Organon & Co. (OGN) 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

+121.6%

$30.63

vs $13.83 price

Levered DCF

$15.71

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

1.27

Distress 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	9.96×	4.44×	3.6×	7.74×	5.71×	3.9×	2.62×	3.91×
P/B	2.47×	8.13×	-52.58×	-7.96×	-5.12×	1.54×	1.2×	1.33×
P/S	0.3×	0.6×	0.59×	1.15×	1.22×	1.29×	1.08×	0.86×
EV / EBITDA	7.82×	7.6×	8.3×	8.83×	8.25×	2.83×	2.13×	1.9×
Gross margin	54.1%	58.0%	59.8%	62.8%	62.2%	67.6%	70.8%	52.0%
Operating margin	20.7%	23.2%	21.2%	27.6%	30.4%	43.6%	49.5%	27.7%
Net margin	3.0%	13.5%	16.3%	14.9%	21.4%	33.1%	41.4%	22.0%
Current ratio	1.82×	1.6×	1.54×	1.56×	1.45×	1.33×	2.95×	2.4×
Debt / equity	11.7×	19.14×	-127.59×	-10.22×	-6.21×	0.01×	0.03×	0.02×
Interest coverage	2.55×	2.86×	2.52×	4.04×	7.42×	474.5×	641.17×	0×
Dividend yield	4.7%	7.7%	8.0%	4.1%	1.9%	0.0%	0.0%	0.0%
Payout ratio	47.1%	34.4%	28.7%	31.6%	10.7%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	24.9%	183.1%	-1461.4%	-102.8%	-89.6%	39.4%	45.7%	33.9%
Return on invested capital	5.4%	14.2%	14.4%	16.4%	20.8%	31.4%	37.2%	24.4%
Return on assets	1.5%	6.6%	8.5%	8.4%	12.6%	21.4%	30.5%	20.5%
Free cash flow yield	28.9%	15.3%	14.6%	6.1%	25.5%	22.6%	31.8%	42.6%
Earnings yield	10.1%	22.5%	27.8%	12.9%	17.5%	25.6%	38.2%	25.6%
Enterprise value	$10.1B	$12.2B	$11.9B	$15.5B	$16.3B	$8.4B	$8.3B	$8.3B
Net debt / EBITDA	6.38×	5.21×	5.74×	4.79×	4.35×	0.01×	-0.03×	-0.02×
Cash conversion cycle (days)	142	108	108	74	16	191	204	114