CogState (CGS.AX) Stock Price

CogState Price

Delisted·Jun 15, 2026
1.97USD+0.04 (+2.17 %)
Last traded price

Over the last 19 years CogState grew revenue by 20.0% annually, reaching 53.09 M USD. Earnings per share have grown at 8.5% per year over the last 16 years. For CogState, the net margin of 19.1% is up versus 16.0% a few years ago. At today's price the dividend yield works out to roughly 1.45%. The payout ratio is around 34% of earnings. The consensus 12-month price target for CogState is 2.16 USD, about 9.6% above where the stock trades today. Of 6 analysts, 5 rate the stock a buy — an overall Buy consensus. The stock trades about 73% above its 52-week low.

CogState stock price

Volume
Ex-Dividend
Details

Stock Price

How to Read This Chart

This chart tracks the historical stock price of CogState over time. You can switch between daily, weekly, and monthly views and select custom time ranges — from a single day to the full available history. Use the toggle to view price changes in absolute currency terms or as a percentage change relative to the starting date.

Total Return vs. Price Return

The "Total Return" toggle includes reinvested dividends on top of the pure price movement. This is critical because dividends can account for a significant portion of long-term returns. Historically, roughly 40 % of the S&P 500's total return has come from dividends. Always compare total return when evaluating a stock's real performance against a benchmark.

Intraday Price Data

When viewing a one-day time frame, the chart displays real-time intraday price movements. This is useful for observing how CogState stock reacts to market openings, earnings releases, or breaking news throughout the trading session.

What to Look For

Look for long-term trends (sustained upward or downward movements over months and years), support and resistance levels (price zones where the stock repeatedly bounces or reverses), and volatility (how much the price fluctuates day to day). Comparing CogState's price chart to a market index like the S&P 500 can reveal whether the stock is outperforming or underperforming the broader market.

CogState Stock Price History
DateCogState Price
6/15/20261.97 USD
6/12/20261.93 USD
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Access this data via the Eulerpool API

CogState Revenue, EBIT, Net Income

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  • Max

Revenue
EBIT
Net Income
Details
Date
Revenue
EBIT
Net Income
Jan 1, 2023
40.45 M USD
3.11 M USD
3.57 M USD
Jan 1, 2024
43.43 M USD
7.07 M USD
5.45 M USD
Jan 1, 2025
53.09 M USD
13.07 M USD
10.14 M USD
Jan 1, 2026 (e)
59.87 M USD
14.11 M USD
12.24 M USD
Jan 1, 2027 (e)
66.86 M USD
17.69 M USD
14.65 M USD
Jan 1, 2028 (e)
78.25 M USD
23.94 M USD
19.33 M USD
Jan 1, 2029 (e)
95.31 M USD
29.47 M USD
22.18 M USD
Jan 1, 2030 (e)
106.15 M USD
34.03 M USD
25.73 M USD

CogState Income Statement, Balance Sheet, Cash Flow Statement

Last updated Jul 18, 2026, 5:35 PM
 
REVENUEM USD
REVENUE GROWTH%
GROSS MARGIN%
GROSS INCOMEM USD
EBITM USD
EBIT MARGIN%
NET INCOMEM USD
NET INCOME GROWTH%
DIV.USD
SHARESM
201520162017201820192020202120222023202420252026e2027e2028e2029e2030e
10.0018.0026.0028.0021.0022.0032.0045.0040.0043.0053.0059.0066.0078.0095.00106.00
-9.0980.0044.447.69-25.004.7645.4540.63-11.117.5023.2611.3211.8618.1821.7911.58
50.0055.5650.0053.5742.8640.9153.1357.7850.0055.8160.3860.3860.3860.3860.3860.38
5.0010.0013.0015.009.009.0017.0026.0020.0024.0032.0035.6239.8547.0957.3664.00
-2.00-3.00-2.006.0010.003.007.0013.0014.0017.0023.0029.0034.00
-20.00-14.29-9.0918.7522.227.5016.2824.5323.7325.7629.4930.5332.08
-3.001.00-2.00-1.005.007.003.005.0010.0012.0014.0019.0022.0025.00
-133.33-50.00-600.0040.00-57.1466.67100.0020.0016.6735.7115.7913.64
0.030.030.030.03
100.17117.45113.85115.20119.20159.36173.06176.82176.34173.10174.01174.01174.01174.01174.01174.01
Details

Income Statement Key Figures

Revenue and Revenue Growth

Revenue is the starting point of every income statement — it measures the total sales CogState generates from its core business. Revenue growth (expressed as year-over-year percentage change) is one of the most important indicators of business momentum. Sustained growth above 10 % annually is generally considered strong, while declining revenue is a serious warning sign that demands investigation.

