BioNTech SE

BNTX

Healthcare|Biotechnology|Germany

$91.28

+0.10 (+0.11%)

DCF (FCF)

$259.67

Tangible Book

$80.37

Financials

Financial Snapshot

Market Cap

$22.94B

Enterprise Value

$17.11B

Revenue (TTM)

$3.34B

Net Income (TTM)

$-1.29B

Cash & Equivalents

$17.42B

Net Cash/Share

$56.44

Free Cash Flow (TTM)

$-217.4M

Operating CF (TTM)

$603.7M

Debt/Equity

0.01

Cash Runway & Burn Rate

Company is cash-flow positive.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Cash & Investments	$321.9M	$204.0M	$468.5M	$578.7M	$1.64B	$2.34B	$14.90B	$18.05B	$17.57B	$17.42B	$17.42B
Operating Cash Flow	$0.00	$-62.2M	$-67.0M	$-220.6M	$-16.4M	$1.01B	$14.38B	$5.86B	$217.5M	$534.0M	$603.7M
Free Cash Flow	$0.00	$-130.5M	$-143.4M	$-299.6M	$-120.3M	$831.3M	$14.00B	$5.09B	$-256.1M	$-343.1M	$-217.4M
Capital Expenditure	$0.00	$-68.3M	$-76.4M	$-79.0M	$-103.9M	$-174.0M	$-384.9M	$-769.4M	$-473.6M	$-877.0M	$-821.1M
Financing Cash Flow	$0.00	$-1.9M	$415.4M	$425.9M	$1.09B	$106.4M	$-1.50B	$-849.1M	$-48.1M	$-61.9M	$-60.5M

R&D Spending

R&D (TTM)

$2.41B

R&D Intensity

72.1%

R&D Growth YoY

-2.2%

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Revenue	$0.00	$72.9M	$145.1M	$120.7M	$586.7M	$21.44B	$18.34B	$4.16B	$2.88B	$3.36B	$3.34B
R&D Expense	$0.00	$101.2M	$162.8M	$251.7M	$784.7M	$1.07B	$1.63B	$1.94B	$2.36B	$2.46B	$2.41B
R&D % of Revenue	—	138.8%	112.1%	208.6%	133.7%	5.0%	8.9%	46.7%	81.9%	73.3%	72.1%
SG&A	$0.00	$34.9M	$30.8M	$48.1M	$132.0M	$369.7M	$573.3M	$640.2M	$746.3M	$817.6M	$804.7M

Income Statement

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Revenue	$0.00	$72.9M	$145.1M	$120.7M	$586.7M	$21.44B	$18.34B	$4.16B	$2.88B	$3.36B	$3.34B
Cost of Goods Sold	$0.00	$11.0M	$15.6M	$19.3M	$72.1M	$3.29B	$3.17B	$654.1M	$566.8M	$751.5M	$743.1M
Gross Profit	$0.00	$61.9M	$129.6M	$101.3M	$514.6M	$18.15B	$15.16B	$3.51B	$2.31B	$2.61B	$2.60B
R&D	$0.00	$101.2M	$162.8M	$251.7M	$784.7M	$1.07B	$1.63B	$1.94B	$2.36B	$2.46B	$2.41B
SG&A	$0.00	$34.9M	$30.8M	$48.1M	$132.0M	$369.7M	$573.3M	$640.2M	$746.3M	$817.6M	$804.7M
Operating Income	$0.00	$-72.5M	$-61.3M	$-201.7M	$-100.2M	$16.87B	$13.03B	$954.9M	$-742.8M	$-750.2M	$-690.3M
Interest Expense	$0.00	$-800.0K	$-2.0M	$-1.9M	$-2.4M	$-6.1M	$-20.0M	$-8.2M	$-17.7M	$-16.6M	$-46.0M
Pretax Income	$0.00	$-101.7M	$-54.2M	$-199.3M	$-177.4M	$17.00B	$13.72B	$1.29B	$-709.6M	$-1.23B	$-1.18B
Net Income	$0.00	$-101.4M	$-54.6M	$-199.0M	$18.5M	$11.63B	$9.99B	$1.01B	$-696.6M	$-1.33B	$-1.29B
EPS (Diluted)	0.00	-0.45	-0.24	-0.94	0.07	44.78	40.01	4.18	-2.90	-5.50	-5.32
EBITDA	$0.00	$-88.4M	$-27.3M	$-159.8M	$-127.9M	$16.95B	$13.87B	$1.50B	$-379.9M	$-765.6M	$-486.1M
Shares Out. (M)	-	226.86	226.86	211.50	248.50	259.70	249.80	242.70	240.40	241.70	244.10

