Is argenx financially healthy?

On 30 June 2026 argenx held 5.18B USD in cash and short-term investments against total debt of 47.00M USD. Its current ratio is 5.12: what falls due within a year against what turns into cash within a year. Over the last twelve months it generated 1.16B USD of free cash flow.

argenx's revenue grew 151.5% a year over its last five fiscal years, from 41.24M USD in fiscal year 2020 to 4.15B USD in fiscal year 2025. Over the last twelve months it was up 9.2% on the twelve months before.

Where can I find argenx's annual report (20-F)?

argenx, a company based outside the US, files its annual report (Form 20-F) and its interim reports (Form 6-K) with the US Securities and Exchange Commission, on its EDGAR site; the figures on these pages come from them.

argenx
D
Quotes are delayed by 15 minutes

ARGX

Arincen ScoreBeta71/100

71/100B

928.52

USD

33.87

(3.79%)

Post Trading·934.00USD+5.48(+0.59%)

Last updated: 6 Nov, 17:53 GMT-5 · Delayed 15 min

H2 FY2026 · Earnings report

EPS estimate 7.57Revenue estimate 3.35B

H2 FY2026 · Earnings report

Thursday 25 February

EPS estimate 7.57Revenue estimate 3.35B

H2 FY2026 · Earnings report

EPS estimate 7.57Revenue estimate 3.35B

H2 FY2026 · Earnings report

Thursday 25 February

EPS estimate 7.57Revenue estimate 3.35B

Overview Financials Forecast Earnings Company

argenx financials

Yes. argenx earned 1.34B USD of net income over the last twelve months, 29.6% of its revenue. It made a profit in 2 of its 15 fiscal years since 2011. Its last loss was in fiscal year 2023.

Revenue (TTM): 4.54B USD
Net income (TTM): 1.34B USD
Free cash flow (TTM): 1.16B USD
Cash and short-term investments: 5.18B USD
Total debt: 47.00M USD
Shareholders' equity: 8.42B USD

Cash, debt and equity as of 30 Jun 2026.

argenx earnings

Next earnings · H2 FY2026

25 Feb 2027

EPS estimate

7.57 USD

Revenue estimate

3.35B USD

Last quarter · H1 FY2026

EPS7.80Beat +4.8%Revenue2.82BBeat +69.6%

Revenue

ReportedEstimate

EPS

ReportedEstimate

Period	Report date	EPS estimate	Reported EPS	Surprise	EPS growth	Revenue estimate	Reported revenue	Surprise	Revenue growth
H2 FY2026	25 Feb 2027	7.57	—	—	+46.14%	3.35B	—	—	+253.28%
H1 FY2026	30 Jul 2026	7.44	7.80	+4.84%	+202.33%	1.66B	2.82B	+69.62%	+391.21%
H1 FY2026	7 May 2026	5.16	5.90	+14.34%	+128.68%	1.45B	3.21B	+121.78%	+459.20%
H2 FY2025	30 Oct 2025	4.37	5.18	+18.54%	+272.66%	1.28B	947.96M	-25.71%	+136.40%
H1 FY2025	8 May 2025	2.32	2.58	+11.21%	—	861.83M	573.24M	-33.49%	+73.82%
H2 FY2024	31 Oct 2024	0.10	1.39	+1,290.00%	—	665.08M	401.00M	-39.71%	-21.51%
H1 FY2024	9 May 2024	-0.71	-1.04	-46.48%	—	563.91M	329.79M	-41.52%	+5.47%

Period	EPS estimate	Reported EPS	Surprise	EPS growth	Revenue estimate	Reported revenue	Surprise	Revenue growth
FY2028	46.89	—	—	+26.02%	9.46B	—	—	+18.19%
FY2027	37.21	—	—	+30.72%	8.00B	—	—	+25.81%
FY2026	28.47	—	—	+266.84%	6.36B	—	—	+318.11%
FY2025	17.65	7.76	-56.04%	+2,117.14%	4.20B	1.52B	-63.81%	+108.16%
FY2024	1.72	0.35	-79.67%	—	2.16B	730.79M	-66.20%	-11.27%
FY2023	-4.70	-1.82	+61.23%	—	1.21B	823.60M	-31.91%	—
FY2021	-7.86	-3.86	+50.87%	—	510.21M	512.71M	+0.49%	—

argenx growth and profitability

Full income statement

Revenue (TTM): 4.54B USD
Net income (TTM): 1.34B USD
Gross margin: 90.21%
Operating margin: 29.36%
Net margin: 29.64%

