Latest Ratios: P/E Ratio -567.7x · EV/EBITDA 20.2x · ROE 5.9%. (1998–2025 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 | $10.8B | $11.7B | $12.9B | $18.5B | $19.6B | $16.2B | $16.8B | $15.1B | $15.1B | $15.6B | $13.8B |
| Enterprise Value | $10.2B | $11.1B | $12.6B | $18.8B | $19.9B | $16.7B | $17.2B | $15.6B | $15.4B | $16.1B | $14.0B |
| P/E Ratio → | -567.68 | 33.02 | 29.74 | 109.57 | 137.99 | — | 19.36 | — | — | — | — |
| P/S Ratio | 2.96 | 3.64 | 4.53 | 7.64 | 9.33 | 8.75 | 9.03 | 8.88 | 10.12 | 11.84 | 12.33 |
| P/B Ratio | 1.82 | 1.93 | 2.29 | 3.73 | 4.25 | 3.79 | 4.09 | 4.85 | 5.09 | 5.54 | 4.98 |
| P/FCF | 19.41 | 16.18 | 27.20 | 357.68 | 355.93 | 87.18 | — | — | — | — | — |
| P/OCF | 13.08 | 14.17 | 22.57 | 116.00 | 111.17 | 53.05 | 196.90 | 313.66 | 746.95 | — | — |
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 | — | 3.43 | 4.43 | 7.78 | 9.51 | 9.02 | 9.27 | 9.13 | 10.35 | 12.28 | 12.58 |
| EV / EBITDA | 20.21 | 18.05 | 21.76 | 64.84 | 75.78 | 648.19 | 279.37 | 3212.70 | — | 220.47 | — |
| EV / EBIT | 19.05 | 22.42 | 22.80 | 92.96 | 121.95 | — | — | — | — | 5191.53 | — |
| EV / FCF | — | 15.26 | 26.58 | 364.28 | 362.64 | 89.89 | — | — | — | — | — |
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 | 77.1% | 77.1% | 79.7% | 78.0% | 76.0% | 74.5% | 71.8% | 78.9% | 78.9% | 81.6% | 81.2% |
| Operating Margin | 16.6% | 16.6% | 17.0% | 7.7% | 7.7% | -4.5% | -2.3% | -5.9% | -8.3% | -1.1% | -71.9% |
| Net Profit Margin | 10.8% | 10.8% | 15.0% | 6.9% | 6.8% | -3.5% | 45.9% | -1.4% | -5.2% | -8.9% | -56.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 5.9% | 5.9% | 8.0% | 3.5% | 3.2% | -1.5% | 23.6% | -0.8% | -2.7% | -4.2% | -24.4% |
| ROA | 4.8% | 4.8% | 6.2% | 2.5% | 2.3% | -1.1% | 16.2% | -0.5% | -1.7% | -2.7% | -16.3% |
| ROIC | 7.4% | 7.4% | 6.8% | 2.7% | 2.5% | -1.3% | -0.8% | -2.2% | -2.8% | -0.3% | -21.1% |
| ROCE | 8.1% | 8.1% | 8.0% | 3.2% | 2.9% | -1.5% | -1.0% | -2.6% | -3.2% | -0.4% | -23.4% |
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 | 0.11 | 0.11 | 0.11 | 0.22 | 0.24 | 0.26 | 0.26 | 0.28 | 0.28 | 0.42 | 0.25 |
| Debt / EBITDA | 1.05 | 1.05 | 1.12 | 3.78 | 4.16 | 42.40 | 17.61 | 177.33 | — | 16.05 | — |
| Net Debt / Equity | — | -0.11 | -0.05 | 0.07 | 0.08 | 0.12 | 0.11 | 0.13 | 0.11 | 0.21 | 0.10 |
| Net Debt / EBITDA | -1.09 | -1.09 | -0.51 | 1.17 | 1.40 | 19.54 | 7.09 | 87.01 | — | 7.88 | — |
| Debt / FCF | — | -0.92 | -0.62 | 6.60 | 6.71 | 2.71 | — | — | — | — | — |
| Interest Coverage | 45.27 | 45.27 | 43.75 | 11.68 | 10.23 | -3.95 | -0.73 | -3.13 | -2.27 | 0.07 | -20.13 |
Net cash position: cash ($1.3B) exceeds total debt ($643M)
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 | 5.21 | 5.21 | 5.33 | 2.51 | 4.67 | 4.16 | 4.76 | 2.08 | 3.93 | 2.70 | 3.24 |
| Quick Ratio | 3.50 | 3.50 | 3.29 | 1.57 | 3.15 | 2.74 | 3.34 | 1.35 | 2.92 | 2.12 | 2.43 |
| Cash Ratio | 2.06 | 2.06 | 1.87 | 0.91 | 2.19 | 1.86 | 2.16 | 0.81 | 2.07 | 1.71 | 1.80 |
| Asset Turnover | — | 0.42 | 0.41 | 0.35 | 0.33 | 0.31 | 0.32 | 0.36 | 0.34 | 0.28 | 0.28 |
| Inventory Turnover | 0.57 | 0.57 | 0.47 | 0.48 | 0.56 | 0.61 | 0.75 | 0.53 | 0.59 | 0.51 | 0.59 |
| Days Sales Outstanding | — | 102.91 | 84.48 | 95.61 | 80.33 | 73.82 | 87.96 | 80.84 | 83.86 | 72.62 | 70.36 |
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 | — | 3.0% | 3.4% | 0.9% | 0.7% | — | 5.2% | — | — | — | — |
| FCF Yield | 5.2% | 6.2% | 3.7% | 0.3% | 0.3% | 1.1% | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.3% | 0.0% | 0.2% | 0.2% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.3% | 0.0% | 0.2% | 0.2% | 0.0% |
| Shares Outstanding | — | $197M | $197M | $192M | $189M | $183M | $192M | $179M | $177M | $174M | $166M |
Includes 30+ ratios · 28 years · Updated daily
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Quick answers to the most common questions about buying BMRN stock.
