Latest Ratios: P/E Ratio 33.5x · EV/EBITDA 17.8x · 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 | $11.6B | $11.7B | $12.9B | $18.5B | $19.6B | $16.2B | $16.8B | $15.1B | $15.1B | $15.6B | $13.8B |
| Enterprise Value | $10.9B | $11.1B | $12.6B | $18.8B | $19.9B | $16.7B | $17.2B | $15.6B | $15.4B | $16.1B | $14.0B |
| P/E Ratio → | 33.53 | 33.02 | 29.74 | 109.57 | 137.99 | — | 19.36 | — | — | — | — |
| P/S Ratio | 3.60 | 3.64 | 4.53 | 7.64 | 9.33 | 8.75 | 9.03 | 8.88 | 10.12 | 11.84 | 12.33 |
| P/B Ratio | 1.96 | 1.93 | 2.29 | 3.73 | 4.25 | 3.79 | 4.09 | 4.85 | 5.09 | 5.54 | 4.98 |
| P/FCF | 16.01 | 16.18 | 27.20 | 295.26 | 355.93 | 87.18 | — | — | — | — | — |
| P/OCF | 14.02 | 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 | 17.84 | 18.05 | 21.76 | 64.84 | 75.78 | 648.19 | 279.37 | 3212.70 | — | 220.47 | — |
| EV / EBIT | 20.50 | 22.42 | 22.80 | 92.96 | 121.95 | — | — | — | — | 5191.53 | — |
| EV / FCF | — | 15.26 | 26.58 | 300.70 | 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 | 5.44 | 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% | 3.0% | 3.4% | 0.9% | 0.7% | — | 5.2% | — | — | — | — |
| FCF Yield | 6.2% | 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 |
Gene therapy commercialization failure
Based on current market data, BioMarin's forward P/E of 11.95 suggests that investors are pricing in significant skepticism regarding the company's ability to scale its newer pipeline assets, contrasting sharply with the 32.78 TTM P/E that reflects the historical volatility of its earnings profile.
The compression in the forward multiple relative to the trailing figure indicates that the market is discounting the sustainability of recent earnings peaks. This valuation appears to reflect a transition phase where the company is being re-rated from a high-growth biotech innovator to a more mature specialty pharmaceutical entity.
As reported in financial statements, BioMarin's ROIC has remained in the low single digits, peaking at 3.9% in 2025Q2, which highlights the difficulty in generating meaningful returns on invested capital given the heavy R&D burden and the high costs of specialized biologics manufacturing.
The inability to consistently drive ROIC above the cost of capital suggests that the company's massive investment in gene therapy has yet to yield a competitive return. Investors should monitor whether the recent strategic pivot toward operational discipline can improve these returns by narrowing the focus to higher-margin, proven therapies.
According to recent SEC filings, BioMarin's cash conversion cycle remains exceptionally long, reaching 445 days in 2026Q1, primarily driven by high days inventory outstanding that reflect the complex, long-lead-time nature of producing recombinant enzyme replacement therapies and specialized gene therapy products.
The extended CCC indicates that a significant portion of the company's capital is tied up in inventory, which poses a risk of obsolescence or write-downs if commercial uptake of newer products fails to meet expectations. This inefficiency appears structural, stemming from the specialized manufacturing requirements inherent in the rare disease space.
Based on reported figures, BioMarin maintains a robust balance sheet with a debt-to-equity ratio of 0.23 as of 2026Q1, providing the company with significant financial flexibility to navigate the current period of commercial transition without the immediate pressure of aggressive debt service obligations.
The low leverage profile is a key defensive feature, particularly given the volatility in operating cash flows and the inherent risks associated with the company's pipeline. This conservative capital structure appears appropriate for a firm managing the transition from legacy ERT cash cows to uncertain, high-cost gene therapy launches.
Investors frequently misapply the price-to-sales ratio to BioMarin, failing to account for the extreme lumpiness of international government procurement cycles that can artificially inflate or deflate revenue in any given quarter, thereby obscuring the underlying health of the core, recurring enzyme replacement therapy franchise.
A more appropriate metric for this business model would be an adjusted EV/EBITDA that normalizes for the timing of large international orders and the high, non-recurring R&D expenses associated with gene therapy development. Relying on P/S ignores the significant margin differences between the mature ERT portfolio and the newer, less profitable gene therapy segment.
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 33.5x. The historical average is 58.1x. This places it at the 57th percentile of its historical range.
BioMarin Pharmaceutical Inc.'s current EV/EBITDA is 17.8x. 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 33.5x. This is at the 57th percentile of its historical P/E range. 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.