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Held by 1,010 of 6,047 reporting institutions (99th percentile) — extremely crowded.
Data as of Q2 2026
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Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 3 positive fiscal years (FY2023, FY2024, FY2025). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $232.83 today, the market must believe free cash flow compounds 3.4%/yr for a decade (off $2.01B on the 3-yr avg basis).
On the basis ($1.73B) the requirement is 5.4%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 3.4% is more optimistic than its 9-yr track record.
Default is 8.0% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.15B shares (market data) · net debt $6.29B
mean 4.7% · volatility σ 53% · implied rate exceeded in 4/9 yrs
Central path = implied 3.4%/yr growth; shaded band = ±1σ (53%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
Ranked against 25 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-06-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| AMGN | $230.4B | 29.9× | 19.4× | 6.3× | 10.0% | 67.2% | 21.0% | 89.1% | 12.2% | 3.2× | 3,070 |
| GILD | $190.4B | 22.6× | 20.7× | 6.5× | 2.4% | 78.8% | 28.9% | 37.5% | 17.9% | 2.4× | 2,216 |
| MRNA | $90.3B | — | — | 46.5× | -39.9% | 55.3% | -145% | -32.6% | -30.5% | — | 774 |
| BIIB | $34.4B | 26.5× | 15.4× | 3.5× | 2.2% | 75.7% | 13.1% | 7.1% | 5.3% | 2.4× | 1,010 |
| EXEL | $15.1B | 21.9× | 16.2× | 6.5× | 7.0% | 96.4% | 33.7% | 36.2% | 36.2% | -0.5× | 722 |
| NBIX | $13.8B | 29.1× | 20.3× | 4.8× | 21.4% | 98.2% | 16.7% | 14.7% | 14.7% | -1.1× | 747 |
| HALO | $13.3B | 45.6× | 31.8× | 9.5× | 37.6% | 83.6% | 22.7% | 649% | 14.5% | 4.2× | 640 |
| TECH | $11.4B | 62.5× | 31.8× | 9.4× | -0.4% | 65.8% | 15.0% | 8.6% | 8.6% | -0.8× | 572 |
| RGEN | $11.3B | 207.2× | 119.0× | 15.3× | 16.4% | 52.3% | 6.6% | 2.3% | 1.8% | -0.3× | 465 |
| TWST | $9.8B | — | — | 26.1× | 20.3% | 50.7% | -20.6% | -16.4% | -16.4% | — | 322 |
| KRYS | $9.8B | 48.4× | 55.6× | 25.1× | 33.9% | — | 52.6% | 16.8% | 16.8% | -3.0× | 409 |
| QGEN | $9.4B | 23.5× | 15.5× | 4.5× | 5.7% | 62.2% | 20.3% | 11.2% | 7.8% | 1.2× | — |
| IOVA | $6.4B | — | — | 24.4× | 60.6% | 34.3% | -148% | -56.0% | -56.0% | — | 288 |
| ADPT | $4.1B | — | — | 14.8× | 54.8% | 74.2% | -21.5% | -27.2% | -17.0% | — | 283 |
| ADMA | $2.3B | 17.2× | 11.5× | 4.5× | 19.6% | 57.4% | 28.8% | 30.8% | 26.7% | -0.1× | 317 |
| NVAX | $2.1B | 4.9× | 4.3× | 1.9× | 64.7% | 93.5% | 39.2% | -345% | 378% | 0.0× | 263 |
| VCEL | $2.1B | 125.8× | 86.8× | 7.5× | 16.5% | 74.4% | 6.0% | 4.7% | 4.7% | -4.4× | 307 |
| BCRX | $2.1B | 6.7× | 5.8× | 2.4× | 94.1% | 97.8% | 30.2% | -221% | -221% | -0.3× | 312 |
| RXRX | $2.0B | — | — | 26.9× | 26.9% | 5.0% | -863% | -57.0% | -56.1% | — | 341 |
