Stock fact sheet · data as of
Incannex Healthcare Limited (IXHL): fair value, margin of safety and Wheel Score
Healthcare · Biotechnology · Australia · Speculative / Distressed
Is IXHL undervalued?
At 2.88 (close of 16 Oct 2026), IXHL trades 28% under the GLS average fair value of 4.02. 1 of the 1 models that produced a value land above the price. A discount of this size counts as a positive margin of safety in every GLS screen; whether it is enough depends on the rest of the picture - the health score, the moat and the option premium below.
The average is built from just 1 models (DCF) - the rest returned nothing because an input they need (dividends, free cash flow, book value) is zero or negative - so treat it with more caution than usual.
The nightly engine files IXHL under Speculative / Distressed - negative earnings or a Piotroski score of 3 or less - which caps its Wheel Score at 45 and keeps it out of the Sunday Scan.
Nine valuation models for IXHL
Each model turns the latest filed numbers into a value per share; the GLS fair value is the simple average of the ones that produce a positive number. The last two rows are shown for reference and never enter the average. The Quote page lets you switch any model off and add your own margin of safety.
| Model | Value | vs price | What it measures |
|---|---|---|---|
| DCF | 4.02 | +39% | Present value of the projected free cash flows, discounted at the cost of capital |
| Graham Number | - | - | The most a defensive investor pays for the earnings and book value per share; no value tonight |
| Graham Growth | - | - | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields; no value tonight |
| Lynch | - | - | EPS × the earnings growth rate (PEG of 1), growth capped at 25%; no value tonight |
| GLS Growth | - | - | EPS compounded ten years at the blended growth rate, discounted back at 15% a year; no value tonight |
| 10 Cap | - | - | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10%; no value tonight |
| Payback Time | - | - | Eight years of compounded free cash flow: the price at which the business pays for itself; no value tonight |
| DDM | - | - | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend; no value tonight |
| EPV | - | - | Earnings power value: current EPS capitalised at 9% with no growth; no value tonight |
| Zombie (liquidation) | 5.62 | +95% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 0.0000 | -100% | Analysts' average 12-month price target. Not in the average |
Quality and financial health
Incannex Healthcare Limited scores only 3 of 9 on the Piotroski F-score, which fails the Sunday Scan's "6 or more" rule. A reading this low means several of the basic tests - positive earnings, positive operating cash flow, falling debt, no new share issuance - are not met. A GLS Moat score of 0.0/10 is a weak reading: the ten-year history the score grades (revenue, EPS, book value, margins, cash flow, share count, ROIC) has not been steady, so the Moat part of the Wheel Score contributes little.
Returns on capital are thin or negative - ROIC -28.6%, ROE -28.6%, ROA -26.4% - with debt at 0.00 times equity and negative free cash flow.
Incannex Healthcare Limited pays no dividend, so the DDM model does not apply and a covered-call holder earns only the premium and any price gain.
Institutional ownership scores 1/10, insider activity 5/10 and Congressional trading 5/10 on the GLS smart-money scales.
| Piotroski F-score | 3 / 9 | ROIC | -28.6% |
|---|---|---|---|
| GLS Moat | 0.0 / 10 | ROE | -28.6% |
| Debt / equity | 0.00 | ROA | -26.4% |
| Free-cash-flow yield | -24.1% | Payout ratio | 0% |
| Institutions | 1 / 10 | Insiders · Congress | 5 · 5 / 10 |
Wheel Score 37: Weak
With a Wheel Score of 37 Incannex Healthcare Limited sits in the Weak band. The parts - Value 24/25, Health 7/20, Moat 0/15, Premium 5/20, Stability 1/20 - show where: Moat (0/15) scores lowest.
Implied volatility is 137%, far above the range the wheel strategy is built for. The premium looks generous; the Wheel Score gives it only 5 of 20 Premium points because moves of that size can blow through any strike. Chain open interest is thin - 740 contracts across every expiry - so fills at a fair price are not guaranteed; a 30-45-day put may not exist at a usable strike.
