argenx NV (ARGX) fair value: what the stock is really worth
As of Oct 30, 2026: fair value (intrinsic value) of argenx NV stock $908, price $893, upside +1.7%, quality 76 out of 100. Rating: fairly valued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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HealthcareUS · ADR · Based in Netherlands · ISIN US04016X1019
ANSome dataNov 1, 2026
argenx NV
ARGX · US
Fairly valued,in an uptrend
The stock costs about what our calculation considers fair.
Quality 76/100
Healthy Growth(revenue 5y +151.5 %/yr in USD)
Highly profitable · 31.7% net margin (TTM)
Low debt
Generates free cash flow
Ranks above peers(9/14)
Wide moat95/100
Last quarter vs. a year ago: revenue +52%, profit +51%.
Fair value $908.40 · Fairly valued (+1.7%)
Some data
Quality growth
Risks from the AI analysis
🚩Reliance on third-party CMOs for manufacturing🚩AI-using rivals could accelerate competing drug development
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 1, 2026.
How to read this chart
60‑month range $254.45 – $1,059 · fair‑value band $526.54 – $1,558 · the $892.87 price screens below the $908.40 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 1, 2026.
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argenx SE, a commercial-stage biopharma company, develops various therapies for the treatment of autoimmune diseases in the United States, Japan, China, the Netherlands, and internationally.
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The company offers VYVGART for the treatment of gMG and immune thrombocytopenia (ITP), and VYVGART HYTRULO for the treatment of gMG and chronic inflammatory demyelinating polyneuropathy (CIDP). It also develops efgartigimod for the treatment of seronegative gMG, ocular myasthenia gravis (MG), primary ITP, grave's disease, myositis, Sjögren's disease, systemic sclerosis, and AMR; empasiprubart for MMN, delayed graft function, and CIDP; and adimanebart for congenital myasthenic syndrome and spinal muscular atrophy.
In addition, the company is developing ARGX-213, a neonatal Fc receptor (FcRn)-targeted antibody engineered for half-life extension and sustained IgG reduction; ARGX-124, a FcRn pipeline candidate; ARGX-109, which targets IL-6 to treat inflammation; ARGX-121, which targets immunoglobulin A; and ARGX-118, which develops antibodies against Galectin-10, as well as cusatuzumab, ARGX-112, ARGX-114, and ARGX-115.
It has strategic partnerships and license agreements with Zai Lab to develop and commercialize efgartigimod; Halozyme Therapeutics to its ENHANZE for the prevention and treatment of human diseases; OncoVerity, Inc for cusatuzumab; and AbbVie, Inc. for ARGX-115. argenx SE was incorporated in 2008 and is based in Amsterdam, the Netherlands.
Stock analysis
argenx NV (ARGX) currently trades at $892.87, while our model-based Fair Value estimate is $908.40, so the stock looks roughly fairly valued today (gap 1.7%).
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Valuation
Bull case: the Growth Earnings group reads highest at a median of $954.55 per share, and 2 of the 24 models we run sit above the $892.87 price.
Bear case: the Economic Profit group reads lowest at $177.98, and 22 of the 24 models stay below the price. Data coverage for this calculation is medium.
Scenario range: $526.54 (bear) to $1,558 (bull), the price of $892.87 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 76/100 (high quality), in the Healthcare sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
argenx NV ADR reported revenue of $4.2B in FY2025 versus $497M in FY2021, a compound +70.0%/yr. Reported net income was $1.3B in FY2025.
Key figures
Market cap $57.5B Large · P/E ratio 30.9 · P/S ratio 9.62 · EPS (TTM) $28.87 · Net margin 31.1% · Return on equity 23.6% · Return on assets (EBIT) −6.6% · Operating margin 36.3%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 95 out of 100 (medium confidence).
What moves the price
The share trades about 16% below its 52-week high and 34% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Healthcare peers we cover trades at 11% fair-value upside, at 2%, ARGX screens richer than that median.