| VIR | $1.8B | — | — | 25.7× | -7.6% | 100.0% | -639% | -57.2% | -57.2% | — | 233 |
| IMCR | $1.5B | — | — | 3.6× | 29.0% | 98.7% | -8.9% | -9.3% | -9.3% | — | 132 |
| AUTL | $450M | — | — | 6.0× | 645% | -27.8% | -381% | -161% | -161% | — | 82 |
| PLX | $210M | — | — | 4.0× | -1.2% | 48.8% | -12.5% | -13.7% | -13.7% | — | 103 |
| CGEN | $189M | 5.3× | 3.1× | 2.6× | 161% | 87.3% | 48.6% | 34.4% | 34.4% | -2.9× | 83 |
| CHRS | $162M | 0.7× | — | 3.9× | 59.8% | 67.2% | — | 275% | 275% | — | 147 |
Peers = companies sharing BIIB's sector (Biological Products, (No Diagnostic Substances)) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $0 buybacks = $0 returned on $2.05B FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Operating income fell despite reinvestment — a warning on capital productivity. Current ROIC on all capital: 5%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
$0 of principal comes due within a year. Scheduled principal only (excludes interest & revolver draws). As of 2025-12-31 (10-K).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest is easily covered by operating profit. Effective rate ~4.3% on $6.29B of debt.
Cash vs short-term debt unavailable.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
EOD close · as of 2026-10-14
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $9.89B 100.0% | $9.68B 100.0% | $9.84B 100.0% | $10.17B 100.0% | $10.98B 100.0% | $13.44B 100.0% | $14.38B 100.0% | $13.45B 100.0% | $12.27B 100.0% | $11.45B 100.0% |
| Cost of Revenue | $2.40B 24.3% | $2.31B 23.9% | $2.53B 25.8% | $2.28B 22.4% | $2.11B 19.2% | $1.81B 13.4% | $1.96B 13.6% | $1.82B 13.5% | $1.63B 13.3% | $1.48B 12.9% |
| Cost of Products | — | — | — | — | — | — | — | — | $1.63B 13.3% | $1.48B 12.9% |
| Gross Profit | — | — | — | — | — | $11.64B 86.6% | $12.42B 86.4% | $11.64B 86.5% | $10.64B 86.7% | $9.97B 87.1% |
| Selling, General & Admin | $2.43B 24.6% | $2.40B 24.8% | $2.55B 25.9% | $2.40B 23.6% | $2.67B 24.4% | $2.50B 18.6% | $2.37B 16.5% | $2.11B 15.7% | $1.93B 15.8% | $1.95B 17.0% |
| Total Operating Expenses | $8.33B 84.3% | $7.77B 80.3% | $8.54B 86.8% | $6.58B 64.7% | $9.24B 84.1% | $8.40B 62.5% | $7.34B 51.0% | $7.56B 56.2% | $6.93B 56.4% | $6.30B 55.0% |
| Operating Income | — | — | — | — | $2.84B 25.9% | $4.55B 33.8% | $7.04B 49.0% | $5.89B 43.8% | $5.35B 43.6% | $5.15B 45.0% |
| Interest Expense | $267.5M 2.7% | $250.3M 2.6% | $246.9M 2.5% | $246.6M 2.4% | $253.6M 2.3% | $222.5M 1.7% | $187.4M 1.3% | $200.6M 1.5% | $250.8M 2.0% | $260.0M 2.3% |
| Interest & Investment Income | $125.0M 1.3% | $67.6M 0.7% | $276.5M 2.8% | $89.3M 0.9% | $11.0M 0.1% | $42.0M 0.3% | $120.0M 0.8% | $112.5M 0.8% | $78.5M 0.6% | $63.4M 0.6% |
| Other Income (Expense), net | -$305.6M -3.1% | -$343.6M -3.6% | -$315.5M -3.2% | $108.2M 1.1% | -$1.10B -10.0% | $497.4M 3.7% | $83.3M 0.6% | $11.0M 0.1% | -$217.0M -1.8% | -$218.7M -1.9% |
