Health Care · Biotechnology · US stock · price as of 16 Oct 2026
Key indicators
Price
$232.65
52-week range
$138.00 – $240.99
Market cap
$34.5B
P/E (trailing)
25.0×
EV / EBITDA
13.5×
Free-cash-flow yield
7.0%
Dividend yield
–
Revenue (last 12 months)
$9.9B
Revenue growth (3y a year)
−0.9%
Operating margin
19.1%
Return on invested capital
7.8%
Net debt / EBITDA
0.7×
Fair value
Blended fair value$232.49 range $227 – $238
Versus priceFair−0% to fair value
Peer multiples
$298.34
Fundamentals-adjusted multiple
$252.07
10-year DCF (market-scaled)
$147.07
Earnings power value (floor, not blended)
$129.25
Model uncertainty
Medium
X-Ray Score
47/ 100 · High confidence · ahead of 38% of sector peers
Valuation67
Growth24
Profitability39
Financial health55
Dividends–
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
Biogen is a biotechnology company that develops and markets therapies for neurological and neurodegenerative conditions. Its marketed medicines include Spinraza for spinal muscular atrophy and Tysabri for multiple sclerosis, and it works with Eisai on Leqembi for Alzheimer's disease. Customers include hospitals, specialty pharmacies and distributors that supply patients and clinicians, and the company also earns income from partner products.
Revenue comes from sales of its medicines and from royalties and collaboration income. Revenue was $9.9 billion over the last twelve months, but growth was -0.9% a year over the last three years. The operating margin is 19.1%, and the business earns a profit of 8% on the capital invested in it. Net debt is 0.7 times EBITDA, and no dividend is paid.
StocksXray gives Biogen Inc. an X-Ray Score of 47 out of 100 (high confidence), ahead of 38% of the S&P 500 stocks in its sector. Its strongest lens is valuation (67) and its weakest is growth (24).
Our fair value blend is $232.49 (range $226.80 to $238.19). At $232.65 the stock trades 0% above that blend, so the label is "Fair" with medium model uncertainty. Fair value is a range, not a price target.
XStocksXray
Biogen Inc. (BIIB)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$239.92
$276.92
$258.77
$152.92
$175.99
$232.65
Market cap
$35.9B
$40.4B
$37.7B
$22.3B
$25.9B
$34.5B
P/E
23.1×
13.3×
32.5×
13.7×
20.0×
25.0×
EV / revenue
3.7×
4.1×
4.4×
2.9×
2.9×
3.7×
EV / EBITDA
12.1×
9.6×
21.4×
9.9×
10.9×
13.5×
Price / free cash flow
10.6×
35.3×
29.7×
8.2×
12.6×
14.2×
Free-cash-flow yield
9.4%
2.8%
3.4%
12.2%
7.9%
7.0%
Price / book
3.3×
3.0×
2.5×
1.3×
1.4×
1.9×
Dividend yield
–
–
–
–
–
–
Fundamentals checklist ● 6 Good · ● 5 Average · ● 5 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−4.1%Average
Free-cash-flow yield7.0%Good
Risk models
Altman Z score5.9×Good
Piotroski F-Score5 of 9Bad
Growth
EPS growth (3y)−25.0%Bad
Free-cash-flow growth (3y)21.5%Good
Revenue growth (3y)−0.9%Bad
Growth consistency60%Bad
Balance sheet
Current ratio3.1×Good
Net debt / EBITDA0.7×Good
Interest cover6.9×Average
Valuation
Fair value vs price1.0×Average
EBIT / EV yield5.2%Good
Profitability
Return on invested capital7.8%Bad
Operating margin19.1%Average
Gross profitability25.4%Average
XStocksXray
Biogen Inc. (BIIB)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
10,982
10,173
9,836
9,676
9,891
9,937
Gross profit
8,872
7,895
7,302
7,366
7,486
7,502
Operating income
2,841
3,838
1,544
2,156
1,824
1,898
Net income
1,556
3,047
1,161
1,632
1,293
1,372
Diluted EPS ($)
10.40
20.87
7.97
11.18
8.79
9.31
Free cash flow
3,382
1,144
1,270
2,722
2,051
2,423
Gross margin
80.8%
77.6%
74.2%
76.1%
75.7%
75.5%
Operating margin
25.9%
37.7%
15.7%
22.3%
18.4%
19.1%
Net margin
14.2%
30.0%
11.8%
16.9%
13.1%
13.8%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
23,877
24,554
26,845
28,049
29,440
29,483
Cash
2,261
3,419
1,050
2,375
3,009
3,383
Total debt
8,272
6,281
7,088
8,044
6,287
6,289
Equity
10,896
13,398
14,799
16,716
18,257
18,652
Dividend per share ($)
–
–
–
–
–
–
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.