Revenue minus cost of goods sold. Graham's ≥40% threshold identifies businesses with durable pricing power. Note: software and financial companies naturally exceed this; retailers and manufacturers rarely reach it due to their cost structures.
Operating Margin23.0%
Profit after operating costs before interest and taxes. A consistent ≥15% operating margin signals a business with real competitive advantages. Capital-intensive industries (airlines, auto, commodities) rarely hit this threshold due to their structural cost base — compare within industry for context.
Net Income Margin17.6%
Bottom-line profit as a percentage of revenue. The ≥20% target reflects Buffett's preference for highly profitable businesses. Financial engineering (buybacks, tax optimisation) can inflate this temporarily — look for consistency across multiple years rather than a single strong result.
Financial Health
B
Years to Pay Off Debt6.2 yrs
Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.
Working Capital vs Long-Term Debt$1.9B
Working Capital minus Long-Term Debt. Negative results are common and expected in capital-return-focused businesses like Apple, Domino's, and McDonald's — where aggressive buybacks and dividends intentionally reduce book equity. This does not indicate financial distress in high-FCF businesses.
Working Capital$2.9B
Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.
Valuation
F
Margin of Safety0.0%
How far below the Graham Number the stock trades. Graham required a 33% discount as a buffer against analytical error. However, the Graham Number itself assumes 1960s-era P/E and P/B norms — for modern asset-light businesses it often understates true intrinsic value, making 0% MoS appear misleadingly bad.
Price-to-Book34.53x
Market price vs book value per share. Rarely below 1.5x for quality businesses today. Intangible assets (brand, software, patents) don't appear on the balance sheet under accounting rules, making P/B artificially high for asset-light companies like software and consumer brands.
Cash Flow
A
Free Cash Flow$49M
Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.
CapEx % of Net Income10.6%
Capital expenditure as a share of net income. Low CapEx signals a capital-light business that doesn't need heavy reinvestment to sustain earnings — Buffett's ideal. High CapEx is structurally necessary in manufacturing, airlines, telecoms, and semiconductors. For these industries, a high reading reflects the business model, not poor management.
Owner Earnings$241M
Net Income + Depreciation & Amortisation − Capital Expenditures. Buffett's preferred measure of a company's true annual earning power — what could theoretically be distributed to owners without impairing the business. More reliable than reported EPS because it accounts for the capital cost of maintaining the business.
About Alnylam Pharmaceuticals, Inc.
Alnylam Pharmaceuticals, Inc. discovers, develops, manufactures, and commercializes therapeutics based on ribonucleic acid interference in the United States, Europe, and internationally. The company offers ONPATTRO for hereditary transthyretin-mediated (hATTR) amyloidosis; AMVUTTRA for ATTR and hATTR amyloidosis; Leqvio for hypercholesterolemia; Qfitlia for hemophilia A or B; GIVLAARI for acute hepatic porphyria; and OXLUMO for primary hyperoxaluria type 1. It also develops a range of products in Phase 3 trial, such as Nucresiran for ATTR amyloidosis; Zilebesiran for hypertension; Cemdisiran for myasthenia gravis, paroxysmal nocturnal hemoglobinuria, and geographic atrophy; and Elebsiran for hepatitis D virus infections. In addition, the company is developing various products in Phase 2 trial, including Rapirosiran for metabolic dysfunction-associated steatohepatitis; ALN-ANG3 for diabetic kidney disease; ALN-4324 for type 2 diabetes mellitus; Mivelsiran for cerebral amyloid angiopathy, as well as in Phase 1 trial for Alzheimer's disease; and ALN-6400 for bleeding disorders. Further, it develops a range of products in Phase 1 trial, such as ALN-2232 for obesity and weight management; ALN-PNP for non-alcoholic fatty liver disease; ALN-APOC3 for dyslipidemia; ALN-CIDEB for metabolic dysfunction-associated steatohepatitis; ALN-HTT02 for Huntington's disease; ALN-5288 for Alzheimer's disease; ALN-SOD for SOD1 amyotrophic lateral sclerosis; ALN-SNCA for Parkinson's disease; AG-236 for polycythemia vera; ALN-CFB for paroxysmal nocturnal hemoglobinuria; ALN-BCAT for hepatocellular carcinoma; and ALN-4285, ALN-4915, and ALN-F1202 for healthy volunteers. The company has collaborations with Regeneron Pharmaceuticals, Inc.; Roche Holding AG; Sanofi S.A.; Novartis AG; PeptiDream, Inc; Dicerna Pharmaceuticals, Inc.; and Ionis Pharmaceuticals, Inc. Alnylam Pharmaceuticals, Inc. was founded in 2002 and is headquartered in Cambridge, Massachusetts.
