Genmab A/S (GMAB) fair value: what the stock is really worth
We calculate from audited financials what Genmab A/S is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 18, 2026.
How to read this chart
60‑month range kr 1,169 – kr 3,295 · fair‑value band kr 493.98 – kr 1,564 · the kr 2,260 price screens above the kr 1,052 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 18, 2026.
Genmab A/S, a biotechnology company, develops antibody-based products and product candidates for the treatment of cancer and other diseases in Denmark.
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Genmab A/S, a biotechnology company, develops antibody-based products and product candidates for the treatment of cancer and other diseases in Denmark. The company markets EPKINLY and TEPKINLY for adult patients with relapsed or refractory (R/R) diffuse large b-cell lymphoma (DLBCL), large B-cell lymphoma, and follicular lymphoma (FL); and Tivdak for adult patients with recurrent/metastatic cervical cancer with disease progression on or after chemotherapy. It is also developing Epcoritamab for R/R DLBCL and FL, first line DLBCL and FL, B-cell non-Hodgkin lymphoma, R/R chronic lymphocytic leukemia and Richter's syndrome, and aggressive mature B-cell neoplasms in pediatric patients; tisotumab vedotin for solid tumors; Acasunlimab for solid tumors and non-small cell lung cancer (NSCLC); Rinatabart Sesutecan for platinum resistant ovarian cancer and solid tumors; GEN1059, GEN1055, and GEN1057 for solid tumors; and GEN1286 for advanced solid tumors. In addition, the company offers DARZALEX/DARZALEX FASPRO for multiple myeloma (MM) and light-chain Amyloidosis; RYBREVANT for NSCLC; TECVAYLI and TALVEY for R/R MM; Kesimpta for Relapsing multiple sclerosis; and TEPEZZA for thyroid eye disease. Further, it is developing Amivantamab for recurrent/metastatic head and neck cancer, and advanced or metastatic colorectal cancer; Amlenetug for multiple system atrophy; Inclacumab for vaso-occulsive crises in sickle cell diseases; and Mim8 for hemophilia A. The company has a collaboration agreement with AbbVie Inc., Pfizer Inc., BioNTech SE, Johnson & Johnson, Medarex, Inc., Bristol Myers Squibb Corporation, Lundbeck A/S, Amgen Inc., Novo Nordisk A/S, and argenx. Genmab A/S was incorporated in 1998 and is headquartered in Copenhagen, Denmark.
Stock analysis
Genmab A/S (GMAB) currently trades at kr 2,260, while our model-based Fair Value estimate is kr 1,052, implying the stock looks roughly 114.8% overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of kr 601.44 per share, and 0 of the 24 models we run sit above the kr 2,260 price.
Bear case: the Economic Profit group reads lowest at kr 142.42, and 24 of the 24 models stay below the price. Evidence for this calculation is low.
Scenario range: kr 493.98 (bear) to kr 1,564 (bull), the price of kr 2,260 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 71/100 (solid quality), in the Healthcare sector.
Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.
Genmab A/S reported revenue of 3.9B DKK in FY2025 versus 8.5B DKK in FY2021, a compound −17.9%/yr. Reported net income was 999M DKK in FY2025, compounding −23.8%/yr from FY2021.
Key figures
Market cap 142B DKK (≈ $21.7B) · P/E ratio 26.1 · P/S ratio 6.76 · EPS (TTM) kr 86.49 · Net margin 25.9% · Return on equity 15.0% · Return on assets (EBIT) 14.5% · Operating margin 25.1%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 52 out of 100 (low confidence).
What moves the price
The share trades near its 52-week high and 77% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Healthcare peers we cover trades at −7% fair-value upside, at −53%, GMAB screens richer than that median.
Fair Value models
The price assumes far more growth than our models allow for, so the models scatter widely (kr 63.67 to kr 771.80). Read the Fair Value as a cautious anchor, not a price target; the Growth Forecast section shows what the price assumes.
Bear kr 493.98Fair Value kr 1,052Bull kr 1,564
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 (kr 61.01 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.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.
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.40/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−82.1%
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.
−35.8%
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.
−17.5%
Revenue growth 22 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.