| Pretax Income | $1.56B 15.7% | $1.91B 19.7% | $1.30B 13.2% | $3.59B 35.3% | $1.75B 15.9% | $5.05B 37.5% | $7.13B 49.6% | $5.90B 43.9% | $5.13B 41.8% | $4.93B 43.1% |
| Income Tax Expense | $263.6M 2.7% | $273.8M 2.8% | $135.3M 1.4% | $632.8M 6.2% | $52.5M 0.5% | $992.3M 7.4% | $1.16B 8.1% | $1.43B 10.6% | $2.46B 20.0% | $1.24B 10.8% |
| Net Income | $1.29B 13.1% | $1.63B 16.9% | $1.16B 11.8% | $3.05B 30.0% | $1.56B 14.2% | $4.00B 29.8% | $5.89B 41.0% | $4.43B 32.9% | $2.54B 20.7% | $3.70B 32.3% |
| Per Share | ||||||||||
| EPS (Basic) | $8.83 | $11.21 | $8.02 | $20.96 | $10.44 | $24.86 | $31.47 | $21.63 | $11.94 | $16.96 |
| EPS (Diluted) | $8.79 | $11.18 | $7.97 | $20.87 | $10.40 | $24.80 | $31.42 | $21.58 | $11.92 | $16.93 |
| Weighted Avg Shares (Basic) | 146.5M | 145.6M | 144.7M | 145.3M | 149.1M | 160.9M | 187.1M | 204.9M | 212.6M | 218.4M |
| Weighted Avg Shares (Diluted) | 147.1M | 145.9M | 145.6M | 146.0M | 149.6M | 161.3M | 187.4M | 205.3M | 213.0M | 218.8M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
EOD close · as of 2026-10-14
Earns -1.33pts against its cost of capital — capital is being consumed, not created.
ROIC ex-goodwill is 9.05% against 6.62% reported — the return is earned on a capital base inflated by what was paid for acquisitions, not by the operating business alone.
Where each multiple sits in its own 14-yr range · 46th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE 7% against ROIC 5% — 2% of the return on equity comes from leverage and buybacks rather than from the operating business.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
Profit and sales moved in opposite directions this year.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 13.5 | 13.6 | 13.4 | 19.2 | 22.4 | 25.8 | 23.9 | 24.3 |
| Gross Profit | 86.5 | 86.4 | 86.6 | — | — | — | — | — |
| SG&A | 15.7 | 16.5 | 18.6 | 24.4 | 23.6 | 25.9 | 24.8 | 24.6 |
| Operating Income | 43.8 | 49.0 | 33.8 | 25.9 | — | — | — | — |
| Income Tax | 10.6 | 8.1 | 7.4 | 0.5 | 6.2 | 1.4 | 2.8 | 2.7 |
| Net Income | 32.9 | 41.0 | 29.8 | 14.2 | 30.0 | 11.8 | 16.9 | 13.1 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on BIIB: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 87.1% | 45.0% | 32.3% |
| FY2017 | 86.7% | 43.6% | 20.7% |
| FY2018 | 86.5% | 43.8% | 32.9% |
| FY2019 | 86.4% | 49.0% | 41.0% |
| FY2020 | 86.6% | 33.8% | 29.8% |
| FY2021 | 80.8% | 25.9% | 14.2% |
| FY2022 | 77.6% | 34.2% | 29.9% |
| FY2023 | 74.2% | 16.4% | 11.8% |
| FY2024 | 76.1% | 23.2% | 16.9% |
| FY2025 | 75.7% | 18.8% | 13.1% |
Return on equity (7%) and return on invested capital (5%) are within a couple of points in FY2025, so the headline return is the operating return — there is no meaningful leverage effect to strip out.
