Latest Ratios: P/E Ratio 18.2x · EV/EBITDA 15.8x · ROE 4.5%. (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 | $17.2B | $19.3B | $13.5B | $21.0B | $28.0B | $26.1B | $26.8B | $14.2B | $10.2B | $10.3B | $10.2B |
| Enterprise Value | $20.9B | $23.0B | $4.7B | $6.9B | $18.7B | $17.6B | $19.8B | $10.8B | $9.7B | $8.9B | $9.9B |
| P/E Ratio → | 18.19 | 20.00 | 1.72 | 4.82 | 5.13 | 8.83 | 5.63 | 6.57 | 6.95 | 9.31 | 8.64 |
| P/S Ratio | 4.62 | 5.19 | 0.63 | 1.27 | 1.93 | 3.10 | 2.65 | 2.65 | 3.38 | 4.35 | 5.64 |
| P/B Ratio | 3.01 | 3.31 | 0.37 | 0.66 | 1.03 | 1.18 | 1.40 | 1.01 | 1.28 | 1.64 | 2.12 |
| P/FCF | 14.95 | 16.79 | 1.78 | 3.00 | 7.78 | 13.22 | 4.37 | 11.70 | 19.03 | 6.86 | 34.76 |
| P/OCF | 14.49 | 16.27 | 1.74 | 2.84 | 7.15 | 11.73 | 4.16 | 10.72 | 10.08 | 6.48 | 31.25 |
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 | — | 6.18 | 0.22 | 0.42 | 1.29 | 2.09 | 1.96 | 2.02 | 3.20 | 3.78 | 5.47 |
| EV / EBITDA | 15.82 | 17.42 | 0.65 | 1.24 | 2.82 | 5.49 | 3.03 | 3.90 | 6.60 | 6.33 | 9.08 |
| EV / EBIT | 16.72 | 18.40 | 0.50 | 1.21 | 2.68 | 4.48 | 3.36 | 3.78 | 6.01 | 6.31 | 8.79 |
| EV / FCF | — | 20.02 | 0.61 | 0.98 | 5.20 | 8.90 | 3.24 | 8.92 | 18.03 | 5.96 | 33.72 |
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 | 91.7% | 91.7% | 95.4% | 98.6% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Operating Margin | 33.6% | 33.6% | 31.1% | 32.3% | 43.2% | 35.1% | 62.4% | 49.2% | 45.6% | 56.8% | 58.0% |
| Net Profit Margin | 25.9% | 25.9% | 36.4% | 26.4% | 37.6% | 35.1% | 47.1% | 40.4% | 48.7% | 46.7% | 65.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 4.5% | 4.5% | 23.0% | 14.8% | 22.0% | 14.3% | 28.7% | 19.6% | 20.6% | 19.9% | 28.6% |
| ROA | 3.3% | 3.3% | 19.3% | 13.3% | 19.9% | 12.9% | 26.2% | 18.4% | 19.5% | 18.6% | 26.0% |
| ROIC | 5.0% | 5.0% | 22.2% | 22.5% | 29.7% | 17.1% | 41.4% | 21.8% | 16.7% | 21.3% | 22.1% |
| ROCE | 4.8% | 4.8% | 18.3% | 17.4% | 24.4% | 13.8% | 37.0% | 23.7% | 19.3% | 24.2% | 25.3% |
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 | 0.93 | 0.93 | 0.03 | 0.02 | 0.02 | 0.02 | 0.02 | 0.01 | — | — | — |
| Debt / EBITDA | 4.10 | 4.10 | 0.14 | 0.14 | 0.09 | 0.13 | 0.05 | 0.07 | — | — | — |
| Net Debt / Equity | — | 0.64 | -0.24 | -0.45 | -0.34 | -0.38 | -0.36 | -0.24 | -0.07 | -0.21 | -0.06 |
| Net Debt / EBITDA | 2.81 | 2.81 | -1.24 | -2.53 | -1.40 | -2.66 | -1.06 | -1.21 | -0.36 | -0.95 | -0.28 |
| Debt / FCF | — | 3.23 | -1.16 | -2.01 | -2.59 | -4.32 | -1.13 | -2.77 | -0.99 | -0.90 | -1.04 |
| Interest Coverage | 20.49 | 20.49 | 77.37 | 211.37 | 331.71 | 302.38 | 591.40 | 409.43 | 3865.71 | 709.00 | 5307.18 |
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 | 2.02 | 2.02 | 5.25 | 13.34 | 15.48 | 14.50 | 15.00 | 14.88 | 16.77 | 18.52 | 11.90 |
| Quick Ratio | 2.01 | 2.01 | 5.24 | 13.32 | 15.48 | 14.50 | 15.00 | 14.88 | 16.77 | 18.52 | 11.90 |
| Cash Ratio | 1.20 | 1.20 | 3.98 | 11.33 | 12.25 | 12.33 | 12.83 | 11.70 | 13.77 | 16.58 | 9.53 |
| Asset Turnover | — | 0.29 | 0.47 | 0.47 | 0.48 | 0.34 | 0.48 | 0.35 | 0.36 | 0.36 | 0.35 |
| Inventory Turnover | 17.22 | 17.22 | 15.89 | 3.96 | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 112.69 | 113.45 | 109.61 | 143.74 | 146.01 | 88.91 | 203.38 | 160.11 | 89.34 | 196.09 |
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 | 5.5% | 5.0% | 58.2% | 20.7% | 19.5% | 11.3% | 17.8% | 15.2% | 14.4% | 10.7% | 11.6% |
| FCF Yield | 6.7% | 6.0% | 56.2% | 33.4% | 12.9% | 7.6% | 22.9% | 8.6% | 5.3% | 14.6% | 2.9% |
| Buyback Yield | 2.5% | 2.2% | 29.6% | 2.7% | 3.2% | 1.7% | 0.1% | 0.0% | 1.4% | 0.0% | 1.2% |
| Total Shareholder Yield | 2.5% | 2.2% | 29.6% | 2.7% | 3.2% | 1.7% | 0.1% | 0.0% | 1.4% | 0.0% | 1.2% |
| Shares Outstanding | — | $627M | $646M | $659M | $660M | $660M | $659M | $636M | $620M | $621M | $618M |
Regulatory pricing pressure risk
Based on reported figures, Genmab trades at a TTM P/E of 16.96, which appears to discount the volatility of milestone-driven revenue while pricing in a transition toward a more capital-intensive, integrated commercial model compared to its historical status as a pure-play royalty collector.