+20.1%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
−18.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year−18.7%
Dividend (yield on the price)0.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−19% vs 2%, slowing
Profit margin 2020 to 2025 ⓘ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.62% → 34%
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
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).
+39.9%
Yearly growth needed for the next five years to justify today's price.
News mood ⓘNews mood, the average tone of recent news (82 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.Neutral
Recent news coverage is roughly neutral, about typical for how stocks are covered.
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 · 653 stocks
Beats the industry median on 7/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score71 · Top 25%
Fair Value upside−88% · Bottom 25%
Profitability
Return on equity (TTM)15% · Top 25%
Return on assets8% · Top 25%
Net margin (TTM)21% · Top 25%
Operating margin (TTM)25% · Top 25%
Growth and dividend
Revenue growth25% · Top 25%
Balance sheet
Debt / equity0.86× · Highest 25%
Valuation Multiplesvs Biotechnology median · lower = cheaper
P/E (TTM)26.1× · Pricier than median
P/B3.07× · Pricier than median
P/S (TTM)4.60× · Pricier than median
P/FCF15.0× · Pricier than median
EV/EBITDA16.0× · Cheaper than median
PEG1.88× · Pricier than median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 0
FUTURE (revenue growth)100· sector 0
PAST (return on equity)60· sector 0
HEALTH (low debt)57· sector 97
DIVIDEND (yield)0· sector 23
VALUE 0: the price sits above our fair-value range.
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.
Cite: Fair Value Calculator (2026). "Genmab A/S Fair Value". https://www.fairvalue-calculator.com/stock/GMAB
Frequently asked questions
Is Genmab A/S (GMAB) overvalued or undervalued?
As of Sep 18, 2026, our model estimates a fair value of kr 1,052 versus a price of kr 2,260, about −53% upside (overvalued).
What is the fair value of GMAB?
Our model-based fair value for Genmab A/S is kr 1,052 (as of Sep 18, 2026), built from audited fundamentals. The current price: kr 2,260.
What is the quality score of GMAB?
Genmab A/S has a Quality Score of 71/100. 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 Genmab A/S (GMAB)?
Our model-based price target is the fair value of kr 1,052 (as of Sep 18, 2026) from 24 valuation models. Cautious scenario kr 493.98, optimistic scenario kr 1,564. It is a calculation from audited fundamentals, not an analyst target.
What is the Genmab A/S stock forecast for 2026?
Our models put fair value at kr 1,052, about −53% upside versus a price of kr 2,260 (overvalued). Cautious scenario kr 493.98, optimistic scenario kr 1,564. The calculation is refreshed regularly with new filings.
What is the revenue of Genmab A/S (GMAB)?
Genmab A/S reported trailing-twelve-month revenue of about 3.9B DKK (latest available figure, as of Sep 18, 2026).
What growth is priced into Genmab A/S (GMAB)?
For today's price to be fair in a discounted-cash-flow model, Genmab A/S would have to grow free cash flow by +39.9 % per year for five years (discount rate 8.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -17.5 % per year. As of Sep 18, 2026.
What discount rate (WACC) does the fair value of GMAB use?
Our models discount Genmab A/S at 8.3 %: a base by market capitalisation (large), damped by beta 0.69, country premium for Denmark. 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 Genmab A/S that is +39.9 % per year a year over ten years, using the same discount rate (8.3 %) and the same formula as our fair value.
How much growth has Genmab A/S (GMAB) delivered so far?
Over the past 5 years revenue at Genmab A/S grew -17.5 % a year. The price currently implies +39.9 % 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 Genmab A/S (GMAB) growing?
The median revenue growth in the sector is +4.3 % a year. That is the yardstick for the growth priced into Genmab A/S (+39.9 % 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 Genmab A/S (GMAB)?
The free-cash-flow yield on the price is 0.84 %: that much free cash flow Genmab A/S produces per unit of market value. When it exceeds the discount rate of our models (8.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Genmab A/S (GMAB)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Genmab A/S it is kr 1,052 per share (as of Sep 18, 2026), against a price of kr 2,260. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Genmab A/S stock overvalued or undervalued in 2026?
As of Sep 18, 2026, GMAB trades above its calculated fair value: price kr 2,260, fair value kr 1,052, a gap of about −53% (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 GMAB?
