argenx SE (ARGX) Financial Ratios
15 years of historical data (2011–2025) · Healthcare · Biotechnology
EV/EBITDA
47.02
-2% vs avg
5yr avg: 48.14
30Y Low48.1·High48.1
P/FCF
64.33
-2% vs avg
5yr avg: 65.77
30Y Low59.1·High65.8
P/B Ratio
↑
7.91
+14% vs avg
5yr avg: 6.91
30Y Low3.8·High8.0
ROE
↑
20.2%
↓+695% vs avg
5yr avg: -3.4%
30Y Low-58%·High20%
Debt/EBITDA
0.08
+0% vs avg
5yr avg: 0.08
30Y Low0.1·High0.1
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
ARGX Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
argenx SE trades at 44.7x earnings, roughly in line with its 5-year average of 45.5x, sitting at the 50th percentile of its historical range. Compared to the Healthcare sector median P/E of 22.1x, the stock trades at a premium of 102%. On a free-cash-flow basis, the stock trades at 64.3x P/FCF, roughly in line with the 5-year average of 65.8x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $54.3B | $55.5B | $40.1B | $21.7B | $20.6B | $17.9B | $13.4B | $6.2B | $3.5B | $1.6B | — |
| Enterprise Value | $50.9B | $52.1B | $38.6B | $19.7B | $19.8B | $16.6B | $12.2B | $5.8B | $3.1B | $1.3B | — |
| P/E Ratio → | 44.71 | 42.84 | 48.12 | — | — | — | — | — | — | — | — |
| P/S Ratio | 13.08 | 13.37 | 18.30 | 17.74 | 50.16 | 35.97 | 323.80 | 79.01 | 140.65 | 35.57 | — |
| P/B Ratio | 7.91 | 7.58 | 7.29 | 5.31 | 7.32 | 7.06 | 7.98 | 5.25 | 5.61 | 3.76 | — |
| P/FCF | 64.33 | 65.77 | — | — | — | — | — | 59.10 | — | — | — |
| P/OCF | 63.87 | 65.29 | — | — | — | — | — | 40.88 | — | — | — |
P/E links to full P/E history page with 30-year chart
ARGX EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
argenx SE's enterprise value stands at 47.0x EBITDA, roughly in line with its 5-year average of 48.1x. The Healthcare sector median is 14.2x, placing the stock at a 231% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 12.55 | 17.63 | 16.08 | 48.24 | 33.31 | 294.60 | 74.36 | 127.56 | 30.33 | — |
| EV / EBITDA | 47.02 | 48.14 | — | — | — | — | — | — | — | — | — |
| EV / EBIT | 48.27 | 40.63 | 440.69 | — | — | — | — | — | — | — | — |
| EV / FCF | — | 61.73 | — | — | — | — | — | 55.62 | — | — | — |
ARGX Profitability
Margins and return-on-capital ratios measuring operating efficiency
argenx SE earns an operating margin of 25.4%. Operating margins have expanded from -34.7% to 25.4% over the past 3 years, signaling improving operational efficiency. ROE of 20.2% indicates solid capital efficiency. ROIC of 19.9% represents solid returns on invested capital.
Margins
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 | 89.1% | 89.1% | 89.6% | 90.4% | 92.8% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Operating Margin | 25.4% | 25.4% | -1.0% | -34.7% | -175.4% | -70.1% | -1158.1% | -253.5% | -381.0% | -63.0% | -145.6% |
| Net Profit Margin | 31.1% | 31.1% | 38.0% | -24.1% | -172.8% | -82.0% | -1475.3% | -230.9% | -310.2% | -77.1% | -145.3% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 20.2% | 20.2% | 17.4% | -8.5% | -26.5% | -19.4% | -42.6% | -20.2% | -14.8% | -14.0% | -41.9% |
| ROA | 17.4% | 17.4% | 15.5% | -7.7% | -23.7% | -15.9% | -31.3% | -16.0% | -13.8% | -12.1% | -27.8% |
| ROIC | 19.9% | 19.9% | -0.5% | -15.6% | -33.4% | -31.2% | -55.9% | -26.9% | -29.3% | -26.3% | — |
| ROCE | 16.4% | 16.4% | -0.4% | -12.2% | -26.8% | -15.5% | -28.2% | -19.4% | -18.2% | -11.2% | -38.2% |
ARGX Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
argenx SE carries a Debt/EBITDA ratio of 0.1x, which is very conservative (98% below the sector average of 3.2x). The company holds a net cash position — cash of $3.5B exceeds total debt of $83M, providing substantial financial flexibility for buybacks, acquisitions, or weathering downturns. Interest coverage of 314.2x signals virtually no risk of debt distress — earnings comfortably cover interest obligations.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.01 | 0.01 | 0.01 | 0.00 | 0.00 | 0.00 | 0.01 | 0.01 | — | — | — |
| Debt / EBITDA | 0.08 | 0.08 | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.47 | -0.27 | -0.50 | -0.28 | -0.52 | -0.72 | -0.31 | -0.52 | -0.55 | -1.42 |
