Organon & Co.
OGNHealthcare|Drug Manufacturers - General|US
$13.87
+0.08 (+0.58%)
DCF Value
$30.78
Graham Number
$9.11
Cash / Share
$5.54
Financials
Financial Snapshot
Market Cap
$3.64B
Enterprise Value
$10.74B
Revenue (TTM)
$6.10B
Net Income (TTM)
$213.0M
Cash & Investments
$1.46B
Net Cash
-$7.10B
Free Cash Flow (TTM)
$675.0M
Operating CF (TTM)
$843.0M
Debt/Equity
7.17
Cash Runway & Burn Rate
Company is cash-flow positive.
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | — | $244.0M | $319.0M | $12.0M | $737.0M | $706.0M | $693.0M | $675.0M | $574.0M | $1.46B | |
| Operating Cash Flow | $3.42B | $3.69B | $2.77B | $2.19B | $2.46B | $858.0M | $799.0M | $939.0M | $700.0M | $843.0M | |
| Free Cash Flow | $3.33B | $3.59B | $2.67B | $1.91B | $1.97B | $431.0M | $538.0M | $588.0M | $538.0M | $675.0M | |
| Capital Expenditure | -$86.0M | -$101.0M | -$92.0M | -$278.0M | -$488.0M | -$427.0M | -$261.0M | -$351.0M | -$162.0M | -$168.0M | |
| Financing Cash Flow | -$3.37B | -$4.16B | -$2.62B | -$2.17B | -$1.33B | -$433.0M | -$569.0M | -$368.0M | -$561.0M | -$242.0M |
R&D Spending
R&D (TTM)
$357.0M
R&D Intensity
5.9%
R&D Growth vs Prior
-2.5%
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $10.50B | $9.78B | $7.78B | $6.53B | $6.30B | $6.17B | $6.26B | $6.40B | $6.22B | $6.10B | |
| R&D Expense | $355.0M | $365.0M | $220.0M | $210.0M | $443.0M | $471.0M | $528.0M | $469.0M | $366.0M | $357.0M | |
| R&D % of Revenue | 3.4% | 3.7% | 2.8% | 3.2% | 7.0% | 7.6% | 8.4% | 7.3% | 5.9% | 5.9% | |
| SG&A | $2.29B | $2.01B | $1.44B | $1.36B | $1.67B | $1.70B | $1.89B | $1.76B | $1.71B | $1.71B |
Income Statement
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $10.50B | $9.78B | $7.78B | $6.53B | $6.30B | $6.17B | $6.26B | $6.40B | $6.22B | $6.10B | |
| Cost of Revenue | $4.59B | $4.69B | $2.27B | $2.12B | $2.38B | $2.29B | $2.52B | $2.69B | $2.85B | $2.84B | |
| Gross Profit | $5.91B | $5.08B | $5.50B | $4.41B | $3.92B | $3.88B | $3.75B | $3.71B | $3.36B | $3.26B | |
| R&D | $355.0M | $365.0M | $220.0M | $210.0M | $443.0M | $471.0M | $528.0M | $469.0M | $366.0M | $357.0M | |
| SG&A | $2.29B | $2.01B | $1.44B | $1.36B | $1.67B | $1.70B | $1.89B | $1.76B | $1.71B | $1.71B | |
| Operating Income | $3.27B | $2.71B | $3.85B | $2.85B | $1.92B | $1.71B | $1.33B | $1.49B | $1.28B | $1.19B | |
| Interest Expense | $0.00 | $0.00 | $6.0M | $6.0M | $258.0M | $422.0M | $527.0M | $520.0M | $504.0M | $446.0M | |
| Pretax Income | $3.10B | $2.73B | $3.70B | $2.75B | $1.53B | $1.12B | $673.0M | $807.0M | $425.0M | $503.0M | |
| Net Income | $1.80B | $2.15B | $3.22B | $2.16B | $1.35B | $917.0M | $1.02B | $864.0M | $187.0M | $213.0M | |
| EPS (Diluted) | 7.11 | 8.51 | 12.71 | 8.52 | 5.33 | 3.59 | 3.99 | 3.33 | 0.72 | 0.76 | |
