Latest Ratios: P/E Ratio 105.8x · EV/EBITDA 58.4x · ROE 73.3%. (2002–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $32.9B | $53.6B | $30.0B | $23.9B | $28.9B | $20.1B | $14.9B | $12.6B | $7.3B | $11.5B | $3.2B |
| Enterprise Value | $32.5B | $53.2B | $31.8B | $24.4B | $29.4B | $20.3B | $15.0B | $12.3B | $6.9B | $10.9B | $3.2B |
| P/E Ratio → | 105.80 | 170.67 | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 8.86 | 14.42 | 13.36 | 13.08 | 27.88 | 23.79 | 30.32 | 57.26 | 97.91 | 127.96 | 67.96 |
| P/B Ratio | 42.07 | 67.86 | 447.73 | — | — | 34.15 | 14.71 | 8.75 | 5.63 | 6.51 | 3.48 |
| P/FCF | 70.72 | 115.08 | — | 569.99 | — | — | — | — | — | — | — |
| P/OCF | 62.80 | 102.19 | — | 229.54 | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 14.32 | 14.15 | 13.35 | 28.31 | 24.00 | 30.37 | 56.16 | 92.70 | 121.11 | 67.03 |
| EV / EBITDA | 58.38 | 95.43 | — | — | — | — | — | — | — | — | — |
| EV / EBIT | 64.86 | 92.36 | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | 114.27 | — | 581.74 | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 81.8% | 81.8% | 85.6% | 83.0% | 83.7% | 83.4% | 84.2% | 88.6% | 97.6% | 85.1% | 100.0% |
| Operating Margin | 13.5% | 13.5% | -7.9% | -15.4% | -75.7% | -83.9% | -168.1% | -427.5% | -1087.6% | -556.2% | -900.3% |
| Net Profit Margin | 8.4% | 8.4% | -12.4% | -24.1% | -109.0% | -101.0% | -174.1% | -403.2% | -1016.6% | -545.9% | -869.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 73.3% | 73.3% | -414.6% | — | -526.1% | -106.3% | -69.9% | -64.7% | -49.6% | -36.5% | -37.5% |
| ROA | 6.8% | 6.8% | -6.9% | -11.9% | -31.5% | -24.2% | -29.6% | -44.6% | -42.7% | -30.1% | -31.0% |
| ROIC | 33.4% | 33.4% | -12.5% | -74.6% | -110.9% | -58.8% | -55.6% | -66.9% | -59.2% | -37.0% | -32.5% |
| ROCE | 15.3% | 15.3% | -6.0% | -10.0% | -27.4% | -24.6% | -34.1% | -54.7% | -50.2% | -33.5% | -34.6% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.62 | 1.62 | 40.89 | — | — | 1.70 | 0.51 | 0.21 | 0.02 | 0.02 | 0.16 |
| Debt / EBITDA | 2.29 | 2.29 | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.48 | 26.49 | — | — | 0.30 | 0.02 | -0.17 | -0.30 | -0.35 | -0.05 |
| Net Debt / EBITDA | -0.68 | -0.68 | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | -0.81 | — | 11.75 | — | — | — | — | — | — | — |
| Interest Coverage | 2.28 | 2.28 | -1.66 | -2.58 | -6.23 | -4.96 | -9.13 | — | — | — | — |
Net cash position: cash ($1.7B) exceeds total debt ($1.3B)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.76 | 2.76 | 2.78 | 3.08 | 3.51 | 4.04 | 4.47 | 4.87 | 6.69 | 12.23 | 5.10 |
| Quick Ratio | 2.71 | 2.71 | 2.71 | 2.99 | 3.34 | 3.91 | 4.34 | 4.71 | 6.56 | 12.23 | 5.10 |
| Cash Ratio | 1.98 | 1.98 | 2.27 | 2.52 | 2.86 | 3.50 | 3.20 | 4.36 | 6.04 | 11.72 | 4.76 |
| Asset Turnover | — | 0.75 | 0.53 | 0.48 | 0.29 | 0.23 | 0.14 | 0.09 | 0.05 | 0.05 | 0.04 |
| Inventory Turnover | 8.19 | 8.19 | 4.12 | 3.48 | 1.31 | 1.62 | 1.04 | 0.44 | 0.07 | — | — |
| Days Sales Outstanding | — | 76.42 | 65.80 | 65.44 | 83.72 | 85.85 | 446.14 | 71.44 | 91.41 | 138.03 | 180.60 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 0.9% | 0.6% | — | — | — | — | — | — | — | — | — |
| FCF Yield | 1.4% | 0.9% | — | 0.2% | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $135M | $128M | $125M | $122M | $118M | $115M | $109M | $101M | $91M | $86M |
Includes 30+ ratios · 24 years · Updated daily
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Quick answers to the most common questions about buying ALNY stock.
Alnylam Pharmaceuticals, Inc.'s current P/E ratio is 105.8x. The historical average is 170.7x.
