Latest Ratios: P/E Ratio 38.0x · EV/EBITDA 27.0x · ROE 16.4%. (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 | $17.8B | $14.5B | $14.2B | $13.3B | $11.8B | $8.3B | $9.4B | $10.3B | $6.8B | $6.8B | $3.4B |
| Enterprise Value | $17.5B | $14.2B | $14.4B | $13.5B | $11.8B | $8.4B | $9.6B | $10.7B | $7.1B | $6.9B | $3.3B |
| P/E Ratio → | 38.01 | 30.37 | 41.49 | 53.34 | 76.56 | 92.58 | 23.04 | 275.62 | 324.59 | — | — |
| P/S Ratio | 6.23 | 5.08 | 6.01 | 7.05 | 7.93 | 7.36 | 8.96 | 13.06 | 15.10 | 42.29 | 223.72 |
| P/B Ratio | 5.59 | 4.47 | 5.47 | 5.96 | 6.92 | 6.07 | 8.32 | 16.16 | 14.17 | 18.37 | 10.66 |
| P/FCF | 23.79 | 19.42 | 25.40 | 36.80 | 36.58 | 35.77 | 43.08 | 77.78 | 88.94 | — | — |
| P/OCF | 22.76 | 18.57 | 23.77 | 34.13 | 34.80 | 32.51 | 41.02 | 70.00 | 67.18 | — | — |
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 | — | 4.98 | 6.10 | 7.15 | 7.93 | 7.44 | 9.18 | 13.54 | 15.65 | 43.00 | 218.17 |
| EV / EBITDA | 26.98 | 21.93 | 24.06 | 49.54 | 44.64 | 74.41 | 55.94 | 133.83 | 172.92 | — | — |
| EV / EBIT | 28.29 | 22.37 | 23.47 | 34.16 | 47.44 | 66.33 | 68.81 | 135.97 | 134.98 | — | — |
| EV / FCF | — | 19.02 | 25.80 | 37.29 | 36.58 | 36.20 | 44.11 | 80.68 | 92.16 | — | — |
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 | 98.2% | 98.2% | 98.6% | 97.9% | 98.4% | 98.7% | 99.0% | 99.1% | 98.9% | 99.2% | 100.0% |
| Operating Margin | 21.6% | 21.6% | 24.2% | 13.3% | 16.7% | 9.0% | 15.6% | 9.2% | 8.2% | -81.3% | -982.5% |
| Net Profit Margin | 16.7% | 16.7% | 14.5% | 13.2% | 10.4% | 7.9% | 38.9% | 4.7% | 4.7% | -88.2% | -940.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 16.4% | 16.4% | 14.2% | 12.7% | 10.0% | 7.2% | 46.2% | 6.6% | 5.0% | -41.5% | -38.2% |
| ROA | 11.5% | 11.5% | 9.8% | 8.9% | 7.0% | 4.7% | 26.8% | 3.2% | 2.3% | -24.1% | -33.6% |
| ROIC | 16.1% | 16.1% | 16.4% | 9.1% | 11.7% | 5.4% | 10.3% | 6.2% | 4.5% | -27.4% | -38.0% |
| ROCE | 17.4% | 17.4% | 19.6% | 11.3% | 13.6% | 6.1% | 14.2% | 8.8% | 4.4% | -23.9% | -37.6% |
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 | 0.13 | 0.13 | 0.18 | 0.19 | 0.15 | 0.32 | 0.37 | 0.78 | 0.81 | 0.99 | — |
| Debt / EBITDA | 0.64 | 0.64 | 0.76 | 1.57 | 0.99 | 3.88 | 2.40 | 6.21 | 9.52 | — | — |
| Net Debt / Equity | — | -0.09 | 0.09 | 0.08 | 0.00 | 0.07 | 0.20 | 0.60 | 0.51 | 0.31 | -0.26 |
| Net Debt / EBITDA | -0.46 | -0.46 | 0.37 | 0.65 | 0.00 | 0.88 | 1.31 | 4.80 | 6.05 | — | — |
| Debt / FCF | — | -0.40 | 0.40 | 0.49 | 0.00 | 0.43 | 1.03 | 2.90 | 3.22 | — | — |
| Interest Coverage | — | — | 4.84 | 85.83 | 35.07 | 4.93 | 4.25 | 2.45 | 1.71 | -6.30 | — |
Net cash position: cash ($713M) exceeds total debt ($415M)
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 | 3.39 | 3.39 | 3.40 | 2.45 | 2.70 | 3.96 | 5.45 | 1.47 | 8.36 | 10.20 | 10.21 |
| Quick Ratio | 3.30 | 3.30 | 3.28 | 2.40 | 2.64 | 3.83 | 5.30 | 1.44 | 8.24 | 10.18 | 10.21 |
| Cash Ratio | 1.99 | 1.99 | 2.12 | 1.58 | 1.84 | 2.89 | 4.29 | 1.19 | 7.38 | 9.48 | 10.11 |
| Asset Turnover | — | 0.62 | 0.63 | 0.58 | 0.63 | 0.55 | 0.60 | 0.60 | 0.45 | 0.20 | 0.04 |
| Inventory Turnover | 0.76 | 0.76 | 0.59 | 1.04 | 0.66 | 0.47 | 0.36 | 0.43 | 0.45 | 1.22 | — |
| Days Sales Outstanding | — | 87.64 | 74.25 | 84.97 | 85.81 | 59.73 | 54.83 | 58.63 | 46.44 | 70.29 | — |
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 | 2.6% | 3.3% | 2.4% | 1.9% | 1.3% | 1.1% | 4.3% | 0.4% | 0.3% | — | — |
| FCF Yield | 4.2% | 5.2% | 3.9% | 2.7% | 2.7% | 2.8% | 2.3% | 1.3% | 1.1% | — | — |
| Buyback Yield | 0.9% | 1.2% | 2.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.9% | 1.2% | 2.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $103M | $104M | $101M | $99M | $98M | $98M | $96M | $95M | $88M | $87M |
Single product revenue concentration
