Latest Ratios: P/E Ratio 46.9x · EV/EBITDA 49.4x · ROE 20.2%. (2011–2025 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 | $56.9B | $55.5B | $40.1B | $21.7B | $20.6B | $17.9B | $13.4B | $6.2B | $3.5B | $1.6B | — |
| Enterprise Value | $53.5B | $52.1B | $38.6B | $19.7B | $19.8B | $16.6B | $12.2B | $5.8B | $3.1B | $1.3B | — |
| P/E Ratio → | 46.86 | 42.84 | 48.12 | — | — | — | — | — | — | — | — |
| P/S Ratio | 13.71 | 13.37 | 18.30 | 17.74 | 50.16 | 35.97 | 323.80 | 79.01 | 140.65 | 35.57 | — |
| P/B Ratio | 8.29 | 7.58 | 7.29 | 5.31 | 7.32 | 7.06 | 7.98 | 5.25 | 5.61 | 3.76 | — |
| P/FCF | 67.43 | 65.77 | — | — | — | — | — | 59.10 | — | — | — |
| P/OCF | 66.94 | 65.29 | — | — | — | — | — | 40.88 | — | — | — |
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 | — | 12.55 | 17.63 | 16.08 | 48.24 | 33.31 | 294.60 | 74.36 | 127.56 | 30.33 | — |
| EV / EBITDA | 49.43 | 48.14 | — | — | — | — | — | — | — | — | — |
| EV / EBIT | 50.75 | 40.63 | 440.69 | — | — | — | — | — | — | — | — |
| EV / FCF | — | 61.73 | — | — | — | — | — | 55.62 | — | — | — |
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 | 89.1% | 89.1% | 89.6% | 90.4% | 92.8% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Operating Margin | 25.4% | 25.4% | -1.0% | -34.7% | -175.4% | -70.1% | -1158.1% | -253.5% | -381.0% | -63.0% | -145.6% |
| Net Profit Margin | 31.1% | 31.1% | 38.0% | -24.1% | -172.8% | -82.0% | -1475.3% | -230.9% | -310.2% | -77.1% | -145.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 20.2% | 20.2% | 17.4% | -8.5% | -26.5% | -19.4% | -42.6% | -20.2% | -14.8% | -14.0% | -41.9% |
| ROA | 17.4% | 17.4% | 15.5% | -7.7% | -23.7% | -15.9% | -31.3% | -16.0% | -13.8% | -12.1% | -27.8% |
| ROIC | 19.9% | 19.9% | -0.5% | -15.6% | -33.4% | -31.2% | -55.9% | -26.9% | -29.3% | -26.3% | — |
| ROCE | 16.4% | 16.4% | -0.4% | -12.2% | -26.8% | -15.5% | -28.2% | -19.4% | -18.2% | -11.2% | -38.2% |
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 | 0.01 | 0.01 | 0.01 | 0.00 | 0.00 | 0.00 | 0.01 | 0.01 | — | — | — |
| Debt / EBITDA | 0.08 | 0.08 | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.47 | -0.27 | -0.50 | -0.28 | -0.52 | -0.72 | -0.31 | -0.52 | -0.55 | -1.42 |
| Net Debt / EBITDA | -3.15 | -3.15 | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | -4.04 | — | — | — | — | — | -3.48 | — | — | -9.23 |
| Interest Coverage | 314.23 | 314.23 | 39.50 | -335.83 | -331.56 | -363.73 | -1498.68 | -1264.60 | — | — | — |
Net cash position: cash ($3.5B) exceeds total debt ($83M)
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 | 5.23 | 5.23 | 7.29 | 9.75 | 9.18 | 8.44 | 6.26 | 8.58 | 14.29 | 14.96 | 3.15 |
| Quick Ratio | 4.87 | 4.87 | 6.68 | 9.01 | 8.42 | 8.08 | 6.19 | 8.58 | 14.29 | 14.96 | 3.15 |
| Cash Ratio | 3.36 | 3.36 | 5.04 | 7.52 | 7.25 | 7.76 | 6.08 | 8.35 | 14.09 | 14.67 | 2.99 |
| Asset Turnover | — | 0.48 | 0.35 | 0.27 | 0.13 | 0.17 | 0.02 | 0.05 | 0.04 | 0.10 | 0.14 |
| Inventory Turnover | 0.95 | 0.95 | 0.56 | 0.38 | 0.13 | — | — | — | — | — | — |
| Days Sales Outstanding | — | 145.62 | 151.50 | 148.60 | 246.39 | 28.05 | 65.85 | 168.26 | 64.71 | 7.06 | 26.37 |
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 | 2.1% | 2.3% | 2.1% | — | — | — | — | — | — | — | — |
| FCF Yield | 1.5% | 1.5% | — | — | — | — | — | 1.7% | — | — | — |
| Buyback Yield | 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% | — |
| Shares Outstanding | — | $66M | $65M | $57M | $54M | $51M | $45M | $39M | $36M | $25M | $19M |
Clinical indication expansion failure
Based on current market data, argenx trades at a P/S multiple of 13.22, which suggests that investors are pricing in significant future growth from the pipeline-in-a-product strategy rather than relying solely on the current commercial run-rate of the VYVGART franchise compared to historical biotech valuation benchmarks.