Gross Margin

Gross margin = (Revenue − Cost of Goods Sold) ÷ Revenue. It reveals what percentage of each dollar of revenue CogState retains after direct production costs. High gross margins (above 50 %) are typical of asset-light businesses like software and brands, while capital-intensive industries like manufacturing often operate below 30 %. Compare CogState's gross margin to industry peers and track it over time to spot improving or deteriorating pricing power.

EBIT and EBIT Margin

EBIT measures operating profit — what remains after subtracting all operating expenses (including R&D, sales, and administrative costs) from gross profit. The EBIT margin shows this as a percentage of revenue. Because it excludes interest and taxes, EBIT allows fair comparisons between companies with different debt levels and tax jurisdictions. A rising EBIT margin indicates improving operational efficiency.

Net Income and Earnings Per Share (EPS)

Net income is the company's final profit after all expenses, interest, and taxes. Dividing net income by the number of shares outstanding gives you EPS — the single most influential metric in stock valuation. Consistent EPS growth is the primary driver of long-term stock price appreciation. Always check whether EPS growth comes from genuine profit improvement or from share buybacks reducing the share count.

Shares Outstanding

The total number of shares CogState has issued. A declining share count (through buybacks) boosts EPS and signals management confidence. A rising share count (through stock issuance) dilutes existing shareholders. Always monitor this number alongside EPS to get the full picture of per-share value creation.

Analyst Estimates

The projected figures represent consensus estimates from professional analysts. Compare these forecasts against CogState's historical growth rates to assess whether expectations are realistic. A company that consistently beats consensus estimates tends to see its stock price rewarded over time, while repeated misses erode investor confidence.

CogState stock margins

The CogState margin analysis displays the gross margin, EBIT margin, as well as the profit margin of CogState. The EBIT margin (EBIT/sales) indicates the percentage of sales that remains as operating profit. The profit margin shows the percentage of sales that remains for CogState.
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Gross margin
EBIT margin
Profit margin
Details
Date
Gross margin
EBIT margin
Profit margin
Jan 1, 2021
53.50 %
19.28 %
16.01 %
Jan 1, 2022
58.48 %
24.23 %
16.70 %
Jan 1, 2023
51.04 %
7.68 %
8.82 %
Jan 1, 2024
55.96 %
16.29 %
12.55 %
Jan 1, 2025
60.53 %
24.63 %
19.11 %
Jan 1, 2026 (e)
60.53 %
23.57 %
20.45 %
Jan 1, 2027 (e)
60.53 %
26.45 %
21.90 %
Jan 1, 2028 (e)
60.53 %
30.60 %
24.71 %

CogState Stock Revenue, EBIT, Earnings per Share

The CogState earnings per share therefore indicates how much revenue CogState has generated per share in a given period. The earnings before interest and taxes per share shows how much of the operating profit corresponds to each share. The earnings per share indicates how much of the profit belongs to each share.
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  • Max

Revenue per Share
EBIT per share
Earnings per Share
Details
Date
Revenue per Share
EBIT per share
Earnings per Share
Jan 1, 2021
0.19 USD
0.04 USD
0.03 USD
Jan 1, 2022
0.25 USD
0.06 USD
0.04 USD
Jan 1, 2023
0.23 USD
0.02 USD
0.02 USD
Jan 1, 2024
0.25 USD
0.04 USD
0.03 USD
Jan 1, 2025
0.31 USD
0.08 USD
0.06 USD
Jan 1, 2026 (e)
0.34 USD
0.08 USD
0.07 USD
Jan 1, 2027 (e)
0.38 USD
0.10 USD
0.08 USD
Jan 1, 2028 (e)
0.45 USD
0.14 USD
0.11 USD

