Pharming Group N.V (PHGUF) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of Pharming Group N.V $0.48, price $1.11, upside -56.6%, quality 64 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 Oct 2, 2026.
How to read this chart
60‑month range $0.7450 – $2.15 · fair‑value band $0.4800 – $0.5000 · the $1.11 price screens above the $0.4800 fair value. Dashed = 300-day average. As of Oct 2, 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 N.V (PHGUF) currently trades at $1.11, while our model-based Fair Value estimate is $0.4800, 56.6% 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 $1.05 per share, and 5 of the 24 models we run sit above the $1.11 price.
Bear case: the Multiples group reads lowest at $0.0900, and 19 of the 24 models stay below the price. Evidence for this calculation is medium.
Scenario range: $0.4800 (bear) to $0.5000 (bull), the price of $1.11 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 64/100 (solid quality), in the Healthcare sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Pharming Group N.V reported revenue of $391M in FY2025 versus $199M in FY2021, a compound +18.4%/yr. Reported net income was $3.0M in FY2025, compounding −34.4%/yr from FY2021.
Key figures
Market cap $919M · P/E ratio 59.0 · P/S ratio 0.45 · EPS (TTM) $0.0200 · Net margin 0.8% · Return on equity 5.0% · Return on assets (EBIT) 1.0% · Operating margin −6.8%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 32 out of 100 (low confidence).
What moves the price
The share trades about 49% 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 −57%, PHGUF screens richer than that median.
Fair Value models
Bear $0.4800Fair Value $0.4800Bull $0.5000
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.82/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+31.7%
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.
+23.7%
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.
+17.6%
Start year 2020 (pandemic). Over 10 years: +43.2% 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.
+33.6%
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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.
−18.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year−18.5%
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).
+3.3%
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 (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +0.9% a year for the price and +5.5% 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 · 625 stocks
Beats the industry median on 5/13 measures
Overall it trails its industry peers.
Valuation
Quality Score64 · 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% · Below median
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)59.0× · Pricier than median
P/B3.32× · Pricier than median
P/S (TTM)2.49× · Cheaper than median
P/FCF18.0× · Cheaper than median
EV/EBITDA20.5× · 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 N.V Fair Value". https://www.fairvalue-calculator.com/stock/PHGUF
Frequently asked questions
Is Pharming Group N.V (PHGUF) overvalued or undervalued?
As of Oct 2, 2026, our model estimates a fair value of $0.4800 versus a price of $1.11, about −57% upside (overvalued).
What is the fair value of PHGUF?
Our model-based fair value for Pharming Group N.V is $0.4800 (as of Oct 2, 2026), built from audited fundamentals. The current price: $1.11.
What is the quality score of PHGUF?
Pharming Group N.V has a Quality Score of 64/100. 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 N.V (PHGUF)?
Our model-based price target is the fair value of $0.4800 (as of Oct 2, 2026) from 24 valuation models. Cautious scenario $0.4800, optimistic scenario $0.5000. It is a calculation from audited fundamentals, not an analyst target.
What is the Pharming Group N.V stock forecast for 2026?
Our models put fair value at $0.4800, about −57% upside versus a price of $1.11 (overvalued). Cautious scenario $0.4800, optimistic scenario $0.5000. The calculation is refreshed regularly with new filings.
What is the revenue of Pharming Group N.V (PHGUF)?
Pharming Group N.V reported trailing-twelve-month revenue of about $369M (latest available figure, as of Oct 2, 2026).
What growth is priced into Pharming Group N.V (PHGUF)?
For today's price to be fair in a discounted-cash-flow model, Pharming Group N.V would have to grow free cash flow by +3.3 % 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 +17.6 % per year. As of Oct 2, 2026.
What discount rate (WACC) does the fair value of PHGUF use?
Our models discount Pharming Group N.V at 9.8 %: a base by market capitalisation (small), damped by beta 0.10, country premium for USA. 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 N.V that is +3.3 % 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 Pharming Group N.V (PHGUF) delivered so far?
