White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 29, 2026.
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.
argenx SE (A1RG34) currently trades at R$191.57, while our model-based Fair Value estimate is R$140.26, 26.8% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of R$200.43 per share, and 2 of the 24 models we run sit above the R$191.57 price.
Bear case: the Asset-Based group reads lowest at R$16.38, and 22 of the 24 models stay below the price. Evidence for this calculation is high.
Scenario range: R$72.94 (bear) to R$171.68 (bull), the price of R$191.57 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 67/100 (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 +70.0%/yr. Reported net income was $1.3B in FY2025.
Key figures
Market cap R$277B (≈ $53.0B) · P/E ratio 41.0 · P/S ratio 12.8 · EPS (TTM) R$4.67 · Net margin 31.1% · Return on equity 20.2% · Return on assets (EBIT) −6.6% · Operating margin 30.0%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 53 out of 100 (low confidence).
What moves the price
The share trades about 10% 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 10% fair-value upside, at −27%, A1RG34 screens richer than that median.
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. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (R$3.53 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.
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
R$44.44
R$63.24
R$123.10
70
EPV
R$38.13
R$42.54
R$46.40
68
Growth DCF
R$42.49
R$72.85
R$122.61
68
All 24 models by family
DCF Models
FCF DCF
R$44.44
R$63.24
R$123.10
70
Owner Earnings
R$74.73
R$155.20
R$324.11
63
5Y Revenue Exit
R$44.18
R$69.86
R$123.76
63
5Y EBITDA Exit
R$48.88
R$79.36
R$139.20
65
5Y P/E Exit
R$74.39
R$162.08
R$283.35
60
10Y Revenue Exit
R$43.55
R$86.06
R$114.47
59
10Y EBITDA Exit
R$48.30
R$96.18
R$180.60
58
10Y P/E Exit
R$66.91
R$151.11
R$293.60
53
Earnings-Based
Graham-Dodd
R$29.34
R$204.59
R$287.10
59
Lynch FV
R$105.70
R$150.99
R$196.29
57
PEG = 1.0
R$105.70
R$150.99
R$196.29
53
EPV
R$38.13
R$42.54
R$46.40
68
Multiples
P/E Multiple
R$71.18
R$94.91
R$118.64
63
P/S Multiple
R$36.39
R$48.51
R$60.64
58
P/B Multiple
R$55.01
R$73.34
R$91.68
55
EV/EBIT
R$56.52
R$71.47
R$86.43
63
EV/EBITDA
R$49.07
R$61.54
R$74.01
64
EV/Revenue
R$40.77
R$53.24
R$65.72
52
Asset-Based
NCAV (Graham)
R$12.23
R$16.38
R$24.45
51
Growth DCF
Growth DCF
R$42.49
R$72.85
R$122.61
68
Rev-Margin DCF
R$47.69
R$78.20
R$141.90
62
Economic Profit
Residual Income
R$28.67
R$38.11
R$66.23
63
ROIC Compounder
R$48.30
R$71.85
R$85.92
66
Growth Earnings
Growth-Adj P/E
R$140.30
R$200.43
R$260.56
63
Open the full fair value analysis →
Overall quality
67/100
Of which business quality 67
· Market factors (momentum, volatility) 68
Profitability
71
Margins and returns on capital today
Quality Growth
77
Are margins and returns improving?
Cashflow
52
Earnings quality: real cash, not paper profit
Fin. Strength
100
Balance sheet, leverage, solvency risk
Investment
32
Disciplined investing over empire-building
Low Volatility
76
Calm price path (market factor)
Momentum
66
Price trend over the last 3–12 months (market factor)
52W Momentum
63
Distance to the 52-week high (market factor)
Net Issuance
53
Share count: buybacks or dilution?
Open the full quality analysis →
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Is argenx SE (A1RG34) overvalued or undervalued?
As of Sep 29, 2026, our model estimates a fair value of R$140.26 versus a price of R$191.57, about −27% upside (overvalued).
What is the fair value of A1RG34?
Our model-based fair value for argenx SE is R$140.26 (as of Sep 29, 2026), built from audited fundamentals. The current price: R$191.57.
What is the quality score of A1RG34?
argenx SE has a Quality Score of 67/100. 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 (A1RG34)?
