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argenx SE (0QW0) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of argenx SE €901, price €819, upside +10.0%, quality 68 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
- Fair value above price? Yes
- Good quality? Yes
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Some data
Oct 3, 2026
argenx SE
0QW0 · LSENeutralQuality growthThe stock looks roughly fairly valued with average quality.
·Fair value €900.57 · Fairly valued (+10.0%)
✓Quality 68/100
!Mixed Growth (revenue 5y +152.5 %/yr)
✓Highly profitable · 32.3% net margin (TTM)
✓generates free cash flow
✓Wide moat 79/100
!Evidence only medium, so the estimate is less certain
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What runs behind every stock
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
69 individual criteria per stock, every one traceable See the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 3, 2026.
How to read this chart
60‑month range €226.80 – €912.60 · fair‑value band €606.77 – €1,462 · the €818.70 price screens below the €900.57 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Oct 3, 2026.
Company profile
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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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. 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 SE (0QW0) currently trades at €818.70, while our model-based Fair Value estimate is €900.57, implying the stock looks roughly 9.1% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of €1,849 per share, and 10 of the 24 models we run sit above the €818.70 price.
Bear case: the Asset-Based group reads lowest at €151.17, and 14 of the 24 models stay below the price. Evidence for this calculation is medium.
Scenario range: €606.77 (bear) to €1,462 (bull), the price of €818.70 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 68/100 (solid quality), in the Healthcare sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
argenx SE reported revenue of €4.2B in FY2025 versus €497M in FY2021, a compound +70.8%/yr. Reported net income was €1.3B in FY2025.
Key figures
Market cap €13.4B · P/S ratio 2.52 · EPS (TTM) €−11.03 · Net margin 30.5% · Return on equity 23.6% · Return on assets (EBIT) −6.6% · Operating margin 32.0% · Revenue (TTM) €5.3B.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (medium confidence).
What moves the price
The share trades about 10% below its 52-week high and 40% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Healthcare peers we cover trades at 10% fair-value upside, at 10%, 0QW0 screens cheaper than that median.
Fair Value models
Bear €606.77
Fair Value €900.57
Bull €1,462
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.
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.
Evidence ⓘEvidence = 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.
Highest evidence
FCF DCF
€461.57
€664.60
€1,311
72
Growth DCF
€440.53
€768.45
€1,306
71
EPV
€385.86
€432.25
€472.83
70
All 24 models by family
DCF Models
FCF DCF
€461.57
€664.60
€1,311
72
Owner Earnings
€744.83
€1,558
€3,264
66
5Y Revenue Exit
€426.27
€670.26
€1,182
65
5Y EBITDA Exit
€468.81
€756.27
€1,320
68
5Y P/E Exit
€700.53
€1,515
€2,639
63
10Y Revenue Exit
€430.02
€840.96
€1,110
62
10Y EBITDA Exit
€473.51
€932.55
€1,736
60
10Y P/E Exit
€642.59
€1,432
€2,761
56
Earnings-Based
Graham-Dodd
€270.69
€1,888
€2,649
61
Lynch FV
€975.29
€1,393
€1,811
59
PEG = 1.0
€975.29
€1,393
€1,811
55
EPV
€385.86
€432.25
€472.83
70
Multiples
P/E Multiple
€656.83
€875.77
€1,095
63
P/S Multiple
€342.63
€456.84
€571.05
58
P/B Multiple
€507.55
€676.73
€845.91
55
EV/EBIT
€521.53
€659.52
€797.51
63
EV/EBITDA
€457.57
€574.24
€690.91
64
EV/Revenue
€381.67
€499.14
€616.62
52
Asset-Based
NCAV (Graham)
€112.81
€151.17
€225.62
51
Growth DCF
Growth DCF
€440.53
€768.45
€1,306
71
Rev-Margin DCF
€460.13
€751.01
€1,359
65
Economic Profit
Residual Income
€264.52
€351.62
€611.10
65
ROIC Compounder
€490.44
€732.77
€917.80
68
Growth Earnings
Growth-Adj P/E
€1,295
€1,849
€2,404
65
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Set up alert →Quality Score breakdown
Overall quality
68/100
Of which business quality 68 · Market factors (momentum, volatility) 67
Profitability
66
Margins and returns on capital today
Quality Growth
93
Are margins and returns improving?