$6.5B of goodwill — 27% of invested capital. The gap is what was paid above the fair value of what was bought; it is real capital shareholders provided, so neither bar is the whole answer.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 35.5% | 8.0% (today's — no rate published for this year) | 27.5pts |
| FY2020 | 21.1% | 8.0% (today's — no rate published for this year) | 13.2pts |
| FY2021 | 13.2% | 5.3% | 7.9pts |
| FY2022 | 14.9% | 6.2% | 8.7pts |
| FY2023 | 6.2% | 6.9% | -0.6pts |
| FY2024 | 8.3% | 8.2% | 0.0pts |
| FY2025 | 6.4% | 7.5% | -1.1pts |
| Now | 5.3% | 8.0% | -2.7pts |
Converts 1.38x of reported profit into cash — adequate, without much margin.
| Step | Amount | Running total |
|---|---|---|
| Net income | $1.29B | $1.29B |
| Share-based comp | $291M | $1.58B |
| Other non-cash & working capital | $621M | $2.20B |
| Operating cash flow | $2.20B | $2.20B |
| Capex | −$154M | $2.05B |
| Free cash flow | $2.05B | $2.05B |
| FCF after SBC | $1.76B | $1.76B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | -6.5% | 1.8% | 8.3 points |
| FY2021 | -18.3% | -19.0% | -0.7 points |
| FY2022 | -7.4% | 10.0% | 17.4 points |
| FY2023 | -3.3% | -2.4% | 0.9 points |
| FY2024 | -1.6% | -15.6% | -14.0 points |
| FY2025 | 2.2% | -4.4% | -6.7 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 47.7 days | 150.1 days | 99.1 days | 98.8 days |
| FY2020 | 52 days | 216.1 days | 92 days | 176 days |
| FY2021 | 51.5 days | 233.8 days | 101.9 days | 183.4 days |
| FY2022 | 61.2 days | 215.4 days | 78.7 days | 197.8 days |
| FY2023 | 61.8 days | 364.1 days | 58.1 days | 367.8 days |
| FY2024 | 53 days | 388.7 days | 67 days | 374.7 days |
| FY2025 | 49.5 days | 329.2 days | 65.6 days | 313.1 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -4.4 percent |
| FY2020 | -0.9 percent |
| FY2021 | -8.7 percent |
| FY2022 | 6.8 percent |
| FY2023 | -1.4 percent |
| FY2024 | -4.4 percent |
| FY2025 | -3.1 percent |
Reported free cash flow is $2.05B; after share-based compensation it is $1.76B. The difference is a real cost that the cash flow statement adds back.
Covers interest 4.9x even after a 30% EBITDA decline.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 6.96x |
| 5% | 6.61x |
| 10% | 6.27x |
| 15% | 5.92x |
| 20% | 5.57x |
| 25% | 5.22x |
| 30% | 4.87x |
| 35% | 4.52x |
| 40% | 4.18x |
| 45% | 3.83x |
| 50% | 3.48x |
| 55% | 3.13x |
| 60% | 2.78x |
Ladder as of 2025-12-31 (10-K); cash from the 2025-12-31 balance sheet; FCF from FY2025. No cash figure on the matching balance sheet, so no coverage line is drawn.
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
The maturity schedule is not part of this verdict — its filing anchor is often older than the balance sheet it sits beside, so a wall inside 24 months may not be visible here.
At $232.83, free cash flow must compound 3.55%/yr for 10 years. It has done -17.63%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | −42.0% | 3.6% |
| FY2021 | −11.1% | 3.6% |
| FY2022 | −66.2% | 3.6% |
| FY2023 | 11.0% | 3.6% |
| FY2024 | 114.3% | 3.6% |
| FY2025 | −24.7% | 3.6% |
The implied rate has been matched or beaten in 2 of the last 6 years.
SBC is added back inside operating cash flow, so reported free cash flow treats shares issued to employees as free. Percent of revenue says how expensive the payroll is; percent of operating cash flow says how much of the cash exists only because the charge was added back. The buyback offset is buybacks over SBC — below 1.0 the repurchase does not cover the shares issued.
Figures are the latest fiscal year (FY2025) from the company's own filings, not a trailing-twelve-month window — Q2 reads fiscal years throughout so the cash-conversion ratios and these share one basis. A blank is a line the filer did not report; it is never read as zero.