Regeneron Pharmaceuticals, Inc. (REGN) 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

+104.0%

$1,975.13

vs $968.28 price

Levered DCF

$2,137.54

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

7.9

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	17.92×	17.42×	23.71×	17.81×	8.27×	14.8×	19.37×	17.54×
P/B	2.58×	2.62×	3.61×	3.41×	3.56×	4.71×	3.7×	4.9×
P/S	5.63×	5.41×	7.14×	6.35×	4.15×	6.12×	6.25×	6.39×
EV / EBITDA	13.81×	14.49×	19.96×	14.61×	6.88×	12.79×	15.02×	15.43×
Gross margin	85.4%	86.1%	82.9%	86.0%	83.1%	84.0%	85.1%	91.3%
Operating margin	24.9%	28.1%	33.2%	44.2%	55.7%	42.1%	33.7%	37.8%
Net margin	31.4%	31.1%	30.1%	35.6%	50.2%	41.3%	32.3%	36.4%
Current ratio	4.13×	4.73×	5.69×	5.06×	3.56×	3.63×	3.67×	5.52×
Debt / equity	0.09×	0.09×	0.1×	0.12×	0.14×	0.24×	0.06×	0.08×
Interest coverage	81.69×	72.3×	59.57×	90.67×	156.14×	62.86×	73.17×	89.87×
Dividend yield	0.5%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	8.2%	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	14.4%	15.0%	15.2%	19.1%	43.0%	31.9%	19.1%	27.9%
Return on invested capital	8.5%	10.9%	13.8%	18.4%	34.9%	22.8%	15.1%	20.6%
Return on assets	11.1%	11.7%	12.0%	14.9%	31.7%	20.5%	14.3%	20.8%
Free cash flow yield	5.1%	4.8%	3.9%	5.7%	9.8%	3.9%	4.9%	4.2%
Earnings yield	5.6%	5.7%	4.2%	5.6%	12.1%	6.8%	5.2%	5.7%
Enterprise value	$80.3B	$77.1B	$93.7B	$76.9B	$66.6B	$52.5B	$40.1B	$42.1B
Net debt / EBITDA	-0.07×	0.04×	-0.01×	-0.08×	-0.02×	0.12×	-0.34×	-0.28×
Cash conversion cycle (days)	539	585	479	548	323	565	528	707