| EBITDA | $5.08B | $4.38B | $3.89B | $2.99B | $1.98B | $1.76B | $1.44B | $1.60B | $1.29B | $1.29B | |
| Shares Out. (M) | 253.13 | 253.13 | 253.13 | 253.52 | 253.55 | 255.17 | 256.27 | 259.15 | 260.76 | 272.38 |
Balance Sheet
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | — | $244.0M | $319.0M | $12.0M | $737.0M | $706.0M | $693.0M | $675.0M | $574.0M | $1.46B | |
| Short-Term Investments | — | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Current Assets | — | $3.71B | $3.96B | $3.57B | $3.76B | $3.93B | $4.51B | $4.35B | $4.35B | $5.37B | |
| Total Assets | — | $10.49B | $10.55B | $10.11B | $10.68B | $10.96B | $12.06B | $13.10B | $12.87B | $13.40B | |
| Total Current Liabilities | — | $1.54B | $1.34B | $2.67B | $2.60B | $2.51B | $2.92B | $2.72B | $2.39B | $2.65B | |
| Long-Term Debt | — | $34.0M | $70.0M | $0.00 | $9.13B | $8.90B | $8.75B | $8.86B | $8.64B | $8.48B | |
| Total Liabilities | — | $4.15B | $3.51B | $4.62B | $12.19B | $11.85B | $12.13B | $12.63B | $12.12B | $12.21B | |
| Stockholders' Equity | — | $6.35B | $7.04B | $5.49B | -$1.51B | -$892.0M | -$70.0M | $472.0M | $752.0M | $1.19B | |
| Retained Earnings | — | $0.00 | $0.00 | $0.00 | -$998.0M | -$331.0M | $443.0M | $1.01B | $1.11B | $1.51B |
Cash Flow Statement
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $3.42B | $3.69B | $2.77B | $2.19B | $2.46B | $858.0M | $799.0M | $939.0M | $700.0M | $843.0M | |
| Capital Expenditure | -$86.0M | -$101.0M | -$92.0M | -$278.0M | -$488.0M | -$427.0M | -$261.0M | -$351.0M | -$162.0M | -$168.0M | |
| Free Cash Flow | $3.33B | $3.59B | $2.67B | $1.91B | $1.97B | $431.0M | $538.0M | $588.0M | $538.0M | $675.0M | |
| Investing Cash Flow | -$56.0M | -$69.0M | -$102.0M | -$258.0M | -$481.0M | -$420.0M | -$260.0M | -$513.0M | -$390.0M | $201.0M | |
| Financing Cash Flow | -$3.37B | -$4.16B | -$2.62B | -$2.17B | -$1.33B | -$433.0M | -$569.0M | -$368.0M | -$561.0M | -$242.0M | |
| Issuance of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | -$17.0M | -$22.0M | $0.00 | $0.00 | |
| Net Debt Issuance | -$4.0M | $59.0M | $0.00 | $1.51B | $7.85B | -$108.0M | -$258.0M | -$11.0M | -$458.0M | -$214.0M | |
| Stock Based Comp. | $56.0M | $56.0M | $41.0M | $40.0M | $59.0M | $75.0M | $101.0M | $105.0M | $77.0M | $28.0M | |
| Net Change in Cash | -$45.0M | -$527.0M | $75.0M | -$249.0M | $667.0M | -$31.0M | -$13.0M | -$18.0M | -$101.0M | $783.0M |
Dilution Tracker
Shares Outstanding
263M
5-Year Share Growth
+2.9%
Stock Issuance (TTM)
$0.00
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 253.13 | 253.13 | 253.13 | 253.52 | 253.55 | 255.17 | 256.27 | 259.15 | 260.76 | 272.38 | |
| Change vs Prior % | — | 0.0% | 0.0% | 0.2% | 0.0% | 0.6% | 0.4% | 1.1% | 0.6% | 4.5% | |