Revenue / Net income

Revenue Net income Net margin

Period	Revenue	Growth	Net income	Growth	Gross margin	Operating margin	Net margin	EBITDA	Growth
FY2025	4.15B	+89.64%	1.29B	+55.10%	89.15%	25.39%	31.11%	1.31B	+1,146.34%
FY2024	2.19B	+78.60%	833.04M	—	89.62%	-0.99%	38.03%	105.17M	—
FY2023	1.23B	+198.56%	-295.05M	—	90.39%	-34.66%	-24.06%	-192.29M	—
FY2022	410.75M	-61.89%	-709.59M	—	92.83%	-175.37%	-172.76%	-622.78M	—
FY2021	1.08B	+2,513.28%	-408.27M	—	46.14%	-32.36%	-37.88%	-392.78M	—

Period	Revenue	Net income	Gross margin	Operating margin	Net margin
H2 FY2026	1.72B	506.00M	90.41%	28.18%	29.40%
H1 FY2026	2.82B	838.82M	90.08%	30.07%	29.79%
H2 FY2025	3.21B	1.05B	89.40%	26.54%	32.65%
H1 FY2025	947.96M	245.36M	88.32%	21.50%	25.88%
H2 FY2024	573.24M	91.41M	89.69%	2.47%	15.95%

How argenx makes its money

Revenue4.15B 100.0%

Cost of revenue450.67M 10.9%

Gross profit3.70B 89.1%

Research and development1.36B 32.8%

Selling and administration1.36B 32.7%

Operating income1.05B 25.4%

Net income1.29B 31.1%

FY2025, in USD. Each band is as wide as its money; the percentage is its share of revenue.

argenx revenue breakdown

By region

FY2025

85.1%United States8.3%Rest Of The World5.0%Japan1.6%China

Region	Revenue	Share of revenue	Change on the year
United States	3.53B	85.1%	—
Rest Of The World	342.62M	8.3%	—
Japan	206.84M	5.0%	—
China	67.92M	1.6%	—

Operating and free cash flow

Full cash flow statement

Operating cash flow Free cash flow

Fiscal year	Operating cash flow	Free cash flow
FY2025	850.49M	844.30M
FY2024	-82.75M	-151.05M
FY2023	-420.33M	-464.14M
FY2022	-862.81M	-966.63M
FY2021	-606.81M	-728.25M
FY2020	-398.46M	-403.60M
FY2019	151.63M	104.90M
FY2018	-61.59M	-62.37M
FY2017	-43.84M	-44.27M
FY2016	11.15M	10.24M

argenx financial health

Full balance sheet

Cash and short-term investments: 5.18B USD
Total debt: 47.00M USD
Net cash: 5.14B USD
Free cash flow (TTM): 1.16B USD
Current ratio: 5.12
Debt to equity: 0.01
Piotroski score: 4 / 9
Altman Z-score: 20.19

Cash, debt and free cash flow

Cash and short-term investments Total debt Free cash flow

Fiscal year	Cash and short-term investments	Total debt	Free cash flow
FY2025	4.44B	83.49M	844.30M
FY2024	3.38B	39.05M	-151.05M
FY2023	3.18B	20.00M	-464.14M
FY2022	2.19B	12.43M	-966.63M
FY2021	2.34B	11.47M	-728.25M

Assets, liabilities and equity

Total assets Total liabilities Shareholders' equity

Fiscal year	Total assets	Total liabilities	Shareholders' equity
FY2025	8.68B	1.36B	7.32B
FY2024	6.20B	704.24M	5.50B
FY2023	4.54B	444.95M	4.10B
FY2022	3.13B	320.56M	2.81B
FY2021	2.85B	316.05M	2.53B
FY2020	2.28B	605.36M	1.67B
FY2019	1.61B	429.81M	1.18B
FY2018	661.70M	45.83M	615.87M
FY2017	444.98M	31.17M	413.82M
FY2016	111.24M	44.59M	66.65M

argenx valuation

Price to earnings ratio (TTM): 43.07
Forward P/E (FY2026): 32.62
Price to sales (TTM): 12.87
Price to book: 6.94
EV / EBITDA (TTM): 37.96

Capital structure

Market capitalization

58.39B USD

Total debt

47.00M USD

−

Cash and short-term investments

5.18B USD

Enterprise value

53.25B USD

Valuation over time

P/EForward P/EForward P/E · EstimateEstimate

Fiscal year	P/E	Forward P/E	P/S	P/B	EV/EBITDA
FY2028 (est.)	19.80	—	—	—	—
FY2027 (est.)	24.95	19.80	—	—	—
FY2026 (est.)	32.62	24.95	—	—	—
Now (TTM)	43.07	25.85	12.87	6.94	37.96
FY2025	39.78	29.57	12.41	7.04	36.72
FY2024	44.18	225.34	16.81	6.70	336.12
FY2023	-73.73	225.34	17.74	5.31	-102.56
FY2022	-29.03	—	50.16	7.32	-31.81
FY2021	-43.83	—	16.60	7.06	-42.17

argenx against its own history

Each figure in the latest fiscal year against the same figure from FY2021 to FY2025: the range, its median (the line) and the latest (the dot, green on the good side of the median). The P/E is today's against its daily readings of five years.

