Biogen Inc. (BIIB) Financial Ratios
30 years of historical data (1996–2025) · Healthcare · Drug Manufacturers - General
EV/EBITDA
↓
11.45
-7% vs avg
5yr avg: 12.26
30Y Low7.9·High79.9
P/FCF
↑
13.78
↓-30% vs avg
5yr avg: 19.58
30Y Low8.5·High175.7
P/B Ratio
↓
1.54
↓-34% vs avg
5yr avg: 2.32
30Y Low1.3·High26.5
ROE
↓
7.4%
↑-43% vs avg
5yr avg: 13.1%
30Y Low-20%·High45%
Debt/EBITDA
↑
2.47
+6% vs avg
5yr avg: 2.33
30Y Low0.1·High2.8
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
BIIB Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Biogen Inc. trades at 21.7x earnings, 6% above its 5-year average of 20.5x, sitting at the 39th percentile of its historical range. This is roughly in line with the Healthcare sector median P/E of 22.3x. On a free-cash-flow basis, the stock trades at 13.8x P/FCF, 30% below the 5-year average of 19.6x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $28.3B | $25.8B | $22.3B | $37.7B | $40.4B | $35.9B | $39.5B | $55.6B | $61.8B | $67.9B | $62.0B |
| Enterprise Value | $32.2B | $29.8B | $26.6B | $44.0B | $43.6B | $41.2B | $46.0B | $59.1B | $66.5B | $72.2B | $66.2B |
| P/E Ratio → | 21.67 | 19.93 | 13.67 | 32.47 | 13.27 | 23.07 | 9.87 | 9.44 | 13.94 | 26.73 | 16.75 |
| P/S Ratio | 2.88 | 2.63 | 2.31 | 3.83 | 3.97 | 3.27 | 2.94 | 3.87 | 4.59 | 5.53 | 5.42 |
| P/B Ratio | 1.54 | 1.41 | 1.33 | 2.55 | 3.02 | 3.27 | 3.70 | 4.17 | 4.74 | 5.39 | 5.12 |
| P/FCF | 13.78 | 12.59 | 8.87 | 30.49 | 35.34 | 10.61 | 10.38 | 8.47 | 11.65 | 18.42 | 16.08 |
| P/OCF | 12.82 | 11.71 | 7.76 | 24.35 | 29.21 | 9.86 | 9.34 | 7.86 | 9.98 | 14.91 | 13.72 |
P/E links to full P/E history page with 30-year chart
BIIB EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Biogen Inc.'s enterprise value stands at 11.4x EBITDA, 7% below its 5-year average of 12.3x. The Healthcare sector median is 14.4x, placing the stock at a 20% discount 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 | — | 3.03 | 2.75 | 4.47 | 4.29 | 3.75 | 3.42 | 4.11 | 4.94 | 5.88 | 5.79 |
| EV / EBITDA | 11.45 | 10.58 | 8.40 | 16.96 | 12.80 | 12.57 | 9.11 | 7.87 | 10.17 | 11.90 | 11.44 |
| EV / EBIT | 17.15 | 13.74 | 11.44 | 23.36 | 14.45 | 12.00 | 9.89 | 8.12 | 10.45 | 12.27 | 11.60 |
| EV / FCF | — | 14.51 | 10.56 | 35.58 | 38.13 | 12.19 | 12.09 | 9.00 | 12.54 | 19.61 | 17.16 |
BIIB Profitability
Margins and return-on-capital ratios measuring operating efficiency
Biogen Inc. earns an operating margin of 19.1%. Operating margins have compressed from 21.3% to 19.1% over the past 3 years, signaling potential cost pressures or competitive headwinds. ROE of 7.4% is modest. ROIC of 6.5% represents adequate 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 | 70.5% | 70.5% | 76.1% | 74.2% | 77.6% | 80.8% | 86.6% | 86.4% | 86.5% | 86.7% | 87.5% |
| Operating Margin | 19.1% | 19.1% | 25.7% | 21.3% | 28.4% | 25.4% | 34.2% | 49.0% | 43.8% | 43.6% | 45.0% |
| Net Profit Margin | 13.2% | 13.2% | 16.9% | 11.8% | 29.9% | 14.2% | 29.8% | 41.0% | 32.9% | 20.7% | 32.3% |
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 | 7.4% | 7.4% | 10.4% | 8.2% | 25.0% | 14.4% | 33.3% | 44.7% | 34.6% | 20.5% | 34.4% |
| ROA | 4.5% | 4.5% | 5.9% | 4.5% | 12.6% | 6.4% | 15.4% | 22.4% | 18.1% | 10.9% | 17.5% |
| ROIC | 6.5% | 6.5% | 8.9% | 8.4% | 13.2% | 12.5% | 20.3% | 30.6% | 25.5% | 24.1% | 25.0% |
| ROCE | 7.7% | 7.7% | 10.8% | 9.4% | 14.1% | 13.8% | 21.2% | 31.7% | 27.9% | 26.9% | 28.3% |
BIIB Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Biogen Inc. carries a Debt/EBITDA ratio of 2.5x, which is manageable (25% below the sector average of 3.3x). Net debt stands at $3.9B ($6.9B total debt minus $3.0B cash). Interest coverage of 8.8x is adequate, though a cyclical earnings downturn could tighten the margin of safety.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.38 | 0.38 | 0.40 | 0.50 | 0.49 | 0.69 | 0.73 | 0.48 | 0.46 | 0.47 | 0.54 |
| Debt / EBITDA | 2.47 | 2.47 | 2.10 | 2.83 | 1.94 | 2.32 | 1.55 | 0.85 | 0.91 | 0.98 | 1.13 |
| Net Debt / Equity | — | 0.22 | 0.25 | 0.42 | 0.24 | 0.49 | 0.61 | 0.26 | 0.36 | 0.35 | 0.35 |
