# Argen-X (ARGX.BR)

Canonical: https://gigainvestors.com/s/ARGX.BR

Analysis as of: 2026-10-16T07:33:53.413Z. Financial observations: FY2011–FY2025.

Listing currency: EUR. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 758.60 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 3 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 8

- Operating margin variation: 1.57×

Chart: Operating margin; fiscal year observations.

- FY2016: -1.46×

- FY2017: -0.63×

- FY2018: -3.81×

- FY2019: -2.53×

- FY2020: -13.20×

- FY2021: -0.66×

- FY2022: -1.75×

- FY2023: -0.35×

- FY2024: -0.01×

- FY2025: 0.25×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 4.3pp below the typical margin (limit 4pp)

- ROIC, median of available years: -31.3%

- ROIC, second-lowest year: -131.8%

- Typical minus recent gross margin: 4.3 pp

- Typical gross margin (annual median): 93.5%

- Recent gross margin (lower of latest and 3-year median): 89.1%

- Years with nonpositive capital: 3

- Capital spending / revenue: 4.7%

- ROIC including acquisitions, ten-year median: -61.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: -26.7%

- FY2017: -40.2%

- FY2018: -144.2%

- FY2019: -13.2%

- FY2020: -22.4%

- FY2021: -131.8%

- FY2022: -89.8%

- FY2023: -35.8%

- FY2024: -1.0%

- FY2025: 35.2%

### economics: fail

- working capital as a share of revenue rose more than 10pp and ends positive

- Owner earnings / net income, 5-yr: 1.02×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $780M

- Net income, five-year total: $765M

- Return on incremental invested capital: 113.1%

- Working capital / revenue, annual change: 37.2 pp

- Working capital / revenue, change between three-year averages: 74.9 pp

- Working capital / revenue, final three-year average: 34.6%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.16×

- FY2022: 1.00×

- FY2023: 0.78×

- FY2024: 1.01×

- FY2025: 1.01×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: -40.2% vs -1.0%

- Per-share earnings: -1.11 to 11.74 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 15.4%

- Ordinary dilution, 5-year annual growth: 6.9%

- Market cap gain: $53B

- Cumulative retained earnings: -$204M

- Diluted shares, 10-year annual growth: 15.4%

- Diluted shares, 5-year annual growth: 6.9%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: $12.85

- Per-share value, starting three-year median: -$1.11

- Per-share value, ending three-year median: $11.74

- Average buyback yield: 0.0%

- Buyback history: 1 years

- Debt-funded buybacks: Yes

- Acquisition spending: $322M

- Cumulative net income, 10 years: -$157M

- ROIC, first three-year median: -40.2%

- ROIC, last three-year median: -1.0%

Chart: Earnings per share; fiscal year observations.

- FY2016: -$1.11

- FY2017: -$1.23

- FY2018: -$2.21

- FY2019: -$4.59

- FY2020: -$12.85

- FY2021: -$7.93

- FY2022: -$12.83

- FY2023: -$5.03

- FY2024: $11.74

- FY2025: $20.31

### accounting: pass

- stock compensation exceeds 15% of operating cash flow

- Sloan accruals: 5.3%

- Receivables to sales index (DSRI): 0.99×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 28.1%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.66×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.04×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -30.2%

- FY2017: 2.3%

- FY2018: -2.2%

- FY2019: -20.7%

- FY2020: -9.2%

- FY2021: 7.0%

- FY2022: 4.9%

- FY2023: 2.8%

- FY2024: 14.8%

- FY2025: 5.3%

## Holders

## Price story

Up 71% since Oct 2023 · "argenx SE (ARGX) Rose due to Increased Sales of its Vyvgart Medication" (finance.yahoo.com, Nov 2025) · sales +84.7%

Story as of 2026-10-16T09:59:58.185Z; price observation 2026-10-15.

- 2025-05-08: Argenx Beats Sales Expectations — But Not By Enough — And Shares Tumble ([finance.yahoo.com](https://finance.yahoo.com/m/5101bc4c-5bf0-3591-b608-e08afc9e618b/argenx-beats-sales.html))

- 2025-08-26: Argenx Stock Hits Record High After Reporting 664% Earnings Surge; This Rating Upgraded ([finance.yahoo.com](https://finance.yahoo.com/m/329575ac-5314-346f-98b1-b60273adfeec/argenx-stock-hits-record-high.html))

- 2025-11-03: argenx SE (ARGX) Rose due to Increased Sales of its Vyvgart Medication ([finance.yahoo.com](https://finance.yahoo.com/news/argenx-se-argx-rose-due-141424035.html))

- 2026-05-27: Vyvgart Label Expansion And New CEO Put argenx Execution In Focus ([finance.yahoo.com](https://finance.yahoo.com/sectors/healthcare/articles/vyvgart-label-expansion-ceo-put-070415334.html))

- 2026-10-09: ARGX Stock Down on Stopping Late-Stage Autoimmune Disease Study ([finance.yahoo.com](https://finance.yahoo.com/healthcare/articles/argx-stock-down-stopping-stage-123100360.html))

### Sales · FY2024–2025

sales +84.7%; source https://filings.xbrl.org/7245009C5FZE6G9ODQ71/2025-12-31/ESEF/NL/0/argx-2025-12-31-1-en/reports/argx-2025-12-31-1-en.xhtml; observed 2026-03-24.