Cashflow
58
Earnings quality: real cash, not paper profit
Fin. Strength
100
Balance sheet, leverage, solvency risk
Investment
33
Disciplined investing over empire-building
Low Volatility
77
Calm price path (market factor)
Momentum
62
Price trend over the last 3–12 months (market factor)
52W Momentum
64
Distance to the 52-week high (market factor)
Net Issuance
39
Share count: buybacks or dilution?
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.
91/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+88.4%
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.
+117.7%
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.
+152.5%
Start year 2020 (pandemic). Over 10 years: +88.5% 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.
+76.8%
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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) → 24.9% (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).
+34.8%
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.
+23.6%
Yearly sales growth analysts expect, extended to five years.
After inflation (euro area: IMF forecast 2.2% a year to 2030, 2.6% from 2016 to 2025) that is about +31.9% a year for the price and +21.0% for the forecasts.
Forecast 2026 (sales)+46.1%
Forecast 2027 (sales)+22.4%
Projected 2028 (sales)+19.8%
Projected 2029 (sales)+17.3%
Projected 2030 (sales)+14.7%
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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 · 625 stocks
Beats the industry median on 10/11 measures
Overall it ranks above its industry peers.
Valuation Multiplesvs Biotechnology median · lower = cheaper
Context: sector, industry, market
- Is the Health Care sector expensive or cheap?
- P/E, EV/EBITDA and margins by industry (reference tables)
- Undervalued stocks: UK Stocks
- Valuation of the UK 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 |
|---|---|---|---|
| Vertex Pharmaceuticals Incorporated VRTX | $527.67 | $580.44 | +10% |
| Regeneron Pharmaceuticals, Inc REGN | $752.25 | $1,275 | +69% |
| CSL Limited CSL | A$175.35 | A$192.89 | +10% |
| Samsung Biologics Co 207940 | 1,354,000 KRW | 1,489,400 KRW | +10% |
| BeOne Medicines AG ONC | $360.85 | $280.94 | −22% |
| Alnylam Pharmaceuticals, Inc ALNY | $255.96 | $217.88 | −15% |
| Royalty Pharma plc RPRX | $58.21 | $19.01 | −67% |
| Celltrion, Inc 068270 | 177,400 KRW | 74,519 KRW | −58% |
| WuXi Biologics (Cayman) Inc 2269 | HK$53.00 | HK$58.30 | +10% |
| Incyte Corporation INCY | $124.82 | $201.35 | +61% |
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Frequently asked questions
Is argenx SE (0QW0) overvalued or undervalued?
As of Oct 3, 2026, our model estimates a fair value of €900.57 versus a price of €818.70, about +10% upside (undervalued).
What is the fair value of 0QW0?
Our model-based fair value for argenx SE is €900.57 (as of Oct 3, 2026), built from audited fundamentals. The current price: €818.70.
What is the quality score of 0QW0?
argenx SE has a Quality Score of 68/100. 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 SE (0QW0)?
Our model-based price target is the fair value of €900.57 (as of Oct 3, 2026) from 24 valuation models. Cautious scenario €606.77, optimistic scenario €1,462. It is a calculation from audited fundamentals, not an analyst target.
What is the argenx SE stock forecast for 2026?
Our models put fair value at €900.57, about +10% upside versus a price of €818.70 (undervalued). Cautious scenario €606.77, optimistic scenario €1,462. The calculation is refreshed regularly with new filings.
What is the revenue of argenx SE (0QW0)?
argenx SE reported trailing-twelve-month revenue of about €5.3B (latest available figure, as of Oct 3, 2026).
What growth is priced into argenx SE (0QW0)?