No. The price is what the market pays today (kr 2,260); the fair value is what the company's own numbers justify (kr 1,052). For Genmab A/S the two are kr 1,208 per share apart. That gap is exactly why we show both numbers side by side.
How much is Genmab A/S worth?
The market values Genmab A/S at about 142B DKK (market capitalisation, as of Sep 18, 2026). Per share that is kr 2,260; our models calculate a fair value of kr 1,052 per share.
What do the bullish and bearish scenarios say about GMAB?
Our models span a range for Genmab A/S: cautious scenario kr 493.98, base kr 1,052, optimistic kr 1,564 per share (as of Sep 18, 2026, price kr 2,260). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of GMAB?
Genmab A/S trades at a price-to-earnings ratio of 26.1 (as of Sep 18, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of kr 1,052 is built from several models across several years. Other multiples: PEG 1.9, P/B 3.1, P/S 4.6, EV/EBITDA 16.0.
What is the PEG ratio of GMAB?
The PEG ratio of Genmab A/S is 1.88 (P/E divided by earnings growth, as of Sep 18, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Genmab A/S (GMAB)?
Balance-sheet figures for Genmab A/S (as of Sep 18, 2026): return on equity 15.0%, debt of 0.86 per unit of equity. They feed the Quality Score of 71/100, which measures business quality independently of the share price.
How far is GMAB from its 52-week high?
Genmab A/S trades at kr 2,260, about 0% below its 52-week high of kr 2,257 and 77% above the low of kr 1,275 (as of Sep 18, 2026). Distance from the high says nothing about value: that is what the fair value of kr 1,052 is for.
Which stocks are comparable to Genmab A/S?
From the same area (Healthcare) we also value Vertex Pharmaceuticals Incorporated, Regeneron Pharmaceuticals, Inc, argenx SE, BeOne Medicines AG, 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 Genmab A/S stock attractive at the current price?
The data as of Sep 18, 2026: price kr 2,260, calculated fair value kr 1,052 (−53%), Quality Score 71/100, 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 GMAB calculated?
We run Genmab A/S 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 kr 1,052, 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 16.1 % above its aggregate fair value. Genmab A/S 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 Genmab A/S (GMAB)?
The closing price on Sep 21, 2026 was kr 2,260. Our model-based fair value is kr 1,052, about −53% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Genmab A/S right now?
A high-quality business (quality 71/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety. The price sits above even our optimistic bull case (kr 1,564). The favourable scenario is already priced in. The model range is unusually wide (kr 493.98 to kr 1,564). The outcome hinges heavily on assumptions, so read the point estimate with caution. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
Where does the earnings growth of Genmab A/S (GMAB) come from?
Earnings per share at Genmab A/S grew +20.8 % a year from 2014 to 2025. Broken into its drivers: revenue per share +29.6 %, EBIT margin −5.7 %, tax rate −2.5 %, residual (interest, one-offs) +1.4 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Genmab A/S
How large is the market capitalisation of Genmab A/S (GMAB)?
The market capitalisation of Genmab A/S is 142B DKK (≈ $21.7B). 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 Genmab A/S (GMAB)?
The price-to-sales ratio of Genmab A/S is 6.76 (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 Genmab A/S (GMAB)?
Earnings per share at Genmab A/S are kr 86.49 (price ÷ EPS = P/E 26.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Genmab A/S (GMAB)?
The net margin of Genmab A/S is 25.9% (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 Genmab A/S (GMAB)?
The return on equity (ROE) of Genmab A/S is 15.0% (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 Genmab A/S (GMAB)?
On an EBIT basis the return on assets of Genmab A/S is 14.5% (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 Genmab A/S (GMAB)?
The operating margin of Genmab A/S is 25.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Genmab A/S (GMAB)?
Revenue at Genmab A/S is growing +25.3% versus a year earlier (3y avg −35.8%). 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 Genmab A/S (GMAB)?
Earnings per share at Genmab A/S are growing −72.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Genmab A/S (GMAB) carry?
The net debt of Genmab A/S is 3.8B DKK (fiscal year 2025, ≈ 3.2 yrs of FCF). 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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Thin data
Sep 18, 2026