Fair Value models
Bear$526.54Fair Value $908.40Bull$1,558
Price $892.87 · Upside +1.7%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then ($24.20 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+89.6%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+116.2%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+151.5%
Start year 2020 (pandemic). Over 10 years: +88.1% a year
Revenue growth 14 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+76.5%
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Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
−1,158.1% (2020) → 25.4% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: no profitable base year
not computed
Growth Forecast
A lot of optimism in the price
The price assumes less growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+29.9%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+24.6%
Yearly sales growth analysts expect, extended to five years.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +26.9% a year for the price and +21.7% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (98 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Negative
Recent news coverage is more negative than average.
AI conclusion: Business quality rests on an innovation-driven moat and high margins, yet stays limited by sparse signals on human capital and alignment.
Main risk: Dependence on contract manufacturing organizations for drug substance and product could lead to supply disruptions or quality issues that delay commercialization or limit availability of Vyvgart and pipeline candidates.
Bull case: By leveraging its commercial experience and formulation options argenx could maintain preferred status among FcRn therapies even as rivals enter, sustaining growth through label expansions and new pipeline assets.
Bear case: If payers view FcRn inhibitors as interchangeable and rivals gain share while manufacturing dependencies cause delays, the Vyvgart franchise could face sustained price pressure and slower uptake across indications.
Argenx posted positive Phase 2 results for the FB102 candidate in celiac disease shortly after acquiring it, yet at the same time halted a Phase 3 study of efgartigimod in Sjögren’s disease after a futility analysis. The contrast shows how an acquisition-driven expansion into new indications can deliver early signals of activity while exposing the company to high attrition risks across its autoimmune programs. Does broadening the pipeline ultimately add more durable value than the occasional late-stage failure subtracts?
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Biotechnology · 557 stocks
Beats the industry median on 8/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score76 · Top 25%
Fair Value upside+1.7% · Top 25%
Profitability
Return on equity (12 months)23.6% · Top 25%
Return on assets14.9% · Top 25%
Net margin (12 months)31.7% · Top 25%
Operating margin (12 months)36.3% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)52.1% · Top 25%
Valuation Multiplesvs Biotechnology median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
As of Nov 1, 2026, our model estimates a fair value of $908.40 versus a price of $892.87, about +2% upside (fairly valued).
What is the fair value of ARGX?
Our model-based fair value for argenx NV ADR is $908.40 (as of Nov 1, 2026), built from audited fundamentals. The current price: $892.87.
What is the quality score of ARGX?
argenx NV ADR has a Quality Score of 76/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for argenx NV (ARGX)?
Our model-based price target is the fair value of $908.40 (as of Nov 1, 2026) from 24 valuation models. Cautious scenario $526.54, optimistic scenario $1,558. It is a calculation from audited fundamentals, not an analyst target.
What is the argenx NV ADR stock forecast for 2026?
Our models put fair value at $908.40, about +2% upside versus a price of $892.87 (fairly valued). Cautious scenario $526.54, optimistic scenario $1,558. The calculation is refreshed regularly with new filings.
What is the revenue of argenx NV (ARGX)?
argenx NV ADR reported trailing-twelve-month revenue of about $5.9B (latest available figure, as of Nov 1, 2026).
What growth is priced into argenx NV (ARGX)?
For today's price to be fair in a discounted-cash-flow model, argenx NV ADR would have to grow free cash flow by +29.9 % per year for five years (discount rate 9.2 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +151.5 % per year. As of Nov 1, 2026.
What discount rate (WACC) does the fair value of ARGX use?
Our models discount argenx NV ADR at 9.2 %: a base by market capitalisation (large), country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For argenx NV ADR that is +29.9 % per year a year over ten years, using the same discount rate (9.2 %) and the same formula as our fair value.
How much growth has argenx NV (ARGX) delivered so far?
Over the past 5 years revenue at argenx NV ADR grew +151.5 % a year. The price currently implies +29.9 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of argenx NV (ARGX) growing?
The median revenue growth in the sector is +6.4 % a year. That is the yardstick for the growth priced into argenx NV ADR (+29.9 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of argenx NV (ARGX)?
