Latest Ratios: P/E Ratio 23.3x · EV/EBITDA 12.2x · ROE 7.4%. (1996–2025 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 | $30.4B | $25.8B | $22.3B | $37.7B | $40.4B | $35.9B | $39.5B | $55.6B | $61.8B | $67.9B | $62.0B |
| Enterprise Value | $34.3B | $29.8B | $26.6B | $44.0B | $43.6B | $41.2B | $46.0B | $59.1B | $66.5B | $72.2B | $66.2B |
| P/E Ratio → | 23.30 | 19.93 | 13.67 | 32.47 | 13.27 | 23.07 | 9.87 | 9.44 | 13.94 | 26.73 | 16.75 |
| P/S Ratio | 3.10 | 2.63 | 2.31 | 3.83 | 3.97 | 3.27 | 2.94 | 3.87 | 4.59 | 5.53 | 5.42 |
| P/B Ratio | 1.65 | 1.41 | 1.33 | 2.55 | 3.02 | 3.27 | 3.70 | 4.17 | 4.74 | 5.39 | 5.12 |
| P/FCF | 14.81 | 12.59 | 8.87 | 30.49 | 35.34 | 10.61 | 10.38 | 8.47 | 11.65 | 18.42 | 16.08 |
| P/OCF | 13.78 | 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
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 | — | 3.03 | 2.75 | 4.47 | 4.29 | 3.75 | 3.42 | 4.11 | 4.94 | 5.88 | 5.79 |
| EV / EBITDA | 12.20 | 10.58 | 8.40 | 16.96 | 12.80 | 12.57 | 9.11 | 7.87 | 10.17 | 11.90 | 11.44 |
| EV / EBIT | 18.27 | 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 |
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 | 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% |
| 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% |
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 | 0.38 | 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 |
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 | 2.68 | 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 |
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 | 4.3% | 5.0% | 7.3% | 3.1% | 7.5% | 4.3% | 10.1% | 10.6% | 7.2% | 3.7% | 6.0% |
| FCF Yield | 6.8% | 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 |
Neurology pipeline execution failure
Based on recent financial data, Biogen's forward P/E of 14.88 suggests the market is pricing the company as a declining legacy annuity rather than a growth-oriented innovator, significantly discounting the potential long-term commercial success of the Leqembi launch relative to high-growth peers like Vertex Pharmaceuticals.
The valuation gap between Biogen and its peers appears to stem from skepticism regarding the company's ability to replace eroding MS revenue with new neurology assets. Investors should monitor whether the forward multiple expands as the Leqembi commercial ramp gains traction or if it remains compressed due to persistent patent cliff concerns.
As reported in quarterly filings, Biogen's ROIC has struggled to maintain momentum, fluctuating between a low of -0.2% in 2025Q4 and a peak of 2.6% in 2025Q1, indicating that the company is currently failing to generate returns that exceed its cost of capital.
The volatility in ROIC suggests that recent M&A activity and R&D investments have yet to yield the expected operational efficiencies. This trend warrants further investigation into whether the company's capital allocation strategy is effectively pivoting toward high-margin rare disease assets or if it remains burdened by legacy infrastructure.
According to the provided data, Biogen's cash conversion cycle has been highly erratic, peaking at 470 days in 2024Q1 and settling at 293 days in 2026Q1, which highlights significant challenges in managing inventory and receivables during this period of strategic transition.
The extended DIO figures suggest that the company may be holding excess inventory related to failed or slow-launch products, which ties up liquidity. Analysts should interpret these inefficiencies as a potential drag on cash flow that could persist until the product portfolio stabilizes.
Based on reported figures, Biogen maintains a strong liquidity position with a current ratio of 3.06 as of 2026Q1, providing a substantial safety net that allows the company to navigate the high-cost requirements of its specialized biologic manufacturing and ongoing R&D commitments.
This liquidity profile appears to be a structural strength that mitigates the risk of short-term operational shocks. However, investors should monitor whether this cash is deployed toward value-accretive R&D or if it remains underutilized, potentially dragging on overall return metrics.
The P/E ratio is frequently misapplied to Biogen's business model because it fails to account for the significant non-operating royalty streams and the lumpy nature of collaboration-based revenue, which can artificially inflate or deflate earnings quality depending on the timing of milestone payments.
Analysts should instead focus on EV/EBITDA or cash-flow-based metrics to better capture the underlying operational performance of the core neurology franchise. Relying solely on P/E may obscure the true economic reality of the company's transition from legacy MS drugs to lower-margin, shared-profit collaborations.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying BIIB stock.
Biogen Inc.'s current P/E ratio is 23.3x. The historical average is 39.0x. This places it at the 46th percentile of its historical range.
Biogen Inc.'s current EV/EBITDA is 12.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 24.7x.
Biogen Inc.'s return on equity (ROE) is 7.4%. The historical average is 18.2%.
Based on historical data, Biogen Inc. is trading at a P/E of 23.3x. This is at the 46th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Biogen Inc. has 70.5% gross margin and 19.1% operating margin. Operating margin between 10-20% is typical for established companies.
Biogen Inc.'s Debt/EBITDA ratio is 2.5x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.