BioMarin Pharmaceutical Inc.'s current P/E ratio is -567.7x. The historical average is 58.1x.
BioMarin Pharmaceutical Inc.'s current EV/EBITDA is 20.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 46.5x.
BioMarin Pharmaceutical Inc.'s return on equity (ROE) is 5.9%. The historical average is -17.7%.
Based on historical data, BioMarin Pharmaceutical Inc. is trading at a P/E of -567.7x. Compare with industry peers and growth rates for a complete picture.
BioMarin Pharmaceutical Inc. has 77.1% gross margin and 16.6% operating margin. Operating margin between 10-20% is typical for established companies.
BioMarin Pharmaceutical Inc.'s Debt/EBITDA ratio is 1.0x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Acquisition integration and leverage risk
Metrics are mathematically derived from official filings.
Valuation Reflects Integration Uncertainty
BMRN trades at a trailing P/E of 31.18 but a forward P/E of 15.89, a gap that suggests the market is pricing in a sharp expected earnings recovery as Amicus integration matures, based on reported figures.
The collapse from trailing to forward multiples implies analysts expect earnings to roughly double once acquisition-related charges and amortization normalize, which is a substantial assumption given the Q3 2026 net loss of $122.8M. An EV/EBITDA of 16.60 against a forward 10.81 shows the same pattern, and investors should monitor whether reported EBITDA actually converges toward those forecasts rather than treating the forward figure as a settled outcome.
Margins Whipsawed by Acquisition Accounting
Operating margin swung from 33.5% in Q2 2025 to negative 8.0% in Q3 2026 while gross margin held near 80%, indicating that the earnings volatility appears to originate below the gross profit line rather than in product economics.
Stable gross margins alongside collapsing operating margins suggest SG&A and integration costs are driving reported profitability rather than pricing erosion in the core rare disease portfolio. Net margin of negative 12.0% in the latest quarter versus 29.1% a year earlier means the earnings base is currently not a reliable guide to steady-state earning power, and adjusted metrics would be needed before comparing against peers.
Returns Decaying as Capital Base Expands
ROIC fell from 3.9% in Q2 2025 to negative 0.6% in Q3 2026 while total assets grew materially, based on reported quarterly figures, pointing to returns being diluted by acquired capital that has not yet earned its cost.
The compression in ROIC alongside ROE moving from 4.1% to negative 2.0% reflects both lower earnings and a larger invested capital base from the Amicus transaction. Whether returns recover depends on acquired franchises converting into cash earnings; until then, the ratios suggest the company is currently destroying rather than compounding capital on a reported basis.
Debt Load Jumped With Acquisition Financing
Debt-to-equity rose from 0.11 at year-end 2025 to 0.67 in Q3 2026 and interest coverage turned negative at -1.37, according to reported filings, signalling that debt service capacity has weakened sharply in the period.
A negative interest coverage ratio indicates operating earnings did not cover interest expense in the latest quarter, a meaningful shift from the 20x-plus coverage seen in early 2026. Debt-to-EBITDA of 86.26 reflects depressed trailing EBITDA rather than a standalone debt problem, but investors should monitor covenant headroom and refinancing timing, as the reported figures alone do not establish the company's full financing flexibility.
Current Ratio Strong but Cash Being Consumed
The current ratio of 2.44 and quick ratio of 1.32 in Q3 2026 remain comfortable, though reported cash fell from $2.2B in Q1 2026 to $736.0M, suggesting near-term liquidity is being drawn down by acquisition activity.
Headline liquidity ratios still exceed prudent thresholds, but the rapid cash decline matters more than the ratio levels, since the quick ratio depends on receivables that have themselves been volatile. The working capital swings and inventory days exceeding 900 in some quarters warrant scrutiny of how much of the current asset base is truly liquid under a stress scenario.
Reported Earnings May Understate Core Economics
The most misapplied metric here is the trailing P/E, which Amicus-related amortization and integration charges distort, and EBITDA-based multiples may be more informative, based on reported quarterly figures.
Applying trailing P/E to a company with negative quarterly net income and acquisition-driven charges obscures the underlying cash earning power of the rare disease franchises. An adjusted or cash-based earnings measure, excluding one-time integration costs, would better reflect steady-state economics before comparing against peers such as Ultragenyx or Vertex.