Cingulate Inc.

CING

Cingulate Inc., a biopharmaceutical company, develops pharmaceutical products using its drug delivery platform technology for the treatment of attention deficit/hyperactivity disorder (ADHD) and anxiety in the United States. The company's lead product candidate is CTx-1301 (dexmethylphenidate), which is in Phase 3 clinical trials for the treatment of ADHD in children, adolescents, and adults.

About the company

Country: United StatesPrice: $4.30Market Cap: $62.5M

Investment snapshot

6%positive consensus

Scored 1d ago

Positive

BUY / PASS

Neutral / negative

2 / 13

NEUTRAL / FAIL

Median fair value

—

No comparable estimates

Models with upside

0 / 17

Positive margin of safety

Strongest signal

7 of 12 pass — Graham, Buffett, Lynch +2 more object

Key risk

No clean pass — all 16 investors flag at least one profitability criterion

Framework analysis

Verdict	Meaning
BUY	Positive purchase signal: the framework's buy requirements are met.
PASS	The 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.
NEUTRAL	Neither a positive nor negative conclusion. It does not mean to hold an existing position.
FAIL	The company does not clear the framework's requirements.
Ranked	Ranked 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.

Metric	Graham 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
Verdict	FAIL	FAIL	FAIL	Not ranked	FAIL	FAIL	PASS	FAIL	FAIL	FAIL	FAIL	FAIL	FAIL	NEUTRAL	FAIL	FAIL	NEUTRAL
Score
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Intrinsic Value (annual)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Margin of Safety	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Financial Basis	Annual history · FY 2025 · Balance sheet at 2026-06-30 Latest source filing: 2026-08-13 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-03-18 Score computed: 2026-11-14	Annual history · FY 2025 · Balance sheet at 2026-06-30 · TTM ended 2026-06-30 Latest source filing: 2026-08-13 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-03-18 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-03-18 Score computed: 2026-11-14	Annual history · FY 2025 · TTM ended 2026-06-30 · Balance sheet at 2026-06-30 · Market data at 2026-11-01 Latest source filing: 2026-08-13 Score computed: 2026-11-14	Qualitative assessment · Annual history · FY 2025 · TTM ended 2026-06-30 · Balance sheet at 2026-06-30 Latest source filing: 2026-08-13 Score computed: 2026-11-14	Qualitative assessment · Annual history · FY 2025 Latest source filing: 2026-03-18 Score computed: 2026-11-14	Annual history · FY 2025 · Qualitative assessment · Balance sheet at 2026-06-30 Latest source filing: 2026-08-13 Score computed: 2026-11-14	Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-03-18 Score computed: 2026-11-14	Annual history · FY 2025 · TTM ended 2026-06-30 · Balance sheet at 2026-06-30 · Market data at 2026-11-01 Latest source filing: 2026-08-13 Score computed: 2026-11-14	Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 · Balance sheet at 2026-06-30 Latest source filing: 2026-08-13 Score computed: 2026-11-14	Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-03-18 Score computed: 2026-11-14	TTM ended 2026-06-30 · Balance sheet at 2026-06-30 · Price history 2025-01-01–2026-11-01 · Annual history · FY 2025 Latest source filing: 2026-08-13 Score computed: 2026-11-14	Annual history · FY 2025 · TTM ended 2026-06-30 Latest source filing: 2026-08-13 Score computed: 2026-11-14	Annual history · FY 2025 · Balance sheet at 2026-06-30 Latest source filing: 2026-08-13 Score computed: 2026-11-14	Annual history · FY 2025 · TTM ended 2026-06-30 · Price history 2025-01-01–2026-11-01 Latest source filing: 2026-08-13 Score computed: 2026-11-14

