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Nektar Therapeutics (NKTR) fair value: what the stock is really worth

As of Nov 10, 2026: fair value (intrinsic value) of Nektar Therapeutics stock $29.26, price $37.78, that is 22.6% below the price, quality 22 out of 100. Rating: overvalued. The value is an estimate: none of our valuation models currently carries, it draws on revenue and assets compared with similar companies. Updated daily.

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Healthcare US

NT Nektar Therapeutics logo Thin data Nov 10, 2026

Nektar Therapeutics

NKTR · US
Expensive, weak quality

Our calculation puts a fair price 23% below what the stock costs today.

Insiders sold $2.0M (6M)
Revenue last quarter 9% below a year ago.
Fair value $29.26 · Overvalued
Quality 22/100
Weak Growth (revenue 5y −18.4 %/yr in USD)
High debt
Negative free cash flow
Trails peers (2/9)
Narrow moat 5/100 · thin data
Thin data
Estimate
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26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

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Price vs Fair Value

$282.60 $6.34 Fair Value $29.26 Aug 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 10, 2026.

How to read this chart

60‑month range $6.34 – $282.60 · fair‑value band $21.94 – $36.57 · the $37.78 price screens above the $29.26 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 10, 2026.

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Company profile

Nektar Therapeutics, a biopharmaceutical company, focuses on discovering and developing medicines in the field of immunotherapy in the United States and internationally.

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It develops rezpegaldesleukin, which is in Phase 2b to treat underlying immune system imbalance in people with autoimmune disorders and inflammatory diseases; NKTR-0165 to treat ulcerative colitis, vitiligo, and multiple sclerosis; NKTR-0166 to treat autoimmune disease; NKTR-422 to treat fibrotic diseases; and NKTR-255 to treat solid tumors and large b-cell lymphoma.

It has collaboration agreements with Takeda Pharmaceutical Company Ltd.; AstraZeneca AB; UCB Pharma; F. Hoffmann-La Roche Ltd; Bausch Health Companies Inc.; Pfizer Inc.; UCB Pharma (Biogen); Bristol-Myers Squibb Company; and Merck KGaA. The company was incorporated in 1990 and is headquartered in San Francisco, California.

Stock analysis

Nektar Therapeutics (NKTR) currently trades at $37.78, while our estimate is $29.26, 23% below the price, so the stock looks overvalued today.

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Valuation

None of our valuation models currently carries for this company, usually because of losses or heavy investment. The estimate draws on revenue and assets compared with similar companies and is less precise than a model-based fair value.

Scenario range: $21.94 (bear) to $36.57 (bull), the price of $37.78 sits above 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 22/100 (below-average quality), in the Healthcare sector.

Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.

Nektar Therapeutics reported revenue of $55.2M in FY2025 versus $102M in FY2021, a compound −14.2%/yr. Reported net income was −$164M in FY2025.

Key figures

Market cap $1.2B Small · P/S ratio 23.3 · EPS (TTM) $−18.96 · Return on equity −35.8% · Return on assets (EBIT) −37.9% (5-year average) · Operating margin −412% · Revenue (TTM) $54.6M · Revenue growth (YoY) −9.3%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 5 out of 100 (low confidence).

What moves the price

The share trades about 62% below its 52-week high and 8% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Healthcare peers we cover trades at −7% fair-value upside, at −23%, NKTR screens richer than that median.

Fair Value

Bear $21.94 Fair Value $29.26 Bull $36.57
Price $37.78 · Downside -22.6%
Estimate. None of our valuation models currently carries for this company, usually because of losses or heavy investment. The estimate draws on revenue and assets compared with similar companies and is less precise than a model-based fair value.

Quality Score breakdown

Overall quality 22/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 8
How much profit the company makes from its sales and capital
Quality Growth 20
Are margins and returns getting better?
Cashflow 17
Do the profits arrive as real cash?
Financial strength 15
Debt, balance sheet and risk of trouble
Investment 100
Does it invest with discipline instead of growing at any price?
Low Volatility 15
How calm the share price moves, does not count
Price momentum 1
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 2
Distance to the 52-week high, does not count
New shares 0
Buys back shares or issues new ones?

