Pharming Group NV (PHARM) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of Pharming Group NV €0.42, price €0.87, upside -51.7%, quality 65 out of 100. Calculated from audited financials with 26 valuation models and 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 24, 2026.
How to read this chart
60‑month range €0.6545 – €1.78 · fair‑value band €0.4200 – €0.4400 · the €0.8702 price screens above the €0.4200 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Sep 24, 2026.
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Pharming Group N.V., a biopharmaceutical company, develops and commercializes protein replacement therapies and precision medicines for the treatment of rare diseases in the United States, Europe, and internationally.
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Pharming Group N.V., a biopharmaceutical company, develops and commercializes protein replacement therapies and precision medicines for the treatment of rare diseases in the United States, Europe, and internationally. The company's lead product is RUCONEST, a recombinant C1 esterase inhibitor for the treatment of acute attacks in adult and adolescent patients with acute hereditary angioedema (HAE); and Joenja (leniolisib), an oral small molecule PI3K" inhibitor for the treatment of activated phosphoinositide 3-kinase delta syndrome. It also develops Joenja, an oral small molecule PI3K" inhibitor. It has a development collaboration and license agreement with Novartis. Pharming Group N.V. was incorporated in 1988 and is headquartered in Leiden, the Netherlands.
Stock analysis
Pharming Group NV (PHARM) currently trades at €0.8702, while our model-based Fair Value estimate is €0.4200, 51.7% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of €0.9900 per share, and 7 of the 24 models we run sit above the €0.8702 price.
Bear case: the Multiples group reads lowest at €0.0800, and 17 of the 24 models stay below the price. Evidence for this calculation is low.
Scenario range: €0.4200 (bear) to €0.4400 (bull), the price of €0.8702 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 65/100 (solid quality), in the Healthcare sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Pharming Group NV reported revenue of $391M in FY2025 versus $190M in FY2021, a compound +19.8%/yr. Reported net income was $3.0M in FY2025, compounding −34.4%/yr from FY2021.
Key figures
Market cap €809M · P/E ratio 43.5 · P/S ratio 0.33 · EPS (TTM) €0.0200 · Net margin 0.8% · Return on equity 5.0% · Return on assets (EBIT) 1.9% · Operating margin −6.8%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 51% below its 52-week high and at its 52-week low, currently below its 200-day average.
For context, the median of 10 Healthcare peers we cover trades at 10% fair-value upside, at −52%, PHARM screens richer than that median.
Fair Value models
Bear €0.4200Fair Value €0.4200Bull €0.4400
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 (€0.0151 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.
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.84/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+36.5%
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.
+23.9%
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.
+11.4%
Start year 2020 (pandemic). Over 10 years: +41.9% a year
Revenue growth 21 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.
+35.6%
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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. Basis: adjusted.
−20.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year−20.7%
Dividend (yield on the price)0.0%
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.36% → 5%
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less 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).
−2.1%
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.
+8.0%
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 −4.2% a year for the price and +5.7% for the forecasts.
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 · 576 stocks
Beats the industry median on 5/13 measures
Overall it trails its industry peers.
Valuation
Quality Score65 · Top 25%
Fair Value upside−52.0% · Below median
Profitability
Return on equity (TTM)5.0% · Above median
Return on assets4.9% · Top 25%
Net margin (TTM)3.3% · Below median
Operating margin (TTM)−6.8% · Bottom 25%
Growth and dividend
Revenue growth−8.4% · Below median
Balance sheet
Debt / equity0.34× · Highest 25%
Valuation Multiplesvs Biotechnology median · lower = cheaper
P/E (TTM)43.5× · Pricier than median
P/B2.92× · Pricier than median
P/S (TTM)2.19× · Cheaper than median
P/FCF15.8× · Cheaper than median
EV/EBITDA17.9× · Pricier than median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 0
FUTURE (revenue growth)0· sector 0
PAST (return on equity)20· sector 0
HEALTH (low debt)83· sector 97
DIVIDEND (yield)0· sector 22
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). "Pharming Group NV Fair Value". https://www.fairvalue-calculator.com/stock/PHARM
Frequently asked questions
Is Pharming Group NV (PHARM) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of €0.4200 versus a price of €0.8702, about −52% upside (overvalued).
What is the fair value of PHARM?
Our model-based fair value for Pharming Group NV is €0.4200 (as of Sep 24, 2026), built from audited fundamentals. The current price: €0.8702.
What is the quality score of PHARM?
Pharming Group NV has a Quality Score of 65/100. 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 Pharming Group NV (PHARM)?
Our model-based price target is the fair value of €0.4200 (as of Sep 24, 2026) from 24 valuation models. Cautious scenario €0.4200, optimistic scenario €0.4400. It is a calculation from audited fundamentals, not an analyst target.
What is the Pharming Group NV stock forecast for 2026?
Our models put fair value at €0.4200, about −52% upside versus a price of €0.8702 (overvalued). Cautious scenario €0.4200, optimistic scenario €0.4400. The calculation is refreshed regularly with new filings.