Where It Passes

Debt & Leverage58% pass✓ 10✗ 5▾
7 of 12 pass — Graham, Buffett, Lynch +2 more object
LT Debt vs Net Current Assets
✗GrahamLT Debt <= Net Current Assets
Debt/Equity & Interest CoverageD/E: 2.97, IC: -22.1x
✗BuffettD/E < 0.5 AND Interest Coverage > 5x
Total Debt / Equity0.22
✓Lynch< 0.33
Cash - Long-term Debt
✗LynchPositive preferred
LT Debt / Total Assets Change0.00% -> 0.00%
✓PiotroskiDecreased YoY
Current Assets / Current Liabilities3.50
✓Dreman> 1.5✓SchlossCurrent ratio >= 1.50x (app cutoff)
Total Debt / Shareholders' Equity0.22
✓Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00x
Debt Levels0.22
✓MungerDebt/Equity < 0.5✓AkreDebt/Equity < 0.3
Interest Coverage & Debt/EBITDAIC=-22.1x, D/EBITDA=N/A (D&A unavailable)
✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x
Total Debt / Shareholders Equity0.22
✓Ackman<= 1.0
Negative debt-to-equity (higher means less debt)-0.2159; #1736/4210 (top 41.2%)
✗AsnessTop 30% of eligible cross-section

