Argenx Se (ARGX) intrinsic value & 10-year financials
Argenx Se (ARGX) has a Graham intrinsic value of €650.03 per share. Over the last 10 fiscal years revenue grew 87.2% a year to €4.2B, with an average return on invested capital of -14.2%.
- Graham intrinsic value
- €650.03
- Revenue (FY2025)
- €4.2B
- Revenue growth (10-yr CAGR)
- 87.2%
- ROIC (10-yr avg)
- -14.2%
- Free cash flow (FY2025)
- €679.0M
ARGX 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | €4.2B | €1.3B | €19.57 | €679.0M | 25.4% | 16.4% |
| FY2024 | €2.2B | €833.0M | €12.78 | -€84.5M | -1.0% | -1.1% |
| FY2023 | €1.2B | -€295.1M | -€5.16 | -€421.1M | -35.7% | -20.0% |
| FY2022 | €400.7M | -€709.6M | -€13.05 | -€863.6M | -179.8% | -26.2% |
| FY2021 | €497.3M | -€408.3M | -€7.99 | -€610.4M | -70.1% | -16.6% |
| FY2020 | €36.4M | -€608.5M | -€13.40 | -€399.5M | -1311.2% | -33.5% |
| FY2019 | €69.8M | -€163.0M | -€4.69 | €149.8M | -285.0% | -22.1% |
| FY2018 | €21.5M | -€66.6M | — | — | -381.0% | -10.8% |
| FY2017 | €36.4M | -€28.1M | — | — | — | — |
| FY2016 | €14.7M | — | — | — | — | — |
Source: annual 10-K filings on SEC EDGAR. Figures in EUR.
Executive summary
ARGENX SE is a consistent compounder, expanding top-line revenue at 87.2% annually over the past decade.
ARGENX SE has historically struggled to out-earn its cost of capital, averaging just -14.2% ROIC.
ARGENX SE has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, ARGENX SE is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $650.03 per share.