According to current market data, NBIX trades at a forward P/E of 21.83, which appears to price in significant future growth from the pipeline, as the PEG ratio of 15.42 suggests that investors are paying a substantial premium for expected earnings expansion beyond the core Ingrezza franchise.
The valuation multiples indicate that the market is looking past the current earnings base to the potential of the muscarinic and endocrine programs. While the P/S ratio of 5.91 is elevated relative to broader specialty pharma, it may be justified if the company successfully diversifies its revenue stream, though investors should monitor whether these growth expectations are overly optimistic given the competitive landscape.
Based on reported financial figures, NBIX has seen its ROIC trend toward 4.5% in 2026Q1, reflecting a gradual improvement in capital efficiency as the company transitions from a research-heavy entity to a commercial-stage firm with a more mature and profitable product portfolio.
The upward trajectory in ROIC suggests that management is becoming more effective at deploying capital into commercial execution rather than just early-stage R&D. However, the return levels remain modest compared to mature peers, implying that the company is still in a capital-intensive phase of building out its infrastructure and pipeline, which warrants further investigation into the long-term sustainability of these returns.
As reported in recent financial statements, the company's asset turnover ratio of 0.17 in 2026Q1 highlights the capital-intensive nature of the specialty pharmaceutical model, where significant investment in intangible assets and clinical infrastructure is required to support the commercialization of a single, high-value therapeutic product.
The high days-in-inventory (DIO) of 435 days suggests that the company maintains substantial stock levels, which may be a strategic buffer against supply chain disruptions or a reflection of the complex distribution requirements for Ingrezza. Investors should monitor whether these inventory levels remain appropriate as the company scales, as excessive holding costs could eventually weigh on operating margins.
Based on an analysis of the business model, the P/E ratio is frequently misapplied to NBIX, as it fails to account for the heavy, non-cash stock-based compensation and lumpy R&D investments that artificially depress GAAP earnings and obscure the true cash-generating power of the Ingrezza franchise.
Analysts should prioritize EV/EBITDA or P/FCF metrics to better understand the underlying profitability of the business, as these measures are less sensitive to the accounting nuances of R&D capitalization and equity-based incentives. Relying solely on P/E may lead to an inaccurate assessment of the company's valuation, particularly during periods of aggressive pipeline investment.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying NBIX stock.
Neurocrine Biosciences, Inc.'s current P/E ratio is 38.0x. The historical average is 48.6x. This places it at the 50th percentile of its historical range.
Neurocrine Biosciences, Inc.'s current EV/EBITDA is 27.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 43.8x.
Neurocrine Biosciences, Inc.'s return on equity (ROE) is 16.4%. The historical average is -21.7%.
Based on historical data, Neurocrine Biosciences, Inc. is trading at a P/E of 38.0x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Neurocrine Biosciences, Inc. has 98.2% gross margin and 21.6% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Neurocrine Biosciences, Inc.'s Debt/EBITDA ratio is 0.6x, indicating low leverage. A ratio below 2x is generally considered financially healthy.