Where It Falls Short

Profitability0% pass✓ 1✗ 34▾
No clean pass — all 16 investors flag at least one profitability criterion
Positive EPS (10 years)0/7 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)0/7 years positive
✗BuffettPositive every year for 10+ years
ROE (up to 5-year arithmetic mean)-445.5%
✗Buffett> 15% arithmetic mean (app rule)
Operating Margin (10-yr trend)
✗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)
✗Lynch< 1.0 (ideally < 0.5)
3-5 Year EPS CAGR
✗Lynch15-30% (Fast Grower); > 0% to pass
ROE-122.7%
✗Lynch> 15%
EBIT / Enterprise Value-33.8%
✗Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=-33.8%, ROC=N/A (invested capital <= 0)
✗GreenblattBoth EY > 10% and ROC > 25%
Net Income / Total Assets-148.94%
✗PiotroskiROA > 0
ROA Change YoY-111.40% -> -148.94% (delta: -37.53%)
✗PiotroskiCurrent ROA > Prior ROA
(CFO / Total Assets) vs ROACFO/Assets=-114.41%, ROA=-148.94%
✓PiotroskiCFO/Assets > ROA
Gross Margin Change YoY
✗PiotroskiImproved YoY
Pre-Tax Income / Revenue
✗Dreman>= 8%
Net Income / Shareholders' Equity-122.7%
✗Dreman> 12%
Margin of SafetyP/B=12.4x
✗PabraiP/B < 1.5 or P/E < 15
Return on Equity-524.1% (3-yr avg)
✗AkreROE > 20% (3-year avg)
Discount to Intrinsic ValueN/A (negative normalized EPS)
✗Marks>= 20% below intrinsic value
Positive Net Income Frequency0/6 years positive
✗MarksPositive net income in >= 7 of last 10 years
Operating Income / Revenue
✗Ackman>= 15%
Net Income / Shareholders Equity-122.7%
✗Ackman>= 15%
5-Year EPS CAGR
✗Templeton> 0% (5-year EPS CAGR)
Operating Margin Trend
✗TempletonNon-negative operating-margin trend over 3 years
Revenue growth vs. gross and operating margin trend
✗SleepRevenue rising; gross margin flat or falling; operating margin holding
Net income / market capitalization-46.05%; #5013/6340 (top 79.1%)
✗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-122.71%; #4685/5226 (top 89.6%)
✗AsnessTop 30% of eligible cross-section
Negative 5-year standard deviation of ROA-2.2034; #5475/5884 (top 93.0%)
✗AsnessTop 30% of eligible cross-section
3-5 Year Diluted EPS CAGR
✗Neff7%-20% annualized
Positive Diluted-EPS Years0/5 years positive
✗Schloss>= 70% positive over 5-10 observed years (app rule)
Valuation0% pass✓ 1✗ 27▾
No clean pass — all 13 investors flag at least one valuation criterion
Price / 3-yr avg EPS
✗Graham<= 15x
Price-to-Book Ratio12.4x
✗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-33.8%
✗Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=-33.8%, ROC=N/A (invested capital <= 0)
✗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 Share12.4x
✗Dreman< 1.2x✗Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)
Valuation Reasonableness
✗MungerP/E < 25 or Owner Earnings Yield > 5%
P/E or FCF YieldFCF Yield=-27.8%
✗PabraiP/E < 15 or FCF Yield > 10%
P/B or P/E vs. Historical AverageP/B=12.4x
✗MarksP/E < 15 or P/B < 2.0
Discount to Intrinsic ValueN/A (negative normalized EPS)
✗Marks>= 20% below intrinsic value
Price / FCF per ShareN/A (negative FCF)
✗Ackman<= 25
Price vs. Trailing Low115% of trailing low ($3.73)
✓Templeton<= 120% of trailing low (certified split-adjusted live window)
Net income / market capitalization-46.05%; #5013/6340 (top 79.1%)
✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
Positive book equity / market capitalization+0.3753; #3371/6449 (top 52.3%)
✗AsnessTop 30% of eligible cross-section
Price / Diluted EPS
✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)
(EPS CAGR % + Dividend Yield %) / P/E
✗Neff> 0.7 (Neff's published traditional edge)
