argenx SE
ARGXHealthcare|Biotechnology|Netherlands
$877.29
-31.87 (-3.50%)
DCF (FCF)
$17.80
Tangible Book
$111.77
Graham Number
$215.25
Financials
Financial Snapshot
Market Cap
$54.09B
Enterprise Value
$4.28B
Revenue (TTM)
$4.66B
Net Income (TTM)
$1.49B
Cash & Equivalents
—
Net Cash/Share
$48.83
Free Cash Flow (TTM)
$573.5M
Operating CF (TTM)
$685.2M
Debt/Equity
0.01
Cash Runway & Burn Rate
Company is cash-flow positive.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $101.7M | $431.6M | $645.8M | $1.50B | $2.00B | $2.34B | $2.19B | $3.18B | $3.38B | $4.44B | $4.44B | |
| Operating Cash Flow | $11.1M | $-43.8M | $-61.6M | $151.6M | $-398.5M | $-606.8M | $-862.8M | $-420.3M | $-82.7M | $685.2M | $0.00 | |
| Free Cash Flow | $10.2M | $-44.3M | $-62.4M | $104.9M | $-403.6M | $-728.2M | $-966.6M | $-464.1M | $-151.0M | $573.5M | $0.00 | |
| Capital Expenditure | $-906.0K | $-421.0K | $-782.0K | $-46.7M | $-5.1M | $-121.4M | $-103.8M | $-43.8M | $-68.3M | $-111.7M | $0.00 | |
| Financing Cash Flow | $46.9M | $366.3M | $279.9M | $733.7M | $833.0M | $1.12B | $843.8M | $1.34B | $279.8M | $233.0M | $0.00 |
R&D Spending
R&D (TTM)
$1.50B
R&D Intensity
32.1%
R&D Growth YoY
+9.7%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $15.5M | $43.7M | $24.6M | $78.5M | $41.2M | $497.3M | $410.7M | $1.23B | $2.19B | $4.15B | $4.66B | |
| R&D Expense | $33.2M | $62.1M | $95.6M | $220.8M | $370.9M | $580.5M | $663.4M | $859.5M | $983.4M | $1.36B | $1.50B | |
| R&D % of Revenue | 214.5% | 142.1% | 389.2% | 281.4% | 899.3% | 116.7% | 161.5% | 70.1% | 44.9% | 32.8% | 32.1% | |
| SG&A | $7.4M | $14.9M | $31.4M | $72.1M | $170.6M | $305.5M | $469.9M | $709.5M | $1.05B | $1.36B | $1.44B |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $15.5M | $43.7M | $24.6M | $78.5M | $41.2M | $497.3M | $410.7M | $1.23B | $2.19B | $4.15B | $4.66B | |
| Cost of Goods Sold | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $29.4M | $117.8M | $227.3M | $450.7M | $490.7M | |
| Gross Profit | $15.5M | $43.7M | $24.6M | $78.5M | $41.2M | $497.3M | $381.3M | $1.11B | $1.96B | $3.70B | $4.17B | |
| R&D | $33.2M | $62.1M | $95.6M | $220.8M | $370.9M | $580.5M | $663.4M | $859.5M | $983.4M | $1.36B | $1.50B | |
| SG&A | $7.4M | $14.9M | $31.4M | $72.1M | $170.6M | $305.5M | $469.9M | $709.5M | $1.05B | $1.36B | $1.44B | |
| Operating Income | $-22.5M | $-27.5M | $-93.6M | $-200.1M | $-480.6M | $-359.9M | $-723.9M | $-420.6M | $-17.8M | $1.05B | $1.31B | |
| Interest Expense | $0.00 | $0.00 | $0.00 | $-139.0K | $-401.0K | $-1.1M | $-2.2M | $-906.0K | $-2.5M | $-4.1M | $-4.1M | |
| Pretax Income | $-22.5M | $-33.0M | $-75.3M | $-175.9M | $-605.4M | $-399.7M | $-729.3M | $-304.5M | $85.2M | $1.28B | $1.50B | |
| Net Income | $-22.5M | $-33.7M | $-76.2M | $-181.2M | $-608.5M | $-408.3M | $-709.6M | $-295.1M | $833.0M | $1.29B | $1.49B | |
| EPS (Diluted) | -1.20 | -1.37 | -2.28 | -4.69 | -13.40 | -7.99 | -13.05 | -5.16 | 12.78 | 19.57 | 22.50 | |
