ARGXargenx SE
Is the business good?
The checks split: mostly cash-backed earnings (0.8×) and returns not propped up by debt.
Operating profit is mostly backed by cash.
Margin-driven, fat margins on slower asset turns. ROE 18% = margin × turnover × leverage.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is ARGX?
argenx SE keeps 25% of every revenue dollar as operating profit, against −82% for the median Biotechnology name.
Operating margin · Biotechnology median −82% · fiscal year to FY2025
- Cash conversion
- 0.82×
Cash conversion · most of the operating profit arrived as cash, working capital took the rest
- Share count, year on year
- +2.4%
Share count, year on year · shareholders own a smaller slice than a year ago
- R&D as % of revenue
- 32%
R&D as % of revenue
| Year | Operating margin |
|---|---|
| FY2020 | −736% |
| FY2021 | −65% |
| FY2022 | −162% |
| FY2023 | −34% |
| FY2024 | −0.96% |
| FY2025 | 25% |
Details›
- Gross marginfiscal year to FY2025
- 89%
- Operating marginfiscal year to FY2025
- 25%
- Net marginfiscal year to FY2025
- 30%
- Free cash flow margin
- 16%
- R&D as % of revenue
- 32%
- Revenue, trailing twelve months
- $4.25B
- Free cash flow, trailing twelve months
- $679M
- Net income, trailing twelve months
- $1.29B
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.