Price / Tangible Book Value per Share12.43x
✗SchlossP/TBV <= 1.00x (app cutoff)
Book Value per Share Change
✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
Revenue / market capitalization
✗OshaughnessyTop 10% of eligible cross-section
(Operating cash flow - capex) / market capitalization-33.49%; #3707/4519 (top 82.0%)
✗OshaughnessyTop 10% of eligible cross-section
Trailing six-month price return through the evaluation date+3.37%; #2275/6202 (top 36.7%)
✗OshaughnessyTop 10% of eligible cross-section
Cash Flow0% pass✓ 1✗ 11▾
No clean pass — all 10 investors flag at least one cash flow criterion
Free Cash Flow Proxy
✗BuffettPositive and growing
FCF Positive and Growing$-17.4M
✗LynchPositive and growing
Operating Cash Flow$-17.2M
✗PiotroskiCFO > 0
(CFO / Total Assets) vs ROACFO/Assets=-114.41%, ROA=-148.94%
✓PiotroskiCFO/Assets > ROA
Price / (CFO / Shares)N/A (negative CFPS)
✗Dreman< 8x
P/E or FCF YieldFCF Yield=-27.8%
✗PabraiP/E < 15 or FCF Yield > 10%
FCF Positive0/6 years FCF positive
✗MarksPositive FCF in majority of recent years
(OCF - CapEx) / Market Cap-67.2%
✗Ackman>= 4%
Price / FCF per ShareN/A (negative FCF)
✗Ackman<= 25
Positive Operating Cash Flow frequency0/6 years positive
✗SleepPositive OCF in >= 70% of available years
Operating Cash Flow - Capital Expenditures$-20.9M
✗Neff> $0 (app proxy for a strong fundamental case)
(Operating cash flow - capex) / market capitalization-33.49%; #3707/4519 (top 82.0%)
✗OshaughnessyTop 10% of eligible cross-section
Growth0% pass✓ 2✗ 11▾
No clean pass — all 8 investors flag at least one growth criterion
EPS Growth (3-yr avg, 10-yr window)N/A (negative base EPS)
✗Graham>= 33% growth
Basic earnings-growth PEG (dividends excluded)
✗Lynch< 1.0 (ideally < 0.5)
3-5 Year EPS CAGR
✗Lynch15-30% (Fast Grower); > 0% to pass
Inventory Growth vs Revenue GrowthN/A (no inventory)
✓LynchInventory growth < Revenue growth
EPS Growth Direction$-2.79 (2021) -> $-4.44 (2025)
✗DremanPositive over recent years
EPS CAGR
✗Dreman> 5% annualized
Positive Net Income Frequency0/6 years positive
✗MarksPositive net income in >= 7 of last 10 years
3yr Median Revenue Growth
✗Ackman>= 5%
Positive EPS Growth Frequency3/4 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 trend
✗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
Verdicts7% pass✓ 1✗ 13▾
Split decision: 13 FAIL · 2 NEUTRAL · 1 PASS
Overall verdict
✗GrahamFAIL (1/9)✗BuffettFAIL (0/9)✗LynchFAIL (2/7)•GreenblattNot ranked✗PiotroskiFAIL (F-Score 2)✗DremanFAIL (2/11)✓MungerPASS (2/4)✗PabraiFAIL (0/3)✗AkreFAIL (1/6)✗MarksFAIL (0/5)✗AckmanFAIL (2/9)✗TempletonFAIL (3/8)✗SleepFAIL (0/6)•AsnessNEUTRAL (Not ranked)✗NeffFAIL (0/6)✗SchlossFAIL (2/7)•OshaughnessyNEUTRAL (Not ranked)
Efficiency25% pass✓ 2✗ 9▾
6 of 8 flag CING's efficiency — Buffett, Greenblatt, Piotroski +3 more
Current Ratio3.50
✓Graham>= 2.0
ROIC (3-5 yr avg)-1890.5%
✗Buffett> 10%
ROIC - WACC-1900.5%
✗BuffettPositive (WACC = 10%)
EBIT / (NWC + Net Fixed Assets)N/A (invested capital <= 0)
✗Greenblatt> 25%
Current Ratio Change YoY2.55 -> 1.16
✗PiotroskiIncreased YoY
Revenue / Total Assets Change YoY
✗PiotroskiImproved YoY
Current Assets / Current Liabilities3.50
✓Dreman> 1.5
Return on Invested Capital-69.0%
✗Munger> 15%
ROIC (high and growing)FY2023: ROIC=unavailable; FY2024: ROIC=-99.5%; FY2025: ROIC=-158.2%
✗AkreLatest 3 consecutive FYs: ROIC > 15% in each
Reinvestment Rate x ROICN/A (non-positive net income)
✗AkreReinvestment Rate * ROIC > 10%
ROIC (5-year)0/4 years above 12% (latest -158.2%)
✗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($62.5M)

