Incannex Healthcare Inc (IXHL) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of Incannex Healthcare Inc $0.76, price $3.21, upside -76.3%, quality 46 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 27, 2026.
How to read this chart
55‑month range $2.55 – $4,260 · fair‑value band $0.5000 – $0.9500 · the $3.21 price screens above the $0.7600 fair value. Dashed = 300-day average. As of Sep 27, 2026.
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Incannex Healthcare Inc., a clinical-stage biopharmaceutical company, engages in the research and development of psychedelic medicines and therapies for patients with chronic diseases in Australia.
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Incannex Healthcare Inc., a clinical-stage biopharmaceutical company, engages in the research and development of psychedelic medicines and therapies for patients with chronic diseases in Australia. The company develops IHL-42X, an oral fixed dose combination of dronabinol and acetazolamide that is in Phase 2/3 clinical trial for the treatment of obstructive sleep apnea; and PSX-001, an oral synthetic psilocybin treatment in Phase 2b clinical development for patients with generalized anxiety disorder. It is also developing IHL-675A, an oral fixed dose combination drug containing synthetic cannabidiol and hydroxychloroquine sulphate to treat rheumatoid arthritis, as well as lung inflammation, acute respiratory disease, chronic obstructive pulmonary disease, asthma, bronchitis, inflammatory bowel disease, colitis, and Crohn's disease. Incannex Healthcare Inc. is headquartered in Sydney, Australia.
Stock analysis
Incannex Healthcare Inc (IXHL) currently trades at $3.21, while our model-based Fair Value estimate is $0.7600, 76.3% below the price, so the stock looks overvalued today.
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Valuation
How firm this estimate is: it rests on 1 models at a data quality of 95/100, which puts the evidence level at low.
Scenario range: $0.5000 (bear) to $0.9500 (bull), the price of $3.21 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 46/100 (below-average quality), in the Healthcare sector.
Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.
Incannex Healthcare Inc reported revenue of A$86.0K in FY2025 versus A$1.9M in FY2021, a compound −53.9%/yr. Reported net income was −A$46.9M in FY2025.
Key figures
Market cap $39.2M · EPS (TTM) $−16.53 · Return on equity −117% · Return on assets (EBIT) −98.8% · Free cash flow −A$12.5M · Net cash A$14.8M.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 18 out of 100 (low confidence).
What moves the price
The share trades about 78% below its 52-week high and 25% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Healthcare peers we cover trades at −19% fair-value upside, at −76%, IXHL screens richer than that median.
Fair Value models
Bear $0.5000Fair Value $0.7600Bull $0.9500
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.0/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−52.2%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−32.2%
Start year 2020 (pandemic)
Revenue growth 15 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+8.2%
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Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
−685.5% (2020) → −27,661.6% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Drug Manufacturers - Specialty & Generic · 600 stocks
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Is Incannex Healthcare Inc (IXHL) overvalued or undervalued?
As of Sep 27, 2026, our model estimates a fair value of $0.7600 versus a price of $3.21, about −76% upside (overvalued).
What is the fair value of IXHL?
Our model-based fair value for Incannex Healthcare Inc is $0.7600 (as of Sep 27, 2026), built from audited fundamentals. The current price: $3.21.
What is the quality score of IXHL?
Incannex Healthcare Inc has a Quality Score of 46/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Incannex Healthcare Inc (IXHL)?
Our model-based price target is the fair value of $0.7600 (as of Sep 27, 2026) from 1 valuation models. Cautious scenario $0.5000, optimistic scenario $0.9500. It is a calculation from audited fundamentals, not an analyst target.
What is the Incannex Healthcare Inc stock forecast for 2026?
Our models put fair value at $0.7600, about −76% upside versus a price of $3.21 (overvalued). Cautious scenario $0.5000, optimistic scenario $0.9500. The calculation is refreshed regularly with new filings.
What is the intrinsic value of Incannex Healthcare Inc (IXHL)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Incannex Healthcare Inc it is $0.7600 per share (as of Sep 27, 2026), against a price of $3.21. It is the blended result of 1 valuation models (cash flow, earnings, asset, dividend).
Is Incannex Healthcare Inc stock overvalued or undervalued in 2026?
As of Sep 27, 2026, IXHL trades above its calculated fair value: price $3.21, fair value $0.7600, a gap of about −76% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of IXHL?
No. The price is what the market pays today ($3.21); the fair value is what the company's own numbers justify ($0.7600). For Incannex Healthcare Inc the two are $2.45 per share apart. That gap is exactly why we show both numbers side by side.
How much is Incannex Healthcare Inc worth?
The market values Incannex Healthcare Inc at about $39.2M (market capitalisation, as of Sep 27, 2026). Per share that is $3.21; our models calculate a fair value of $0.7600 per share.
What do the bullish and bearish scenarios say about IXHL?
Our models span a range for Incannex Healthcare Inc: cautious scenario $0.5000, base $0.7600, optimistic $0.9500 per share (as of Sep 27, 2026, price $3.21). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Incannex Healthcare Inc (IXHL)?
Balance-sheet figures for Incannex Healthcare Inc (as of Sep 27, 2026): return on equity −117.2%. They feed the Quality Score of 46/100, which measures business quality independently of the share price.
How far is IXHL from its 52-week high?
Incannex Healthcare Inc trades at $3.21, about 78% below its 52-week high of $14.46 and 25% above the low of $2.56 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of $0.7600 is for.
Which stocks are comparable to Incannex Healthcare Inc?
From the same area (Healthcare) we also value Merck KGaA, Takeda Pharmaceutical Company, Teva Pharmaceutical Industries Limited, Sun Pharmaceutical Industries Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Incannex Healthcare Inc stock attractive at the current price?
The data as of Sep 27, 2026: price $3.21, calculated fair value $0.7600 (−76%), Quality Score 46/100, from 1 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of IXHL calculated?
We run Incannex Healthcare Inc through 1 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $0.7600, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. Incannex Healthcare Inc itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Incannex Healthcare Inc (IXHL)?
The closing price on Oct 2, 2026 was $3.21. Our model-based fair value is $0.7600, about −76% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Incannex Healthcare Inc right now?
The price sits above even our optimistic bull case ($0.9500). The favourable scenario is already priced in. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid but not exceptional quality (46/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range ($0.5000 to $0.9500) leaves room in how you read the outcome.
Key figures of Incannex Healthcare Inc
How large is the market capitalisation of Incannex Healthcare Inc (IXHL)?
The market capitalisation of Incannex Healthcare Inc is $39.2M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What are the earnings per share of Incannex Healthcare Inc (IXHL)?
Earnings per share at Incannex Healthcare Inc are $−16.53. Earnings per share over the last twelve months: total profit spread across every single share.
What is the return on equity of Incannex Healthcare Inc (IXHL)?
The return on equity (ROE) of Incannex Healthcare Inc is −117% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Incannex Healthcare Inc (IXHL)?
On an EBIT basis the return on assets of Incannex Healthcare Inc is −98.8% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
How much free cash flow does Incannex Healthcare Inc (IXHL) generate?
The free cash flow of Incannex Healthcare Inc is −A$12.5M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net cash does Incannex Healthcare Inc (IXHL) hold?
Incannex Healthcare Inc holds more cash than debt, A$14.8M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Thin data
Sep 27, 2026