# BioNTech SE (BNTX.US)

Canonical: https://gigainvestors.com/s/BNTX

Analysis as of: 2026-10-16T07:27:02.182Z. Financial observations: FY2017–FY2025.

Listing currency: USD. Reporting currency: EUR.

## 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: $90.20 per share; close as of 2026-10-15.

Estimated value: low $58.42 per share, central $60.36 per share, high $62.96 per share. Buy at or below the central value $60.36 per share. Valuation as of 2026-10-16T07:27:02.182Z; scenarios are not confidence intervals.

Expected annual return: 5.4% at the stated quote. About 5.4% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 4 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: 9 years

- Years with declining revenue: 4

- Years with a net loss: 5

- Operating margin variation: 2.96×

Chart: Operating margin; fiscal year observations.

- FY2017: -0.99×

- FY2018: -0.42×

- FY2019: -1.67×

- FY2020: -0.17×

- FY2021: 0.81×

- FY2022: 0.73×

- FY2023: 0.18×

- FY2024: -0.48×

- FY2025: -0.23×

### 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 6.7pp below the typical margin (limit 4pp)

- ROIC, median of available years: -13.3%

- ROIC, second-lowest year: -310.3%

- Typical minus recent gross margin: 6.7 pp

- Typical gross margin (annual median): 84.3%

- Recent gross margin (lower of latest and 3-year median): 77.6%

- Years with nonpositive capital: 2

- Capital spending / revenue: 17.7%

- ROIC including acquisitions, ten-year median: 5.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: -4597.2%

- FY2018: -13.3%

- FY2019: -310.3%

- FY2020: -30.9%

- FY2021: >100%

- FY2022: >100%

- FY2023: 15.2%

- FY2024: -41.5%

- FY2025: -11.5%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.96×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 18B

- Net income, five-year total: EUR 19B

- Return on incremental invested capital: -29.0%

- Working capital / revenue, annual change: 10.9 pp

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

- FY2021: 1.00×

- FY2022: 0.97×

- FY2023: 0.44×

- FY2024: 1.23×

- FY2025: 0.82×

### management: fail

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: -310.3% vs -11.5%

- Per-share earnings: -0.38 to -2.77 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 0.0%

- Diluted shares, 5-year annual growth: 0.0%

- Per-share value change: EUR -2.39

- Per-share value, starting three-year median: EUR -0.38

- Per-share value, ending three-year median: EUR -2.77

- Buybacks concentrated in cheaper years (correlation): -1.00

- Average buyback yield: 3.1%

- Buyback history: 2 years

- Debt-funded buybacks: No

- ROIC, first three-year median: -310.3%

- ROIC, last three-year median: -11.5%

Chart: Earnings per share; fiscal year observations.

- FY2017: EUR -0.38

- FY2018: EUR -0.21

- FY2019: EUR -0.78

- FY2020: EUR 0.06

- FY2021: EUR 39.63

- FY2022: EUR 38.34

- FY2023: EUR 3.86

- FY2024: EUR -2.77

- FY2025: EUR -4.45

### accounting: pass

- stock compensation exceeds 15% of operating cash flow

- Sloan accruals: -7.0%

- Receivables to sales index (DSRI): 0.64×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 24.2%

- Earnings backed by cash: Yes

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.10×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -8.8%

- FY2018: 1.6%

- FY2019: 2.4%

- FY2020: 1.2%

- FY2021: 59.4%

- FY2022: -17.8%

- FY2023: -19.3%

- FY2024: -3.9%

- FY2025: -7.0%

## Holders

- [David Hoeft](https://gigainvestors.com/DAC): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 74% since Nov 2021 · "BioNTech drops 10% on mRNA trial failure, highlighting Moderna contrast" (finance.yahoo.com, Aug 2026) · sales +0.2%

Story as of 2026-10-16T09:58:25.145Z; price observation 2026-10-15.

Price needs cash profits to grow 14.2% a year for ten years

- 2025-05-06: BioNTech (NasdaqGS:BNTX) Appoints New CFO As Q1 Sales Fall To €183 Million ([finance.yahoo.com](https://finance.yahoo.com/news/biontech-nasdaqgs-bntx-appoints-cfo-180957688.html))

- 2025-06-02: BioNTech soars 15% on cancer drug deal with Bristol Myers ([finance.yahoo.com](https://finance.yahoo.com/news/biontech-soars-15-cancer-drug-120441239.html))

- 2026-02-02: BioNTech (BNTX) Valuation Check After Leerink Downgrade And Cooling Cancer Vaccine Optimism ([finance.yahoo.com](https://finance.yahoo.com/news/biontech-bntx-valuation-check-leerink-201002065.html))

- 2026-03-10: BioNTech Shares Fall After Cofounders Plan Exit, Outlook Misses Forecasts ([finance.yahoo.com](https://finance.yahoo.com/news/biontech-shares-fall-cofounders-plan-120700155.html))

- 2026-05-05: BioNTech to Slash 22% of Workforce as Losses Widen. The Stock Falls. ([finance.yahoo.com](https://finance.yahoo.com/m/6a8f2dcf-c53f-3bfc-af37-0377312a4921/biontech-to-slash-22%25-of.html))

- 2026-08-28: BioNTech drops 10% on mRNA trial failure, highlighting Moderna contrast ([finance.yahoo.com](https://finance.yahoo.com/healthcare/articles/biontech-drops-10-mrna-trial-140949234.html))

### Sales · FY2024–2025

sales +0.2%; source https://www.sec.gov/Archives/edgar/data/1776985/000177698526000017/bntx-20251231.htm; observed 2026-03-10.