Alnylam Pharmaceuticals, Inc. discovers, develops, manufactures, and commercializes therapeutics based on ribonucleic acid interference in the United States, Europe, and internationally. The company offers ONPATTRO for hereditary transthyretin-mediated (hATTR) amyloidosis; AMVUTTRA for ATTR and hATTR amyloidosis; Leqvio for hypercholesterolemia; Qfitlia for hemophilia A or B; GIVLAARI for acute hepatic porphyria; and OXLUMO for primary hyperoxaluria type 1. It also develops a range of products in Phase 3 trial, such as Nucresiran for ATTR amyloidosis; Zilebesiran for hypertension; Cemdisiran for myasthenia gravis, paroxysmal nocturnal hemoglobinuria, and geographic atrophy; and Elebsiran for hepatitis D virus infections. In addition, the company is developing various products in Phase 2 trial, including Rapirosiran for metabolic dysfunction-associated steatohepatitis; ALN-ANG3 for diabetic kidney disease; ALN-4324 for type 2 diabetes mellitus; Mivelsiran for cerebral amyloid angiopathy, as well as in Phase 1 trial for Alzheimer's disease; and ALN-6400 for bleeding disorders. Further, it develops a range of products in Phase 1 trial, such as ALN-2232 for obesity and weight management; ALN-PNP for non-alcoholic fatty liver disease; ALN-APOC3 for dyslipidemia; ALN-CIDEB for metabolic dysfunction-associated steatohepatitis; ALN-HTT02 for Huntington's disease; ALN-5288 for Alzheimer's disease; ALN-SOD for SOD1 amyotrophic lateral sclerosis; ALN-SNCA for Parkinson's disease; AG-236 for polycythemia vera; ALN-CFB for paroxysmal nocturnal hemoglobinuria; ALN-BCAT for hepatocellular carcinoma; and ALN-4285, ALN-4915, and ALN-F1202 for healthy volunteers. The company has collaborations with Regeneron Pharmaceuticals, Inc.; Roche Holding AG; Sanofi S.A.; Novartis AG; PeptiDream, Inc; Dicerna Pharmaceuticals, Inc.; and Ionis Pharmaceuticals, Inc. Alnylam Pharmaceuticals, Inc. was founded in 2002 and is headquartered in Cambridge, Massachusetts.
Metric Explanations
What each dimension measures and where the thresholds come from.
Gross Profit Margin
Revenue minus cost of goods sold. Graham's ≥40% threshold identifies businesses with durable pricing power. Note: software and financial companies naturally exceed this; retailers and manufacturers rarely reach it due to their cost structures.
Operating Margin
Profit after operating costs before interest and taxes. A consistent ≥15% operating margin signals a business with real competitive advantages. Capital-intensive industries (airlines, auto, commodities) rarely hit this threshold due to their structural cost base — compare within industry for context.
Net Income Margin
Bottom-line profit as a percentage of revenue. The ≥20% target reflects Buffett's preference for highly profitable businesses. Financial engineering (buybacks, tax optimisation) can inflate this temporarily — look for consistency across multiple years rather than a single strong result.
