CG Oncology, Inc.

CGON
About the company

CG Oncology, Inc., a late-stage clinical biopharmaceutical company, develops and commercializes cretostimogene grenadenorepvec for patients with bladder cancer in the United States.

Country: United StatesPrice: $74.40Market Cap: $6.6B

Investment snapshot

0%positive consensus
Scored 1d ago

Positive

0

BUY / PASS

Neutral / negative

2 / 14

NEUTRAL / FAIL

Median fair value

—

No comparable estimates

Models with upside

0 / 17

Positive margin of safety

Strongest signal

9 of 12 pass — Buffett, Piotroski and Marks object

Key risk

All 13 investors flag CGON's valuation

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

VerdictFAILFAILFAILFAIL · Rank #2139 (Top 69.1%)FAILFAILFAILFAILFAILFAILFAILFAILFAILNEUTRALFAILFAILNEUTRAL
Score
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Intrinsic Value (annual)N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Margin of SafetyN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Financial Basis

TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Annual history · FY 2025

Latest source filing: 2026-11-06

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-02-27

Score computed: 2026-11-14

Annual history · FY 2025 · Balance sheet at 2026-09-30 · TTM ended 2026-09-30 vs 2025-09-30 · TTM ended 2026-09-30

Latest source filing: 2026-11-06

Score computed: 2026-11-14

TTM ended 2026-09-30

Latest source filing: 2026-11-06

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-02-27

Score computed: 2026-11-14

Annual history · FY 2025 · TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Market data at 2026-11-01

Latest source filing: 2026-11-06

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2025 · TTM ended 2026-09-30 · Balance sheet at 2026-09-30

Latest source filing: 2026-11-06

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2025

Latest source filing: 2026-02-27

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment · TTM ended 2026-09-30 · Balance sheet at 2026-09-30

Latest source filing: 2026-11-06

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment

Latest source filing: 2026-02-27

Score computed: 2026-11-14

Annual history · FY 2025 · TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Market data at 2026-11-01

Latest source filing: 2026-11-06

Score computed: 2026-11-14

Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 · Balance sheet at 2026-09-30

Latest source filing: 2026-11-06

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment

Latest source filing: 2026-02-27

Score computed: 2026-11-14

TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Price history 2025-01-01–2026-11-01 · Annual history · FY 2025

Latest source filing: 2026-11-06

Score computed: 2026-11-14

Annual history · FY 2025 · TTM ended 2026-09-30

Latest source filing: 2026-11-06

Score computed: 2026-11-14

Annual history · FY 2025 · Balance sheet at 2026-09-30

Latest source filing: 2026-11-06

Score computed: 2026-11-14

TTM ended 2026-09-30 · Annual history · FY 2025 · Price history 2025-01-01–2026-11-01

Latest source filing: 2026-11-06

Score computed: 2026-11-14

Where It Passes

  • Debt & Leverage75% pass✓ 12✗ 3▾

    9 of 12 pass — Buffett, Piotroski and Marks object

    LT Debt vs Net Current AssetsLT Debt $3.0M vs NCA $961.3M
    ✓GrahamLT Debt <= Net Current Assets
    Debt/Equity & Interest CoverageD/E: 0.00, IC: -1852.2x
    ✗BuffettD/E < 0.5 AND Interest Coverage > 5x
    Total Debt / Equity0
    ✓Lynch< 0.33
    Cash - Long-term Debt$25.2M
    ✓LynchPositive preferred
    LT Debt / Total Assets Change0.00% -> 0.38%
    ✗PiotroskiDecreased YoY
    Current Assets / Current Liabilities21.70
    ✓Dreman> 1.5✓SchlossCurrent ratio >= 1.50x (app cutoff)
    Total Debt / Shareholders' Equity0
    ✓Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00x
    Debt Levels0
    ✓MungerDebt/Equity < 0.5✓AkreDebt/Equity < 0.3
    Interest Coverage & Debt/EBITDAIC=-1852.2x, D/EBITDA=N/A
    ✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x
    Total Debt / Shareholders Equity0
    ✓Ackman<= 1.0
    Negative debt-to-equity (higher means less debt)-0.0030; #446/4210 (top 10.6%)
    ✓AsnessTop 30% of eligible cross-section