- FY2017: EUR 62M 

- FY2018: EUR 128M 

- FY2019: EUR 109M 

- FY2020: EUR 482M 

- FY2021: EUR 19B 

- FY2022: EUR 17B 

- FY2023: EUR 3.8B 

- FY2024: EUR 2.8B 

- FY2025: EUR 2.8B 

### Gross margin · FY2025

gross margin 77.6%; source https://www.sec.gov/Archives/edgar/data/1776985/000177698526000017/bntx-20251231.htm; observed 2026-03-10.

- FY2017: 84.9% 

- FY2018: 89.3% 

- FY2019: 84.0% 

- FY2020: 87.7% 

- FY2021: 84.7% 

- FY2022: 82.7% 

- FY2023: 84.3% 

- FY2024: 80.3% 

- FY2025: 77.6% 

## Owner memo

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

### How it makes money

Operates in biotechnology; annual sales are EUR 2.8 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1776985/000177698526000017/bntx-20251231.htm (filed 2026-03-10); FY2025: revenue 2756632777; grossProfit 2140162894; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BNTX.US: BioNTech SE, together with its subsidiaries, engages in the development and commercialization of immunotherapies in Germany. The company offers BNT162, an mRNA vaccine for the treatment of SARS-CoV-2 virus. It also develops oncology drugs under Phase III clinical trial, including Gotistobart for metastatic non-small cell lung cancer, Pumitamig for small cell lung cancer and advanced/metastatic triple-negative breast cancer, and Trastuzumab pamirtecan for metastatic breast cancer and epirubicin and cyclophosphamide; and drugs under Phase 2/3 clinical trial, such as BNT113 for human papillomavirus and head and neck squamous cell carcinoma, as well as Pumitamig for metastatic colorectal and non-small cell lung cancer. In addition, the company engages in the development of oncology drugs under Phase II clinical trial comprising BNT116 for advance non-small cell lung cancer, BNT326/YL202 for multiple solid tumors and advanced/metastatic breast cancer, Autogene cevumeran for advance colorectal cancer, and Gotistobart for platinum-resistant ovarian cancer, as well as Pumitamig for glioblastoma, hepatocellular carcinoma, malignant pleural mesothelioma, neuroendocrine neoplasms, and metastatic pancreatic ductal adenocarcinoma. Further, it develops BNT166 which is Phase II clinical trial for mpox virus; and infectious diseases drugs under Phase 1/2 clinical trial, which include BNT162 + BNT161 for SARS-CoV-2 and influenza, BNT164 for tuberculosis, BNT165 for malaria, and BNT166 for mpox. The company was incorporated in 2008 and is headquartered in Mainz, Germany.

### Why customers stay

Margins ranged from 77.6% to 84.3% during 2023–25; it lost 13.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-10); FY2023: grossProfit / revenue = 84.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-10); FY2024: grossProfit / revenue = 80.3%.

- Source: https://www.sec.gov/Archives/edgar/data/1776985/000177698526000017/bntx-20251231.htm (filed 2026-03-10); FY2025: grossProfit / revenue = 77.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-10); 9-year return on capital observations [[2017,-45.97229819563153],[2018,-0.13279809970315665],[2019,-3.1028326588907404],[2020,-0.30880455407969637],[2021,1.0389336913119054],[2022,1.499097879791989],[2023,0.15238638899744467],[2024,-0.4151361400983567],[2025,-0.11510773361661873]]; median -0.13279809970315665. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 83% gross margin through 2022 cost inflation.

- Source: https://www.sec.gov/Archives/edgar/data/1776985/000177698526000017/bntx-20251231.htm (filed 2026-03-10); Gross margin observations: [[2021,0.8465750104074997],[2022,0.8269846221390362],[2023,0.8429431788426289]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 1 of 9 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-10); FY2020: growth capex 46700000; upkeep 38700000; owner earnings 15200000. Growth capex / owner earnings = 3.0723684210526314.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-10); FY2021: growth capex 78800000; upkeep 75200000; owner earnings 10292500000. Growth capex / owner earnings = 0.007656060238037406.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-10); FY2022: growth capex 0; upkeep 363300000; owner earnings 9194400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-10); FY2023: growth capex 0; upkeep 705500000; owner earnings 408200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-10); Dividend observations: [[2017,0],[2018,0],[2019,0],[2020,0],[2021,0],[2022,484300000],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 57.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BNTX.US SharesStats.PercentInsiders = 57.194 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 14.2% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-10); Ten-year compound average after fade. Initial solved rate 0.19169510591665972. Price 90.2; FX 1.12128; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