The free-cash-flow yield on the price is 1.47 %: that much free cash flow argenx NV ADR produces per unit of market value. When it exceeds the discount rate of our models (9.2 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of argenx NV (ARGX)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For argenx NV ADR it is $908.40 per share (as of Nov 1, 2026), against a price of $892.87. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is argenx NV ADR stock overvalued or undervalued in 2026?
As of Nov 1, 2026, ARGX trades below its calculated fair value: price $892.87, fair value $908.40, a gap of about +2% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of ARGX?
No. The price is what the market pays today ($892.87); the fair value is what the company's own numbers justify ($908.40). For argenx NV ADR the two are $15.53 per share apart. That gap is exactly why we show both numbers side by side.
How much is argenx NV ADR worth?
The market values argenx NV ADR at about $57.5B (market capitalisation, as of Nov 1, 2026). Per share that is $892.87; our models calculate a fair value of $908.40 per share.
What do the bullish and bearish scenarios say about ARGX?
Our models span a range for argenx NV ADR: cautious scenario $526.54, base $908.40, optimistic $1,558 per share (as of Nov 1, 2026, price $892.87). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of ARGX?
argenx NV ADR trades at a price-to-earnings ratio of 30.9 (as of Nov 1, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $908.40 is built from several models across several years. Other multiples: PEG 1.0, P/B 7.9, P/S 9.7, EV/EBITDA 28.4.
What is the PEG ratio of ARGX?
The PEG ratio of argenx NV ADR is 1.02 (P/E divided by earnings growth, as of Nov 1, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of argenx NV (ARGX)?
Balance-sheet figures for argenx NV ADR (as of Nov 1, 2026): return on equity 23.6%. They feed the Quality Score of 76/100, which measures business quality independently of the share price.
How far is ARGX from its 52-week high?
argenx NV ADR trades at $892.87, about 16% below its 52-week high of $1,059 and 34% above the low of $663.93 (as of Oct 30, 2026). Distance from the high says nothing about value: that is what the fair value of $908.40 is for.
Which stocks are comparable to argenx NV ADR?
From the same area (Healthcare) we also value Vertex Pharmaceuticals Incorporated, Regeneron Pharmaceuticals, Inc, CSL Limited, Samsung Biologics Co, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is argenx NV ADR stock attractive at the current price?
The data as of Nov 1, 2026: price $892.87, calculated fair value $908.40 (+2%), Quality Score 76/100, from 24 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of ARGX calculated?
We run argenx NV ADR through 24 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $908.40, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.9 % above its aggregate fair value. argenx NV ADR currently trades 2 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of argenx NV (ARGX)?
The closing price on Oct 30, 2026 was $892.87. Our model-based fair value is $908.40, about +2% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with argenx NV ADR right now?
The model range is unusually wide ($526.54 to $1,558). The outcome hinges heavily on assumptions, so read the point estimate with caution. The price sits close to our fair value, market and models broadly agree here, little valuation tension.
Key figures of argenx NV ADR
How large is the market capitalisation of argenx NV (ARGX)?
The market capitalisation of argenx NV ADR is $57.5B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of argenx NV (ARGX)?
The price-to-sales ratio of argenx NV ADR is 9.62 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of argenx NV (ARGX)?
Earnings per share at argenx NV ADR are $28.87 (price ÷ EPS = P/E 30.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of argenx NV (ARGX)?
The net margin of argenx NV ADR is 31.1% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of argenx NV (ARGX)?
The return on equity (ROE) of argenx NV ADR is 23.6% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of argenx NV (ARGX)?
On an EBIT basis the return on assets of argenx NV ADR is −6.6% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of argenx NV (ARGX)?
The operating margin of argenx NV ADR is 36.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at argenx NV (ARGX)?
Revenue at argenx NV ADR is growing +52.1% versus a year earlier (3y avg +116%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at argenx NV (ARGX)?
Earnings per share at argenx NV ADR are growing +50.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does argenx NV (ARGX) hold?
argenx NV ADR holds more cash than debt, $3.4B net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Some data
Nov 1, 2026