What is the revenue of Pharming Group NV (PHARM)?
Pharming Group NV reported trailing-twelve-month revenue of about €369M (latest available figure, as of Sep 24, 2026).
What growth is priced into Pharming Group NV (PHARM)?
For today's price to be fair in a discounted-cash-flow model, Pharming Group NV would have to grow free cash flow by -2.1 % per year for five years (discount rate 9.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +11.4 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of PHARM use?
Our models discount Pharming Group NV at 9.6 %: a base by market capitalisation (small), damped by beta 0.09, country premium for Netherlands. 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 Pharming Group NV that is -2.1 % per year a year over ten years, using the same discount rate (9.6 %) and the same formula as our fair value.
How much growth has Pharming Group NV (PHARM) delivered so far?
Over the past 5 years revenue at Pharming Group NV grew +11.4 % a year. The price currently implies -2.1 % 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 Pharming Group NV (PHARM) growing?
The median revenue growth in the sector is +5.1 % a year. That is the yardstick for the growth priced into Pharming Group NV (-2.1 % 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 Pharming Group NV (PHARM)?
The free-cash-flow yield on the price is 8.15 %: that much free cash flow Pharming Group NV produces per unit of market value. When it exceeds the discount rate of our models (9.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Pharming Group NV (PHARM)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Pharming Group NV it is €0.4200 per share (as of Sep 24, 2026), against a price of €0.8702. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Pharming Group NV stock overvalued or undervalued in 2026?
As of Sep 24, 2026, PHARM trades above its calculated fair value: price €0.8702, fair value €0.4200, a gap of about −52% (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 PHARM?
No. The price is what the market pays today (€0.8702); the fair value is what the company's own numbers justify (€0.4200). For Pharming Group NV the two are €0.4502 per share apart. That gap is exactly why we show both numbers side by side.
How much is Pharming Group NV worth?
The market values Pharming Group NV at about €809M (market capitalisation, as of Sep 24, 2026). Per share that is €0.8702; our models calculate a fair value of €0.4200 per share.
What do the bullish and bearish scenarios say about PHARM?
Our models span a range for Pharming Group NV: cautious scenario €0.4200, base €0.4200, optimistic €0.4400 per share (as of Sep 24, 2026, price €0.8702). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of PHARM?
Pharming Group NV trades at a price-to-earnings ratio of 43.5 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €0.4200 is built from several models across several years. Other multiples: P/B 2.9, P/S 2.2, EV/EBITDA 17.9.
How solid is the balance sheet of Pharming Group NV (PHARM)?
Balance-sheet figures for Pharming Group NV (as of Sep 24, 2026): return on equity 5.0%, debt of 0.34 per unit of equity. They feed the Quality Score of 65/100, which measures business quality independently of the share price.
How far is PHARM from its 52-week high?
Pharming Group NV trades at €0.8702, about 51% below its 52-week high of €1.78 and at the low of €0.8702 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of €0.4200 is for.
Which stocks are comparable to Pharming Group NV?
From the same area (Healthcare) we also value Vertex Pharmaceuticals Incorporated, Regeneron Pharmaceuticals, Inc, argenx SE, 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 Pharming Group NV stock attractive at the current price?
The data as of Sep 24, 2026: price €0.8702, calculated fair value €0.4200 (−52%), Quality Score 65/100, 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 PHARM calculated?
We run Pharming Group NV 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 €0.4200, 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. Pharming Group NV 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 Pharming Group NV (PHARM)?
The closing price on Oct 2, 2026 was €0.8702. Our model-based fair value is €0.4200, about −52% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Pharming Group NV right now?
The price sits above even our optimistic bull case (€0.4400). The favourable scenario is already priced in. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid but not exceptional quality (65/100) and above fair value, neither a clear bargain nor a standout compounder. The models converge in a tight band (€0.4200 to €0.4400), unusually little disagreement for a valuation.
Key figures of Pharming Group NV
How large is the market capitalisation of Pharming Group NV (PHARM)?
The market capitalisation of Pharming Group NV is €809M. 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 Pharming Group NV (PHARM)?
The price-to-sales ratio of Pharming Group NV is 0.33 (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 Pharming Group NV (PHARM)?
Earnings per share at Pharming Group NV are €0.0200 (price ÷ EPS = P/E 43.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Pharming Group NV (PHARM)?
The net margin of Pharming Group NV is 0.8% (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 Pharming Group NV (PHARM)?
The return on equity (ROE) of Pharming Group NV is 5.0% (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 Pharming Group NV (PHARM)?
On an EBIT basis the return on assets of Pharming Group NV is 1.9% (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 Pharming Group NV (PHARM)?
The operating margin of Pharming Group NV is −6.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Pharming Group NV (PHARM)?
Revenue at Pharming Group NV is growing −8.4% versus a year earlier (3y avg +23.9%). 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 Pharming Group NV (PHARM)?
Earnings per share at Pharming Group NV are growing +104% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Pharming Group NV (PHARM) hold?
Pharming Group NV holds more cash than debt, €30.3M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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