Halozyme Therapeutics, Inc. (HALO) 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

-27.0%

$93.79

vs $128.49 price

Levered DCF

$98.83

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

5.38

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	25.49×	13.66×	17.35×	38.45×	14.06×	44.96×	-35.46×	-26.13×
P/B	165.22×	16.67×	58.18×	45.86×	28.71×	38.51×	27.89×	8.43×
P/S	5.77×	5.97×	5.88×	11.8×	12.76×	21.74×	13.06×	13.82×
EV / EBITDA	17.58×	11.35×	13.84×	28.71×	24.76×	39.66×	-50.24×	-31.26×
Gross margin	83.6%	84.3%	76.8%	78.9%	81.6%	83.8%	76.8%	93.3%
Operating margin	57.5%	54.3%	40.7%	40.5%	62.2%	53.9%	-34.5%	-45.7%
Net margin	22.7%	43.7%	34.0%	30.6%	90.8%	48.2%	-36.9%	-52.9%
Current ratio	4.66×	7.8×	6.64×	5.65×	7.91×	1.32×	6.35×	2.86×
Debt / equity	43.89×	4.14×	17.89×	8.87×	4.45×	2.63×	4.39×	0.51×
Interest coverage	44.28×	30.48×	17.99×	15.79×	36.66×	7.08×	-5.81×	-3.84×
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	649.2%	122.1%	336.0%	119.0%	204.5%	85.5%	-78.7%	-32.3%
Return on invested capital	23.2%	22.8%	16.8%	12.6%	25.6%	25.9%	-13.5%	-18.1%
Return on assets	12.5%	21.5%	16.2%	11.0%	36.5%	22.3%	-12.8%	-18.2%
Free cash flow yield	8.0%	7.7%	7.7%	3.0%	5.3%	0.9%	-3.5%	-2.6%
Earnings yield	3.9%	7.3%	5.8%	2.6%	7.1%	2.2%	-2.8%	-3.8%
Enterprise value	$10.1B	$7.5B	$6.3B	$9.1B	$6.4B	$6.1B	$2.8B	$2.2B
Net debt / EBITDA	3.51×	2.12×	3.06×	4.03×	2.93×	1.63×	-4.99×	-0.99×
Cash conversion cycle (days)	364	412	323	344	310	628	294	740