CogState business model & stock analysis

CogState Ltd is an Australian company specializing in the development of innovative cognitive tests. The company was founded in 1999 and is based in Melbourne, Australia. It conducts computer-based cognitive tests to gather information about the cognitive functioning of patients and athletes. The CogState tests are specifically designed to measure cognitive abilities in areas such as perception, reaction time, memory, and attention. The business model of CogState is based on the development, marketing, and sale of cognitive test products. The company generates a significant portion of its revenue through licensing its tests to pharmaceutical and biotech companies that want to test their medications or therapies more effectively. CogState also has a strong presence in the sports industry, offering its tests to sports teams and individual athletes. CogState was founded in 1999 by Paul Maruff, a neuropsychologist, who was searching for better and more effective ways to conduct cognitive tests. Initially, the tests developed by CogState were exclusively for medical research, but it was quickly discovered that they could be useful in other areas as well. In 2004, Richard Kimber joined the company as CEO and Chairman, bringing his experience from the biotechnology industry. CogState offers a variety of cognitive tests for various applications, including clinical trials, sports performance analysis, and brain injury treatment. The tests are licensed by different companies and organizations that use them to test the effects of medications and therapies on cognitive functions or to assess performance and injuries in sports. One example of a CogState product is the AX Continuous Tracker Test. This test was developed for clinical use and allows for continuous and accurate measurement of cognitive functions in patients with psychiatric and neurological disorders. Another application is the SPARQ test for athletes, which allows for the measurement and improvement of athletes' cognitive abilities. In summary, CogState Ltd is a leading company in the field of cognitive tests. The company specializes in developing innovative cognitive tests for the specific requirements of pharmaceutical and biotech companies, as well as sports organizations. The tests are used worldwide by various organizations and have a significant impact on the treatment of psychiatric and neurological disorders, as well as performance and injury analysis in sports.

CogState SWOT Analysis

Strengths

  • Strong reputation in the cognitive assessment industry.
  • Leading provider of computerized cognitive tests and clinical trial services.
  • Extensive experience and expertise in developing and commercializing innovative cognitive assessment solutions.
  • Robust intellectual property portfolio, providing a competitive advantage.

Weaknesses

  • Dependency on a relatively small number of key clients for a significant portion of revenue.
  • Limited market presence outside of North America and Europe.
  • Relatively high research and development costs, impacting profitability.

Opportunities

  • Increasing demand for cognitive assessment tools in healthcare, research, and pharmaceutical industries.
  • Potential for expansion into emerging markets, such as Asia-Pacific and Latin America.
  • Growing awareness and importance of early detection and intervention for cognitive disorders, creating a larger addressable market.

Threats

  • Intense competition from other cognitive assessment providers.
  • Regulatory challenges and compliance requirements in different countries.
  • Economic downturn or budget constraints impacting customer spending on cognitive assessment solutions.

CogState Eulerpool Fair Value

Details

Fair Value Estimate

What Is Fair Value?

Fair value is an estimate of what a stock is truly "worth" based on its financial fundamentals, independent of the current market price. If the calculated fair value is above the current share price, the stock may be undervalued — and vice versa. This chart shows three different fair value approaches so you can cross-check them against each other.

Earnings-Based Fair Value

Calculated by multiplying the current earnings per share (EPS) by the average historical P/E ratio over a selected multi-year period. The smoothing over several years filters out temporary spikes or dips. If this fair value exceeds the market price, it suggests the stock is cheap relative to its earning power.

Example: Fair Value (Earnings) 2022 = EPS 2022 × Average P/E 2019–2021

Revenue-Based Fair Value

Derived by multiplying revenue per share by the average historical price-to-sales ratio. This method is particularly useful for companies with volatile or temporarily depressed earnings, as revenue tends to be more stable than profits. It answers: "At what price has the market historically valued each dollar of this company's sales?"

Example: Fair Value (Revenue) 2022 = Revenue per Share 2022 × Average P/S 2019–2021

Dividend-Based Fair Value

Calculated by dividing the dividend per share by the average historical dividend yield. This approach is most relevant for mature, consistently dividend-paying companies. If the resulting fair value is higher than the current price, it implies the stock offers a better yield than its historical average.

Example: Fair Value (Dividend) 2022 = Dividend per Share 2022 ÷ Average Yield 2019–2021

How to Use This Chart

When all three fair value lines converge above the current price, it strengthens the case that the stock is undervalued. When they diverge, investigate why — it may indicate a structural shift in margins, payout policy, or growth rate. The forward estimates on the right extend the analysis using projected fundamentals, helping you assess whether the current price already reflects future growth expectations.

CogState historical P/E ratio, EBIT multiple, and P/S ratio

CogState annual returns

Details

Annual Return

What This Chart Shows

This chart breaks down 's total annual return into two components: price return (gains or losses from stock price movement) and dividend return (income received from dividend payments). Together, they represent the total return an investor would have earned in each calendar year.

Price Return

Price return measures the percentage change in 's stock price from January 1st to December 31st of each year. Positive bars indicate the stock appreciated; negative bars show a decline. This is the component most investors focus on, but it tells only part of the story — especially for dividend-paying stocks.

Dividend Return

Dividend return represents the income generated from dividends paid during the year, expressed as a percentage of the starting stock price. While it may seem small in any single year (typically 1–4 % for established companies), dividends compound significantly over decades and have historically contributed roughly 40 % of total stock market returns.

