Latest Ratios: P/E Ratio 333.5x · EV/EBITDA 29.6x · ROE 1.1%. (2005–2025 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 | $936M | $1.3B | $694M | $751M | $930M | $784M | $1.2B | — | — | — | — |
| Enterprise Value | $905M | $1.2B | $751M | $861M | $889M | $753M | $1.2B | — | — | — | — |
| P/E Ratio → | 333.50 | 441.75 | — | — | 68.94 | 49.67 | 32.33 | — | — | — | — |
| P/S Ratio | 2.48 | 3.34 | 2.34 | 3.06 | 4.52 | 3.94 | 5.80 | — | — | — | — |
| P/B Ratio | 3.43 | 4.55 | 3.14 | 3.43 | 4.54 | 4.06 | 8.19 | — | — | — | — |
| P/FCF | 18.97 | 25.55 | — | — | 45.39 | 37.09 | 18.01 | — | — | — | — |
| P/OCF | 18.69 | 25.17 | — | — | 41.40 | 20.71 | 14.71 | — | — | — | — |
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 | — | 3.26 | 2.53 | 3.51 | 4.32 | 3.79 | 5.63 | — | — | — | — |
| EV / EBITDA | 29.57 | 40.17 | 100.87 | 81.68 | 28.29 | 22.71 | 14.13 | — | — | — | — |
| EV / EBIT | 46.75 | 63.50 | 3066.86 | — | 43.70 | 25.83 | 23.88 | — | — | — | — |
| EV / FCF | — | 24.94 | — | — | 43.41 | 35.66 | 17.49 | — | — | — | — |
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 | 87.9% | 87.9% | 88.1% | 89.7% | 91.5% | 89.4% | 88.9% | 87.4% | 83.6% | 86.1% | 70.5% |
| Operating Margin | 5.1% | 5.1% | -2.9% | -2.2% | 8.9% | 6.8% | 35.9% | 36.0% | 28.1% | 24.4% | -72.7% |
| Net Profit Margin | 0.8% | 0.8% | -4.0% | -4.3% | 6.7% | 8.0% | 17.8% | 21.4% | 18.5% | -89.2% | -110.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 1.1% | 1.1% | -5.4% | -5.0% | 6.9% | 9.3% | 28.2% | 43.1% | 61.4% | -372.9% | -67.1% |
| ROA | 0.6% | 0.6% | -2.7% | -2.4% | 3.3% | 4.3% | 12.6% | 16.2% | 12.9% | -57.7% | -18.8% |
| ROIC | 5.5% | 5.5% | -2.1% | -1.6% | 8.4% | 7.3% | 52.9% | 62.6% | 58.2% | 34.0% | -24.3% |
| ROCE | 5.5% | 5.5% | -2.4% | -1.4% | 5.1% | 4.3% | 36.2% | 46.6% | 31.0% | 25.2% | -19.0% |
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 | 0.42 | 0.42 | 0.51 | 0.78 | 0.81 | 0.84 | 0.88 | 0.50 | 1.18 | 4.32 | 2.45 |
| Debt / EBITDA | 3.78 | 3.78 | 15.08 | 16.28 | 5.31 | 4.88 | 1.57 | 0.79 | 1.64 | 3.21 | — |
| Net Debt / Equity | — | -0.11 | 0.26 | 0.50 | -0.20 | -0.16 | -0.24 | -0.14 | -0.12 | 1.20 | 1.29 |
| Net Debt / EBITDA | -0.99 | -0.99 | 7.70 | 10.42 | -1.29 | -0.91 | -0.42 | -0.22 | -0.17 | 0.89 | — |
| Debt / FCF | — | -0.61 | — | — | -1.98 | -1.43 | -0.52 | -0.33 | -0.20 | 0.70 | — |
| Interest Coverage | 0.91 | 0.91 | 0.03 | -1.01 | 3.80 | 4.72 | 4.85 | 4.92 | 1.06 | -3.78 | -3.89 |
Net cash position: cash ($146M) exceeds total debt ($116M)
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 | 2.59 | 2.59 | 3.77 | 4.06 | 4.65 | 5.33 | 3.43 | 1.05 | 1.40 | 1.51 | 1.21 |
| Quick Ratio | 2.03 | 2.03 | 3.02 | 3.33 | 3.94 | 4.75 | 3.15 | 0.90 | 1.19 | 1.19 | 0.86 |
| Cash Ratio | 1.55 | 1.55 | 2.27 | 2.74 | 3.47 | 4.10 | 2.67 | 0.65 | 0.97 | 1.00 | 0.62 |
| Asset Turnover | — | 0.75 | 0.74 | 0.53 | 0.48 | 0.50 | 0.62 | 0.74 | 0.63 | 0.54 | 0.13 |
| Inventory Turnover | 0.70 | 0.70 | 0.64 | 0.44 | 0.41 | 0.77 | 1.36 | 1.47 | 1.28 | 0.68 | 0.26 |
| Days Sales Outstanding | — | 52.92 | 61.62 | 63.41 | 44.97 | 50.64 | 33.11 | 55.63 | 43.22 | 41.47 | 261.82 |
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 | 0.3% | 0.2% | — | — | 1.5% | 2.0% | 3.1% | — | — | — | — |
| FCF Yield | 5.3% | 3.9% | — | — | 2.2% | 2.7% | 5.6% | — | — | — | — |
| Buyback Yield | 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% | — | — | — | — |
| Shares Outstanding | — | $71M | $69M | $66M | $84M | $88M | $81M | $84M | $82M | $63M | $52M |