Alnylam Pharmaceuticals, Inc.'s current EV/EBITDA is 58.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 95.4x.
Alnylam Pharmaceuticals, Inc.'s return on equity (ROE) is 73.3%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is -75.5%.
Based on historical data, Alnylam Pharmaceuticals, Inc. is trading at a P/E of 105.8x. Compare with industry peers and growth rates for a complete picture.
Alnylam Pharmaceuticals, Inc. has 81.8% gross margin and 13.5% operating margin. Operating margin between 10-20% is typical for established companies.
Alnylam Pharmaceuticals, Inc.'s Debt/EBITDA ratio is 2.3x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
High leverage and IRA risk
Metrics are mathematically derived from official filings.
Margin Expansion Signals Operating Leverage
Operating margin swung from -17.7% in 2024Q4 to 17.9% in 2026Q2, as reported in financial statements, indicating that revenue growth is now outpacing R&D and SG&A costs, though gross margin volatility warrants monitoring.
The gross margin fluctuated between 75.6% and 88.0% over the past year, with 2026Q2 at 76.9%, likely reflecting product mix shifts and inventory effects. The operating margin improvement to 17.9% in 2026Q2, from negative levels a year earlier, suggests that the company has crossed the threshold of operational leverage, but the sustainability depends on continued revenue growth and cost discipline. Net margin of 12.7% in 2026Q2 is supported by non-operating items, so investors should focus on operating margin as the cleaner measure of underlying earning power.
ROIC Surges on Equity Rebuilding
ROIC jumped from -4.5% in 2024Q4 to 22.4% in 2026Q2, as per balance sheet data, driven by a sharp improvement in operating income and a lower invested capital base, though the recent equity rebuild may temper future returns.
The dramatic swing in ROIC from negative to 22.4% reflects both a recovery in operating profitability and a reduction in debt, which lowered the invested capital denominator. ROE of 13.5% in 2026Q2, while down from the extraordinary 103.6% in 2025Q3, is still strong and indicates that the company is generating returns well above its cost of capital. However, the high ROE is partly a function of a still-levered balance sheet, so investors should monitor whether returns remain robust as equity grows.
Working Capital Efficiency Improves
Cash conversion cycle shortened from 94 days in 2024Q1 to 55 days in 2026Q2, as reported in financial statements, driven by faster collection and inventory turnover, though DPO volatility suggests supplier payment terms are not yet stable.
The CCC improvement is notable, with DSO falling from 60 to 63 days and DIO from 126 to 28 days over the period, indicating better inventory management and receivables collection. However, DPO swung from 92 to 36 days, which may reflect timing of payments rather than a structural change in supplier leverage. Asset turnover remains low at 0.24, consistent with a capital-light biotech model where revenue is generated from high-margin products without heavy fixed assets.
Leverage Normalizes After Peak
Debt-to-equity plummeted from 84.26 in 2024Q3 to 0.94 in 2026Q2, as per balance sheet data, reflecting a $1.4B debt reduction and equity growth, though absolute debt remains substantial at $1.3B.
The dramatic deleveraging is a positive sign, but the current D/E of 0.94 still indicates meaningful leverage, especially when considering off-balance-sheet obligations like the Blackstone royalty deal. Interest coverage improved to 2.82 in 2026Q2 from negative levels a year earlier, suggesting that debt service is becoming more comfortable, but the coverage ratio remains thin relative to the company's growth ambitions. Investors should monitor refinancing risk, as the company may need to access capital markets for pipeline expansion.
Liquidity Cushion Strengthens
Current ratio improved to 3.05 in 2026Q2, as reported in financial statements, with cash rising to $1.7B, providing a robust buffer against operational shocks, though the quick ratio of 2.99 indicates minimal inventory dependence.
The liquidity position is strong, with a current ratio above 3.0 and a quick ratio nearly identical, suggesting that the company can meet short-term obligations without relying on inventory liquidation. Cash of $1.7B, combined with the recent Roche partnership, provides ample runway for pipeline development. However, the high level of stock-based compensation may dilute shareholders over time, and the company's reliance on milestone payments could create cash flow volatility.
P/E Misleads on Platform Value
The trailing P/E of 94.56, as per valuation data, is misleading for Alnylam because it fails to capture the platform's potential beyond current TTR franchise, and forward P/E of 31.88 better reflects expected earnings growth.
The P/E ratio is commonly misapplied to biotech companies with significant R&D investments and non-cash charges, as it penalizes current earnings that are depressed by stock-based compensation and milestone timing. For Alnylam, EV/EBITDA of 52.11 may be a more appropriate metric, as it normalizes for capital structure and non-cash items. Investors should also consider the value of the pipeline, particularly the CNS program, which is not reflected in current earnings. A better approach is to use a sum-of-the-parts valuation or a forward EV/EBITDA based on normalized earnings.