For today's price to be fair in a discounted-cash-flow model, argenx SE would have to grow free cash flow by +34.8 % per year for five years (discount rate 9.8 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +152.5 % per year. As of Oct 3, 2026.
What discount rate (WACC) does the fair value of 0QW0 use?
Our models discount argenx SE at 9.8 %: a base by market capitalisation (large), country premium for United Kingdom. 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 SE that is +34.8 % per year a year over ten years, using the same discount rate (9.8 %) and the same formula as our fair value.
How much growth has argenx SE (0QW0) delivered so far?
Over the past 5 years revenue at argenx SE grew +152.5 % a year. The price currently implies +34.8 % 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 SE (0QW0) growing?
The median revenue growth in the sector is +7.2 % a year. That is the yardstick for the growth priced into argenx SE (+34.8 % 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 SE (0QW0)?
The free-cash-flow yield on the price is 1.26 %: that much free cash flow argenx SE produces per unit of market value. When it exceeds the discount rate of our models (9.8 %), 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 SE (0QW0)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For argenx SE it is €900.57 per share (as of Oct 3, 2026), against a price of €818.70. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is argenx SE stock overvalued or undervalued in 2026?
As of Oct 3, 2026, 0QW0 trades below its calculated fair value: price €818.70, fair value €900.57, a gap of about +10% (undervalued). 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 0QW0?
No. The price is what the market pays today (€818.70); the fair value is what the company's own numbers justify (€900.57). For argenx SE the two are €81.87 per share apart. That gap is exactly why we show both numbers side by side.
How much is argenx SE worth?
The market values argenx SE at about €13.4B (market capitalisation, as of Oct 3, 2026). Per share that is €818.70; our models calculate a fair value of €900.57 per share.
What do the bullish and bearish scenarios say about 0QW0?
Our models span a range for argenx SE: cautious scenario €606.77, base €900.57, optimistic €1,462 per share (as of Oct 3, 2026, price €818.70). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of argenx SE (0QW0)?
Balance-sheet figures for argenx SE (as of Oct 3, 2026): return on equity 23.6%. They feed the Quality Score of 68/100, which measures business quality independently of the share price.
How far is 0QW0 from its 52-week high?
argenx SE trades at €818.70, about 10% below its 52-week high of €912.60 and 40% above the low of €583.20 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of €900.57 is for.
Which stocks are comparable to argenx SE?
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 SE stock attractive at the current price?
The data as of Oct 3, 2026: price €818.70, calculated fair value €900.57 (+10%), Quality Score 68/100, 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 0QW0 calculated?
We run argenx SE 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 €900.57, 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 14.5 % above its aggregate fair value. argenx SE currently trades 9 % 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 SE (0QW0)?
The closing price on Oct 2, 2026 was €818.70. Our model-based fair value is €900.57, about +10% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with argenx SE right now?
A fairly wide model range (€606.77 to €1,462) leaves room in how you read the outcome. The price sits in the lower half of our model range, the side with the larger margin of safety. Read the verdict with care: some models are missing inputs, so the estimate scatters more than usual.
Key figures of argenx SE
How large is the market capitalisation of argenx SE (0QW0)?
The market capitalisation of argenx SE is €13.4B. 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 SE (0QW0)?
The price-to-sales ratio of argenx SE is 2.52 (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 argenx SE (0QW0)?
Earnings per share at argenx SE are €−11.03. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of argenx SE (0QW0)?
The net margin of argenx SE is 30.5% (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 SE (0QW0)?
The return on equity (ROE) of argenx SE 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 SE (0QW0)?
On an EBIT basis the return on assets of argenx SE 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 SE (0QW0)?
The operating margin of argenx SE is 32.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at argenx SE (0QW0)?
Revenue at argenx SE is growing +59.3% versus a year earlier (3y avg +118%). 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 SE (0QW0)?
Earnings per share at argenx SE are growing +95.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does argenx SE (0QW0) hold?
argenx SE 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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