Open the full quality analysis →

Insider trades

In the last 6 months, 2 officers or directors sold shares worth $2.0M and none bought.

  • SaleHoward W RobinPresident & CEO, Director5× since Nov 25, 2025: 23,492 shares, avg. $60.65$1.4MAug 18, 2026
  • SaleJonathan ZalevskyChief R&D Officer7× since Nov 25, 2025: 16,808 shares, avg. $57.96$974,185Aug 18, 2026
  • SaleMark Andrew WilsonChief Legal Officer630 shares at $54.28$34,196Nov 25, 2025

Plus 5 other filings such as grants, option exercises or tax withholding. They are not market purchases or sales.

Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.

Source: SEC Form 4, as of Nov 10, 2026. All filings at the SEC ↗

Revenue & earnings trend

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. 0/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−43.9%
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.
−15.7%
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.
−18.4%
Start year 2020 (pandemic). Over 10 years: −13.3% a year
Revenue growth 31 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.
+11.9%
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.
−248.5% (2020) → −236.8% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

NKTR screens overvalued: fair value 23% below the price. Compare with Vertex Pharmaceuticals Incorporated →

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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 · 849 stocks

Beats the industry median on 2/8 measures
Overall it trails its industry peers.
Valuation
Quality Score 22 · Bottom 25%
Fair Value upside −22.6% · Above median
Profitability
Return on assets −58.5% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY) −9.3% · Below median
Balance sheet
Debt / equity 2.75× · Highest 25%

Valuation Multiplesvs Biotechnology median · lower = cheaper

P/B 13.90× · Priciest 25%
P/S (12 months) 22.88× · Priciest 25%
PEG 0.31× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)3 · sector 0
FUTURE (revenue growth)0 · sector 0
PAST (return on equity)0 · sector 0
HEALTH (low debt)0 · sector 96
DIVIDEND (yield)0 · sector 20

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Biotechnology stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Regeneron Pharmaceuticals, Inc REGN $916.06 $1,275 +39% vs NKTR
Samsung Biologics Co 207940 1,468,000 KRW 1,661,000 KRW +13% vs NKTR
Vertex Pharmaceuticals Incorporated VRTX $547.89 $601.80 +10% vs NKTR
Genmab A/S GMAB kr 3,581 kr 3,880 +8% vs NKTR
argenx SE ARGX $971.55 $908.40 −7% vs NKTR
CSL Limited CSL A$201.68 A$181.40 −10% vs NKTR
Moderna, Inc MRNA $250.83 $158.70 −37% vs NKTR
BeOne Medicines AG 6160 HK$252.20 HK$152.80 −39% vs NKTR
Celltrion, Inc 068270 203,000 KRW 74,945 KRW −63% vs NKTR
Royalty Pharma plc RPRX $69.45 $19.01 −73% vs NKTR

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Nektar Therapeutics: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Nektar Therapeutics Fair Value". https://www.fairvalue-calculator.com/stock/NKTR

