Cash flow well above reported profit. Free cash flow is 3.2× reported profit.
Free cash flow is 3.2× reported profit. Large non-cash charges, such as depreciation, amortization or stock-based pay, reduce reported profit without using cash.
Wide margins.Operating margin 25% (12 months to Jun 2026) vs a peer median of 7.1%.Operating margin 25% vs peers 7.1%.
Biogen keeps 25% of revenue as operating profit, more than 88% of peers (median 7.1%).
Since last quarter: No major changeValuation also moves with the share price every day.
Why it changed since the Oct 27, 2026 close: Score 60 → 61
Share price -1.5%+1
Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.
Return on invested capital, operating margin, and return on assets.
Operating margin25.0%
Yahoo Finance fallback · SEC operating income not reported in standard form · fiscal year to Dec 2025Reported value33% base weight · Z-score 1.47Sector median: 0.0706 · MAD: 0.1217
Return on assets2.6%
SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.17Sector median: 0.0166 · MAD: 0.0537
Return on invested capital7.7%
Yahoo Finance fallback · SEC operating income or invested capital unavailable · trailing 12 monthsReported value33% base weight · Z-score 0.29Sector median: 0.0471 · MAD: 0.1004
Other data (not scored)
Gross margin74.0%
SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.4697 · MAD: 0.2310
Return on equity4.4%
SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0330 · MAD: 0.1225
Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.
Questions investors ask about Biogen
Is Biogen getting weaker?
Its latest SEC filing (Jul 29, 2026) got weaker in some ways: net margin fell 5.5 points to 8.3%; debt up 29%, now more than its cash and investments. Its overall score is unchanged at 46/100 since Oct 28, 2026.
How is Biogen valued vs its peers?
Priced lower than most peers relative to what it earns. Valuation scores 61/100 against 1,393 healthcare peers.EBITDA yield 7.7% vs a peer median of 4.0% (stronger than 73% of peers).EBITDA yield 7.7% vs peers 4.0% (stronger than 73% of peers).
Is Biogen growing?
More slowly than most of its peers. Growth scores 20/100 against 1,393 healthcare peers.Earnings per share growth -45.9% vs a peer median of 9.8% (weaker than 90% of peers).Earnings per share growth -45.9% vs peers 9.8% (weaker than 90% of peers).
How profitable is Biogen?
More profitable than most of its peers. Profitability scores 71/100 against 1,393 healthcare peers.Operating margin 25.0% vs a peer median of 7.1% (stronger than 88% of peers).Operating margin 25.0% vs peers 7.1% (stronger than 88% of peers).
How risky is Biogen?
Moderate risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings.Current ratio 1.87× vs a peer median of 2.59× (weaker than 63% of peers).Current ratio 1.87× vs peers 2.59× (weaker than 63% of peers). A relative measure, not a bankruptcy probability.
Latest filing: what changed
Quarter ended Jun 30, 2026 · filed Jul 29, 2026 · compared with the quarter ended Mar 31, 2026
Got weaker
Net margin fell 5.5 points to 8.3%
Debt up 29%, now more than its cash and investments
Previous quarter
Latest quarter
Change
Revenue (12 months)
9.9B USD
10.0B USD
+0.9%
Net income (12 months)
1.4B USD
834.7M USD
−39.2%
Free cash flow (12 months)
2.4B USD
2.7B USD
+11.3%
Debt
6.3B USD
8.1B USD
+28.7%
Cash
3.4B USD
1.3B USD
−62.0%
Shares outstanding
147.6M
147.8M
+0.1%
From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.
Industry valuation context
Sector: Healthcare · 301 companies
Valuations in Healthcare are within their usual range since 2016.
52% of months since 2016 were valued lower than now.
19% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +8% and earnings +24% (medians): earnings grew faster than prices.
Median price-to-sales is +63% vs the whole market, against a usual +119%.
2016Shaded: most expensive fifth of its range2026
Shown for Healthcare: too few Drug Manufacturers - General companies have a long enough history of their own.
Earnings-based measures are left out for now because many companies in Healthcare are losing money.
Describes valuations since 2016; it does not predict prices. US companies worth $1B+, from SEC filings and month-end prices, as of Aug 2026. Today's companies and industry labels are used throughout. Measured on sales and free cash flow yields. How this works
Financials
Fiscal years from SEC annual filings · change vs the prior year
Key ratios
FY 2021
FY 2022
FY 2023
FY 2024
FY 2025
Change
Gross margin
—
—
—
—
—
—
Operating margin
25.9%
34.2%
16.4%
23.2%
18.8%
▼ 4.4 pts
Net margin
14.2%
29.9%
11.8%
16.9%
13.1%
▼ 3.8 pts
Return on assets (ROA)
6.5%
12.4%
4.3%
5.8%
4.4%
▼ 1.4 pts
Return on equity (ROE)
14.3%
22.7%
7.8%
9.8%
7.1%
▼ 2.7 pts
Free cash flow margin
30.8%
11.2%
12.9%
28.1%
20.7%
▼ 7.4 pts
Current ratio
1.83×
2.99×
2.00×
1.35×
2.68×
▲ 99%
Quick ratio
1.51×
2.58×
1.26×
0.90×
2.03×
▲ 125%
Debt to equity
0.79×
0.47×
0.47×
0.38×
0.34×
▼ 8.6%
Interest coverage
11.20×
14.13×
6.53×
8.99×
6.96×
▼ 23%
BIIB price history
Price history is added with the daily price update and will appear after the next one.