COGSTATE LIMITED (CGS)
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CGS

CGS - COGSTATE LIMITED

FNArena Sector : Medical Equipment & Devices
Year End: June
GICS Industry Group : Health Care Equipment & Services
Debt/EBITDA: 0.02
Index: ALL-ORDS | ALL-TECH

Cogstate develops digital assessments of cognition and brain health, and provides scientific and assessment services for pharmaceutical clinical trials, healthcare providers and researchers.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$3.29

06 Nov
2026

-0.090

OPEN

$3.39

-2.66%

HIGH

$3.39

97,840

LOW

$3.29

TARGET
$4.06 23.4% upside
Franking for last dividend paid out: 100%
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FNARENA'S MARKET CONSENSUS FORECASTS
CGS: 1
Title FY27
Forecast		 FY28
Forecast
EPS (cps) 12.5 xxx
DPS (cps) 5.6 xxx
EPS Growth N/A xxx
DPS Growth N/A xxx
PE Ratio 26.8 xxx
Dividend Yield 1.7% xxx
Div Pay Ratio(%) 44.6% xxx
This company reports in USD.
All estimates have been converted into AUD by FNArena at present FX values.

Dividend yield today if purchased 3 years ago: 2.69%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 1.19

Estimated Dividend Growth
(Average Of Past Three Years)

  %

Amount Invested

 $ 

Tell Me The Dividend After This Many Years
Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages

Last ex-div: 21/08 - ex-div 4.00c (franking 100%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2026 FactSet UK Limited. All rights reserved
Title 202120222023202420252026
EPS Basic xxxxxxxxxxxxxxx10.3
DPS All xxxxxxxxxxxxxxx4.0
Sales/Revenue xxxxxxxxxxxxxxx86.5 M
Book Value Per Share xxxxxxxxxxxxxxx49.5
Net Operating Cash Flow xxxxxxxxxxxxxxx14.0 M
Net Profit Margin xxxxxxxxxxxxxxx20.30 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202120222023202420252026
Return on Capital Employed xxxxxxxxxxxxxxx22.33 %
Return on Invested Capital xxxxxxxxxxxxxxx22.21 %
Return on Assets xxxxxxxxxxxxxxx16.60 %
Return on Equity xxxxxxxxxxxxxxx22.33 %
Return on Total Capital xxxxxxxxxxxxxxx22.52 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx9.9 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title 202120222023202420252026
Short-Term Debt xxxxxxxxxxxxxxx0 M
Long Term Debt xxxxxxxxxxxxxxx0 M
Total Debt xxxxxxxxxxxxxxx1 M
Goodwill - Gross xxxxxxxxxxxxxxx-
Cash & Equivalents - Generic xxxxxxxxxxxxxxx50 M
Price To Book Value xxxxxxxxxxxxxxx5.51

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202120222023202420252026
Capex xxxxxxxxxxxxxxx9.3 M
Capex % of Sales xxxxxxxxxxxxxxx10.77 %
Cost of Goods Sold xxxxxxxxxxxxxxx57 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx11 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx0 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

1.0

No. Of Recommendations

2
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Bell Potter

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
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Morgans

28/09/2026

1

Initiation of coverage with Buy

$4.07

23.71%

Morgans initiates coverage of Cogstate with a Buy rating and $4.07 target price.

The company is noted as a high-quality provider of digital cognitive assessment and endpoint data to the clinical trials industry, or a neuroscience technology company.

After a record FY26, commentary notes FY27 has started with gusto, contracted revenue is up 32% y/y and stands at a record US$118m.

Management's two-year technology program is also expected to underwrite higher margins as volumes pick up without an increase in headcount.

Cogstate is debt-free with cash of US$34.7m, with the analyst noting its strength has been in Alzheimer's disease, with FY26 marking a strategic shift to other segments including psychiatric disorders, rare diseases, sleep disorders and neurological conditions.

The stock has re-rated on better earnings quality and predictability, the broker states, with ongoing scope to deliver ongoing contract growth and improved scale into better margins, seen as likely.

FORECAST
Morgans forecasts a full year FY27 dividend of 4.01 cents and EPS of 12.90 cents.
Morgans forecasts a full year FY28 dividend of 4.30 cents and EPS of 17.20 cents.
Access Stockbroker Research History >
EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

1

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Canaccord Genuity

03/11/2026

1

Buy

$4.15

26.14%

Canaccord Genuity reiterates its Buy rating for Cogstate with its target price unchanged at $4.15 following a discussion detailing growth opportunities in psychiatric and psychedelic clinical trials.

The analyst highlights that increasing trial activity, expanding market share, and larger development programs under major pharmaceutical owners like Eli Lilly and AbbVie support a strong sales-order outlook.

Shorter trial durations and separate open-label extension contracts are expected to drive meaningful revenue contributions from the second half of FY27 onwards.

Canaccord Genuity's valuation is predicated on 5.0x FY28E enterprise value to sales, reflecting increasing visibility to revenue and earnings.

FORECAST
Canaccord Genuity forecasts a full year FY27 dividend of 4.88 cents and EPS of 12.19 cents.
Canaccord Genuity forecasts a full year FY28 dividend of 6.59 cents and EPS of 14.77 cents.
Access Extra Coverage Research History >

CGS STOCK CHART

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