Biogen Inc. (BIIB) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+102.9%

$506.49

vs $249.57 price

Levered DCF

$349.15

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

3.15

Safe zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	19.89×	13.65×	32.27×	13.21×	22.98×	9.85×	9.43×	13.92×
P/B	1.41×	1.33×	2.53×	3×	3.28×	3.68×	4.16×	4.73×
P/S	2.63×	2.3×	3.81×	3.96×	3.26×	2.93×	3.86×	4.58×
EV / EBITDA	10.1×	8.86×	18.4×	12.28×	10.48×	8.98×	7.62×	9.46×
Gross margin	70.5%	76.1%	74.2%	77.6%	80.8%	86.6%	86.4%	86.5%
Operating margin	19.1%	25.7%	21.3%	28.4%	25.4%	34.2%	49.0%	43.8%
Net margin	13.2%	16.9%	11.8%	29.9%	14.2%	29.8%	41.0%	32.9%
Current ratio	2.68×	1.35×	2×	2.99×	1.83×	1.84×	1.72×	2.32×
Debt / equity	0.38×	0.4×	0.5×	0.49×	0.7×	0.73×	0.48×	0.46×
Interest coverage	7.63×	9.95×	8.49×	11.72×	11.01×	20.64×	37.58×	29.35×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	7.1%	9.8%	7.8%	22.7%	14.3%	37.4%	44.1%	34.0%
Return on invested capital	6.6%	8.8%	8.0%	11.2%	13.2%	17.7%	24.7%	20.3%
Return on assets	4.4%	5.8%	4.3%	12.4%	6.5%	16.3%	21.6%	17.5%
Free cash flow yield	7.9%	11.3%	3.3%	2.8%	9.5%	9.7%	11.8%	8.6%
Earnings yield	5.0%	7.3%	3.1%	7.6%	4.4%	10.2%	10.6%	7.2%
Enterprise value	$29.8B	$26.5B	$43.7B	$43.4B	$41.1B	$45.9B	$59B	$66.4B
Net debt / EBITDA	1.34×	1.42×	2.65×	0.9×	1.36×	1.27×	0.45×	0.67×
Cash conversion cycle (days)	288	392	384	213	197	187	114	180