What is Alnylam Pharmaceuticals, Inc. worth?
With the base-case assumptions below, a discounted cash flow model on Alnylam Pharmaceuticals, Inc.'s reported free cash flow gives $126.85 per share. The share price was $255.96 on September 25, 2026, 102% above that value.
Inputs from the filings
Three sets of assumptions
| Case | Growth yrs 1-5 | Discount rate | Value per share | Value vs price |
|---|---|---|---|---|
| Bear | 10.0% | 10.0% | $82.05 | -68% |
| Base | 15.0% | 9.0% | $126.85 | -50% |
| Bull | 20.0% | 8.0% | $210.26 | -18% |
Sensitivity: base case value per share
| 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | |
|---|---|---|---|---|---|
| 7.0% | $160.76 | $171.34 | $184.26 | $200.42 | $221.20 |
| 8.0% | $135.29 | $142.14 | $150.25 | $159.97 | $171.86 |
| 9.0% | $116.75 | $121.44 | $126.85 | $133.16 | $140.62 |
| 10.0% | $102.69 | $106.03 | $109.80 | $114.12 | $119.11 |
| 11.0% | $91.69 | $94.14 | $96.87 | $99.94 | $103.43 |
Where the presets come from
Base: years 1 to 5 grow at Alnylam Pharmaceuticals, Inc.'s revenue growth rate over the last 5 fiscal years (49.8% a year), held between -5% and 15%. Years 6 to 10 grow halfway between that and the long-run rate of 2.5%. Future cash is discounted at 9% a year.
Bear: 5 points less growth, 2% long-run growth, 10% discount rate. Bull: 5 points more growth (at most 25%), 3% long-run growth, 8% discount rate.
Value per share = (present value of 10 years of free cash flow + present value of everything after + cash - debt) / diluted shares.
This is a model run on assumptions, not a recommendation or a price target. Small changes in the discount rate or growth move the result a lot, as the table above shows. Change them yourself in the calculator.
Adjust the assumptions
Move the sliders for growth, long-run growth and discount rate, or switch to average free cash flow, and see the value per share change.
Adjust the assumptions