Where It Falls Short

  • Valuation0% pass✗ 28▾

    All 13 investors flag CGON's valuation

    Price / 3-yr avg EPS
    ✗Graham<= 15x
    Price-to-Book Ratio8.0x
    ✗Graham<= 1.5x
    P/E x P/B
    ✗Graham<= 22.5
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    EBIT / Enterprise Value-4.0%
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=-4.0%, ROC=-27.9%
    ✗GreenblattBoth EY > 10% and ROC > 25%
    Price / EPS
    ✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)
    Price / (CFO / Shares)N/A (negative CFPS)
    ✗Dreman< 8x
    Price / Book Value per Share8.0x
    ✗Dreman< 1.2x✗Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)
    Valuation ReasonablenessOE Yield=-2.7%
    ✗MungerP/E < 25 or Owner Earnings Yield > 5%
    P/E or FCF YieldFCF Yield=-2.0%
    ✗PabraiP/E < 15 or FCF Yield > 10%
    P/B or P/E vs. Historical AverageP/B=8.0x
    ✗MarksP/E < 15 or P/B < 2.0
    Discount to Intrinsic Value
    ✗Marks>= 20% below intrinsic value
    Price / FCF per ShareN/A (negative FCF)
    ✗Ackman<= 25
    Price vs. Trailing Low304% of trailing low ($24.49)
    ✗Templeton<= 120% of trailing low (certified split-adjusted live window)
    Net income / market capitalization-3.57%; #3733/6340 (top 58.9%)
    ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
    Positive book equity / market capitalization+0.1491; #4474/6449 (top 69.4%)
    ✗AsnessTop 30% of eligible cross-section
    Price / Diluted EPS
    ✗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 Share8.09x
    ✗SchlossP/TBV <= 1.00x (app cutoff)
    Book Value per Share Change
    ✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
    Revenue / market capitalization+0.0009; #5025/5247 (top 95.8%)
    ✗OshaughnessyTop 10% of eligible cross-section
    (Operating cash flow - capex) / market capitalization-2.85%; #2826/4519 (top 62.5%)
    ✗OshaughnessyTop 10% of eligible cross-section
    Trailing six-month price return through the evaluation date+9.90%; #1862/6202 (top 30.0%)
    ✗OshaughnessyTop 10% of eligible cross-section
  • Cash Flow0% pass✓ 1✗ 11▾

    No clean pass — all 10 investors flag at least one cash flow criterion

    Free Cash Flow Proxy$-159.7M
    ✗BuffettPositive and growing
    FCF Positive and Growing$-189.2M
    ✗LynchPositive and growing
    Operating Cash Flow$-132.3M
    ✗PiotroskiCFO > 0
    (CFO / Total Assets) vs ROACFO/Assets=-16.72%, ROA=-20.34%
    ✓PiotroskiCFO/Assets > ROA
    Price / (CFO / Shares)N/A (negative CFPS)
    ✗Dreman< 8x
    P/E or FCF YieldFCF Yield=-2.0%
    ✗PabraiP/E < 15 or FCF Yield > 10%
    FCF Positive0/2 years FCF positive
    ✗MarksPositive FCF in majority of recent years
    (OCF - CapEx) / Market Cap-3.2%
    ✗Ackman>= 4%
    Price / FCF per ShareN/A (negative FCF)
    ✗Ackman<= 25
    Positive Operating Cash Flow frequency0/3 years positive
    ✗SleepPositive OCF in >= 70% of available years
    Operating Cash Flow - Capital Expenditures$-189.2M
    ✗Neff> $0 (app proxy for a strong fundamental case)
    (Operating cash flow - capex) / market capitalization-2.85%; #2826/4519 (top 62.5%)
    ✗OshaughnessyTop 10% of eligible cross-section
  • Growth0% pass✓ 3✗ 10▾

    No clean pass — all 8 investors flag at least one growth criterion

    EPS Growth (3-yr avg, 10-yr window)
    ✗Graham>= 33% growth
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR
    ✗Lynch15-30% (Fast Grower); > 0% to pass
    Inventory Growth vs Revenue GrowthInv: -22.4% vs Rev: 183.6%
    ✓LynchInventory growth < Revenue growth
    EPS Growth Direction
    ✗DremanPositive over recent years
    EPS CAGR
    ✗Dreman> 5% annualized
    Positive Net Income Frequency0/3 years positive
    ✗MarksPositive net income in >= 7 of last 10 years
    3yr Median Revenue Growth356.5%
    ✓Ackman>= 5%
    Positive EPS Growth Frequency
    ✗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 trendrevenue up, operating margin -27180.9% -> -4722.1%
    ✓SleepRevenue rising; gross margin flat or falling; operating margin holding
    5-year Revenue CAGR
    ✗SleepCAGR > 7%
    3-5 Year Diluted EPS CAGR
    ✗Neff7%-20% annualized
  • Verdicts0% pass✗ 15▾