Frequently asked questions

Is Nektar Therapeutics (NKTR) overvalued or undervalued?
As of Nov 10, 2026, our estimate of fair value is $29.26 versus a price of $37.78, about 23% lower (overvalued).
What is the fair value of NKTR?
Our estimate for Nektar Therapeutics is $29.26 (as of Nov 10, 2026), built from audited fundamentals. The current price: $37.78.
What is the quality score of NKTR?
Nektar Therapeutics has a Quality Score of 22/100. 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 Nektar Therapeutics (NKTR)?
Our calculated price target is the estimate of $29.26 (as of Nov 10, 2026). Cautious scenario $21.94, optimistic scenario $36.57. It is an estimate from revenue and assets compared with similar companies, because none of our valuation models currently carries, not an analyst target.
What is the Nektar Therapeutics stock forecast for 2026?
Our estimate puts fair value at $29.26, about 23% lower versus a price of $37.78 (overvalued). Cautious scenario $21.94, optimistic scenario $36.57. The calculation is refreshed regularly with new filings.
What is the revenue of Nektar Therapeutics (NKTR)?
Nektar Therapeutics reported trailing-twelve-month revenue of about $54.6M (latest available figure, as of Nov 10, 2026).
What is the intrinsic value of Nektar Therapeutics (NKTR)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Nektar Therapeutics it is $29.26 per share (as of Nov 10, 2026), against a price of $37.78.
Is Nektar Therapeutics stock overvalued or undervalued in 2026?
As of Nov 10, 2026, NKTR trades above its calculated fair value: price $37.78, fair value $29.26, a gap of about −23% (overvalued). 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 NKTR?
No. The price is what the market pays today ($37.78); the fair value is what the company's own numbers justify ($29.26). For Nektar Therapeutics the two are $8.52 per share apart. That gap is exactly why we show both numbers side by side.
How much is Nektar Therapeutics worth?
The market values Nektar Therapeutics at about $1.2B (market capitalisation, as of Nov 10, 2026). Per share that is $37.78; our models calculate a fair value of $29.26 per share.
What do the bullish and bearish scenarios say about NKTR?
Our models span a range for Nektar Therapeutics: cautious scenario $21.94, base $29.26, optimistic $36.57 per share (as of Nov 10, 2026, price $37.78). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the PEG ratio of NKTR?
The PEG ratio of Nektar Therapeutics is 0.31 (P/E divided by earnings growth, as of Nov 10, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Nektar Therapeutics (NKTR)?
Balance-sheet figures for Nektar Therapeutics (as of Nov 10, 2026): return on equity −35.8%, debt of 2.75 per unit of equity. They feed the Quality Score of 22/100, which measures business quality independently of the share price.
How far is NKTR from its 52-week high?
Nektar Therapeutics trades at $37.78, about 62% below its 52-week high of $100.35 and 8% above the low of $35.12 (as of Nov 10, 2026). Distance from the high says nothing about value: that is what the fair value of $29.26 is for.
Which stocks are comparable to Nektar Therapeutics?
From the same area (Healthcare) we also value Vertex Pharmaceuticals Incorporated, Moderna, Inc, Regeneron Pharmaceuticals, Inc, CSL Limited, 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 Nektar Therapeutics stock attractive at the current price?
The data as of Nov 10, 2026: price $37.78, calculated fair value $29.26 (−23%), Quality Score 22/100. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
Is it still worth investing in stocks now?
The global stock market currently sits 15.1% above its aggregate fair value. Nektar Therapeutics itself currently trades above fair value. 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 Nektar Therapeutics (NKTR)?
The closing price on Nov 10, 2026 was $37.78. Our estimate is $29.26, about 23% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Nektar Therapeutics right now?
The price sits above even our optimistic bull case ($36.57). The favourable scenario is already priced in. Weak quality (22/100) and above fair value at the same time, the margin of safety is missing on both counts. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.

Key figures of Nektar Therapeutics

How large is the market capitalisation of Nektar Therapeutics (NKTR)?
The market capitalisation of Nektar Therapeutics is $1.2B. 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 Nektar Therapeutics (NKTR)?
The price-to-sales ratio of Nektar Therapeutics is 23.3 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Nektar Therapeutics (NKTR)?
Earnings per share at Nektar Therapeutics are $−18.96. Earnings per share over the last twelve months: total profit spread across every single share.
What is the return on equity of Nektar Therapeutics (NKTR)?
The return on equity (ROE) of Nektar Therapeutics is −35.8% (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 Nektar Therapeutics (NKTR)?
On an EBIT basis the return on assets of Nektar Therapeutics is −37.9% (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 Nektar Therapeutics (NKTR)?
The operating margin of Nektar Therapeutics is −412% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Nektar Therapeutics (NKTR)?
Revenue at Nektar Therapeutics is growing −9.3% versus a year earlier (3y avg −15.7%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much free cash flow does Nektar Therapeutics (NKTR) generate?
The free cash flow of Nektar Therapeutics is −$209M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Nektar Therapeutics (NKTR) carry?
The net debt of Nektar Therapeutics is $134M (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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