| Stock Issuance | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | -$17.0M | -$22.0M | $0.00 | $0.00 | |
| Stock Based Comp. | $56.0M | $56.0M | $41.0M | $40.0M | $59.0M | $75.0M | $101.0M | $105.0M | $77.0M | $28.0M |
Margins & Profitability
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 56.3% | 52.0% | 70.8% | 67.6% | 62.2% | 62.8% | 59.8% | 58.0% | 54.1% | 53.4% | |
| Operating Margin % | 31.2% | 27.7% | 49.5% | 43.6% | 30.4% | 27.6% | 21.2% | 23.2% | 20.7% | 19.5% | |
| Net Margin % | 17.2% | 22.0% | 41.4% | 33.1% | 21.4% | 14.9% | 16.3% | 13.5% | 3.0% | 3.5% | |
| EBITDA Margin % | 48.4% | 44.8% | 50.1% | 45.8% | 31.4% | 28.4% | 22.9% | 25.1% | 20.8% | 21.2% | |
| FCF Margin % | 31.7% | 36.7% | 34.4% | 29.2% | 31.3% | 7.0% | 8.6% | 9.2% | 8.7% | 11.1% | |
| ROE % | 0.0% | 33.9% | 45.7% | 39.4% | -89.6% | -102.8% | -1461.4% | 183.1% | 24.9% | 22.1% | |
| ROA % | 0.0% | 20.5% | 30.5% | 21.4% | 12.6% | 8.4% | 8.5% | 6.6% | 1.5% | 1.6% | |
| ROIC % | 0.0% | 24.4% | 37.2% | 31.4% | 20.8% | 16.4% | 14.4% | 14.2% | 5.4% | 4.7% | |
| R&D / Revenue % | 3.4% | 3.7% | 2.8% | 3.2% | 7.0% | 7.6% | 8.4% | 7.3% | 5.9% | 5.9% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | -6.9% | -20.5% | -16.0% | -3.5% | -2.1% | 1.4% | 2.2% | -2.9% | |
| Gross Profit | 0.0% | -14.0% | 8.2% | -19.8% | -11.1% | -1.1% | -3.4% | -0.9% | -9.5% | |
| Operating Income | 0.0% | -17.3% | 42.2% | -26.0% | -32.7% | -11.0% | -22.2% | 12.0% | -13.5% | |
| Net Income | 0.0% | 19.5% | 49.5% | -32.9% | -37.5% | -32.1% | 11.6% | -15.5% | -78.4% | |
| EPS (Diluted) | 0.0% | 19.7% | 49.4% | -33.0% | -37.4% | -32.6% | 11.1% | -16.5% | -78.4% | |
| Operating Cash Flow | 0.0% | 7.8% | -25.0% | -21.0% | 12.4% | -65.1% | -6.9% | 17.5% | -25.5% | |
| Free Cash Flow | 0.0% | 7.6% | -25.4% | -28.6% | 3.2% | -78.1% | 24.8% | 9.3% | -8.5% | |
| R&D Expense | 0.0% | 2.8% | -39.7% | -4.5% | 111.0% | 6.3% | 12.1% | -11.2% | -22.0% | |
| SG&A Expense | 0.0% | -11.9% | -28.3% | -6.0% | 23.0% | 2.2% | 11.1% | -7.0% | -2.8% | |
| Total Assets | 0.0% | 0.0% | 0.5% | -4.2% | 5.7% | 2.6% | 10.1% | 8.6% | -1.8% | |
| Book Value / Share | 0.0% | 0.0% | 10.8% | -22.1% | -127.5% | 41.0% | 92.2% | 769.5% | 57.8% | |
| Debt | 0.0% | 0.0% | 24.8% | -83.3% | 30106.5% | -2.7% | -2.0% | 1.2% | -2.6% | |
| Diluted Shares | 0.0% | 0.0% | 0.0% | 0.2% | 0.0% | 0.6% | 0.4% | 1.1% | 0.6% |
Valuation
P/E (TTM)17.56
10Y Low / Med / High2.62 / 4.44 / 9.96
P/S0.60
10Y Low / Med / High0.30 / 0.86 / 1.29
P/B3.05
10Y Low / Med / High1.20 / 1.54 / 8.13
EV/EBITDA8.31
10Y Low / Med / High1.90 / 7.82 / 8.83
EV/Revenue1.76
10Y Low / Med / High0.85 / 1.90 / 2.59
P/FCF5.40
10Y Low / Med / High2.35 / 3.92 / 16.47
