Income statement, balance sheet and cash flow statement for the last 8 fiscal years, taken from the XBRL data ARGENX SE files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2018
FY2019
FY2021
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
21.5
78.5
41.2
497
10
35.5
Cost of revenue
29.4
118
227
451
Gross profit
-19.4
-82.3
Research and development
83.6
221
371
581
663
859
983
1,364
Selling, general and administrative
472
712
1,055
1,367
Operating income
-81.8
-199
-478
-349
-720
-425
-21.7
1,054
Interest expense
7.96
4.58
3.91
0.91
2.46
4.08
Interest income
16.1
6.46
3.63
27.7
107
158
163
Pre-tax income
-176
-605
-400
-729
-304
85.2
1,279
Income tax
5.29
3.1
8.52
-19.7
-9.44
-748
-13.4
Net income
-66.6
-181
-608
-408
-710
-295
833
1,292
EPS, basic
-4.69
-13.40
-7.99
-13.05
-5.16
13.92
21.08
EPS, diluted
-4.69
-13.40
-7.99
-13.05
-5.16
12.78
19.57
Balance sheet
FY2018
FY2019
FY2021
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
322
372
1,217
1,335
801
2,049
1,500
3,491
Receivables
31.6
6.98
38.2
276
497
904
1,647
Inventory
25.2
109
228
311
407
474
Total current assets
1,543
2,057
2,543
2,774
4,124
4,883
6,899
Property, plant and equipment
9.18
11.6
15.8
16.2
22.7
Lease right-of-use assets
7.37
9.45
11.6
12.9
20.1
40.5
40.8
Intangible assets
45.1
167
172
175
125
181
272
Total assets
1,610
2,279
2,850
3,134
4,542
6,203
8,683
Accounts payable
95.8
275
293
296
414
650
1,267
Total current liabilities
180
328
301
302
423
670
1,320
Lease liabilities
5.1
6.18
7.96
9.01
15.4
32.5
36.3
Total liabilities
430
605
316
321
445
704
1,360
Total debt
7.2
Paid-in capital
1,506
2,339
3,463
4,310
5,651
5,949
6,187
Retained earnings
-170
-383
-992
-1,400
-2,110
-2,405
-1,572
-280
Total equity
616
1,180
1,674
2,534
2,814
4,098
5,498
7,323
Total liabilities and equity
1,610
2,279
2,850
3,134
4,542
6,203
8,683
Cash flow statement
FY2018
FY2019
FY2021
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-66.6
-181
-608
-408
-710
-295
833
1,292
Cash from operations
152
-398
-607
-863
-420
-82.7
685
Capital expenditures
-1.8
-1.07
-3.62
-0.84
-0.81
-1.8
-6.17
Cash from investing
-833
345
-347
-461
308
-718
984
Cash from financing
734
833
1,121
844
1,337
280
233
Exchange rate effect
-1.72
65.4
-49.6
-53.7
23.5
-28.3
89.1
Free cash flow
150
-400
-610
-864
-421
-84.5
679
Interest paid
0.14
0.4
0.68
0.85
0.21
0.39
0.9
Income taxes paid
4.88
2.79
15.8
24.1
37.5
-7.8
255
Key metrics
Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $959.49 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Effective tax rate
-1.1%
Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)
17.4%
Net income / average total assets.
Growth
Metric
Value
How it is calculated
Net income growth, 1y
55.1%
Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y
53.1%
EPS vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y
40.0%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
40.4%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
30.7%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
5.23x
Current assets / current liabilities.
Quick ratio
3.89x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
2.64x
(Cash + short-term investments) / current liabilities.
Liabilities / assets
15.7%
Total liabilities / total assets.
Interest coverage
258x
Operating income / interest expense.
Working capital
$5.58B
Current assets - current liabilities.
Goodwill and intangibles / assets
3.1%
(Goodwill + intangible assets) / total assets.
Efficiency
Metric
Value
How it is calculated
Inventory turnover
1.02x
Cost of revenue / average inventory.
Days inventory
357 days
365 x average inventory / cost of revenue.
Days payables
776 days
365 x average accounts payable / cost of revenue.
FCF conversion
52.6%
Free cash flow / net income, when net income is positive.
Capex / operating cash flow
0.9%
Capital expenditures / cash from operations, when that is positive.
Per share
Metric
Value
How it is calculated
EPS, diluted
$19.57
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic
$21.08
Net income per basic share, as reported (split-adjusted).
Valuation
Metric
Value
How it is calculated
Market cap
$59.55B
Share price x shares outstanding.
Enterprise value
$56.06B
Market cap + total debt - cash - short-term investments.
P/E
46.1x
Market cap / net income. Only when net income is positive.
P/FCF
87.7x
Market cap / free cash flow. Only when free cash flow is positive.
P/OCF
86.9x
Market cap / cash from operations, when positive.
EV/EBIT
53.2x
Enterprise value / operating income, when both are positive.
EV/FCF
82.6x
Enterprise value / free cash flow, when both are positive.
FCF yield
1.1%
Free cash flow / market cap.
Earnings yield
2.2%
Net income / market cap (the inverse of P/E).
Was ARGENX SE profitable in fiscal 2025?
Yes. Net income was $1.29B, a net margin of -.
How much free cash flow did ARGENX SE generate in fiscal 2025?
Cash from operations of $685.2M minus capital expenditures of $6.2M left free cash flow of $679.0M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.