Neurocrine Biosciences, Inc. (NBIX) 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

+140.9%

$351.43

vs $145.88 price

Levered DCF

$461.95

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

6.69

Safe zone

Rating

Overall 4 / 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	29.49×	40.15×	51.47×	74.19×	89.65×	21.93×	268.72×	324.59×
P/B	4.34×	5.29×	5.77×	6.7×	5.86×	7.92×	15.46×	14.17×
P/S	4.93×	5.82×	6.82×	7.69×	7.11×	8.53×	12.5×	15.1×
EV / EBITDA	20.72×	21.77×	31.36×	48.36×	59.06×	61.77×	119.12×	125.39×
Gross margin	98.2%	98.6%	97.9%	98.4%	98.7%	99.0%	99.1%	98.9%
Operating margin	21.6%	24.2%	13.3%	16.7%	9.0%	15.6%	9.2%	8.2%
Net margin	16.7%	14.5%	13.2%	10.4%	7.9%	38.9%	4.7%	4.7%
Current ratio	3.39×	3.4×	2.45×	2.7×	3.96×	5.45×	1.47×	8.36×
Debt / equity	0.13×	0.18×	0.19×	0.15×	0.32×	0.37×	0.78×	0.81×
Interest coverage	0×	4.51×	54.54×	35.07×	3.97×	4.97×	2.26×	1.21×
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	14.7%	13.2%	11.2%	9.0%	6.5%	36.2%	5.8%	4.4%
Return on invested capital	10.8%	12.5%	6.8%	9.0%	5.0%	10.5%	5.0%	3.9%
Return on assets	10.3%	9.2%	7.7%	6.5%	4.3%	23.5%	2.8%	2.1%
Free cash flow yield	5.3%	4.1%	2.8%	2.8%	2.9%	2.4%	1.3%	1.1%
Earnings yield	3.4%	2.5%	1.9%	1.4%	1.1%	4.6%	0.4%	0.3%
Enterprise value	$13.8B	$13.9B	$13.1B	$11.4B	$8.2B	$9.1B	$10.2B	$7.1B
Net debt / EBITDA	-0.45×	0.35×	0.43×	0×	0.72×	1.52×	4.46×	4.38×
Cash conversion cycle (days)	-164	-382	-788	-421	-476	-357	-1,130	-2,003