What to Look For

Examine how many years showed positive vs. negative returns to gauge consistency. A stock with mostly positive years and small drawdowns suggests lower risk. Also compare 's annual returns to a benchmark index — consistently outperforming the market is a hallmark of a strong investment. Pay attention to the worst years: understanding downside risk is just as important as chasing upside potential.

CogState shares outstanding

The number of shares of CogState was 174.01 M in 2025. This indicates how many shares CogState is divided into. Since shareholders are the owners of a company, each share represents a small portion of the company's ownership.
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  • Max

Number of stocks
Details
Date
Number of stocks
Jan 1, 2021
173.06 M Stocks
Jan 1, 2022
176.82 M Stocks
Jan 1, 2023
176.34 M Stocks
Jan 1, 2024
173.10 M Stocks
Jan 1, 2025
174.01 M Stocks
Jan 1, 2026 (e)
174.01 M Stocks
Jan 1, 2027 (e)
174.01 M Stocks
Jan 1, 2028 (e)
174.01 M Stocks

CogState Dividend History

1 years of dividend payments

YearAnnual DividendYoY ChangePayments
20250.03USD
Aug 27, 20250.03USD1/1

CogState dividend history and estimates

In 2025, CogState paid a dividend amounting to 0.03 USD. Dividend means that CogState distributes a portion of its profits to its owners.
  • Max

Dividend
Dividend (Estimate)
Details
Date
Dividend
Dividend (Estimate)
Jan 1, 2025 (e)
0.00 USD
0.03 USD
Jan 1, 2026
0.03 USD
0.00 USD
Jan 1, 2027 (e)
0.00 USD
0.03 USD
Jan 1, 2028 (e)
0.00 USD
0.03 USD

CogState dividend payout ratio

In 2025, CogState had a payout ratio of 34.30%. The payout ratio indicates the percentage of the company's profits that CogState distributes as dividends.
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Payout ratio
Details
Date
Payout ratio
Jan 1, 2021
34.30 %
Jan 1, 2022
34.30 %
Jan 1, 2023
34.30 %
Jan 1, 2024
34.30 %
Jan 1, 2025
34.30 %
Jan 1, 2026 (e)
40.60 %
Jan 1, 2027 (e)
33.95 %
Jan 1, 2028 (e)
25.72 %

Current CogState forecasts and price targets in July 2026

Analyst Price Targets 2026
Δ MOM Price Target
0.00 %
Buy85.71 % (6)
Hold14.29 % (1)
Sell0.00 % (0)
12M Price Target
0.00
Last Price
1.97
Currency
USD
12M Return Potential
-100.00 %
LTM Return
0 %

CogState shareholder structure

% Name
16.41709%
Dagmar Dolby Fund
Dagmar Dolby Fund
13.62815%
Myer (Martyn Kenneth)
Myer (Martyn Kenneth)
8.90596%
Australian Ethical Investment Ltd.
Australian Ethical Investment Ltd.
4.88485%
Anacacia Capital Pty Limited
Anacacia Capital Pty Limited
3.67792%
O'Connor (Bradley John)
O'Connor (Bradley John)
2.43537%
FIL Gestion
FIL Gestion

CogState Executives and Management Board

BO

Mr. Brad O'Connor

Chief Executive Officer, Managing Director, Executive Director · since 2004

Compensation1.10 M USD
DW

Mr. Darren Watson

Chief Financial Officer

Compensation469,060.00 USD
CE

Mr. Chris Edgar

Chief Scientific Officer

Compensation421,929.00 USD
MM

Mr. Martyn Myer

Non-Executive Chairman of the Board

Compensation94,621.00 USD
IP

Ms. Ingrid Player

Independent Non-Executive Director

Compensation70,966.00 USD

Frequently asked questions about CogState

CogState Ltd is a leading provider of cognitive testing services for clinical trials, academic research, and healthcare. The company's business model revolves around using their digital tools and technologies to measure and enhance cognitive function in patients. By collaborating with pharmaceutical companies, academic institutions, and healthcare organizations, CogState Ltd aims to improve patient outcomes and accelerate the development of new treatments. With their expertise and extensive database, CogState Ltd offers customized solutions and prognostic insights to address the cognitive challenges faced in various industries.

All fundamentals and in-depth analysis of CogState

Our stock analysis for CogState stock includes important financial indicators such as revenue, profit, P/E ratio, P/S ratio, EBIT, as well as information on dividends. We also assess aspects such as stocks, market capitalization, debt, equity, and liabilities of CogState. If you are looking for more detailed information on these topics, we offer comprehensive analyses on our subpages.