Latest Ratios: P/E Ratio 15.7x · EV/EBITDA 16.3x · ROE 14.9%. (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 | $67.5B | $83.8B | $82.0B | $99.9B | $81.9B | $70.9B | $55.6B | $43.0B | $42.9B | $43.6B | $42.7B |
| Enterprise Value | $67.1B | $83.4B | $82.2B | $99.8B | $81.5B | $70.7B | $56.1B | $42.1B | $42.1B | $43.5B | $42.6B |
| P/E Ratio → | 15.67 | 18.61 | 18.58 | 25.26 | 18.88 | 8.77 | 15.83 | 20.34 | 17.54 | 36.36 | 47.67 |
| P/S Ratio | 4.71 | 5.84 | 5.77 | 7.61 | 6.73 | 4.41 | 6.54 | 6.56 | 6.39 | 7.42 | 8.78 |
| P/B Ratio | 2.26 | 2.68 | 2.79 | 3.84 | 3.61 | 3.78 | 5.04 | 3.88 | 4.90 | 7.09 | 9.60 |
| P/FCF | 16.55 | 20.54 | 22.37 | 27.23 | 18.51 | 10.85 | 27.75 | 21.51 | 23.66 | 42.12 | 43.83 |
| P/OCF | 13.56 | 16.84 | 18.55 | 21.74 | 16.33 | 10.01 | 21.24 | 17.71 | 19.53 | 33.34 | 28.73 |
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 | — | 5.82 | 5.79 | 7.61 | 6.69 | 4.40 | 6.60 | 6.42 | 6.28 | 7.40 | 8.77 |
| EV / EBITDA | 16.28 | 20.24 | 18.38 | 20.93 | 14.23 | 7.65 | 14.72 | 17.41 | 15.70 | 19.54 | 29.70 |
| EV / EBIT | 18.76 | 15.81 | 17.00 | 23.37 | 16.57 | 7.53 | 14.51 | 17.13 | 16.31 | 20.66 | 31.89 |
| EV / FCF | — | 20.44 | 22.43 | 27.22 | 18.42 | 10.82 | 28.00 | 21.06 | 23.24 | 42.02 | 43.78 |
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 | 85.4% | 85.4% | 86.1% | 82.9% | 86.0% | 83.1% | 84.0% | 85.1% | 91.3% | 90.8% | 91.7% |
| Operating Margin | 24.9% | 24.9% | 28.1% | 33.2% | 44.2% | 55.7% | 42.1% | 33.7% | 37.8% | 35.4% | 27.4% |
| Net Profit Margin | 31.4% | 31.4% | 31.1% | 30.1% | 35.6% | 50.2% | 41.3% | 32.3% | 36.4% | 20.4% | 18.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 14.9% | 14.9% | 16.0% | 16.3% | 20.9% | 54.2% | 31.8% | 21.3% | 32.8% | 22.6% | 22.1% |
| ROA | 11.5% | 11.5% | 12.5% | 12.7% | 15.9% | 37.9% | 22.0% | 15.9% | 23.8% | 15.2% | 14.2% |
| ROIC | 8.9% | 8.9% | 10.8% | 13.5% | 19.8% | 44.6% | 24.7% | 18.2% | 27.1% | 29.9% | 26.2% |
| ROCE | 10.2% | 10.2% | 12.6% | 15.6% | 22.6% | 49.7% | 26.3% | 19.2% | 28.3% | 31.1% | 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 | 0.09 | 0.09 | 0.09 | 0.10 | 0.12 | 0.14 | 0.24 | 0.06 | 0.08 | 0.11 | 0.11 |
| Debt / EBITDA | 0.66 | 0.66 | 0.60 | 0.57 | 0.47 | 0.29 | 0.71 | 0.29 | 0.26 | 0.32 | 0.34 |
| Net Debt / Equity | — | -0.01 | 0.01 | -0.00 | -0.02 | -0.01 | 0.05 | -0.08 | -0.09 | -0.02 | -0.01 |
| Net Debt / EBITDA | -0.10 | -0.10 | 0.05 | -0.01 | -0.07 | -0.02 | 0.13 | -0.37 | -0.28 | -0.05 | -0.04 |
| Debt / FCF | — | -0.10 | 0.06 | -0.01 | -0.09 | -0.03 | 0.25 | -0.45 | -0.42 | -0.11 | -0.06 |
| Interest Coverage | 120.42 | 120.42 | 87.59 | 58.52 | 82.80 | 163.75 | 67.97 | 81.43 | 91.55 | 83.75 | 185.82 |
Net cash position: cash ($3.1B) exceeds total debt ($2.7B)
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 | 4.13 | 4.13 | 4.73 | 5.69 | 5.06 | 3.56 | 3.63 | 3.67 | 5.52 | 4.93 | 3.15 |
| Quick Ratio | 3.39 | 3.39 | 3.95 | 4.94 | 4.29 | 3.07 | 2.91 | 2.99 | 4.72 | 4.29 | 2.83 |
| Cash Ratio | 1.97 | 1.97 | 2.28 | 3.17 | 2.46 | 1.45 | 1.33 | 1.53 | 1.95 | 1.24 | 0.84 |
| Asset Turnover | — | 0.35 | 0.38 | 0.40 | 0.42 | 0.63 | 0.50 | 0.44 | 0.57 | 0.67 | 0.70 |
| Inventory Turnover | 0.66 | 0.66 | 0.64 | 0.87 | 0.71 | 1.40 | 0.71 | 0.69 | 0.51 | 0.75 | 1.01 |
| Days Sales Outstanding | — | 146.10 | 159.65 | 157.70 | 159.78 | 137.09 | 176.75 | 155.05 | 122.01 | 122.72 | 121.03 |
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 | 0.5% | 0.4% | — | — | — | — | — | — | — | — | — |
| Payout Ratio | 8.2% | 8.2% | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.4% | 5.4% | 5.4% | 4.0% | 5.3% | 11.4% | 6.3% | 4.9% | 5.7% | 2.8% | 2.1% |
| FCF Yield | 6.0% | 4.9% | 4.5% | 3.7% | 5.4% | 9.2% | 3.6% | 4.6% | 4.2% | 2.4% | 2.3% |
| Buyback Yield | 5.9% | 4.7% | 4.4% | 2.9% | 3.1% | 3.8% | 11.7% | 1.1% | 0.4% | 0.7% | 0.3% |
| Total Shareholder Yield | 6.4% | 5.2% | 4.4% | 2.9% | 3.1% | 3.8% | 11.7% | 1.1% | 0.4% | 0.7% | 0.3% |
| Shares Outstanding | — | $109M | $115M | $114M | $114M | $112M | $115M | $115M | $115M | $116M | $116M |
Medicare Part B pricing
According to current market data, Regeneron trades at a forward P/E of 13.62, which appears to discount the company's long-term growth potential relative to peers like Vertex, suggesting that investors remain skeptical of the firm's ability to successfully transition its revenue base beyond the Eylea franchise.