| Net Debt / EBITDA | 1.40 | 1.40 | 1.35 | 2.43 | 0.94 | 1.63 | 1.29 | 0.46 | 0.72 | 0.72 | 0.72 |
| Debt / FCF | — | 1.92 | 1.69 | 5.09 | 2.79 | 1.58 | 1.71 | 0.53 | 0.89 | 1.18 | 1.09 |
| Interest Coverage | 8.80 | 8.80 | 9.28 | 7.62 | 12.24 | 13.55 | 20.90 | 38.82 | 31.73 | 23.47 | 21.96 |
BIIB Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
Biogen Inc.'s current ratio of 2.68x is well above the 1.0 safety threshold, indicating strong short-term liquidity with ample room to cover current liabilities. The quick ratio of 2.03x is notably lower than the current ratio, indicating a significant portion of current assets is tied up in inventory. The current ratio has improved from 2.00x to 2.68x 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 | 2.68 | 2.68 | 1.35 | 2.00 | 2.99 | 1.83 | 1.84 | 1.72 | 2.32 | 2.34 | 2.55 |
| Quick Ratio | 2.03 | 2.03 | 0.90 | 1.26 | 2.58 | 1.51 | 1.55 | 1.56 | 2.04 | 2.07 | 2.26 |
| Cash Ratio | 1.14 | 1.14 | 0.43 | 0.31 | 1.49 | 0.88 | 0.70 | 0.92 | 1.07 | 1.10 | 1.43 |
| Asset Turnover | — | 0.33 | 0.34 | 0.37 | 0.41 | 0.46 | 0.55 | 0.53 | 0.53 | 0.52 | 0.50 |
| Inventory Turnover | 1.34 | 1.34 | 0.94 | 1.00 | 1.69 | 1.56 | 1.69 | 2.43 | 1.95 | 1.81 | 1.43 |
| Days Sales Outstanding | — | 69.46 | 70.50 | 77.93 | 76.65 | 65.20 | 63.18 | 62.72 | 67.43 | 68.98 | 55.54 |
BIIB Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Biogen Inc. does not currently pay a dividend and has no material buyback yield, reinvesting earnings back into the business. The earnings yield of 4.6% (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 | 4.6% | 5.0% | 7.3% | 3.1% | 7.5% | 4.3% | 10.1% | 10.6% | 7.2% | 3.7% | 6.0% |
| FCF Yield | 7.3% | 7.9% | 11.3% | 3.3% | 2.8% | 9.4% | 9.6% | 11.8% | 8.6% | 5.4% | 6.2% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 1.9% | 5.0% | 16.9% | 10.6% | 7.0% | 2.0% | 1.6% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 1.9% | 5.0% | 16.9% | 10.6% | 7.0% | 2.0% | 1.6% |
| Shares Outstanding | — | $147M | $146M | $146M | $146M | $150M | $161M | $187M | $205M | $213M | $219M |
Peer Comparison
Compare BIIB 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 |
|---|---|---|---|---|---|---|---|---|---|
 BIIBYou | $28B | 21.7 | 11.4 | 13.8 | 70.5% | 19.1% | 7.4% | 6.5% | 2.5 |
 REGN | $74B | 17.1 | 17.8 | 18.1 | 85.4% | 24.9% | 14.9% | 8.9% | 0.7 |
 VRTX | $108B | 27.7 | 21.5 | 33.8 | 85.0% | 39.4% | 22.5% | 23.0% | 0.8 |
 BMRN | $10B | 30.1 | 15.9 | 14.4 | 77.1% | 16.6% | 5.9% | 7.4% | 1.0 |
 ALNY | $39B | 127.0 | 70.2 | 84.8 | 81.8% | 13.5% | 73.3% | 33.4% | 2.3 |
 GILD | $166B | 19.8 | 17.0 | 17.6 | 86.7% | 40.1% | 40.7% | 23.4% | 2.3 |
 AMGN | $178B | 23.1 | 14.1 | 21.9 | 70.8% | 29.1% | 106.1% | 14.8% | 3.4 |
 INCY | $20B | 15.3 | 11.5 | 14.4 | 91.5% | 26.1% | 29.9% | 51.1% | 0.0 |
 IONS | $13B | -31.9 | — | — | 98.3% | -40.5% | -70.7% | -12.8% | — |
 ACAD | $4B | 9.9 | 26.9 | 36.7 | 91.7% | 9.8% | 39.9% | 10.0% | 0.4 |
 LLY | $921B | 42.5 | 30.6 | 102.7 | 83.8% | 45.6% | 101.2% | 41.8% | 1.4 |
| Healthcare Median | — | 22.3 | 14.4 | 18.5 | 63.9% | -5.2% | -33.7% | -11.2% | 3.3 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Start ComparisonBIIB — Frequently Asked Questions
Quick answers to the most common questions about buying BIIB stock.
What is Biogen Inc.'s P/E ratio?
Biogen Inc.'s current P/E ratio is 21.7x. The historical average is 39.0x. This places it at the 39th percentile of its historical range.
What is Biogen Inc.'s EV/EBITDA?
Biogen Inc.'s current EV/EBITDA is 11.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 24.7x.
What is Biogen Inc.'s ROE?
Biogen Inc.'s return on equity (ROE) is 7.4%. The historical average is 18.2%.
Is BIIB stock overvalued?
Based on historical data, Biogen Inc. is trading at a P/E of 21.7x. This is at the 39th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What are Biogen Inc.'s profit margins?
Biogen Inc. has 70.5% gross margin and 19.1% operating margin. Operating margin between 10-20% is typical for established companies.
How much debt does Biogen Inc. have?
Biogen Inc.'s Debt/EBITDA ratio is 2.5x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.