| EBITDA | $-22.2M | $-32.4M | $-93.1M | $-173.4M | $-601.0M | $-392.8M | $-622.8M | $-192.3M | $105.2M | $1.31B | $1.51B | |
| Shares Out. (M) | 18.82 | 24.61 | 33.42 | 38.62 | 45.41 | 51.08 | 54.38 | 57.17 | 65.18 | 66.03 | 66.36 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $94.5M | $229.0M | $321.5M | $372.2M | $1.22B | $1.33B | $800.7M | $2.05B | $1.50B | $3.49B | $3.49B | |
| Marketable Securities | $7.2M | $202.6M | $324.3M | $1.13B | $779.6M | $1.00B | $1.39B | $1.13B | $1.88B | $948.8M | $948.8M | |
| Total Current Assets | $107.1M | $440.1M | $654.8M | $1.54B | $2.06B | $2.54B | $2.77B | $4.12B | $4.88B | $6.90B | $6.90B | |
| Total Assets | $111.2M | $445.0M | $661.7M | $1.61B | $2.28B | $2.85B | $3.13B | $4.54B | $6.20B | $8.68B | $8.68B | |
| Total Current Liabilities | $34.0M | $29.4M | $45.8M | $179.7M | $328.5M | $301.2M | $302.3M | $423.0M | $669.9M | $1.32B | $1.32B | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Liabilities | $44.6M | $31.2M | $45.8M | $429.8M | $605.4M | $316.1M | $320.6M | $445.0M | $704.2M | $1.36B | $1.36B | |
| Stockholders' Equity | $66.7M | $413.8M | $615.9M | $1.18B | $1.67B | $2.53B | $2.81B | $4.10B | $5.50B | $7.32B | $7.32B | |
| Retained Earnings | $-76.2M | $-120.7M | $-194.0M | $-383.5M | $-991.9M | $-1.40B | $-2.11B | $-2.40B | $-1.57B | $-279.8M | $-279.8M |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $11.1M | $-43.8M | $-61.6M | $151.6M | $-398.5M | $-606.8M | $-862.8M | $-420.3M | $-82.7M | $685.2M | $0.00 | |
| Capital Expenditure | $-906.0K | $-421.0K | $-782.0K | $-46.7M | $-5.1M | $-121.4M | $-103.8M | $-43.8M | $-68.3M | $-111.7M | $0.00 | |
| Free Cash Flow | $10.2M | $-44.3M | $-62.4M | $104.9M | $-403.6M | $-728.2M | $-966.6M | $-464.1M | $-151.0M | $573.5M | $0.00 | |
| Investing Cash Flow | $-848.0K | $-194.4M | $-123.0M | $-833.3M | $344.7M | $-347.1M | $-461.2M | $308.2M | $-717.6M | $984.0M | $0.00 | |
| Financing Cash Flow | $46.9M | $366.3M | $279.9M | $733.7M | $833.0M | $1.12B | $843.8M | $1.34B | $279.8M | $233.0M | $0.00 | |
| Issuance of Stock | $48.4M | $393.1M | $292.5M | $755.6M | $813.2M | $1.09B | $761.0M | $1.20B | $0.00 | $0.00 | $0.00 | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Issuance of Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Payments of Debt | $0.00 | $0.00 | $0.00 | $-1.5M | $-2.5M | $-3.9M | $-4.2M | $-3.8M | $-7.6M | $-4.1M | $0.00 | |
| Stock Based Comp. | $3.0M | $5.1M | $21.9M | $44.2M | $96.9M | $179.4M | $157.0M | $233.0M | $235.2M | $248.1M | $0.00 | |
| Net Change in Cash | $57.2M | $121.1M | $103.1M | $50.4M | $844.6M | $117.9M | $-533.9M | $1.25B | $-548.9M | $1.99B | $0.00 |
Dilution Tracker
Shares outstanding grew 29.9% over 5 years — significant dilution
Shares Outstanding
66M
5-Year Share Growth
+29.9%
Stock Issuance (TTM)
$0.00
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 18.82 | 24.61 | 33.42 | 38.62 | 45.41 | 51.08 | 54.38 | 57.17 | 65.18 | 66.03 | 66.36 | |
| YoY Change % | — | 30.8% | 35.8% | 15.6% | 17.6% | 12.5% | 6.5% | 5.1% | 14.0% | 1.3% | 0.5% | |
