BIIB Biogen

pharma · 2026-10-14

N/A

too hard · 58

Owner-earnings value$131.88

Price$228.90

Margin of safety -42.4%

Returns on capital 2.6/30

Consistency 16.4/22

Margins / pricing power 15.9/16

Balance sheet 9.2/16

Cash conversion 9.8/10

Capital allocation 3.9/6

⚠ sub-hurdle returns (median roic 7% < 9%)

Median ROIC7.0%

Gross margin74.0%

Net debt / EBITDA1.7x

FCF conversion96%

Share count / yr+0.6%

Profitable years4/4

Owner earnings (TTM)	1.29B
Owner-earnings yield	3.8%
Free-cash-flow yield	7.4%
Growth used (normalized)	0.0%
Market-implied growth (reverse DCF)	13.3%
Terminal growth	3.0%
Discount rate (hurdle)	9.0%

Yr	Owner earnings	Growth	PV
1	1.29B	0.0%	1.18B
2	1.29B	0.3%	1.09B
3	1.30B	0.7%	1.01B
4	1.31B	1.0%	931.32M
5	1.33B	1.3%	865.81M
6	1.35B	1.7%	807.56M
7	1.38B	2.0%	755.70M
8	1.41B	2.3%	709.48M
9	1.45B	2.7%	668.26M
10	1.49B	3.0%	631.47M

⚠ maintenance capex ≈ min(capex, D&A), capped at FCF · Price pays for ~13%/yr owner-earnings growth over 10y (reverse DCF); model credits 0%.

Date	Quality	Price	Value	MoS	Rating
2026-10-14	58	$228.90	$131.88	-42.4%	N/A
2026-09-10	58	$210.73	$131.88	-37.4%	N/A
2026-08-10	58	$207.94	$131.88	-36.6%	N/A
2026-07-08	59	$205.70	$194.44	-5.5%	N/A
2026-07-02	59	$209.74	$194.44	-7.3%	N/A
2026-07-01	59	$216.06	$194.44	-10.0%	N/A
2026-06-25	59	$199.59	$194.44	-2.6%	N/A
2026-06-23	59	$197.19	$194.44	-1.4%	N/A