Latest Ratios: P/E Ratio 7.9x · EV/EBITDA 19.8x · 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 | $20.8B | $53.6B | $30.0B | $23.9B | $28.9B | $20.1B | $14.9B | $12.6B | $7.3B | $11.5B | $3.2B |
| Enterprise Value | $20.4B | $53.2B | $30.4B | $24.4B | $29.4B | $20.3B | $15.0B | $12.3B | $6.9B | $10.9B | $3.2B |
| P/E Ratio → | 7.90 | 170.67 | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 4.15 | 14.42 | 13.36 | 13.08 | 27.88 | 23.79 | 30.32 | 57.26 | 97.91 | 127.96 | 67.96 |
| P/B Ratio | 26.61 | 67.86 | 447.73 | — | — | 34.15 | 14.71 | 8.75 | 5.63 | 6.51 | 3.48 |
| P/FCF | 41.58 | 115.08 | — | 569.99 | — | — | — | — | — | — | — |
| P/OCF | 39.73 | 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 | 13.51 | 13.35 | 28.31 | 24.00 | 30.37 | 56.16 | 92.70 | 121.11 | 67.03 |
| EV / EBITDA | 19.79 | 95.43 | — | — | — | — | — | — | — | — | — |
| EV / EBIT | 40.75 | 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 | 93.2% | 93.2% | -39.7% | -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 | 19.32 | — | — | 1.70 | 0.51 | 0.21 | 0.02 | 0.02 | 0.16 |
| Debt / EBITDA | 2.29 | 2.29 | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.48 | 4.91 | — | — | 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 | 12.7% | 0.6% | — | — | — | — | — | — | — | — | — |
| FCF Yield | 2.4% | 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 7.9x. The historical average is 170.7x.
Alnylam Pharmaceuticals, Inc.'s current EV/EBITDA is 19.8x. 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 7.9x. 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
Leverage and pipeline funding dependence
Metrics are mathematically derived from official filings.
Platform Premium Priced Into Trailing Earnings
Based on reported figures, ALNY trades at a trailing P/E of 67.24 and EV/EBITDA of 36.86, compressing to a forward P/E of 11.50 and forward EV/EBITDA of 9.25, implying the market expects earnings to rise sharply from current levels.
The gap between trailing and forward multiples suggests the reported trailing earnings base is depressed or distorted by non-recurring items, so the trailing P/E is a weak anchor. The forward multiples imply a platform premium the market is willing to pay for the siRNA franchise and its extra-hepatic pipeline, though this rests on forecasts investors should monitor closely. Versus loss-making peers, ALNY's profitable forward profile stands out, but its P/B of 26.74 indicates the equity is priced far above book value.
Gross Margin Strength Versus Operating Volatility
According to reported quarterly figures, ALNY's gross margin held between 75% and 88% across ten quarters, while operating margin swung from -17.7% to 29.5%, showing that product-level economics have not yet translated into stable operating earnings.
The consistently high gross margin points to strong pricing power on orphan-disease therapies, a structural strength relative to the loss-making peer group. The operating margin volatility, however, suggests that R&D intensity and collaboration timing drive results more than product sales alone. The 148.6% net margin in 2026Q3 appears inflated by non-operating items and should not be treated as earning power.
ROIC Recovery Without Clear Compounding
As reported in financial statements, ALNY's ROIC rose from negative levels in 2024 to 42.7% in 2025Q4 before falling to 12.9% in 2026Q3, indicating returns on invested capital that are improving but not yet demonstrating durable compounding.
The swing in ROIC appears driven by the move from operating losses to profitability, combined with a growing invested capital base as equity expanded. The sharp decline in the latest quarter may reflect normalization of one-time collaboration income rather than deterioration in the core franchise, though this warrants further investigation. The 87.4% ROE reflects a thin equity base in prior periods and should be read with caution against ROIC.
Deleveraging Driven by Equity Rebuilding
According to reported quarterly figures, ALNY's debt-to-equity ratio compressed from 84.26 in 2024Q3 to 0.35 in 2026Q3, while interest coverage improved to 4.51, suggesting debt service has become more comfortable as equity expanded.
Most of the leverage improvement appears to come from equity growth rather than debt reduction, since total debt held near $1.3B. Interest coverage of 4.51 is adequate but has been volatile, dipping to 2.25 in 2025Q4, which suggests coverage depends on the timing of collaboration income. Investors should monitor refinancing exposure and whether the Blackstone royalty financing obligations are fully reflected in the debt profile.
Current Ratio Declining Despite Cash Cushion
As reported in financial statements, ALNY's current ratio fell from 3.13 in 2026Q1 to 2.48 in 2026Q3 against $1.8B in cash, indicating the margin of safety on short-term obligations is narrowing even though liquidity remains comfortable.
A current ratio near 2.5 and quick ratio of 2.43 remain well above typical stress thresholds, so near-term solvency does not appear at risk based on reported figures. The downward trend may reflect rising current liabilities or working capital outflows, which the cash flow data also shows. Under severe stress, reliance on a single cash pool rather than inventory-based liquidity is the relevant structural point.
Net Margin Overstates Earning Power
Based on reported figures, the 148.6% net margin in 2026Q3 is inconsistent with a 23.7% operating margin, which suggests the headline profitability metric is distorted by non-operating or tax items rather than recurring earnings.
The most commonly misapplied metric for a business like ALNY is net margin or trailing P/E, since collaboration milestones, royalty timing, and non-cash items can dominate reported net income in individual quarters. Operating margin and free cash flow margin, though still volatile, better reflect the underlying economics of the commercial franchise. Investors should normalize earnings for milestone revenue and stock-based compensation before drawing conclusions about sustainable profitability.