Ascendis Pharma A/S (ASND) intrinsic value & 10-year financials

Ascendis Pharma A/S (ASND) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 10 fiscal years revenue grew 75.3% a year to $720.1M, with an average return on invested capital of -76.5%.

Graham intrinsic value
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Revenue (FY2025)
$720.1M
Revenue growth (10-yr CAGR)
75.3%
ROIC (10-yr avg)
-76.5%
Free cash flow (FY2025)
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ASND 10-year financial history

Fiscal year Revenue Net income EPS (diluted) Free cash flow Operating margin ROIC
FY2025 $720.1M -$228.0M — — — 169.8%
FY2024 $363.6M -$378.1M — — — 300.8%
FY2023 $266.7M -$481.4M — -$469.8M — -818.4%
FY2022 $51.2M -$583.2M — -$510.2M — -101.7%
FY2021 $7.8M -$383.6M — -$441.4M — -44.5%
FY2020 $7.0M -$419.0M — -$291.4M — -58.4%
FY2019 $13.4M -$218.0M — -$181.1M — -49.7%
FY2018 $10.6M -$130.1M — -$141.4M — -55.7%
FY2017 $1.5M -$123.9M — -$96.0M — -68.1%
FY2016 $4.6M -$68.5M — -$60.9M — -38.8%

Source: annual 10-K filings on SEC EDGAR. Figures in USD.

Executive summary

Ascendis Pharma A/S is a consistent compounder, expanding top-line revenue at 75.3% annually over the past decade.

Ascendis Pharma A/S has historically struggled to out-earn its cost of capital, averaging just -42.0% ROIC.

Ascendis Pharma A/S capital allocation metrics are N/A for the decade; share count and net debt history are incomplete.

Benjamin Graham lens

Under Benjamin Graham's formula using SEC EDGAR fundamentals, Ascendis Pharma A/S is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment.

ASND stock: frequently asked questions

How fast has Ascendis Pharma A/S grown?

Revenue went from $4.6M in fiscal 2016 to $720.1M in fiscal 2025, a compound annual growth rate of 75.3%. Net income was -$228.0M in fiscal 2025.

What is ASND's return on invested capital?

Average ROIC over the last 10 fiscal years was -76.5%, and average return on equity was -76.5%. Sustained ROIC above about 15% usually points to a durable competitive advantage.

Where does this ASND data come from?

From Ascendis Pharma A/S's annual 10-K filings on SEC EDGAR, most recently filed Feb 11, 2026. Prices are end-of-day snapshots; valuations are formula outputs, not investment advice.

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