2.0
    ROIC (3-5 yr avg)
    ✗Buffett> 10%
    ROIC - WACC
    ✗BuffettPositive (WACC = 10%)
    EBIT / (NWC + Net Fixed Assets)88.2%
    ✓Greenblatt> 25%
    Current Ratio Change YoY5.26 -> 6.56
    ✓PiotroskiIncreased YoY
    Revenue / Total Assets Change YoY0.24x -> 0.46x
    ✓PiotroskiImproved YoY
    Current Assets / Current Liabilities6.56
    ✓Dreman> 1.5
    Return on Invested Capital
    ✗Munger> 15%
    ROIC (high and growing)FY2023: ROIC=unavailable; FY2024: ROIC=unavailable; FY2025: ROIC=unavailable
    ✗AkreLatest 3 consecutive FYs: ROIC > 15% in each
    Reinvestment Rate x ROIC
    ✗AkreReinvestment Rate * ROIC > 10%
    ROIC (5-year)
    ✗SleepROIC > 12% in a majority of years

Business & financials

Financial snapshot: annual FY 2025. Current investor scores may use newer quarterly data.

Company Profile

Industry: Pharmaceutical Products
SIC Sector: Chemicals & Pharmaceuticals
Size: Micro Cap($198.9M)
Revenue: $72.8M+161.1% YoY
Net Income: $35.3M+348.4% YoY

Financial Snapshot

Operating Margin43.1%
Return on Equity34.4%
Debt / Equity--
Current Ratio6.56
EPS (Diluted)$0.38
Shares Retired−5.6% / −6.0% 2y

Similar Companies

MRKMerck & Co., Inc.
$364.3B
ABTABBOTT LABORATORIES
$188.0B
BMYBRISTOL MYERS SQUIBB CO
$129.7B
TECHBIO-TECHNE Corp
$11.4B

Shareholder Return

Fiscal 2025

Issued 5.6% of shares last year, 6.0% issued over two.

Buybacks
—
Dividends
—

Company Financials

Latest TTM and quarters alongside annual years

TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.

MetricFY 2025
Sources
  • 20-F · 2026-03-02
FY 2024
Sources
  • 20-F · 2025-03-04
FY 2023
Sources
  • 20-F · 2024-03-05
FY 2022
Sources
  • 20-F · 2023-02-28
FY 2021
Sources
  • 20-F · 2022-02-28
Market Cap$198.9Mcurrent$208.6Mest.$215.1Mest.$75.4Mest.$306.8Mest.
Revenue$72.8M↑161%$27.9M↓17%$33.5M↑346%$7.5M↑25%$6.0M
Operating Income$31.3M↑310%-$14.9M↓15%-$13.0M↑63%-$35.4M↓1%-$35.1M
Net Income$35.3M↑348%-$14.2M↑24%-$18.8M↑44%-$33.7M↑1%-$34.2M
EPS (Diluted)$0.38↑338%$-0.16↑24%$-0.21↑46%$-0.39↑5%$-0.41
Gross Margin87.3%↑22%71.5%↓24%94.0%↑8%87.0%↓2%88.7%
Operating Margin43.1%↑181%-53.4%↓38%-38.8%↑92%-471.7%↑19%-584.6%
ROE34.4%↑233%-25.9%↑9%-28.6%↑34%-43.4%↓35%-32.1%
Total Debt----------
Shareholders' Equity$102.7M↑87%$54.9M↓16%$65.6M↓16%$77.7M↓27%$106.7M
Current Ratio6.56↑25%5.26↑21%4.36↓40%7.237.21
Debt / Equity—————
Operating Cash Flow$31.6M↓36%$49.6M↑238%-$35.9M↓5%-$34.1M↓50%-$22.7M
Free Cash Flow$31.3M↓37%$49.5M↑237%-$36.1M↓4%-$34.6M↓51%-$23.0M

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Pharmaceutical Products

CGEN vs Peers — Financial Grading

Revenue$72.8MBottom 25%
Net Income$35.3MMedian
ROE34.4%Top 25%
D/E—
Op. Margin43.1%Top 25%
Curr. Ratio6.56Top 25%
CompanyMarket CapPriceRevenueNet IncomeROED/EOp. MarginCurr. RatioGrahamBuffettLynchGreenblattPiotroskiDreman
Merck & Co., Inc.MRK$364.3B$147.76$65.0B$18.3B34.7%0.94—1.542/95/94/70/3F-Score 41/11
ABBOTT LABORATORIESABT$188.0B$108.52$44.3B$6.5B12.5%0.2518.2%1.583/94/92/71/3F-Score 53/11
BRISTOL MYERS SQUIBB COBMY$129.7B$63.43$48.2B$7.1B38.2%2.4419.4%1.262/91/93/71/3F-Score 85/11
BIO-TECHNE CorpTECH$11.4B$72.80$1.2B$73.4M3.8%—8.4%3.464/93/93/70/3F-Score 54/11
REPLIGEN CORPRGEN$10.7B$167.79$738.3M$48.9M2.3%0.267.5%8.373/92/93/70/3F-Score 75/11
IONIS PHARMACEUTICALS INCIONS$4.8B$29.06$943.7M$381.4M-78.0%3.60-40.4%3.833/91/91/70/3F-Score 43/11
NEOGEN CORPNEOG$2.5B$11.23$870.4M$7.9M-0.4%0.76-2.5%3.823/91/92/70/3F-Score 64/11
Pharvaris N.V.PHVS$2.4B$33.36—$206.4M-64.8%0.00——0/90/92/70/3F-Score 22/11