Balance Sheet

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Cash & Equivalents	$320.3M	$203.7M	$468.1M	$576.8M	$1.47B	$1.91B	$14.70B	$12.72B	$10.22B	$8.99B	$8.99B
Marketable Securities	$1.6M	$291.0K	$382.0K	$1.9M	$166.9M	$431.2M	$200.6M	$5.33B	$7.35B	$8.43B	$8.43B
Total Current Assets	$335.6M	$224.4M	$510.8M	$622.4M	$2.03B	$17.03B	$23.22B	$21.29B	$19.69B	$18.91B	$18.91B
Total Assets	$411.3M	$443.4M	$742.9M	$886.3M	$2.82B	$17.89B	$24.66B	$25.09B	$23.59B	$25.75B	$25.75B
Total Current Liabilities	$59.7M	$187.6M	$143.5M	$153.5M	$737.2M	$3.93B	$3.13B	$2.26B	$2.64B	$2.51B	$2.51B
Long-Term Debt	$0.00	$0.00	$0.00	$76.6M	$281.0M	$193.9M	$186.7M	$208.3M	$224.8M	$252.0M	$252.0M
Total Liabilities	$377.7M	$500.5M	$439.1M	$337.9M	$1.15B	$4.45B	$3.41B	$3.01B	$3.27B	$3.24B	$3.24B
Stockholders' Equity	$32.1M	$-58.3M	$302.8M	$548.3M	$1.67B	$13.44B	$21.25B	$22.08B	$20.33B	$22.51B	$22.51B
Retained Earnings	$-118.2M	$-234.0M	$-279.6M	$-472.0M	$-498.3M	$11.17B	$19.95B	$21.55B	$20.00B	$21.03B	$21.03B

Cash Flow Statement

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Operating Cash Flow	$0.00	$-62.2M	$-67.0M	$-220.6M	$-16.4M	$1.01B	$14.38B	$5.86B	$217.5M	$534.0M	$603.7M
Capital Expenditure	$0.00	$-68.3M	$-76.4M	$-79.0M	$-103.9M	$-174.0M	$-384.9M	$-769.4M	$-473.6M	$-877.0M	$-821.1M
Free Cash Flow	$0.00	$-130.5M	$-143.4M	$-299.6M	$-120.3M	$831.3M	$14.00B	$5.09B	$-256.1M	$-343.1M	$-217.4M
Investing Cash Flow	$0.00	$-62.2M	$-75.6M	$-85.8M	$-176.2M	$-639.7M	$-37.4M	$-7.58B	$-2.18B	$-2.89B	$-3.00B
Financing Cash Flow	$0.00	$-1.9M	$415.4M	$425.9M	$1.09B	$106.4M	$-1.50B	$-849.1M	$-48.1M	$-61.9M	$-60.5M
Issuance of Stock	$0.00	$0.00	$411.5M	$417.1M	$916.1M	$181.8M	$117.1M	$0.00	$0.00	$0.00	$0.00
Repurchase of Stock	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$-1.04B	$-805.3M	$0.00	$0.00	$0.00
Issuance of Debt	$0.00	$0.00	$6.4M	$12.2M	$189.8M	$0.00	$847.0K	$327.0K	$0.00	$7.8M	$7.8M
Payments of Debt	$0.00	$-1.9M	$-2.4M	$-3.4M	$-17.4M	$-75.4M	$-63.5M	$-44.1M	$-48.1M	$-67.4M	$-66.0M
Stock Based Comp.	$0.00	$7.0M	$8.7M	$33.6M	$39.1M	$106.1M	$115.0M	$56.1M	$105.7M	$124.4M	$121.9M
Net Change in Cash	$0.00	$-155.7M	$272.3M	$119.6M	$840.8M	$545.2M	$12.91B	$-2.59B	$-1.99B	$-2.45B	$-2.49B

Dilution Tracker

Shares Outstanding

244M

5-Year Share Growth

-6.0%

Stock Issuance (TTM)