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

- 2019-10: $16.82 per share

- 2019-11: $21.98 per share

- 2019-12: $33.88 per share

- 2020-01: $29.21 per share

- 2020-02: $35.10 per share

- 2020-03: $58.40 per share

- 2020-04: $47.48 per share

- 2020-05: $49.53 per share

- 2020-06: $66.74 per share

- 2020-07: $82.11 per share

- 2020-08: $61.25 per share

- 2020-09: $69.23 per share

- 2020-10: $85.36 per share

- 2020-11: $124.24 per share

- 2020-12: $81.52 per share

- 2021-01: $116.94 per share

- 2021-02: $109.03 per share

- 2021-03: $109.19 per share

- 2021-04: $188.28 per share

- 2021-05: $204.00 per share

- 2021-06: $223.88 per share

- 2021-07: $328.35 per share

- 2021-08: $329.19 per share

- 2021-09: $272.99 per share

- 2021-10: $278.73 per share

- 2021-11: $351.74 per share

- 2021-12: $257.80 per share

- 2022-01: $172.08 per share

- 2022-02: $150.81 per share

- 2022-03: $170.56 per share

- 2022-04: $138.78 per share

- 2022-05: $163.36 per share

- 2022-06: $149.10 per share

- 2022-07: $165.15 per share

- 2022-08: $144.64 per share

- 2022-09: $134.88 per share

- 2022-10: $137.64 per share

- 2022-11: $167.02 per share

- 2022-12: $150.22 per share

- 2023-01: $143.41 per share

- 2023-02: $130.05 per share

- 2023-03: $124.57 per share

- 2023-04: $114.24 per share

- 2023-05: $105.08 per share

- 2023-06: $107.93 per share

- 2023-07: $108.87 per share

- 2023-08: $120.93 per share

- 2023-09: $108.64 per share

- 2023-10: $93.54 per share

- 2023-11: $100.41 per share

- 2023-12: $105.54 per share

- 2024-01: $95.04 per share

- 2024-02: $88.96 per share

- 2024-03: $92.25 per share

- 2024-04: $88.82 per share

- 2024-05: $100.60 per share

- 2024-06: $80.36 per share

- 2024-07: $86.20 per share

- 2024-08: $88.22 per share

- 2024-09: $118.77 per share

- 2024-10: $113.10 per share

- 2024-11: $118.39 per share

- 2024-12: $113.95 per share

- 2025-01: $123.77 per share

- 2025-02: $112.92 per share

- 2025-03: $91.06 per share

- 2025-04: $104.15 per share

- 2025-05: $95.81 per share

- 2025-06: $106.47 per share

- 2025-07: $107.50 per share

- 2025-08: $100.00 per share

- 2025-09: $98.62 per share

- 2025-10: $103.91 per share

- 2025-11: $103.15 per share

- 2025-12: $95.20 per share

- 2026-01: $113.75 per share

- 2026-02: $110.23 per share

- 2026-03: $88.88 per share

- 2026-04: $103.45 per share

- 2026-05: $95.95 per share

- 2026-06: $93.05 per share

- 2026-07: $90.58 per share

- 2026-08: $101.61 per share

- 2026-09: $98.30 per share

- 2026-10: $90.20 per share

## Annual estimated value (USD per share)

- FY2022: low $89.68 per share, central $93.43 per share, high $98.41 per share

- FY2023: low $97.40 per share, central $100.26 per share, high $104.07 per share

- FY2024: low $93.06 per share, central $95.13 per share, high $97.89 per share

- FY2025: low $82.32 per share, central $84.35 per share, high $87.06 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 20-F filing](https://www.sec.gov/Archives/edgar/data/1776985/000177698526000017/bntx-20251231.htm); period 2025-12-31, filed 2026-03-10.

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.

## Reported holder observations

- [David Hoeft](https://gigainvestors.com/DAC): 3,677,591 BNTX shares; USD 342,200,000 reported position value; 0.18% of portfolio; add; quarter 2026 Q2.

# BNTX — Biontech Se ADR

Held by 1 investor · USD 342,200,000 total · 2026 Q2 · reported price USD 93.05 (split-adjusted).
Page: https://gigainvestors.com/s/BNTX

## Holders (2026 Q2)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| David Hoeft (https://gigainvestors.com/DAC) | USD 342,200,000 | 0.2% | add +0.02% |

## Total held by quarter

- 2024 Q3: USD 5,497,875 · 1 holder · USD 118.76
- 2024 Q4: USD 107,209,858 · 1 holder · USD 113.95
- 2025 Q1: USD 80,130,250 · 1 holder · USD 91.06
- 2025 Q2: USD 93,420,717 · 1 holder · USD 106.47
- 2025 Q3: USD 359,676,114 · 1 holder · USD 98.62
- 2025 Q4: USD 344,099,543 · 1 holder · USD 95.20
- 2026 Q1: USD 326,793,184 · 1 holder · USD 88.88
- 2026 Q2: USD 342,200,000 · 1 holder · USD 93.05