Its peers: Revolution Medicines, Regeneron Pharmaceuticals, Moderna, United Therapeutics, Incyte, and Insmed, the US Biotechnology companies closest to it in size, each in its own latest fiscal year: their median (the line) and its rank among them, first being the best.

Gross marginBelow its median89.1%
46.1%92.8%
Against its peers: 3 of 7Peers' median 86.6%
Operating marginHighest in 5 years25.4%
-175.4%25.4%
Against its peers: 3 of 7Peers' median -66.6%
Net marginAbove its median31.1%
-172.8%38.0%
Against its peers: 3 of 7Peers' median -60.1%
Return on equityHighest in 5 years17.6%
-25.2%17.6%
Against its peers: 3 of 7Peers' median -4.7%
Free cash flow marginHighest in 5 years20.3%
-235.3%20.3%
Against its peers: 4 of 7Peers' median -39.9%
Revenue growthAt its median89.6%
-61.9%2,513.3%
Against its peers: 1 of 7Peers' median 5.8%
Current ratioLowest in 5 years5.23
5.239.75
Against its peers: 3 of 7Peers' median 3.98

Figure	FY2025	5-year low – high	Against its history	Against its peers
Gross margin	89.1%	46.1%92.8%	Below its median	3 of 7
Operating margin	25.4%	-175.4%25.4%	Highest in 5 years	3 of 7
Net margin	31.1%	-172.8%38.0%	Above its median	3 of 7
Return on equity	17.6%	-25.2%17.6%	Highest in 5 years	3 of 7
Free cash flow margin	20.3%	-235.3%20.3%	Highest in 5 years	4 of 7
Revenue growth	89.6%	-61.9%2,513.3%	At its median	1 of 7
Current ratio	5.23	5.239.75	Lowest in 5 years	3 of 7

Peers: US companies of the same industry (of its sector when the industry has too few) from a tenth to ten times its market value, the six closest in size. Updated weekly.

argenx ownership

Institutions: 46.00%
Institutional holders: 528 (+29)
Free float: 99.81%

Who owns the shares

Institutions 46.0% Others 54.0%

As of 30 Jun 2026

Shares free to trade

Free float 62.76M shares ·99.8% Closely held 121.91K shares ·0.2%

Closely held shares belong to insiders, founders and owners of more than 5%, and seldom change hands. The free float is the rest: the shares anyone can buy and sell.

Shares outstanding

Basic shares Diluted shares Change in diluted shares

Fiscal year	Basic shares	Diluted shares	Change in diluted shares
FY2025	61.30M	66.03M	+1.31%
FY2024	59.86M	65.18M	+14.01%
FY2023	57.17M	57.17M	+5.13%
FY2022	54.38M	54.38M	+6.47%
FY2021	51.08M	51.08M	+12.48%

Common questions about argenx's financials

Source: Financial Modeling Prep

argenx
D
Quotes are delayed by 15 minutes

ARGX

argenx financials

argenx earnings

Revenue

EPS

argenx growth and profitability

Revenue / Net income

How argenx makes its money

argenx revenue breakdown

By region

Operating and free cash flow

argenx financial health

Cash, debt and free cash flow

Assets, liabilities and equity

argenx valuation

Capital structure

Valuation over time

argenx against its own history

argenx ownership

Who owns the shares

Shares free to trade

Shares outstanding

Common questions about argenx's financials

Is argenx profitable?

Is argenx financially healthy?

Is argenx growing?

Where can I find argenx's annual report (20-F)?

Need help?

argenx DQuotes are delayed by 15 minutes

ARGX

argenx financials

argenx earnings

Revenue

EPS

argenx growth and profitability

Revenue / Net income

How argenx makes its money

argenx revenue breakdown

By region

Operating and free cash flow

argenx financial health

Cash, debt and free cash flow

Assets, liabilities and equity

argenx valuation

Capital structure

Valuation over time

argenx against its own history

argenx ownership

Who owns the shares

Shares free to trade

Shares outstanding

Common questions about argenx's financials

Is argenx profitable?

Is argenx financially healthy?

Is argenx growing?

Where can I find argenx's annual report (20-F)?

Need help?

argenx
D
Quotes are delayed by 15 minutes