Genmab A/S (GMAB) 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

-90.1%

$5.48

vs $55.49 price

Levered DCF

$5.77

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

22.67

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	19.91×	12.39×	32.56×	35.29×	57.22×	33.93×	43.26×	44.72×
P/B	3.28×	2.65×	4.48×	7.05×	7.62×	8.44×	6.67×	8.2×
P/S	5.14×	4.51×	8.6×	13.27×	20.09×	15.96×	17.46×	21.73×
EV / EBITDA	17.1×	9.11×	21.27×	24.93×	38.42×	25.02×	30.06×	38.36×
Gross margin	91.7%	95.4%	98.6%	100.0%	100.0%	100.0%	100.0%	100.0%
Operating margin	33.6%	31.1%	32.3%	43.2%	35.1%	62.4%	49.2%	45.6%
Net margin	25.9%	36.4%	26.4%	37.6%	35.1%	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	0.93×	0.03×	0.02×	0.02×	0.02×	0.02×	0.01×	0×
Interest coverage	20.49×	55.86×	197.07×	298.43×	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	16.5%	21.4%	13.8%	20.0%	13.3%	24.9%	15.4%	18.4%
Return on invested capital	8.5%	14.1%	12.5%	17.3%	9.6%	25.5%	14.0%	15.7%
Return on assets	7.5%	17.1%	12.3%	18.1%	12.0%	22.5%	14.3%	17.4%
Free cash flow yield	6.0%	7.8%	4.9%	1.9%	1.2%	3.8%	1.3%	0.8%
Earnings yield	5.0%	8.1%	3.1%	2.8%	1.7%	2.9%	2.3%	2.2%
Enterprise value	$22.9B	$88.3B	$127.6B	$183.2B	$160.6B	$154.5B	$90.3B	$65.2B
Net debt / EBITDA	2.78×	-0.91×	-2.35×	-1.27×	-2.04×	-1.12×	-1.12×	-0.31×
Cash conversion cycle (days)	-1,125	136	202	144	146	89	203	160