Latest Ratios: P/E Ratio 138.0x · EV/EBITDA 76.3x · ROE 73.3%. (2002–2025 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 | $42.9B | $53.6B | $30.0B | $23.9B | $28.9B | $20.1B | $14.9B | $12.6B | $7.3B | $11.5B | $3.2B |
| Enterprise Value | $42.5B | $53.2B | $31.8B | $24.4B | $29.4B | $20.3B | $15.0B | $12.3B | $6.9B | $10.9B | $3.2B |
| P/E Ratio → | 138.02 | 170.67 | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 11.55 | 14.42 | 13.36 | 13.08 | 27.88 | 23.79 | 30.32 | 57.26 | 97.91 | 127.96 | 67.96 |
| P/B Ratio | 54.88 | 67.86 | 447.73 | — | — | 34.15 | 14.71 | 8.75 | 5.63 | 6.51 | 3.48 |
| P/FCF | 92.20 | 115.08 | — | 569.99 | — | — | — | — | — | — | — |
| P/OCF | 81.88 | 102.19 | — | 229.54 | — | — | — | — | — | — | — |
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 | — | 14.32 | 14.15 | 13.35 | 28.31 | 24.00 | 30.37 | 56.16 | 92.70 | 121.11 | 67.03 |
| EV / EBITDA | 76.32 | 95.43 | — | — | — | — | — | — | — | — | — |
| EV / EBIT | 84.79 | 106.02 | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | 114.27 | — | 581.74 | — | — | — | — | — | — | — |
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 | 81.8% | 81.8% | 85.6% | 83.0% | 83.7% | 83.4% | 84.2% | 88.6% | 97.6% | 85.1% | 100.0% |
| Operating Margin | 13.5% | 13.5% | -7.9% | -15.4% | -75.7% | -83.9% | -168.1% | -427.5% | -1087.6% | -556.2% | -900.3% |
| Net Profit Margin | 8.4% | 8.4% | -12.4% | -24.1% | -109.0% | -101.0% | -174.1% | -403.2% | -1016.6% | -545.9% | -869.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 73.3% | 73.3% | -414.6% | — | -526.1% | -106.3% | -69.9% | -64.7% | -49.6% | -36.5% | -37.5% |
| ROA | 6.8% | 6.8% | -6.9% | -11.9% | -31.5% | -24.2% | -29.6% | -44.6% | -42.7% | -30.1% | -31.0% |
| ROIC | 33.4% | 33.4% | -12.5% | -74.6% | -110.9% | -58.8% | -55.6% | -66.9% | -59.2% | -37.0% | -32.5% |
| ROCE | 15.3% | 15.3% | -6.0% | -10.0% | -27.4% | -24.6% | -34.1% | -54.7% | -50.2% | -33.5% | -34.6% |
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 | 1.62 | 1.62 | 40.89 | — | — | 1.70 | 0.51 | 0.21 | 0.02 | 0.02 | 0.16 |
| Debt / EBITDA | 2.29 | 2.29 | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.48 | 26.49 | — | — | 0.30 | 0.02 | -0.17 | -0.30 | -0.35 | -0.05 |
| Net Debt / EBITDA | -0.68 | -0.68 | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | -0.81 | — | 11.75 | — | — | — | — | — | — | — |
| Interest Coverage | 1.99 | 1.99 | -1.66 | -2.58 | -6.23 | -4.96 | -9.13 | — | — | — | — |
Net cash position: cash ($1.7B) exceeds total debt ($1.3B)
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 | 2.76 | 2.76 | 2.78 | 3.08 | 3.51 | 4.04 | 4.47 | 4.87 | 6.69 | 12.23 | 5.10 |
| Quick Ratio | 2.71 | 2.71 | 2.71 | 2.99 | 3.34 | 3.91 | 4.34 | 4.71 | 6.56 | 12.23 | 5.10 |
| Cash Ratio | 1.98 | 1.98 | 2.27 | 2.52 | 2.86 | 3.50 | 3.20 | 4.36 | 6.04 | 11.72 | 4.76 |
| Asset Turnover | — | 0.75 | 0.53 | 0.48 | 0.29 | 0.23 | 0.14 | 0.09 | 0.05 | 0.05 | 0.04 |
| Inventory Turnover | 8.19 | 8.19 | 4.12 | 3.48 | 1.31 | 1.62 | 1.04 | 0.44 | 0.07 | — | — |
| Days Sales Outstanding | — | 76.42 | 65.80 | 65.44 | 83.72 | 85.85 | 446.14 | 71.44 | 91.41 | 138.03 | 180.60 |
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 | 0.7% | 0.6% | — | — | — | — | — | — | — | — | — |
| FCF Yield | 1.1% | 0.9% | — | 0.2% | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 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% | 0.0% | 0.0% |
| Shares Outstanding | — | $135M | $128M | $125M | $122M | $118M | $115M | $109M | $101M | $91M | $86M |
Regulatory pricing negotiation exposure
According to current market data, Alnylam trades at a forward P/E of 38.88, a valuation that appears to price in significant long-term growth from its cardiovascular pipeline rather than just the current rare disease franchise, reflecting a distinct platform premium compared to traditional biotechnology peers.