The forward P/E of 23.08 suggests that investors are anticipating a contraction in near-term earnings as the company scales its own commercial infrastructure. This valuation multiple sits at a discount to peers like Halozyme, implying that the market remains skeptical of the company's ability to replicate its historical royalty-driven margins within its newer, wholly-owned pipeline assets.
As reported in financial statements, Genmab's ROIC has experienced significant compression, falling from 7.1% in 2023Q4 to 1.8% in 2026Q1, a trend that suggests the company's recent aggressive capital deployment and M&A activity have yet to generate commensurate returns on invested capital.
The decline in ROIC indicates that the company is currently in a phase of heavy capital absorption, where the returns from new investments are lagging behind the historical performance of its legacy royalty assets. Investors should monitor whether this trend reverses as the newer pipeline assets reach commercial maturity and begin to contribute more meaningfully to the bottom line.
According to recent SEC filings, Genmab's cash conversion cycle has shifted dramatically, reaching -1194 days in 2026Q1, a figure that is heavily distorted by the irregular timing of milestone payments and the company's unique position as a recipient of partner-funded research and development.
The extreme fluctuations in DSO and DPO metrics suggest that traditional working capital analysis is largely ineffective for this business model. The company's ability to maintain such a negative cash conversion cycle is a structural byproduct of its royalty-heavy revenue stream, which requires minimal inventory and allows for significant leverage over its operational cash flow.
Based on Genmab's reported figures, the debt-to-equity ratio has climbed from a negligible 0.02 in 2023Q4 to 0.94 in 2026Q1, indicating a fundamental shift in the company's financing strategy as it moves away from a purely cash-funded operating model toward increased reliance on external leverage.
While the interest coverage ratio remains at 2.01, the rapid increase in debt levels warrants further investigation into the company's long-term debt service capacity. This transition toward a more leveraged balance sheet suggests that management is willing to utilize debt to fund its strategic growth initiatives, which introduces a new layer of financial risk not present in previous years.
The P/E ratio is frequently misapplied to Genmab's business model because it fails to account for the lumpy, non-recurring nature of milestone payments that can artificially inflate or deflate earnings in any given quarter, thereby obscuring the underlying cash-generating power of the core royalty portfolio.
Analysts should instead focus on EV/EBITDA or adjusted free cash flow metrics, which better capture the recurring nature of the royalty streams while stripping out the noise of milestone-driven accounting. Relying on P/E ratios in this context may lead to erroneous conclusions regarding the company's valuation, as it treats one-time events as sustainable earnings.
Includes 30+ ratios · 24 years · Updated daily
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Quick answers to the most common questions about buying GMAB stock.
Genmab A/S's current P/E ratio is 18.2x. The historical average is 9.0x. This places it at the 92th percentile of its historical range.
Genmab A/S's current EV/EBITDA is 15.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 7.7x.
Genmab A/S's return on equity (ROE) is 4.5%. The historical average is -9.3%.
Based on historical data, Genmab A/S is trading at a P/E of 18.2x. This is at the 92th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Genmab A/S has 91.7% gross margin and 33.6% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Genmab A/S's Debt/EBITDA ratio is 4.1x, indicating high leverage. A ratio above 4x may signal elevated financial risk.