| Net Debt / EBITDA | -3.15 | -3.15 | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | -4.04 | — | — | — | — | — | -3.48 | — | — | -9.23 |
| Interest Coverage | 314.23 | 314.23 | 39.50 | -335.83 | -331.56 | -363.73 | -1498.68 | -1264.60 | — | — | — |
Net cash position: cash ($3.5B) exceeds total debt ($83M)
ARGX Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
argenx SE's current ratio of 5.23x is well above the 1.0 safety threshold, indicating strong short-term liquidity with ample room to cover current liabilities. The quick ratio of 4.87x is notably lower than the current ratio, indicating a significant portion of current assets is tied up in inventory. The current ratio has declined from 9.75x to 5.23x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 5.23 | 5.23 | 7.29 | 9.75 | 9.18 | 8.44 | 6.26 | 8.58 | 14.29 | 14.96 | 3.15 |
| Quick Ratio | 4.87 | 4.87 | 6.68 | 9.01 | 8.42 | 8.08 | 6.19 | 8.58 | 14.29 | 14.96 | 3.15 |
| Cash Ratio | 3.36 | 3.36 | 5.04 | 7.52 | 7.25 | 7.76 | 6.08 | 8.35 | 14.09 | 14.67 | 2.99 |
| Asset Turnover | — | 0.48 | 0.35 | 0.27 | 0.13 | 0.17 | 0.02 | 0.05 | 0.04 | 0.10 | 0.14 |
| Inventory Turnover | 0.95 | 0.95 | 0.56 | 0.38 | 0.13 | — | — | — | — | — | — |
| Days Sales Outstanding | — | 145.62 | 151.50 | 148.60 | 246.39 | 28.05 | 65.85 | 168.26 | 64.71 | 7.06 | 26.37 |
ARGX Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
argenx SE does not currently pay a dividend and has no material buyback yield, reinvesting earnings back into the business. The earnings yield of 2.2% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
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 | — | — | — | — | — | — | — | — | — | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.2% | 2.3% | 2.1% | — | — | — | — | — | — | — | — |
| FCF Yield | 1.6% | 1.5% | — | — | — | — | — | 1.7% | — | — | — |
| Buyback Yield | 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% | — |
| Shares Outstanding | — | $66M | $65M | $57M | $54M | $51M | $45M | $39M | $36M | $25M | $19M |
Peer Comparison
Compare ARGX with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 ARGXYou | $54B | 44.7 | 47.0 | 64.3 | 89.1% | 25.4% | 20.2% | 19.9% | 0.1 |
 RARE | $3B | -4.7 | — | — | 83.8% | -79.5% | -607.5% | -89.4% | — |
 ALNY | $37B | 119.4 | 65.9 | 79.7 | 81.8% | 13.5% | 73.3% | 33.4% | 2.3 |
 SRPT | $2B | -2.5 | — | — | 59.9% | -29.9% | -53.5% | -31.4% | — |
 BMRN | $11B | 30.4 | 16.1 | 14.5 | 77.1% | 16.6% | 5.9% | 7.4% | 1.0 |
 IONS | $12B | -31.1 | — | — | 98.3% | -40.5% | -70.7% | -12.8% | — |
 ACAD | $4B | 9.4 | 25.7 | 35.2 | 91.7% | 9.8% | 39.9% | 10.0% | 0.4 |
 IMVT | $7B | -12.8 | — | — | — | — | -64.8% | — | — |
 ARDX | $1B | -23.3 | — | — | 89.5% | -10.1% | -36.2% | -10.7% | — |
 VRTX | $115B | 29.5 | 22.9 | 36.0 | 85.0% | 39.4% | 22.5% | 23.0% | 0.8 |
 HALO | $8B | 26.8 | 11.2 | 12.6 | 78.1% | 58.4% | 153.6% | 32.1% | 2.4 |
| Healthcare Median | — | 22.1 | 14.2 | 18.5 | 63.9% | -4.3% | -32.6% | -11.6% | 3.2 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 15 years · Updated daily
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ARGX — Frequently Asked Questions
Quick answers to the most common questions about buying ARGX stock.
What is argenx SE's P/E ratio?
argenx SE's current P/E ratio is 44.7x. The historical average is 45.5x. This places it at the 50th percentile of its historical range.
What is argenx SE's EV/EBITDA?
argenx SE's current EV/EBITDA is 47.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 48.1x.
What is argenx SE's ROE?
argenx SE's return on equity (ROE) is 20.2%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is -21.4%.
Is ARGX stock overvalued?
Based on historical data, argenx SE is trading at a P/E of 44.7x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What are argenx SE's profit margins?
argenx SE has 89.1% gross margin and 25.4% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does argenx SE have?
argenx SE's Debt/EBITDA ratio is 0.1x, indicating low leverage. A ratio below 2x is generally considered financially healthy.