The high P/S ratio of 10.47 suggests that investors are prioritizing top-line expansion and the potential for RNAi to penetrate primary care markets over immediate earnings yield. This valuation warrants caution, as it implies a high hurdle for clinical success in extra-hepatic indications to justify the current market capitalization.
As reported in recent financial statements, Alnylam's ROIC has trended toward 38.5% in 2026Q1, marking a significant recovery from historical periods of negative returns and suggesting that the company is finally beginning to compound capital effectively as its commercial product portfolio gains meaningful market traction.
The shift from negative ROIC to double-digit positive returns indicates that the heavy R&D investment of the past decade is yielding tangible commercial results. Investors should monitor whether this efficiency persists as the company scales its infrastructure to support larger, more competitive primary care indications.
Based on the company's reported figures, the cash conversion cycle reached 48 days in 2026Q1, reflecting ongoing challenges in managing inventory and accounts receivable as the firm navigates the complexities of global product launches and the lumpy nature of milestone-based revenue recognition from strategic partners.
The fluctuation in the CCC suggests that operational efficiency is still being refined as the company transitions from a clinical-stage entity to a commercial powerhouse. Persistent volatility in DSO and DIO may indicate that the company is still optimizing its supply chain and distribution channels for its newer therapeutic offerings.
Analysis of peer group data reveals that Alnylam maintains a structural advantage in profitability and capital efficiency compared to Ionis Pharmaceuticals, with a 23.0% operating margin in 2026Q1 that highlights the superior commercial viability of its GalNAc-conjugate siRNA platform over traditional antisense oligonucleotide technologies.
While peers like Intellia and Beam remain in the high-burn, pre-commercial phase, Alnylam's ability to generate positive operating margins distinguishes it as a mature platform player. This gap appears structural, driven by the clinical durability of its approved products which creates a significant barrier to entry for competitors.
Investors frequently misapply the P/E ratio to Alnylam, as the metric is heavily distorted by the inclusion of non-recurring milestone payments and significant stock-based compensation, which obscures the underlying cash-generating capability of the core commercial business and leads to an inaccurate assessment of true earnings power.
A more appropriate metric for this business model would be EV/Revenue or a normalized FCF yield that adjusts for the volatility of collaboration income. Relying on GAAP P/E ratios may lead to an underestimation of the company's operational progress as it continues to reinvest heavily in its pipeline.
Includes 30+ ratios · 24 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying ALNY stock.
Alnylam Pharmaceuticals, Inc.'s current P/E ratio is 138.0x. The historical average is 170.7x.
Alnylam Pharmaceuticals, Inc.'s current EV/EBITDA is 76.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 95.4x.
Alnylam Pharmaceuticals, Inc.'s return on equity (ROE) is 73.3%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is -75.5%.
Based on historical data, Alnylam Pharmaceuticals, Inc. is trading at a P/E of 138.0x. Compare with industry peers and growth rates for a complete picture.
Alnylam Pharmaceuticals, Inc. has 81.8% gross margin and 13.5% operating margin. Operating margin between 10-20% is typical for established companies.
Alnylam Pharmaceuticals, Inc.'s Debt/EBITDA ratio is 2.3x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.