Latest Ratios: P/E Ratio 49.0x · EV/EBITDA 54.1x · ROE 20.2%. (2011–2025 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 | $62.0B | $55.5B | $40.1B | $21.7B | $20.6B | $17.9B | $13.4B | $6.2B | $3.5B | $1.6B | — |
| Enterprise Value | $58.6B | $52.1B | $38.6B | $19.7B | $19.8B | $16.6B | $12.1B | $5.8B | $3.1B | $1.3B | — |
| P/E Ratio → | 49.02 | 42.84 | 48.12 | — | — | — | — | — | — | — | — |
| P/S Ratio | 14.92 | 13.37 | 18.30 | 17.74 | 50.16 | 35.97 | 323.80 | 79.01 | 140.65 | 35.57 | — |
| P/B Ratio | 8.68 | 7.58 | 7.29 | 5.31 | 7.32 | 7.06 | 7.98 | 5.25 | 5.61 | 3.76 | — |
| P/FCF | 73.41 | 65.77 | — | — | — | — | — | 59.10 | — | — | — |
| P/OCF | 72.87 | 65.29 | — | — | — | — | — | 40.88 | — | — | — |
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 | — | 12.55 | 17.63 | 16.08 | 48.24 | 33.31 | 294.53 | 74.36 | 127.56 | 30.33 | — |
| EV / EBITDA | 54.09 | 48.14 | — | — | — | — | — | — | — | — | — |
| EV / EBIT | 55.54 | 40.63 | 440.69 | — | — | — | — | — | — | — | — |
| EV / FCF | — | 61.73 | — | — | — | — | — | 55.62 | — | — | — |
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 | 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% |
| 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% |
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 | 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)
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 | 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 | 13.20 | 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 | 5.32 | — | — | — | — | — |
| Days Sales Outstanding | — | 145.62 | 151.50 | 148.60 | 246.39 | 28.05 | 65.85 | 105.20 | 3.18 | 25.71 | 26.37 |
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 | 2.0% | 2.3% | 2.1% | — | — | — | — | — | — | — | — |
| FCF Yield | 1.4% | 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 |
Includes 30+ ratios · 15 years · Updated daily
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10-year return with dividends reinvested.
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Quick answers to the most common questions about buying ARGX stock.
argenx SE's current P/E ratio is 49.0x. The historical average is 45.5x. This places it at the 100th percentile of its historical range.
argenx SE's current EV/EBITDA is 54.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 48.1x.
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 -21.9%.
Based on historical data, argenx SE is trading at a P/E of 49.0x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
argenx SE has 89.1% gross margin and 25.4% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
argenx SE's Debt/EBITDA ratio is 0.1x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Pipeline concentration on single molecule
Premium Pricing Reflects Platform Potential
The current forward P/E of 35.5x and EV/EBITDA of 24.2x, as reported in recent financial statements, appear to price in not just the gMG and CIDP franchises but also the successful expansion of the efgartigimod platform into numerous other autoimmune indications.
The valuation multiples represent a significant premium to the broader biotech sector, suggesting the market is assigning substantial value to the 'pipeline-in-a-product' strategy. This premium is justified only if the company can successfully replicate its commercial success in gMG across other indications like Thyroid Eye Disease and Myositis, which remains a key execution risk. The high P/S ratio of 15.95x further underscores that investors are paying for future growth rather than current earnings power alone.
Structural Margin Expansion to Best-in-Class
Based on reported figures, gross margins have stabilized at an exceptional 90.1% in Q2 2026, while operating margins have expanded to 30.1%, indicating powerful operating leverage as the high fixed-cost base is leveraged against rapidly scaling revenue.
The margin profile has transformed from deeply negative to best-in-class for a commercial-stage biotech, driven by the high-value, low-volume nature of orphan drug pricing and efficient biologic manufacturing. The key metric for true earning power is the operating margin, which now reflects the company's ability to generate significant profit from its core commercial operations after accounting for the substantial R&D investment required to maintain its pipeline. This margin structure appears durable unless faced with significant pricing pressure or biosimilar competition in the distant future.
Compounding Returns on Invested Capital
ROIC has surged from negative territory to 14.4% in Q2 2026, as reported in financial statements, indicating the company is now generating meaningful returns on the capital invested in its commercial infrastructure and clinical programs.
The inflection to positive and growing ROIC is a critical milestone, demonstrating that the business model is transitioning from a capital-consuming R&D entity to a value-creating commercial powerhouse. The improvement is driven primarily by expanding operating margins rather than asset turnover, which remains low due to the asset-light model. Investors should monitor whether this ROIC trajectory can be sustained as the company reinvests its substantial cash flows into an increasingly broad and expensive late-stage pipeline.
Negligible Leverage Amidst Cash Accumulation
With a debt-to-equity ratio of just 0.01 and interest coverage of 423x in Q2 2026, argenx maintains a virtually unleveraged balance sheet, a position that appears to be a deliberate strategic choice to fund its aggressive pipeline expansion internally.
The company's leverage profile is among the strongest in the biotech sector, providing significant financial flexibility and eliminating any near-term refinancing or covenant risk. This 'fortress' position is a direct result of management's disciplined capital allocation, prioritizing the retention of cash from VYVGART's commercial success to fund global trials and commercial build-out. The lack of debt suggests management is confident in the self-funding nature of the business and is avoiding the dilutive effects of financing, though it also means the company is not utilizing leverage to enhance returns on equity.
The Misapplied Asset Turnover Metric
The asset turnover ratio of 0.30 in Q2 2026 is a commonly misapplied metric for this business model, as it is artificially depressed by the massive cash balance accumulated on the balance sheet and does not reflect the true efficiency of the commercial operations.
For a biotech company like argenx, which outsources manufacturing and holds a large cash reserve, asset turnover is a misleading indicator of operational efficiency. The ratio is distorted by the $3.6 billion cash position, which inflates the asset base without contributing to revenue generation. A more appropriate metric for assessing commercial efficiency would be revenue per sales representative or a measure of gross margin return on invested capital, which would better isolate the profitability of the core business from the company's treasury function.