| Stock Issuance | $48.4M | $393.1M | $292.5M | $755.6M | $813.2M | $1.09B | $761.0M | $1.20B | $0.00 | $0.00 | $0.00 | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $3.0M | $5.1M | $21.9M | $44.2M | $96.9M | $179.4M | $157.0M | $233.0M | $235.2M | $248.1M | $0.00 |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 92.8% | 90.4% | 89.6% | 89.2% | 89.5% | |
| Operating Margin % | -145.6% | -63.0% | -381.0% | -255.0% | -1165.2% | -72.4% | -176.2% | -34.3% | -0.8% | 25.4% | 28.1% | |
| Net Margin % | -145.3% | -77.1% | -310.2% | -230.9% | -1475.3% | -82.1% | -172.8% | -24.1% | 38.0% | 31.1% | 31.9% | |
| EBITDA Margin % | -143.3% | -74.3% | -378.7% | -220.9% | -1457.3% | -79.0% | -151.6% | -15.7% | 4.8% | 31.6% | 32.3% | |
| FCF Margin % | 66.2% | -101.3% | -253.8% | 133.7% | -978.6% | -146.4% | -235.3% | -37.8% | -6.9% | 13.8% | 12.3% | |
| ROE % | -41.9% | -14.0% | -14.8% | -20.2% | -42.6% | -19.4% | -26.5% | -8.5% | 17.4% | 20.2% | 23.6% | |
| ROA % | -27.8% | -12.1% | -13.8% | -16.0% | -31.3% | -15.9% | -23.7% | -7.7% | 15.5% | 17.4% | 20.3% | |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - | - |
Valuation
P/E (TTM)39.55
Historical25.64 / 36.60 / 306.33
Industry Med.27.41
P/S12.63
Historical10.69 / 36.07 / 475.15
Industry Med.9.51
P/B7.56
Historical3.02 / 6.45 / 10.43
Industry Med.2.93
EV/EBITDA33.72
Historical-693.50 / -34.52 / 477.34
Industry Med.13.14
EV/Revenue10.90
Historical9.05 / 33.70 / 342.52
Industry Med.8.71
P/FCF102.97
Historical— / — / 102.97
Industry Med.27.54
Intrinsic Value Models
DCF (FCF Based)
$17.80
Tangible Book
$111.77
Net Current Assets
$87.810
Graham Number
$215.25
Median P/S Value
$2559.52
Net-Net Working Capital
$70.29
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| PE Ratio | N/A | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | 49.16 | 42.89 | 39.55 | |
| PS Ratio | 20.46 | 35.01 | 131.89 | 78.51 | 323.96 | 36.59 | 48.85 | 17.46 | 18.70 | 13.34 | 12.63 | |
| PB Ratio | 0.00 | 4.91 | 5.61 | 5.82 | 8.36 | 7.14 | 7.46 | 5.50 | 6.80 | 7.11 | 7.56 | |
| EV/EBITDA | -10.67 | -48.34 | -30.53 | -30.74 | -20.00 | -40.95 | -29.32 | -98.88 | 331.22 | 36.27 | 33.72 | |
| EV/Revenue | 15.30 | 35.90 | 115.62 | 67.93 | 291.40 | 32.34 | 44.45 | 15.50 | 15.90 | 11.45 | 10.90 |
Analyst Estimates & Quality
Altman Z-Score
26.39
Safe
Piotroski F-Score
4
Moderate
Beneish M-Score
-1.71
Possible Manipulator
Forward Estimates
| Metric | Current Year | Next Year | 2 Years Out |
|---|---|---|---|
| Revenue | $6,032M | $7,373M | $8,664M |
| Net Income | $1,776M | $2,375M | $3,014M |
| EPS | 26.87 | 34.71 | 45.58 |
| Book Value per Share | 146.95 | 183.42 | 240.47 |
| Operating Cash Flow per Share | 30.15 | 36.99 | 47.06 |
| Operating CF | $2,000.66M | $2,454.43M | $3,122.93M |
Dividends
Revenue Segments
By Business
| Segment | 2025 |
|---|---|
| Product net sales | $4.15B |
By Geography
| Segment | 2025 |
|---|---|
| United States | $3.53B |
| China | $67.9M |
| Japan | $206.8M |
| Rest of the World | $342.6M |