- FY2016: $15M 

- FY2017: $44M 

- FY2018: $25M 

- FY2019: $78M 

- FY2020: $36M 

- FY2021: $528M 

- FY2022: $411M 

- FY2023: $1.2B 

- FY2024: $2.2B 

- FY2025: $4.2B 

### Gross margin · FY2025

gross margin 89.1%; source https://filings.xbrl.org/7245009C5FZE6G9ODQ71/2025-12-31/ESEF/NL/0/argx-2025-12-31-1-en/reports/argx-2025-12-31-1-en.xhtml; observed 2026-03-24.

- FY2021: 94.1% 

- FY2022: 92.8% 

- FY2023: 90.4% 

- FY2024: 87.3% 

- FY2025: 89.1% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in biotechnology; annual sales are USD 4.2 billion.

- Source: https://filings.xbrl.org/7245009C5FZE6G9ODQ71/2025-12-31/ESEF/NL/0/argx-2025-12-31-1-en/reports/argx-2025-12-31-1-en.xhtml (filed 2026-03-24); FY2025: revenue 4153482000; grossProfit 3702817000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 87.3% to 90.4% during 2023–25; it lost 31.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); FY2023: grossProfit / revenue = 90.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); FY2024: grossProfit / revenue = 87.3%.

- Source: https://filings.xbrl.org/7245009C5FZE6G9ODQ71/2025-12-31/ESEF/NL/0/argx-2025-12-31-1-en/reports/argx-2025-12-31-1-en.xhtml (filed 2026-03-24); FY2025: grossProfit / revenue = 89.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); 10-year return on capital observations [[2016,-0.26696499653266126],[2017,-0.4021819944029462],[2018,-1.4417495476598627],[2019,-0.13229012029690299],[2020,-0.22409908962836786],[2021,-1.3184725379377014],[2022,-0.8981850509093606],[2023,-0.3581123601976403],[2024,-0.01003822229063332],[2025,0.3518373605082513]]; median -0.3125386783651508. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid no dividends in 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); FY2024: growth capex 0; upkeep 1738505; owner earnings 841017895. Growth capex / owner earnings = 0.

- Source: https://filings.xbrl.org/7245009C5FZE6G9ODQ71/2025-12-31/ESEF/NL/0/argx-2025-12-31-1-en/reports/argx-2025-12-31-1-en.xhtml (filed 2026-03-24); FY2025: growth capex 0; upkeep 6416344.7; owner earnings 1356964837.3. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); Dividend observations: [[2016,0],[2017,0],[2018,0],[2019,0],[2020,0],[2021,0],[2022,0],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own <0.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ARGX.BR SharesStats.PercentInsiders = 0.009000000000000001 percentage points; cache date 2026-10-16.

### What the price says

The price is 13.6 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); Closing price 758.6 EUR; reporting-to-trading FX 0.891837899543379; FY2025 annual sales per share 62.73289129876603; price multiple 13.559123298637626. FY2025 cash earnings/share 20.495171914694374. Closing-price date 2026-10-15.