Intrinsic Value Models (per share)
DCF Value
$30.78
Graham Number
$9.11
Cash / Share
$5.54
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | 4.68 | 3.91 | 2.62 | 3.90 | 5.71 | 7.74 | 3.60 | 4.44 | 9.96 | 17.56 | |
| P/S Ratio | 0.80 | 0.86 | 1.08 | 1.29 | 1.22 | 1.15 | 0.59 | 0.60 | 0.30 | 0.60 | |
| P/B Ratio | 0.00 | 1.33 | 1.20 | 1.54 | -5.12 | -7.96 | -52.58 | 8.13 | 2.47 | 3.05 | |
| EV/EBITDA | 0.00 | 1.90 | 2.13 | 2.83 | 8.25 | 8.83 | 8.30 | 7.60 | 7.82 | 8.31 | |
| EV/Revenue | 0.00 | 0.85 | 1.07 | 1.29 | 2.59 | 2.51 | 1.90 | 1.90 | 1.62 | 1.76 |
Analyst Estimates & Quality
Altman Z-Score
1.27
Distress
Piotroski F-Score
7
Strong
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $6.13B | $6.36B | $6.68B |
| Net Income | $874.8M | $963.4M | $1.04B |
| EPS | $3.35 | $3.63 | $4.01 |
| # Analysts (EPS) | 3 | 3 | 1 |
Dividends
Dividend/Share (TTM)
$0.08
Dividend Yield
0.58%
Frequency
Quarterly
Next Payment
Dec 10, 2026
Recent Payments
| Ex-Date | Pay Date | Amount | Frequency |
|---|---|---|---|
| Nov 9, 2026 | Dec 10, 2026 | $0.02 | Quarterly |
| Aug 14, 2026 | Sep 10, 2026 | $0.02 | Quarterly |
| May 11, 2026 | Jun 11, 2026 | $0.02 | Quarterly |
| Feb 23, 2026 | Mar 12, 2026 | $0.02 | Quarterly |
| Nov 20, 2025 | Dec 11, 2025 | $0.02 | Quarterly |
| Aug 15, 2025 | Sep 11, 2025 | $0.02 | Quarterly |
| May 12, 2025 | Jun 12, 2025 | $0.02 | Quarterly |
| Feb 24, 2025 | Mar 13, 2025 | $0.28 | Quarterly |
| Nov 12, 2024 | Dec 12, 2024 | $0.28 | Quarterly |
| Aug 16, 2024 | Sep 12, 2024 | $0.28 | Quarterly |
| May 10, 2024 | Jun 13, 2024 | $0.28 | Quarterly |
| Feb 23, 2024 | Mar 14, 2024 | $0.28 | Quarterly |
| Nov 10, 2023 | Dec 14, 2023 | $0.28 | Quarterly |
| Aug 17, 2023 | Sep 14, 2023 | $0.28 | Quarterly |
| May 12, 2023 | Jun 15, 2023 | $0.28 | Quarterly |
| Feb 24, 2023 | Mar 16, 2023 | $0.28 | Quarterly |
| Nov 10, 2022 | Dec 15, 2022 | $0.28 | Quarterly |
| Aug 12, 2022 | Sep 15, 2022 | $0.28 | Quarterly |
| May 13, 2022 | Jun 16, 2022 | $0.28 | Quarterly |
| Feb 25, 2022 | Mar 17, 2022 | $0.28 | Quarterly |
Revenue Segments
By Geography
| Segment | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Asia Pacific and Japan | $1.17B | $1.14B | $1.13B | $1.05B | $1.00B |
| CHINA | $933.0M | $917.0M | $864.0M | $847.0M | $829.0M |
| Europe and Canada | $1.74B | $1.63B | $1.67B | — | — |
| Latin America, Middle East, Russia and Africa | $841.0M | $895.0M | $965.0M | — | — |
| Other Countries | $233.0M | $151.0M | $154.0M | $137.0M | $93.0M |
| UNITED STATES | — | — | $1.48B | $1.57B | $1.60B |
| Europe And Canada | — | — | — | $1.76B | $1.62B |
| Latin America, Middle East, Russia And Africa | — | — | — | $1.03B | $1.07B |
| Non-US | — | — | — | — | $4.61B |