The forward P/E of 33.27 indicates that the market expects a substantial earnings ramp as the company scales its CIDP and gMG indications. This valuation appears to command a premium over traditional large-cap biotech peers, implying that the market assigns a high probability of success to the ongoing clinical trials for secondary indications.
As reported in recent financial statements, argenx's ROIC has turned positive to 7.4% in 2025Q4, marking a critical departure from the negative returns seen during the heavy R&D investment phase and signaling that the company is finally beginning to generate meaningful returns on its invested capital base.
The transition from a -22.6% ROIC in 2021 to current positive levels suggests that the commercial infrastructure is now effectively monetizing the underlying antibody platform. Investors should monitor whether this trend continues as the company balances aggressive R&D reinvestment with the need to maintain high capital efficiency.
According to the latest quarterly filings, argenx's cash conversion cycle reached -271 days in 2025Q4, a figure that appears heavily influenced by significant fluctuations in accounts payable and inventory management as the company navigates the complexities of global commercial scaling for its biologic product portfolio.
The extreme variance in the CCC, moving from positive 61 days in 2024Q4 to negative 271 days, suggests that the company's working capital efficiency is not yet stabilized. This volatility warrants further investigation into whether these shifts are driven by sustainable operational improvements or temporary timing differences in supplier payments and inventory build-ups.
Based on reported figures, argenx maintains a robust liquidity position with a current ratio of 5.23 as of 2025Q4, which provides a substantial buffer against potential clinical setbacks or market volatility that could otherwise threaten the company's ability to fund its extensive global R&D pipeline.
The high quick ratio of 4.87 confirms that the company is not overly dependent on inventory liquidation to meet its short-term obligations. This liquidity profile appears to be a strategic choice, allowing management to pursue long-term clinical development without the immediate pressure of external financing requirements.
The P/E ratio is frequently misapplied to argenx, as it obscures the massive R&D expenditures that are essentially growth investments rather than recurring operational costs, leading to a distorted view of the company's true earning power during its current phase of rapid indication expansion.
Analysts should instead focus on EV/Revenue or adjusted operating margins that normalize for R&D intensity to better understand the underlying commercial profitability. Relying on P/E may lead to an underestimation of the company's value, as it penalizes the firm for the very R&D spending that drives its long-term competitive moat.
Includes 30+ ratios · 15 years · Updated daily
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Quick answers to the most common questions about buying ARGX stock.
argenx SE's current P/E ratio is 46.9x. The historical average is 45.5x. This places it at the 50th percentile of its historical range.
argenx SE's current EV/EBITDA is 49.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 48.1x.
argenx SE's return on equity (ROE) is 20.2%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is -21.4%.
Based on historical data, argenx SE is trading at a P/E of 46.9x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
argenx SE has 89.1% gross margin and 25.4% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
argenx SE's Debt/EBITDA ratio is 0.1x, indicating low leverage. A ratio below 2x is generally considered financially healthy.