$0.00

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Shares Out. (M)	-	226.86	226.86	211.50	248.50	259.70	249.80	242.70	240.40	241.70	244.10
YoY Change %	—	—	0.0%	-6.8%	17.5%	4.5%	-3.8%	-2.8%	-0.9%	0.5%	1.0%
Stock Issuance	$0.00	$0.00	$411.5M	$417.1M	$916.1M	$181.8M	$117.1M	$0.00	$0.00	$0.00	$0.00
Stock Repurchase	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$-1.04B	$-805.3M	$0.00	$0.00	$0.00
Stock Based Comp.	$0.00	$7.0M	$8.7M	$33.6M	$39.1M	$106.1M	$115.0M	$56.1M	$105.7M	$124.4M	$121.9M

Margins & Profitability

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Gross Margin %	0.0%	84.9%	89.3%	84.0%	87.7%	84.7%	82.7%	84.3%	80.3%	77.6%	77.8%
Operating Margin %	0.0%	-99.5%	-42.3%	-167.1%	-17.1%	78.7%	71.1%	22.9%	-25.8%	-22.3%	-20.6%
Net Margin %	0.0%	-139.1%	-37.6%	-164.9%	3.2%	54.2%	54.5%	24.4%	-24.2%	-39.6%	-38.5%
EBITDA Margin %	0.0%	-121.3%	-18.8%	-132.4%	-21.8%	79.1%	75.7%	36.1%	-13.2%	-22.8%	-14.5%
FCF Margin %	0.0%	-179.1%	-98.8%	-248.3%	-20.5%	3.9%	76.3%	122.2%	-8.9%	-10.2%	-6.5%
ROE %	0.0%	0.0%	-44.7%	-46.8%	1.7%	154.0%	57.6%	4.7%	-3.3%	-6.2%	-6.0%
ROA %	0.0%	-23.7%	-9.2%	-24.4%	1.0%	112.3%	47.0%	4.1%	-2.9%	-5.4%	-5.3%
R&D / Revenue	-	-	-	-	-	-	-	-	-	-	-

Valuation

P/E (TTM)At Loss

HistoricalAt Loss / 6.65 / 918.52

Industry Med.27.44

P/S6.58

Historical1.21 / 7.32 / 157.74

Industry Med.9.85

P/B1.02

Historical0.88 / 1.72 / 29.27

Industry Med.2.90

EV/EBITDA-12.34

Historical-501.26 / 1.53 / 2797.10

Industry Med.12.95

EV/Revenue1.79

Historical0.31 / 2.51 / 157.67

Industry Med.8.88

P/FCF—

Historical2.37 / 4.45 / 77.60

Industry Med.34.76

Intrinsic Value Models

DCF (FCF Based)

$259.67

Tangible Book

$80.37

Net Current Assets

$62.350

Net-Net Working Capital

$59.92

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
PE Ratio	N/A	N/A	N/A	At Loss	1116.71	5.76	3.75	25.27	At Loss	At Loss	At Loss
PS Ratio	-	0.00	0.00	59.33	34.53	3.12	2.05	6.15	9.51	6.85	6.58
PB Ratio	0.00	0.00	0.00	14.01	11.80	4.65	1.72	1.14	1.35	1.06	1.02
EV/EBITDA	0.00	0.00	0.00	-44.98	-143.45	3.57	1.58	4.85	-26.42	-8.91	-12.34
EV/Revenue	0.00	0.00	0.00	59.56	31.26	2.82	1.19	1.75	3.48	2.03	1.79

Analyst Estimates & Quality

Altman Z-Score

6.14

Safe

Piotroski F-Score

Moderate

Beneish M-Score

-2.54

Unlikely Manipulator

Forward Estimates

Metric	Current Year	Next Year	2 Years Out
Revenue	$2,583M	$2,712M	$2,957M
Net Income	$-1,212M	$-1,278M	$-1,019M
EPS	-5.36	-5.28	-4.50
Book Value per Share	72.06	78.79	79.64
Operating Cash Flow per Share	-6.52	-6.68	-2.59
Operating CF	$-1,592.35M	$-1,631.66M	$-632.70M

Dividends

Recent Payments

Ex-Date	Pay Date	Amount	Type
2022-06-02	2022-06-17	$2.1322	Special Div.

Revenue Segments

By Business

Segment	2025
Single Segment	$2.87B

By Geography

Segment	2025
United States	$1.79B
Germany	$759.1M
Ireland	$304.8M
Rest of the World	$11.1M