Genmab A/S (GMAB.CO) 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

-90.7%

DKK 340.97

vs DKK 3,649.00 price

Levered DCF

DKK 370.71

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

22.57

Safe zone

Rating

C+

Overall 2 / 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	126.06×	12.21×	32.34×	35.27×	57.17×	33.74×	43.07×	42.63×
P/B	21.59×	2.63×	4.45×	7.05×	7.75×	8.4×	6.64×	7.83×
P/S	32.64×	4.48×	8.54×	13.26×	20.28×	15.88×	17.38×	20.75×
EV / EBITDA	94.9×	9.04×	21.14×	24.97×	50.02×	24.88×	29.92×	36.61×
Gross margin	91.7%	95.4%	98.6%	100.0%	100.0%	100.0%	100.0%	100.0%
Operating margin	33.6%	32.5%	32.3%	43.5%	34.8%	62.4%	49.2%	45.6%
Net margin	25.9%	36.4%	26.4%	37.6%	34.9%	47.1%	40.4%	48.7%
Current ratio	2.02×	5.25×	13.34×	15.48×	14.5×	15×	14.88×	16.77×
Debt / equity	0.95×	0.03×	0.02×	0.02×	0.02×	0.02×	0.01×	0×
Interest coverage	20.49×	58.36×	197.07×	300.24×	227.15×	631.3×	376.86×	3,310.03×
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	17.1%	21.4%	13.8%	20.0%	13.3%	24.9%	15.4%	18.4%
Return on invested capital	8.9%	14.8%	12.5%	17.4%	9.6%	25.5%	14.0%	15.7%
Return on assets	7.8%	17.1%	12.3%	18.1%	12.0%	22.5%	14.3%	17.4%
Free cash flow yield	0.9%	7.9%	5.0%	1.9%	1.1%	3.8%	1.3%	0.9%
Earnings yield	0.8%	8.1%	3.1%	2.8%	1.7%	3.0%	2.3%	2.3%
Enterprise value	DKK 129.8B	DKK 87.6B	DKK 126.6B	DKK 183B	DKK 163.5B	DKK 153.6B	DKK 89.9B	DKK 62.2B
Net debt / EBITDA	2.8×	-0.91×	-2.35×	-1.27×	-2.61×	-1.12×	-1.12×	-0.31×
Cash conversion cycle (days)	-1,085	-1,154	-3,524	148	146	98	203	160