    Split decision: 14 FAIL · 2 NEUTRAL

    Overall verdict
    ✗GrahamFAIL (2/9)✗BuffettFAIL (0/9)✗LynchFAIL (3/7)✗GreenblattRank #2139✗PiotroskiFAIL (F-Score 2)✗DremanFAIL (3/11)✗MungerFAIL (1/4)✗PabraiFAIL (0/3)✗AkreFAIL (1/6)✗MarksFAIL (0/5)✗AckmanFAIL (3/9)✗TempletonFAIL (3/8)✗SleepFAIL (1/6)•AsnessNEUTRAL (Not ranked)✗NeffFAIL (0/6)✗SchlossFAIL (2/7)•OshaughnessyNEUTRAL (Not ranked)
  • Profitability6% pass✓ 3✗ 32▾

    15 of 16 flag CGON's profitability — Graham, Buffett, Lynch +12 more

    Positive EPS (10 years)0/4 years positive
    ✗GrahamPositive EPS every year for 10 years
    EPS Growth (3-yr avg, 10-yr window)
    ✗Graham>= 33% growth
    Net Income Positive (10+ years)0/4 years positive
    ✗BuffettPositive every year for 10+ years
    ROE (up to 5-year arithmetic mean)-16.7%
    ✗Buffett> 15% arithmetic mean (app rule)
    Operating Margin (10-yr trend)
    ✗BuffettStable or rising over 10 years
    Free Cash Flow Proxy$-159.7M
    ✗BuffettPositive and growing
    Earnings Variance (10-yr CoV)
    ✗BuffettCoV < 0.3
    Retained Earnings Effectiveness
    ✗Buffett$1 retained -> > $1 market value created
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR
    ✗Lynch15-30% (Fast Grower); > 0% to pass
    ROE-24.0%
    ✗Lynch> 15%
    EBIT / Enterprise Value-4.0%
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=-4.0%, ROC=-27.9%
    ✗GreenblattBoth EY > 10% and ROC > 25%
    Net Income / Total Assets-20.34%
    ✗PiotroskiROA > 0
    ROA Change YoY-11.66% -> -20.34% (delta: -8.67%)
    ✗PiotroskiCurrent ROA > Prior ROA
    (CFO / Total Assets) vs ROACFO/Assets=-16.72%, ROA=-20.34%
    ✓PiotroskiCFO/Assets > ROA
    Gross Margin Change YoY
    ✗PiotroskiImproved YoY
    Pre-Tax Income / Revenue
    ✗Dreman>= 8%
    Net Income / Shareholders' Equity-24.0%
    ✗Dreman> 12%
    Margin of SafetyP/B=8.0x
    ✗PabraiP/B < 1.5 or P/E < 15
    Return on Equity-16.7% (3-yr avg)
    ✗AkreROE > 20% (3-year avg)
    Discount to Intrinsic Value
    ✗Marks>= 20% below intrinsic value
    Positive Net Income Frequency0/3 years positive
    ✗MarksPositive net income in >= 7 of last 10 years
    Operating Income / Revenue-4293.5%
    ✗Ackman>= 15%
    Net Income / Shareholders Equity-24.0%
    ✗Ackman>= 15%
    5-Year EPS CAGR
    ✗Templeton> 0% (5-year EPS CAGR)
    Operating Margin Trend-27180.9% (2023) -> -4722.1% (2025)
    ✓TempletonNon-negative operating-margin trend over 3 years
    Revenue growth vs. gross and operating margin trendrevenue up, operating margin -27180.9% -> -4722.1%
    ✓SleepRevenue rising; gross margin flat or falling; operating margin holding
    Net income / market capitalization-3.57%; #3733/6340 (top 58.9%)
    ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
    Gross profit / total assets
    ✗AsnessTop 30% of eligible cross-section
    Net income / positive book equity-23.96%; #3776/5226 (top 72.3%)
    ✗AsnessTop 30% of eligible cross-section
    Negative 5-year standard deviation of ROA-0.0531; #2648/5884 (top 45.0%)
    ✗AsnessTop 30% of eligible cross-section
    3-5 Year Diluted EPS CAGR
    ✗Neff7%-20% annualized
    Positive Diluted-EPS Years
    ✗Schloss>= 70% positive over 5-10 observed years (app rule)
  • Efficiency25% pass✓ 3✗ 8▾