Commercial launch execution uncertainty
According to current market data, Pharming trades at a forward P/E of 68.31, which suggests that investors are pricing in significant future earnings expansion rather than current profitability, a common characteristic for mid-cap biotech firms transitioning from single-product reliance to a broader commercial portfolio.
The elevated P/E multiples relative to the broader healthcare sector indicate that the market is heavily discounting the potential success of the Joenja launch. Investors should monitor whether the current EV/EBITDA of 29.57 compresses as the company achieves greater operating leverage, or if the valuation remains detached from near-term fundamental performance.
Based on reported figures, Pharming's ROIC has fluctuated significantly, ranging from a low of -3.9% in 2024Q1 to a peak of 6.4% in 2025Q4, illustrating the difficulty in compounding returns while simultaneously funding the high fixed costs associated with global orphan drug commercialization.
The inconsistency in ROIC suggests that the company has yet to establish a stable base of profitable growth, as returns are frequently impacted by the timing of R&D investments and launch-related expenses. This volatility warrants further investigation into whether the transgenic platform can eventually drive superior capital returns compared to traditional plasma-derived competitors.
As reported in financial statements, the company's cash conversion cycle has shown extreme volatility, swinging from 253 days in 2023Q4 to -468 days in 2026Q1, which suggests that inventory management and payment terms are currently highly sensitive to the lumpy nature of orphan drug sales.
The erratic nature of the CCC indicates that Pharming's working capital efficiency is not yet optimized for a multi-product commercial model. Analysts should be cautious in interpreting these trends, as the extreme swings likely reflect accounting adjustments rather than fundamental shifts in operational leverage or supplier relationships.
Based on the provided financial data, the P/E ratio is a misleading metric for Pharming because it fails to account for the heavy, non-recurring R&D and SG&A investments required to scale the Joenja launch, which artificially suppresses current net income and inflates valuation multiples.
Investors should instead focus on EV/Sales or adjusted EBITDA, which better capture the underlying revenue growth potential of the company's rare disease portfolio. Relying on P/E in this context may lead to an incorrect assessment of the company's value, as it ignores the significant operating leverage potential inherent in the transgenic production model.
Includes 30+ ratios · 21 years · Updated daily
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Quick answers to the most common questions about buying PHAR stock.
Pharming Group N.V.'s current P/E ratio is 333.5x. The historical average is 50.3x. This places it at the 100th percentile of its historical range.
Pharming Group N.V.'s current EV/EBITDA is 29.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 37.4x.
Pharming Group N.V.'s return on equity (ROE) is 1.1%. The historical average is -103.1%.
Based on historical data, Pharming Group N.V. is trading at a P/E of 333.5x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Pharming Group N.V. has 87.9% gross margin and 5.1% operating margin.
Pharming Group N.V.'s Debt/EBITDA ratio is 3.8x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.