14 years of historical data (2011–2024) · Healthcare · Biotechnology
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
argenx SE trades at 60.0x earnings, 25% above its 5-year average of 48.1x, sitting at the 100th percentile of its historical range. Compared to the Healthcare sector median P/E of 23.7x, the stock trades at a premium of 153%.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $47.5B | $40.1B | $21.7B | $20.6B | $17.9B | $13.4B | $6.2B | $3.5B | $1.6B | — | — |
| Enterprise Value | $46.0B | $38.6B | $19.7B | $19.8B | $16.6B | $12.2B | $5.8B | $3.1B | $1.3B | — | — |
| P/E Ratio → | 60.01 | 48.12 | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 21.67 | 18.30 | 17.74 | 50.16 | 35.97 | 323.80 | 79.01 | 140.65 | 35.57 | — | — |
| P/B Ratio | 9.09 | 7.29 | 5.31 | 7.32 | 7.06 | 7.98 | 5.25 | 5.61 | 3.76 | — | — |
| P/FCF | — | — | — | — | — | — | 59.10 | — | — | — | — |
| P/OCF | — | — | — | — | — | — | 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 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 17.63 | 16.08 | 48.24 | 33.31 | 294.60 | 74.36 | 127.56 | 30.33 | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | 440.69 | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | 55.62 | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
argenx SE earns an operating margin of -1.0%. Operating margins have expanded from -175.4% to -1.0% over the past 3 years, signaling improving operational efficiency. ROE of 17.4% indicates solid capital efficiency.
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 89.6% | 89.6% | 90.4% | 92.8% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Operating Margin | -1.0% | -1.0% | -34.7% | -175.4% | -70.1% | -1158.1% | -253.5% | -381.0% | -63.0% | -145.6% | -227.7% |
| Net Profit Margin | 38.0% | 38.0% | -24.1% | -172.8% | -82.0% | -1475.3% | -230.9% | -310.2% | -77.1% | -145.3% | -223.4% |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 17.4% | 17.4% | -8.5% | -26.5% | -19.4% | -42.6% | -20.2% | -14.8% | -14.0% | -41.9% | -32.9% |
| ROA | 15.5% | 15.5% | -7.7% | -23.7% | -15.9% | -31.3% | -16.0% | -13.8% | -12.1% | -27.8% | -30.8% |
| ROIC | -0.5% | -0.5% | -15.6% | -33.4% | -31.2% | -55.9% | -26.9% | -29.3% | -26.3% | — | -83.5% |
| ROCE | -0.4% | -0.4% | -12.2% | -26.8% | -15.5% | -28.2% | -19.4% | -18.2% | -11.2% | -38.2% | -38.3% |
Solvency and debt-coverage ratios — lower is generally safer
The company holds a net cash position — cash of $1.5B exceeds total debt of $39M, providing substantial financial flexibility for buybacks, acquisitions, or weathering downturns.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.01 | 0.01 | 0.00 | 0.00 | 0.00 | 0.01 | 0.01 | — | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.27 | -0.50 | -0.28 | -0.52 | -0.72 | -0.31 | -0.52 | -0.55 | -1.42 | -0.95 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | -3.48 | — | — | -9.23 | — |
| Interest Coverage | -9.76 | -9.76 | -470.19 | -328.47 | -318.20 | -1183.22 | -1430.88 | — | — | — | — |
Net cash position: cash ($1.5B) exceeds total debt ($39M)
Short-term solvency ratios and asset-utilisation metrics
argenx SE's current ratio of 7.29x is well above the 1.0 safety threshold, indicating strong short-term liquidity with ample room to cover current liabilities. The quick ratio of 6.68x 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 9.18x to 7.29x over the past 3 years.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 7.29 | 7.29 | 9.75 | 9.18 | 8.44 | 6.26 | 8.58 | 14.29 | 14.96 | 3.15 | 5.12 |
| Quick Ratio | 6.68 | 6.68 | 9.01 | 8.42 | 8.08 | 6.19 | 8.58 | 14.29 | 14.96 | 3.15 | 5.12 |
| Cash Ratio | 5.04 | 5.04 | 7.52 | 7.25 | 7.76 | 6.08 | 8.35 | 14.09 | 14.67 | 2.99 | 4.91 |
| Asset Turnover | — | 0.35 | 0.27 | 0.13 | 0.17 | 0.02 | 0.05 | 0.04 | 0.10 | 0.14 | 0.15 |
| Inventory Turnover | 0.56 | 0.56 | 0.38 | 0.13 | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 151.50 | 148.60 | 246.39 | 28.05 | 65.85 | 168.26 | 64.71 | 7.06 | 26.37 | 35.02 |
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 1.7% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.7% | 2.1% | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | 1.7% | — | — | — | — |
| Buyback Yield | 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% | — | — |
| Shares Outstanding | — | $65M | $57M | $54M | $51M | $45M | $39M | $36M | $25M | $19M | $16M |
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 | $47B | 60.0 | — | — | 89.6% | -1.0% | 17.4% | -0.5% | — |
| CANF | $14B | -4.4 | — | — | 100.0% | -1206.2% | -134.9% | -448.3% | — |
| AKTX | $13B | -0.0 | — | — | — | — | -179.9% | -172.5% | — |
| ABVX | $10B | -36.7 | — | — | 100.0% | -1602.9% | -149.0% | — | — |
| RAPT | $8B | -2.3 | — | — | — | — | -77.1% | -155.7% | — |
| KYMR | $7B | -24.8 | — | — | 100.0% | -891.3% | -25.8% | -24.9% | — |
| PTGX | $6B | -44.9 | — | 99.9 | — | — | -20.2% | -21.8% | — |
| IMVT | $6B | -10.2 | — | — | — | — | -62.5% | — | — |
| TGTX | $5B | 200.6 | 114.4 | — | 88.3% | 12.7% | 12.2% | 13.3% | 6.0 |
| APGE | $4B | -21.2 | — | — | — | — | -33.2% | -38.3% | — |
| KNSA | $3B | 59.3 | 41.0 | 133.6 | — | 11.4% | 23.6% | 17.1% | 0.1 |
| Healthcare Median | — | 23.7 | 13.8 | 18.8 | 65.8% | -6.3% | -37.3% | -15.0% | 3.1 |
Peers based on L4 peer group classification. Compare multiple stocks →
Includes 30+ ratios · 14 years · Updated daily
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Start Comparisonargenx SE's current P/E ratio is 60.0x. The historical average is 48.1x. This places it at the 100th percentile of its historical range.
argenx SE's return on equity (ROE) is 17.4%. The historical average is -24.4%.
Based on historical data, argenx SE is trading at a P/E of 60.0x. 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 89.6% gross margin and -1.0% operating margin.