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argenex SE

ARGX Healthcare Biotechnology

argenex SE’s revenue for fiscal 2025 (year ended December 2025) was $4.2 billion, up 88.6% from fiscal 2024.

Revenue
+52.1%
EPS
+43.9%
Free cash flow
+537.5%

Quarter to September 2026, against a year earlier

901.63 6.86 +0.77%
Market cap
$56.3B
P/E
29.8×
Fwd P/E
30.1×
Dividend yield
—
F-score
5/9
Altman Z
24.36
Beneish M
−1.51
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 0.00%

Capital & Financial Ratios $m

Size
Market Cap 56,270.00
Revenue ttm 5,929.05
Net income ttm 1,600.81
Free cash flow ttm 1,378.46
Net debt Q (3,584.00)
Valuation
P/E 29.82
Forward P/E 30.10
Price / sales 9.52
Forward P/S Powerpack
Price / FCF 40.96
Price / book 6.71 (above 6: high)
Financial health
Current ratio Q 5.12 (at or above 1.5: strong)
Debt / equity Q 0.00 (at or below 0.5: strong)
Interest coverage Q 485.00
Growth
Revenue growth Q +52.13% (above 0%: growing)
Operating income growth Q +39.77% (above 0%: growing)
EPS, this year +45.46% (at or above 15%: strong)
EPS, next year A +30.72% (at or above 15%: strong)
Revenue, next year A +66.66% (at or above 10%: strong)
EPS, past 5 yrs —
EPS, next 5 yrs A +33.82% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 8.9×, against a ten-year median of 20.3×; over the ten years it ranged from 8.8× in 2026 to 140× in 2021.
P/S against its own 10 years 1.14%
10-year low 10-year high
P/B against its own 10 years 46.13%
10-year low 10-year high
EV/Sales against its own 10 years 1.27%
10-year low 10-year high
EV/FCF against its own 10 years 53.55%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 2,049 1,500 3,491 3,584
Receivables 499 909 1,657 1,941
Inventory 311 407 474 371
Other 1,131 1,879 949 1,600
4,124 4,883 6,899 8,068
2023 2024 2025 Q'26
Payables 414 650 1,267 1,515
ST’ Debt — — — —
Other — — — —
423 670 1,320 1,575

Compound Annual Growth %

10y 5y 3y
Sales — 130.77% 112.09%
Cash Flow — 0.00% 0.00%
Earnings — 0.00% 0.00%
Book Value — 34.33% 37.55%

Earnings Trends EPS, adjusted, against the consensus

Sep 2026 Estimate 7.44 Actual 7.80

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Dec 2025 6.24 8.02 Beat by 1.78
Mar 2026 5.16 5.52 Beat by 0.36
Jun 2026 6.27 7.32 Beat by 1.05
Sep 2026 7.44 7.80 Beat by 0.36
Dec 2026 7.70 — Reports 25 February 2027

