Neurocrine Biosciences Inc. (NBIX) intrinsic value & 10-year financials
Neurocrine Biosciences Inc. (NBIX) has a Graham intrinsic value of $155.12 per share. At $135.71 on Oct 17, 2026, the stock trades 13% below that value. Over the last 10 fiscal years revenue grew 79.2% a year to $2.9B, with an average return on invested capital of 1.5%.
- Graham intrinsic value
- $155.12
- Share price (Oct 17, 2026)
- $135.71
- Price vs Graham value
- 13% below
- Market cap
- $13.9B
- Revenue (FY2025)
- $2.9B
- Revenue growth (10-yr CAGR)
- 79.2%
- ROIC (10-yr avg)
- 1.5%
- Free cash flow (FY2025)
- $748.7M
NBIX 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $2.9B | $478.6M | $4.67 | $748.7M | 21.6% | 14.6% |
| FY2024 | $2.4B | $341.3M | $3.29 | $557.2M | 24.2% | 15.9% |
| FY2023 | $1.9B | $249.7M | $2.47 | $361.6M | 13.3% | 10.0% |
| FY2022 | $1.5B | $154.5M | $1.56 | $322.9M | 16.7% | 13.4% |
| FY2021 | $1.1B | $89.6M | $0.92 | $233.1M | 9.0% | 8.3% |
| FY2020 | $1.0B | $407.3M | $4.16 | $217.6M | 15.6% | 19.8% |
| FY2019 | $788.1M | $37.0M | $0.39 | $137.3M | 9.2% | 9.4% |
| FY2018 | $451.2M | $21.1M | $0.22 | $76.6M | 8.2% | 8.4% |
| FY2017 | $161.6M | -$142.5M | -$1.62 | -$101.3M | -81.3% | -38.2% |
| FY2016 | $15.0M | -$141.1M | -$1.63 | -$110.3M | -982.5% | -46.8% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
NEUROCRINE BIOSCIENCES INC is a consistent compounder, expanding top-line revenue at 79.2% annually over the past decade.
NEUROCRINE BIOSCIENCES INC has historically struggled to out-earn its cost of capital, averaging just 1.5% ROIC.
NEUROCRINE BIOSCIENCES INC 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, NEUROCRINE BIOSCIENCES INC is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $155.12 per share.