Our model-based price target is the fair value of R$140.26 (as of Sep 29, 2026) from 24 valuation models. Cautious scenario R$72.94, optimistic scenario R$171.68. 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 R$140.26, about −27% upside versus a price of R$191.57 (overvalued). Cautious scenario R$72.94, optimistic scenario R$171.68. The calculation is refreshed regularly with new filings.
What is the revenue of argenx SE (A1RG34)?
argenx SE reported trailing-twelve-month revenue of about $4.7B (latest available figure, as of Sep 29, 2026).
What growth is priced into argenx SE (A1RG34)?
For today's price to be fair in a discounted-cash-flow model, argenx SE would have to grow free cash flow by less than minus 40 % per year for five years (discount rate 12.2 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 4 years revenue grew +70.0 % per year. As of Sep 29, 2026.
What discount rate (WACC) does the fair value of A1RG34 use?
Our models discount argenx SE at 12.2 %: a base by market capitalisation (large), country premium for Brazil. 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 less than minus 40 % per year a year over ten years, using the same discount rate (12.2 %) and the same formula as our fair value.
How much growth has argenx SE (A1RG34) delivered so far?
Over the past 4 years revenue at argenx SE grew +70.0 % a year. The price currently implies less than minus 40 % 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 (A1RG34) growing?
The median revenue growth in the sector is +1.9 % a year. That is the yardstick for the growth priced into argenx SE (less than minus 40 % 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 (A1RG34)?
The free-cash-flow yield on the price is 25.26 %: that much free cash flow argenx SE produces per unit of market value. When it exceeds the discount rate of our models (12.2 %), 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 SE (A1RG34)?
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 R$140.26 per share (as of Sep 29, 2026), against a price of R$191.57. 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 Sep 29, 2026, A1RG34 trades above its calculated fair value: price R$191.57, fair value R$140.26, a gap of about −27% (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 A1RG34?
No. The price is what the market pays today (R$191.57); the fair value is what the company's own numbers justify (R$140.26). For argenx SE the two are R$51.31 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 R$277B (market capitalisation, as of Sep 29, 2026). Per share that is R$191.57; our models calculate a fair value of R$140.26 per share.
What do the bullish and bearish scenarios say about A1RG34?
Our models span a range for argenx SE: cautious scenario R$72.94, base R$140.26, optimistic R$171.68 per share (as of Sep 29, 2026, price R$191.57). The range comes from different growth and margin assumptions, not from analyst opinions.
How far is A1RG34 from its 52-week high?
argenx SE trades at R$191.57, about 10% below its 52-week high of R$213.15 and 34% above the low of R$143.22 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of R$140.26 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 Sep 29, 2026: price R$191.57, calculated fair value R$140.26 (−27%), Quality Score 67/100, 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 A1RG34 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 R$140.26, 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 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 argenx SE (A1RG34)?
The closing price on Oct 2, 2026 was R$191.57. Our model-based fair value is R$140.26, about −27% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with argenx SE right now?
The price sits above even our optimistic bull case (R$171.68). The favourable scenario is already priced in. Solid but not exceptional quality (67/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (R$72.94 to R$171.68) leaves room in how you read the outcome.
Key figures of argenx SE
How large is the market capitalisation of argenx SE (A1RG34)?
The market capitalisation of argenx SE is R$277B (≈ $53.0B). 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/E ratio of argenx SE (A1RG34)?
The price-to-earnings ratio of argenx SE is 41.0. Price to earnings: how many years of current profit you pay for the stock. A P/E of 10 means ten years of profit.
What is the P/S ratio of argenx SE (A1RG34)?
The price-to-sales ratio of argenx SE is 12.8 (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 SE (A1RG34)?
Earnings per share at argenx SE are R$4.67 (price ÷ EPS = P/E 41.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of argenx SE (A1RG34)?
The net margin of argenx SE 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 SE (A1RG34)?
The return on equity (ROE) of argenx SE is 20.2% (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 (A1RG34)?
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 (A1RG34)?
The operating margin of argenx SE is 30.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at argenx SE (A1RG34)?
Revenue at argenx SE is growing +62.6% 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 SE (A1RG34)?
Earnings per share at argenx SE are growing +114% versus a year earlier. How much earnings per share grew versus a year earlier.