EPS $

Mar Jun Sep Dec Year
’26 5.52 7.32 7.80 — —
’25 2.58 3.74 5.18 8.02 19.57
’24 (1.04) 0.45 1.39 11.79 12.78
’23 (0.52) (1.69) (1.25) (1.68) (5.16)
’22 (4.36) (3.81) (4.26) (0.70) (13.05)
’21 (0.81) 1.24 (4.40) (4.76) (7.99)
’20 (2.06) (5.31) — (8.40) (13.30)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 1,313 1,542 1,751 — —
’25 807 967 1,151 1,323 4,248
’24 413 489 589 761 2,252
’23 230 281 340 418 1,269
’22 31 85 146 182 445
’21 179 465 7 34 539
’20 26 25 — 17 65
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 — — — — —
’25 — — — — 685
’24 — — — — (83)
’23 — — — — (420)
’22 — — — — (863)
’21 — — — — (607)
’20 — — — — (398)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 — 643 — — —
’25 — 313 — 574 574
’24 — (147) — (151) (151)
’23 — (286) — (464) (464)
’22 — (495) — (967) (967)
’21 — (349) — (728) (728)
’20 — (148) — (257) (404)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 19 47 35 92 65 539 445 1,269 2,252 4,248 5,929 +82.4% 7,080 8,639 10,533 +35.4%
Gross margin, % 100.00 100.00 100.00 100.00 100.00 100.00 93.39 90.71 89.91 89.39 90.21 (10.6) pt
EBT (24) (31) (78) (177) (605) (400) (729) (304) 85 1,279 1,900 n/m
EBT margin, % (124.62) (66.61) (225.26) (191.58) (932.59) (74.11) (163.79) (24.00) 3.78 30.10 32.04 +154.7 pt
Net income (24) (26) (97) (200) (478) (349) (720) (425) (22) 1,054 1,601 n/m
Per share, $
Per share, $ Revenue 1.01 1.89 1.03 2.40 1.43 10.56 8.19 22.19 37.62 69.31 94.51 +60.0%
Earnings (1.26) (1.40) (2.35) (4.73) (13.30) (7.99) (13.05) (5.16) 13.92 21.08 30.18 n/m
Cash flow 0.62 (1.68) (1.90) 3.90 (8.77) (11.88) (15.87) (7.35) (1.38) 11.18 0.00 +37.8%
Capex (0.05) (0.02) (0.02) (1.21) (0.11) (2.38) (1.91) (0.77) (1.14) (1.82) 0.00 +48.9%
Free cash flow 0.57 (1.69) (1.93) 2.69 (8.89) (14.26) (17.78) (8.12) (2.52) 9.36 0.00 +36.4%
Book value 3.73 15.84 19.03 30.47 36.87 49.62 51.74 71.67 91.86 119.47 0.00 +47.0%
Shares, m 19 25 33 39 45 51 54 57 60 61 62 +14.0%
Valuation, ×
Valuation, × P/E 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 44.69 39.97 29.82 8.5
P/S 0.00 0.00 0.00 0.00 143.06 26.15 45.65 17.17 16.35 12.13 9.52 26.1
P/B 0.00 0.00 0.00 5.31 8.31 7.06 7.22 5.32 6.70 7.04 6.71 4.7
EV/Sales 0.00 0.00 0.00 0.00 122.56 24.20 43.86 15.56 15.68 11.31 8.92 23.3
EV/FCF 0.00 0.00 2.13 19.15 (13,199.23) (13.30) (8.89) (8.05) (30.68) 81.66 38.36 (1,315.7)
Cash, $m
Cash, $m Operating cash flow 12 (41) (64) 151 (398) (607) (863) (420) (83) 685 1,615 +57.1%
Capex (1) 0 (1) (47) (5) (121) (104) (44) (68) (112) (237) +69.8%
Free cash flow 11 (42) (64) 104 (404) (728) (967) (464) (151) 574 1,378 +55.5%
Balance, $m
Balance, $m Working capital 66 385 629 1,359 1,729 2,242 2,472 3,701 4,213 5,579 6,493 +63.8%
Net debt (100) (218) (334) (371) (1,217) (1,335) (801) (2,049) (1,500) (3,491) (3,584) +48.3%
Shareholders’ equity 70 390 636 1,177 1,674 2,534 2,814 4,098 5,498 7,323 8,417 +67.6%
Returns, %
Returns, % ROA (8.39) (11.83) (14.28) (15.95) (31.33) (15.92) (23.71) (7.69) 15.51 17.36 0.00 +25.8 pt
ROIC 0.00 (9.41) (20.01) (15.51) (65.28) (18.17) (22.37) (12.97) (0.34) 17.19 0.00 +17.2 pt
ROE (9.74) (13.80) (15.35) (20.14) (42.69) (19.40) (26.54) (8.54) 17.36 20.15 0.00 +29.9 pt
People
People Employees 67 73 105 188 336 650 843 1,148 1,599 1,863 — +44.7%
Revenue/emp, $m 0.28 0.64 0.33 0.49 0.19 0.83 0.53 1.11 1.41 2.28 — +26.1%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

argenex SE vs peers in Biotechnology (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
MRNA Moderna, Inc. $96.4B — (loss-making) — (loss-making) +2.11% (above 0%: growing) n/m +38.94% (above 0%: growing) 35.86% (562.07%) Compare
REGN Regeneron Pharmaceuticals, Inc. $93.4B 19.2× 19.2× +36.27% (above 0%: growing) +35.98% (above 0%: growing) +3.85% (above 0%: growing) 88.79% 40.04% Compare
ARGX argenex SE $56.3B 29.8× 30.1× +52.13% (above 0%: growing) +43.85% (above 0%: growing) +537.51% (above 0%: growing) 90.58% 27.70%
ONC BeOne Medicines Ltd. - Sponsored ADR $40.4B 65.9× 48.8× +33.81% (above 0%: growing) +143.68% (above 0%: growing) +33.59% (above 0%: growing) 88.52% 22.15% Compare
RPRX Royalty Pharma PLC $39.0B 44.8× 27.3× +13.26% (above 0%: growing) −51.52% (below 0%: shrinking) +364.63% (above 0%: growing) 100.00% 59.53% Compare
RVMD Revolution Medicines, Inc. $38.1B — (loss-making) — (loss-making) +1,188.71% (above 0%: growing) n/m −99.06% (below 0%: shrinking) 100.00% (188.88%) Compare
GMAB Genmab A/S Sponsored ADR $31.5B 41.7× 47.3× +24.86% (above 0%: growing) −9.26% (below 0%: shrinking) −7.69% (below 0%: shrinking) 92.73% 32.47% Compare
ROIV Roivant Sciences Ltd. $26.5B — (loss-making) — (loss-making) −33.55% (below 0%: shrinking) n/m −29.99% (below 0%: shrinking) 80.31% (25,380.93%) Compare
INCY Incyte Corporation $24.1B 56.3× 55.6× +14.00% (above 0%: growing) n/m −232.97% (below 0%: shrinking) 93.02% (45.49%) Compare
Median of peers $38.5B 44.8× 47.3× +19.43% +13.36% −1.92% 90.76% (11.67%)

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argenex SE (ARGX) Latest News

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ARGX metrics, ten years each

stockrow.com/ARGX · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com