The current PEG ratio of 2.41 indicates that the market is pricing in a deceleration in earnings growth, likely reflecting concerns over the impending biosimilar impact on ophthalmology revenues. While the valuation is lower than high-growth peers, it warrants caution as the market may be underestimating the potential for margin compression if the oncology pipeline fails to scale rapidly enough to offset legacy erosion.
Based on reported financial statements, Regeneron's ROIC has remained modest, fluctuating between 1.5% and 3.1% over the last ten quarters, which suggests that the company's aggressive R&D reinvestment strategy is currently suppressing short-term returns on capital compared to more mature, less R&D-intensive biotechnology peers.
The low ROIC relative to the company's high gross margins highlights the significant capital intensity required to maintain the VelociSuite platform and ongoing clinical trial programs. Investors should monitor whether these investments eventually yield higher returns as the pipeline matures, or if the current capital allocation strategy will continue to dilute overall efficiency metrics.
As indicated by recent quarterly filings, Regeneron's cash conversion cycle has remained extended, peaking at 639 days in 2025Q1, which reflects the long-duration nature of biologics manufacturing and the inherent complexities of managing inventory and receivables within the company's specific collaboration-based revenue model.
The high DIO and DSO figures suggest that the company carries significant inventory and faces long collection cycles, which is typical for specialized biologics but warrants monitoring for potential liquidity bottlenecks. This inefficiency appears structural rather than operational, as the company prioritizes supply chain security and manufacturing capacity over rapid inventory turnover.
According to balance sheet data, Regeneron maintains a robust liquidity position with a current ratio consistently above 3.5, providing a substantial buffer against the inherent volatility of clinical trial cycles and potential disruptions in the company's complex, high-value biologics supply chain and manufacturing operations.
The company's ability to maintain such high liquidity while simultaneously funding massive R&D programs suggests a conservative financial management style that prioritizes stability over aggressive leverage. This liquidity profile appears sufficient to navigate potential regulatory shocks or market downturns without requiring access to external capital markets.
The P/E ratio is frequently misapplied to Regeneron because it fails to account for the significant non-cash R&D expenses and the accounting nuances of collaboration revenue, which can artificially depress reported earnings and obscure the underlying cash-generating power of the company's core monoclonal antibody platform.
Analysts should instead focus on EV/EBITDA or free cash flow yield to better capture the true economic performance of the business, as these metrics are less distorted by the timing of collaboration settlements and R&D accounting. Relying solely on P/E may lead to an inaccurate assessment of the company's valuation, particularly during periods of heavy investment in new clinical indications.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying REGN stock.
Regeneron Pharmaceuticals, Inc.'s current P/E ratio is 15.7x. The historical average is 38.4x. This places it at the 13th percentile of its historical range.
Regeneron Pharmaceuticals, Inc.'s current EV/EBITDA is 16.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 25.8x.
Regeneron Pharmaceuticals, Inc.'s return on equity (ROE) is 14.9%. The historical average is -3.0%.
Based on historical data, Regeneron Pharmaceuticals, Inc. is trading at a P/E of 15.7x. This is at the 13th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Regeneron Pharmaceuticals, Inc.'s current dividend yield is 0.52% with a payout ratio of 8.2%.
Regeneron Pharmaceuticals, Inc. has 85.4% gross margin and 24.9% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Regeneron Pharmaceuticals, Inc.'s Debt/EBITDA ratio is 0.7x, indicating low leverage. A ratio below 2x is generally considered financially healthy.