    6 of 8 flag CGON's efficiency — Buffett, Greenblatt, Piotroski +3 more

    Current Ratio21.70
    ✓Graham>= 2.0
    ROIC (3-5 yr avg)-19.9%
    ✗Buffett> 10%
    ROIC - WACC-29.9%
    ✗BuffettPositive (WACC = 10%)
    EBIT / (NWC + Net Fixed Assets)-27.9%
    ✗Greenblatt> 25%
    Current Ratio Change YoY35.30 -> 24.63
    ✗PiotroskiIncreased YoY
    Revenue / Total Assets Change YoY0.00x -> 0.01x
    ✓PiotroskiImproved YoY
    Current Assets / Current Liabilities21.70
    ✓Dreman> 1.5
    Return on Invested Capital-21.0%
    ✗Munger> 15%
    ROIC (high and growing)FY2023: ROIC=unavailable; FY2024: ROIC=-12.4%; FY2025: ROIC=-19.9%
    ✗AkreLatest 3 consecutive FYs: ROIC > 15% in each
    Reinvestment Rate x ROICN/A (non-positive net income)
    ✗AkreReinvestment Rate * ROIC > 10%
    ROIC (5-year)0/2 years above 12% (latest -19.9%)
    ✗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: Mid Cap($6.6B)
Revenue: $4.0M+254.7% YoY
Net Income: $161.0M-82.9% YoY

Financial Snapshot

Operating Margin-4722.1%
Return on Equity-21.4%
Debt / Equity0.00
Current Ratio24.63
EPS (Diluted)$-2.08
Shares Retired−5.9%

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 5.9% of shares last year.

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.

The latest annual period end is unavailable. Showing the latest fiscal cycle’s quarters; quarter and annual columns may overlap. Quarterly shows the full quarter history.

MetricTTM · 2026-09-30

2025-10-01 – 2026-09-30

Sources · derived quarter values

Derived from cumulative filings: revenue, net income, operating income, ebit, operating cash flow, depreciation amortization, capex.

Q3 FY 2026

2026-07-01 – 2026-09-30

Sources · derived quarter values

Derived from cumulative filings: operating cash flow, depreciation amortization, capex.

Q2 FY 2026

2026-04-01 – 2026-06-30

Sources · derived quarter values

Derived from cumulative filings: operating cash flow, depreciation amortization, capex.

Q1 FY 2026

2026-01-01 – 2026-03-31

Sources
FY 2025
Sources
  • 10-K · 2026-02-27
FY 2024
Sources
  • 10-K · 2025-03-28
FY 2023
Sources
  • 10-K · 2025-03-28
FY 2022
Sources
  • 10-K · 2025-03-28
Market Cap$6.6Bcurrent------$4.2Best.$2.3Best.$194.6Mest.--
Revenue$6.2M↑184%$1.6M↓4%$1.2M$1.1M↑1983%$4.0M↑255%$1.1M↑458%$204.0K--
Operating Income-$264.7M↓47%-$63.2M↓24%-$86.4M↓77%-$66.4M↓57%-$190.8M↓66%-$114.7M↓107%-$55.4M--
Net Income-$237.5M↓57%-$56.9M↓30%-$79.1M↓91%-$60.2M↓75%-$161.0M↓83%-$88.0M↓81%-$48.6M--
EPS (Diluted)--$-0.64↓12%$-0.90↓67%$-0.71↓58%$-2.08↓48%$-1.41↑91%$-15.65--
Gross Margin————————
Operating Margin-4293.5%↑48%-3943.2%↓28%-7467.7%-6130.1%↑92%-4722.1%↑53%-10067.3%↑63%-27180.9%—
ROE-24.0%↓9%———-21.4%↓78%-12.0%↓130%39.5%—
Total Debt$3.0M$3.0M$3.0M$3.0M$3.0M$0$0--
Shareholders' Equity$991.0M↑44%$991.0M↑44%$1.0B↑54%$1.1B↑55%$752.6M↑3%$733.4M↑696%-$123.1M↓58%-$77.7M
Current Ratio21.70↓5%21.70↓5%22.2231.30↑1%24.63↓30%35.30↑159%13.62—
Debt / Equity0.00↓31%0.00↓31%0.000.000.000.000.00—
Operating Cash Flow-$187.3M↓60%-$47.7M↓23%-$46.4M↓66%-$56.9M↓94%-$132.3M↓68%-$78.7M↓72%-$45.7M--
Free Cash Flow-$189.2M↓62%-$48.8M↓25%-$46.9M↓68%-$57.2M↓95%-$132.5M↓68%-$78.9M----

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Pharmaceutical Products

CGON vs Peers — Financial Grading

Revenue$4.0MBottom 25%
Net Income$161.0MBottom 25%
ROE-21.4%Bottom 25%
D/E0.00Top 25%
Op. Margin-4722.1%Bottom 25%
Curr. Ratio24.63Top 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