Over the past 5 years revenue at Pharming Group N.V grew +17.6 % a year. The price currently implies +3.3 % 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 N.V (PHGUF) growing?
The median revenue growth in the sector is +5.1 % a year. That is the yardstick for the growth priced into Pharming Group N.V (+3.3 % 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 N.V (PHGUF)?
The free-cash-flow yield on the price is 6.41 %: that much free cash flow Pharming Group N.V 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 Pharming Group N.V (PHGUF)?
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 N.V it is $0.4800 per share (as of Oct 2, 2026), against a price of $1.11. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Pharming Group N.V stock overvalued or undervalued in 2026?
As of Oct 2, 2026, PHGUF trades above its calculated fair value: price $1.11, fair value $0.4800, a gap of about −57% (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 PHGUF?
No. The price is what the market pays today ($1.11); the fair value is what the company's own numbers justify ($0.4800). For Pharming Group N.V the two are $0.6250 per share apart. That gap is exactly why we show both numbers side by side.
How much is Pharming Group N.V worth?
The market values Pharming Group N.V at about $919M (market capitalisation, as of Oct 2, 2026). Per share that is $1.11; our models calculate a fair value of $0.4800 per share.
What do the bullish and bearish scenarios say about PHGUF?
Our models span a range for Pharming Group N.V: cautious scenario $0.4800, base $0.4800, optimistic $0.5000 per share (as of Oct 2, 2026, price $1.11). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of PHGUF?
Pharming Group N.V trades at a price-to-earnings ratio of 59.0 (as of Oct 2, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $0.4800 is built from several models across several years. Other multiples: P/B 3.3, P/S 2.5, EV/EBITDA 20.5.
How solid is the balance sheet of Pharming Group N.V (PHGUF)?
Balance-sheet figures for Pharming Group N.V (as of Oct 2, 2026): return on equity 5.0%, debt of 0.34 per unit of equity. They feed the Quality Score of 64/100, which measures business quality independently of the share price.
How far is PHGUF from its 52-week high?
Pharming Group N.V trades at $1.11, about 49% below its 52-week high of $2.15 and at the low of $1.10 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of $0.4800 is for.
Which stocks are comparable to Pharming Group N.V?
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 N.V stock attractive at the current price?
The data as of Oct 2, 2026: price $1.11, calculated fair value $0.4800 (−57%), Quality Score 64/100, 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 PHGUF calculated?
We run Pharming Group N.V 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 $0.4800, 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 N.V 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 N.V (PHGUF)?
The closing price on Oct 2, 2026 was $1.11. Our model-based fair value is $0.4800, about −57% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Pharming Group N.V right now?
The price sits above even our optimistic bull case ($0.5000). The favourable scenario is already priced in. Solid but not exceptional quality (64/100) and above fair value, neither a clear bargain nor a standout compounder. The models converge in a tight band ($0.4800 to $0.5000), unusually little disagreement for a valuation.
Key figures of Pharming Group N.V
How large is the market capitalisation of Pharming Group N.V (PHGUF)?
The market capitalisation of Pharming Group N.V is $919M. 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 N.V (PHGUF)?
The price-to-sales ratio of Pharming Group N.V is 0.45 (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 N.V (PHGUF)?
Earnings per share at Pharming Group N.V are $0.0200 (price ÷ EPS = P/E 59.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Pharming Group N.V (PHGUF)?
The net margin of Pharming Group N.V 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 N.V (PHGUF)?
The return on equity (ROE) of Pharming Group N.V 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 N.V (PHGUF)?
On an EBIT basis the return on assets of Pharming Group N.V is 1.0% (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 N.V (PHGUF)?
The operating margin of Pharming Group N.V 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 N.V (PHGUF)?
Revenue at Pharming Group N.V is growing −8.4% versus a year earlier (3y avg +23.7%). 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 N.V (PHGUF)?
Earnings per share at Pharming Group N.V are growing +104% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Pharming Group N.V (PHGUF) hold?
Pharming Group N.V 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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Oct 2, 2026