Revenue: N/A

Net Income: $22.4M-35.6% YoY

Financial Snapshot

Operating Margin--

Return on Equity-894.8%

Debt / Equity2.97

Current Ratio1.16

EPS (Diluted)$-4.44

Similar Companies

MRKMerck & Co., Inc.

$364.3B

ABTABBOTT LABORATORIES

$188.0B

BMYBRISTOL MYERS SQUIBB CO

$129.7B

TECHBIO-TECHNE Corp

$11.4B

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.

Metric	TTM · 2026-09-30 2025-10-01 – 2026-09-30 Sources · derived quarter values 10-K · 2026-03-18 10-Q · 2026-05-14 10-Q · 2026-08-13 10-Q · 2026-11-13 Derived from cumulative filings: net income, operating income, ebit, pre tax income, operating cash flow, capex.	Q3 FY 2026 2026-07-01 – 2026-09-30 Sources · derived quarter values 10-Q · 2026-11-13 Derived from cumulative filings: operating cash flow, capex.	Q2 FY 2026 2026-04-01 – 2026-06-30 Sources · derived quarter values 10-Q · 2026-08-13 Derived from cumulative filings: operating cash flow, capex.	Q1 FY 2026 2026-01-01 – 2026-03-31 Sources 10-Q · 2026-05-14	FY 2025 Sources 10-K · 2026-03-18	FY 2024 Sources 10-K · 2025-03-27	FY 2023 Sources 10-K · 2024-04-01	FY 2022 Sources 10-K · 2023-03-10	FY 2021 Sources 10-K · 2022-03-28
Market Cap	$62.5Mcurrent	--	--	--	$41.6Mest.	$6.9Mest.	$43.4Mest.	$139.0Mest.	$5.0Best.
Revenue	--	--	--	--	--	--	--	--	--
Operating Income	-$26.4M↓28%	-$7.5M↓25%	-$5.4M↓16%	-$7.9M↓114%	-$19.9M↓27%	-$15.6M↑31%	-$22.8M↓30%	-$17.5M↑15%	-$20.7M
Net Income	-$29.2M↓32%	-$7.7M↓5%	-$5.9M↓23%	-$9.3M↓145%	-$22.4M↓36%	-$16.6M↑30%	-$23.5M↓33%	-$17.7M↑15%	-$20.7M
EPS (Diluted)	--	$-0.53↑61%	$-0.45↑59%	$-0.95↑9%	$-4.44↑56%	$-10.20↑61%	$-26.00↑11%	$-29.35↓952%	$-2.79
Gross Margin	—	—	—	—	—	—	—	—	—
Operating Margin	—	—	—	—	—	—	—	—	—
ROE	-140.5%↑78%	—	—	—	-894.8%↓303%	-222.1%↓165%	342.6%↑175%	-455.3%↓358%	-99.4%
Total Debt	$3.4M↑6%	$3.4M↑6%	$5.1M↓1%	$6.1M↑22%	$7.4M↑50%	$5.0M↑65%	$3.0M↓40%	$5.0M↑9441%	$52.6K
Shareholders' Equity	$20.8M↑498%	$20.8M↑498%	$23.5M↑326%	$18.9M↑218%	$2.5M↓66%	$7.5M↑209%	-$6.9M↓277%	$3.9M↓81%	$20.8M
Current Ratio	3.90↑209%	3.90↑209%	3.50↑131%	2.55↑36%	1.16↓54%	2.55↑4400%	0.06↓95%	1.12↓93%	16.05
Debt / Equity	0.16↓82%	0.16↓82%	0.22↓77%	0.33↓62%	2.97↑346%	0.67↑252%	-0.44↓134%	1.29↑51129%	0.00
Operating Cash Flow	-$23.8M↓34%	-$7.4M↓74%	-$5.9M↓23%	-$6.9M↓50%	-$17.2M↑7%	-$18.5M↓23%	-$15.0M↑5%	-$15.9M↓52%	-$10.4M
Free Cash Flow	-$24.2M	-$7.5M↓76%	-$6.0M	-$7.0M	-$17.4M↑7%	-$18.7M↓22%	-$15.3M↑5%	-$16.0M↓43%	-$11.2M

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Pharmaceutical Products

CING vs Peers — Financial Grading

RevenueN/A

Net Income$22.4MBottom 25%

ROE-894.8%Bottom 25%

D/E2.97Bottom 25%

Op. Margin—

Curr. Ratio1.16Bottom 25%

Company	Market Cap	Price	Revenue	Net Income	ROE	D/E	Op. Margin	Curr. Ratio	Graham	Buffett	Lynch	Greenblatt	Piotroski	Dreman
Merck & Co., Inc.MRK	$364.3B	$147.76	$65.0B	$18.3B	34.7%	0.94	—	1.54	2/9	5/9	4/7	0/3	F-Score 4	1/11
ABBOTT LABORATORIESABT	$188.0B	$108.52	$44.3B	$6.5B	12.5%	0.25	18.2%	1.58	3/9	4/9	2/7	1/3	F-Score 5	3/11
BRISTOL MYERS SQUIBB COBMY	$129.7B	$63.43	$48.2B	$7.1B	38.2%	2.44	19.4%	1.26	2/9	1/9	3/7	1/3	F-Score 8	5/11
BIO-TECHNE CorpTECH	$11.4B	$72.80	$1.2B	$73.4M	3.8%	—	8.4%	3.46	4/9	3/9	3/7	0/3	F-Score 5	4/11
REPLIGEN CORPRGEN	$10.7B	$167.79	$738.3M	$48.9M	2.3%	0.26	7.5%	8.37	3/9	2/9	3/7	0/3	F-Score 7	5/11
IONIS PHARMACEUTICALS INCIONS	$4.8B	$29.06	$943.7M	$381.4M	-78.0%	3.60	-40.4%	3.83	3/9	1/9	1/7	0/3	F-Score 4	3/11
NEOGEN CORPNEOG	$2.5B	$11.23	$870.4M	$7.9M	-0.4%	0.76	-2.5%	3.82	3/9	1/9	2/7	0/3	F-Score 6	4/11
Pharvaris N.V.PHVS	$2.4B	$33.36	—	$206.4M	-64.8%	0.00	—	—	0/9	0/9	2/7	0/3	F-Score 2	2/11