Pharming Group N.V. (PHAR) 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

+5.6%

$13.44

vs $12.73 price

Levered DCF

$16.86

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

3.19

Safe zone

Rating

B+

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	441.75×	-57.22×	-78.83×	66.45×	39.38×	26.28×	28.64×	41.37×
P/B	4.55×	3.03×	3.43×	4.45×	3.58×	6.61×	10.68×	19.26×
P/S	3.35×	2.34×	3.06×	4.43×	3.94×	4.68×	6.62×	7.7×
EV / EBITDA	35.36×	46.18×	87.15×	25.94×	15.36×	16.41×	17.32×	47.99×
Gross margin	87.9%	88.1%	89.7%	91.5%	89.4%	88.9%	87.4%	83.6%
Operating margin	5.6%	-1.2%	-9.1%	4.8%	9.6%	35.9%	36.0%	28.1%
Net margin	0.8%	-4.0%	-4.3%	6.7%	8.0%	17.8%	21.4%	18.5%
Current ratio	2.59×	3.77×	4.06×	4.65×	5.33×	3.43×	1.05×	1.4×
Debt / equity	0.42×	0.51×	0.78×	0.81×	0.84×	0.88×	0.5×	1.35×
Interest coverage	1.95×	-0.41×	-3.74×	1.84×	2.72×	7.4×	5.11×	2.65×
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	1.0%	-5.2%	-4.8%	6.7%	7.3%	25.1%	34.5%	46.3%
Return on invested capital	1.0%	-1.1%	-5.0%	2.4%	3.3%	23.1%	27.1%	25.2%
Return on assets	0.6%	-2.9%	-2.3%	3.2%	3.6%	11.0%	15.8%	13.3%
Free cash flow yield	4.3%	-0.4%	-2.5%	2.2%	2.7%	6.9%	3.9%	3.5%
Earnings yield	0.2%	-1.7%	-1.4%	1.5%	2.0%	3.8%	3.2%	2.4%
Enterprise value	$1.2B	$753.4M	$860.8M	$869.8M	$749.3M	$957.7M	$1.2B	$1.2B
Net debt / EBITDA	-0.87×	3.64×	11.12×	-1.21×	-0.7×	-0.61×	-0.23×	0.13×
Cash conversion cycle (days)	-276	551	653	743	443	131	-317	176