Pharming Group N.V. (PHARM.AS) 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

-1.0%

€1.10

vs €1.11 price

Levered DCF

€1.64

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

3.2

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	348.78×	-57.81×	-80.47×	64.52×	34.14×	27.41×	30.14×	21.52×
P/B	3.72×	2.87×	3.87×	4.68×	3.52×	7.27×	12.62×	10.02×
P/S	2.74×	2.15×	3.45×	4.66×	3.42×	5.85×	6.97×	4.58×
EV / EBITDA	28.8×	92.05×	96.76×	27.35×	19.25×	14.54×	18.27×	15.08×
Gross margin	87.9%	88.1%	89.7%	91.5%	83.3%	87.0%	87.4%	80.8%
Operating margin	5.6%	-1.2%	-2.0%	8.9%	9.6%	35.1%	32.1%	27.6%
Net margin	0.8%	-4.0%	-4.3%	6.7%	7.7%	17.8%	19.1%	18.5%
Current ratio	2.59×	3.65×	4.06×	4.65×	5.33×	2.8×	1.05×	1.4×
Debt / equity	0.42×	0.51×	0.78×	0.82×	0.84×	0.89×	0.5×	1.35×
Interest coverage	1.95×	-0.41×	-0.82×	3.51×	3.12×	7.2×	4.56×	2.28×
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	1.1%	-5.3%	-4.8%	6.7%	8.0%	22.1%	34.5%	40.5%
Return on invested capital	1.0%	-1.1%	-1.1%	4.5%	3.7%	20.7%	27.1%	-587.5%
Return on assets	0.6%	-3.0%	-2.3%	3.2%	3.9%	9.6%	15.8%	11.7%
Free cash flow yield	5.0%	-0.4%	-2.2%	2.2%	3.4%	6.9%	3.7%	6.8%
Earnings yield	0.3%	-1.9%	-1.2%	1.4%	2.3%	3.0%	2.7%	4.0%
Enterprise value	€1B	€694.8M	€955.7M	€917.3M	€649.8M	€1.1B	€1.3B	€621.9M
Net debt / EBITDA	-0.87×	7.6×	11.12×	-1.22×	-0.87×	-0.49×	-0.2×	0.08×
Cash conversion cycle (days)	-276	532	675	737	405	95	-281	180