Last 23 quarters of trend data · Healthcare · Biotechnology
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
argenx SE's quarterly P/E stands at 21.6x.
| Metric | TTM | Q2 '25 | Q4 '24 | Q2 '24 | Q4 '23 | Q2 '23 | Q4 '22 | Q2 '22 | Q4 '21 | Q2 '21 | Q4 '20 | Q2 '20 | Q4 '19 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 60.01 | 21.63 | 12.60 | — | — | — | — | — | — | 76.03 | — | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — | |
| P/S Ratio | 21.67 | 9.54 | 8.10 | 7.08 | 7.32 | 11.59 | 17.29 | 45.47 | 173.20 | 9.67 | 153.74 | 80.20 | 50.63 |
| — | -17.6% | -53.1% | -84.4% | -95.8% | +19.9% | -88.8% | -43.3% | +242.1% | -62.9% | +62.2% | +145.1% | +91.8% | |
| P/B Ratio | 9.09 | 5.94 | 7.94 | 5.99 | 5.41 | 7.59 | 7.45 | 6.82 | 7.12 | 5.51 | 8.32 | 5.39 | 5.37 |
| — | -21.8% | +6.6% | -12.1% | -24.0% | +37.9% | -10.5% | +26.6% | +32.6% | -22.1% | +54.7% | -22.7% | +28.1% | |
| P/FCF | — | 20.91 | 266.61 | — | — | — | — | — | — | — | — | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — | |
| EV / EBITDA | — | 39.81 | 83.61 | — | — | — | — | — | — | 44.38 | — | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — | |
| EV / EBIT | — | 17.05 | 89.57 | — | — | — | — | — | — | 47.91 | — | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
argenx SE's operating margin was 21.2% in Q2 2025, up 12.5 pp QoQ and up 61.5 pp YoY. This marks the 8th consecutive quarter of margin expansion, signaling a sustained improvement in operating efficiency. The trailing four-quarter average of -3.6% lags the current quarter, suggesting the recent improvement is above-trend. Gross margin expanded 285.8% YoY, indicating pricing power or improving input costs.
| Metric | TTM | Q2 '25 | Q4 '24 | Q2 '24 | Q4 '23 | Q2 '23 | Q4 '22 | Q2 '22 | Q4 '21 | Q2 '21 | Q4 '20 | Q2 '20 | Q4 '19 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 89.6% | 88.3% | 50.6% | 142.1% | 24.3% | 22.9% | -25.6% | -151.4% | -934.6% | 45.1% | -556.7% | -451.7% | -281.5% |
| — | +285.8% | +297.3% | +193.8% | +102.6% | -49.2% | +95.4% | +66.5% | -232.0% | +185.6% | -20.0% | -567.4% | -426.9% | |
| Operating Margin | -1.0% | 21.2% | 8.7% | -15.4% | -28.9% | -40.3% | -99.6% | -340.5% | -1497.7% | 19.1% | -924.4% | -647.0% | -396.6% |
| — | +152.6% | +108.7% | +95.5% | +98.1% | -311.2% | +89.2% | +47.4% | -277.6% | +118.0% | -43.0% | -422.4% | -235.6% | |
| Net Margin | 38.0% | 25.9% | 64.3% | -3.6% | -20.5% | -24.1% | -84.4% | -373.7% | -1590.7% | 12.7% | -1380.7% | -660.6% | -376.7% |
| — | +207.3% | +176.2% | +99.0% | +98.7% | -290.4% | +93.9% | +43.4% | -322.3% | +114.4% | -158.9% | -574.5% | -211.2% |
| Metric | TTM | Q2 '25 | Q4 '24 | Q2 '24 | Q4 '23 | Q2 '23 | Q4 '22 | Q2 '22 | Q4 '21 | Q2 '21 | Q4 '20 | Q2 '20 | Q4 '19 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 17.4% | 4.2% | 17.7% | -0.8% | -4.5% | -4.0% | -8.8% | -15.1% | -15.1% | 2.3% | -17.9% | -13.5% | -12.2% |
| — | +206.3% | +300.7% | +94.9% | +70.4% | -272.9% | +50.6% | -12.4% | -24.1% | +135.0% | -92.4% | -167.6% | -79.2% | |
| ROA | 15.5% | 3.7% | 15.7% | -0.7% | -4.0% | -3.6% | -8.0% | -13.6% | -13.7% | 1.9% | -13.7% | -10.4% | -8.5% |
| — | +202.8% | +296.6% | +94.9% | +70.6% | -284.0% | +41.7% | -31.4% | -59.9% | +138.9% | -58.9% | -122.7% | -35.5% | |
| ROIC | -0.5% | 3.7% | 2.6% | -4.2% | -8.6% | -7.5% | -12.4% | -20.1% | -22.6% | 6.5% | -33.3% | -23.0% | -13.4% |
| — | +149.9% | +120.5% | +79.0% | +62.0% | -214.7% | +62.7% | +12.3% | -68.2% | +169.0% | -103.4% | -145.4% | -24.7% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
argenx SE's Debt/EBITDA ratio is 0.2x, down from 0.3x last quarter — comfortably within a safe range. The current ratio has weakened 33.9% YoY to 5.60x, tightening the short-term liquidity position.
| Metric | TTM | Q2 '25 | Q4 '24 | Q2 '24 | Q4 '23 | Q2 '23 | Q4 '22 | Q2 '22 | Q4 '21 | Q2 '21 | Q4 '20 | Q2 '20 | Q4 '19 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.01 | 0.01 | 0.01 | 0.01 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.01 | 0.00 | 0.01 |
| — | +80.0% | +60.8% | +144.0% | +7.9% | +47.3% | -23.5% | -23.8% | -27.0% | -51.8% | — | — | — | |
| Debt / EBITDA | — | 0.20 | 0.31 | — | — | — | — | — | — | 0.10 | — | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — | |
| Current Ratio | 7.29 | 5.60 | 7.29 | 8.53 | 9.75 | 8.47 | 9.18 | 11.07 | 8.44 | 11.74 | 6.26 | 9.90 | 8.58 |
| — | -33.9% | -20.6% | -22.9% | +15.5% | -27.8% | +46.6% | +11.9% | -1.7% | +25.2% | -56.2% | -24.8% | -42.6% | |
| Quick Ratio | 6.68 | 5.27 | 6.68 | 7.88 | 9.01 | 7.84 | 8.42 | 10.56 | 8.08 | 11.50 | 6.19 | 9.87 | 8.58 |
| — | -32.8% | -20.7% | -25.4% | +11.6% | -31.8% | +36.2% | +7.0% | -5.9% | +22.6% | -56.7% | -25.0% | -42.6% | |
| Interest Coverage | -9.76 | 178.56 | 166.52 | -242.80 | -788.53 | -476.76 | -169.68 | -178.63 | — | 107.87 | — | -82.33 | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Includes 30+ ratios · 23 years · Updated daily
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Start Comparisonargenx SE's current P/E is 60.0x. The average P/E over the last 2 quarters is 17.1x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
argenx SE's current operating margin is -1.0%. Margins have been expanding over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking argenx SE's business trajectory between earnings reports.