## Monthly share-price history (EUR per share)

- 2016-10: EUR 14.00 per share

- 2016-11: EUR 14.64 per share

- 2016-12: EUR 15.94 per share

- 2017-01: EUR 16.00 per share

- 2017-02: EUR 15.16 per share

- 2017-03: EUR 16.55 per share

- 2017-04: EUR 16.61 per share

- 2017-05: EUR 18.43 per share

- 2017-06: EUR 18.10 per share

- 2017-07: EUR 17.60 per share

- 2017-08: EUR 17.13 per share

- 2017-09: EUR 18.50 per share

- 2017-10: EUR 19.82 per share

- 2017-11: EUR 25.00 per share

- 2017-12: EUR 52.52 per share

- 2018-01: EUR 62.90 per share

- 2018-02: EUR 63.90 per share

- 2018-03: EUR 65.20 per share

- 2018-04: EUR 73.10 per share

- 2018-05: EUR 82.60 per share

- 2018-06: EUR 72.30 per share

- 2018-07: EUR 77.70 per share

- 2018-08: EUR 80.20 per share

- 2018-09: EUR 65.10 per share

- 2018-10: EUR 70.10 per share

- 2018-11: EUR 85.90 per share

- 2018-12: EUR 85.20 per share

- 2019-01: EUR 92.50 per share

- 2019-02: EUR 116.80 per share

- 2019-03: EUR 110.00 per share

- 2019-04: EUR 114.20 per share

- 2019-05: EUR 110.80 per share

- 2019-06: EUR 123.20 per share

- 2019-07: EUR 127.10 per share

- 2019-08: EUR 118.20 per share

- 2019-09: EUR 104.10 per share

- 2019-10: EUR 108.80 per share

- 2019-11: EUR 135.00 per share

- 2019-12: EUR 143.60 per share

- 2020-01: EUR 130.10 per share

- 2020-02: EUR 124.00 per share

- 2020-03: EUR 123.00 per share

- 2020-04: EUR 137.50 per share

- 2020-05: EUR 191.50 per share

- 2020-06: EUR 198.30 per share

- 2020-07: EUR 195.40 per share

- 2020-08: EUR 193.70 per share

- 2020-09: EUR 225.00 per share

- 2020-10: EUR 214.40 per share

- 2020-11: EUR 239.20 per share

- 2020-12: EUR 242.00 per share

- 2021-01: EUR 241.20 per share

- 2021-02: EUR 277.60 per share

- 2021-03: EUR 234.40 per share

- 2021-04: EUR 240.40 per share

- 2021-05: EUR 225.70 per share

- 2021-06: EUR 255.10 per share

- 2021-07: EUR 257.30 per share

- 2021-08: EUR 285.80 per share

- 2021-09: EUR 259.50 per share

- 2021-10: EUR 258.90 per share

- 2021-11: EUR 247.00 per share

- 2021-12: EUR 315.30 per share

- 2022-01: EUR 234.30 per share

- 2022-02: EUR 256.10 per share

- 2022-03: EUR 282.50 per share

- 2022-04: EUR 273.90 per share

- 2022-05: EUR 290.50 per share

- 2022-06: EUR 357.50 per share

- 2022-07: EUR 357.20 per share

- 2022-08: EUR 373.50 per share

- 2022-09: EUR 368.50 per share

- 2022-10: EUR 394.80 per share

- 2022-11: EUR 390.00 per share

- 2022-12: EUR 348.30 per share

- 2023-01: EUR 347.00 per share

- 2023-02: EUR 342.20 per share

- 2023-03: EUR 340.70 per share

- 2023-04: EUR 348.70 per share

- 2023-05: EUR 364.60 per share

- 2023-06: EUR 355.40 per share

- 2023-07: EUR 457.00 per share

- 2023-08: EUR 464.80 per share

- 2023-09: EUR 460.60 per share

- 2023-10: EUR 444.10 per share

- 2023-11: EUR 407.40 per share

- 2023-12: EUR 343.50 per share

- 2024-01: EUR 348.80 per share

- 2024-02: EUR 343.20 per share

- 2024-03: EUR 366.10 per share

- 2024-04: EUR 350.80 per share

- 2024-05: EUR 340.70 per share

- 2024-06: EUR 408.60 per share

- 2024-07: EUR 471.10 per share

- 2024-08: EUR 468.10 per share

- 2024-09: EUR 485.60 per share

- 2024-10: EUR 541.60 per share

- 2024-11: EUR 586.40 per share

- 2024-12: EUR 600.00 per share

- 2025-01: EUR 643.00 per share

- 2025-02: EUR 597.20 per share

- 2025-03: EUR 540.60 per share

- 2025-04: EUR 568.00 per share

- 2025-05: EUR 506.40 per share

- 2025-06: EUR 469.80 per share

- 2025-07: EUR 594.40 per share

- 2025-08: EUR 604.00 per share

- 2025-09: EUR 617.20 per share

- 2025-10: EUR 705.60 per share

- 2025-11: EUR 782.40 per share

- 2025-12: EUR 716.80 per share

- 2026-01: EUR 703.80 per share

- 2026-02: EUR 657.40 per share

- 2026-03: EUR 620.80 per share

- 2026-04: EUR 668.00 per share

- 2026-05: EUR 715.60 per share

- 2026-06: EUR 811.40 per share

- 2026-07: EUR 745.00 per share

- 2026-08: EUR 875.60 per share

- 2026-09: EUR 846.80 per share

- 2026-10: EUR 758.60 per share

## Annual estimated value (EUR per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original ESEF filing](https://filings.xbrl.org/7245009C5FZE6G9ODQ71/2025-12-31/ESEF/NL/0/argx-2025-12-31-1-en/reports/argx-2025-12-31-1-en.xhtml); period 2025-12-31, filed 2026-03-24.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.