Volume runs at 87k shares a day on a market cap of $34M, with a beta of 2.82 - a high beta, so the stock tends to move more than the market and a strike can be gapped through; the Stability part of the Wheel Score gives that 1 of 20.
| Part | Points | From | |
|---|---|---|---|
| Value | 24 / 25 | 28% margin of safety | |
| Health | 7 / 20 | Piotroski 3/9 | |
| Moat | 0 / 15 | moat 0.0/10 | |
| Premium | 5 / 20 | implied volatility 137% | |
| Stability | 1 / 20 | 87k shares/day, $34M cap, beta 2.82 |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls; it is updated nightly and is not a recommendation. The walkthrough lesson shows how the score fits into a trade, start to finish.
Upcoming events
The next earnings report is due on 13 Nov 2026, 28 days away; a 30-45-day put sold today would expire after it, which is worth weighing against the premium.
Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.
Similar stocks in Biotechnology
The 12 companies below are the closest to Incannex Healthcare Limited by market cap within the Biotechnology industry, each with its own fact sheet; the Compare page puts up to eight of them side by side.
| Stock | Close | Fair value | MoS | Wheel | Mkt cap |
|---|---|---|---|---|---|
| CRVO CervoMed Inc. | 2.25 | 0.8036 | -180% | 15No options | $34M |
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| NNVC NanoViricides, Inc. | 1.37 | 1,583,177.91 | +100% | 45Weak | $35M |
| ELTX Elicio Therapeutics, Inc. | 1.78 | 0.2252 | -691% | 15Weak | $34M |
| IRLA IRulya Therapeutics Inc. | 33.23 | - | - | 25Weak | $34M |
| ALGS Aligos Therapeutics, Inc. | 5.39 | 0.1520 | -3446% | 12No options | $34M |
| ATNM Actinium Pharmaceuticals, Inc. | 1.06 | 3.20 | +67% | 49Weak | $33M |
| BCTX BriaCell Therapeutics Corp. | 3.77 | 4.14 | +9% | 29No options | $33M |
| VERU Veru Inc. | 2.13 | 0.6643 | -221% | 18Weak | $36M |
| LITS Lite Strategy, Inc. | 1.20 | 0.1580 | -656% | 18Weak | $36M |
| FLNA Filana Therapeutics, Inc. | 0.7608 | 1.85 | +59% | 41Weak | $37M |
| EXOZ eXoZymes, Inc. | 4.00 | 0.1426 | -2706% | 5No options | $37M |
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Start free See the Sunday ScanQuestions about IXHL
Is IXHL undervalued right now?
By the GLS models, moderately: at 2.88 the stock trades 28% below the average fair value of 4.02 (data as of 16 Oct 2026).
What is the Wheel Score of IXHL and what does it mean?
IXHL scores 37 out of 100 (Weak). The Wheel Score blends the margin of safety (25 points), Piotroski health (20), the GLS moat (15), the option premium on offer (20) and trading stability (20) into one number that ranks stocks for the wheel strategy - selling cash-secured puts, then covered calls if assigned. 80 and above is Prime, 65-79 Good, 50-64 Fair, under 50 Weak.
What is the GLS fair value for IXHL?
4.02 per share as of 16 Oct 2026 - the simple average of the 1 valuation models (out of nine: DCF, Graham Number, Graham Growth, Lynch, GLS Growth, 10 Cap, Payback Time, DDM and EPV) that produced a positive value. The models run every night on the latest filings; the Quote page lets you switch any of them off and add a margin of safety of your own.
When does Incannex Healthcare Limited report earnings next?
The next earnings report is due on 13 Nov 2026, 28 days from the data date of 16 Oct 2026. The Calendars page lists every upcoming report with its time of day.
Does IXHL have listed options, and how liquid are they?
Yes. The nightly snapshot found 60 listed contracts with 740 open interest across all expiries and implied volatility of 137% on the near-the-money contracts. The Options scanner lists the cash-secured put and covered call set-ups with premium and annualised yield worked out.