Years to Pay Off Debt
Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.
Working Capital vs Long-Term Debt
Working Capital minus Long-Term Debt. Negative results are common and expected in capital-return-focused businesses like Apple, Domino's, and McDonald's — where aggressive buybacks and dividends intentionally reduce book equity. This does not indicate financial distress in high-FCF businesses.
Working Capital
Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.
Margin of Safety
How far below the Graham Number the stock trades. Graham required a 33% discount as a buffer against analytical error. However, the Graham Number itself assumes 1960s-era P/E and P/B norms — for modern asset-light businesses it often understates true intrinsic value, making 0% MoS appear misleadingly bad.
Price-to-Book
Market price vs book value per share. Rarely below 1.5x for quality businesses today. Intangible assets (brand, software, patents) don't appear on the balance sheet under accounting rules, making P/B artificially high for asset-light companies like software and consumer brands.
Free Cash Flow
Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.
CapEx % of Net Income
Capital expenditure as a share of net income. Low CapEx signals a capital-light business that doesn't need heavy reinvestment to sustain earnings — Buffett's ideal. High CapEx is structurally necessary in manufacturing, airlines, telecoms, and semiconductors. For these industries, a high reading reflects the business model, not poor management.
Owner Earnings
Net Income + Depreciation & Amortisation − Capital Expenditures. Buffett's preferred measure of a company's true annual earning power — what could theoretically be distributed to owners without impairing the business. More reliable than reported EPS because it accounts for the capital cost of maintaining the business.
Mr. Market is currently offering Alnylam Pharmaceuticals, Inc. at $278.09.
The business passes only 2 of 7 of Graham's defensive criteria — well below his required standard.
At $278.09, the stock trades at a 1581% premium to its Graham Number of $16.54. Graham would consider this price speculative.
There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.
Trading at 224.8x NCAV. Expected for most quality businesses — NCAV was designed to find depression-era bargains and rarely applies to modern profitable companies..
Conclusion: By Graham's standards, this stock is speculative at its current price. The intelligent investor would look elsewhere or wait.
Showing Key Metrics
Income Highlights
Metric
Q1 2026
Q4 2025
Q4 2024
Gross Profit %
81.9%▲
75.6%•
N/A
Operating Margin %
23.0%▲
12.0%•
N/A
Net Income %
17.6%▲
17.0%•
N/A
Diluted EPS
1.51▲
0.82•
N/A
Balance Sheet Highlights
Metric
Q1 2026
Q4 2025
Q4 2024
Total Assets
$5.1B
$5.0B
N/A
Total Debt
$1.3B▼
$1.3B•
N/A
Working Capital
$2.9B▲
$2.6B•
N/A
Years to Pay Debt
6.18
6.86
N/A
Cash Flow Highlights
Metric
Q1 2026
Q4 2025
Q4 2024
Free Cash Flow
$49M▼
$140M•
N/A
Owner Earnings
$241M
$223M
N/A
CapEx % of Net Income
10.6%
12.5%
N/A
Income Statement
2026
2025
2024
Tax Effect Of Unusual Items
0
28,452
Tax Rate For Calcs
0
0
Normalized EBITDA
304,492
168,494
Total Unusual Items
135,486
-70,437
Total Unusual Items Excluding Goodwill
135,486
-70,437
Net Income From Continuing Operation Net Minority Interest
205,991
186,419
Reconciled Depreciation
13,553
13,506
Reconciled Cost Of Revenue
211,122
267,723
EBITDA
304,492
303,980
EBIT
290,939
290,474
Net Interest Income
-42,688
-102,707
Interest Expense
69,286
129,337
Interest Income
26,598
26,630
Normalized Income
205,991
79,385
Net Income From Continuing And Discontinued Operation
205,991
186,419
Total Expenses
898,539
965,315
Rent Expense Supplemental
54,180
55,497
Total Operating Income As Reported
268,636
131,718
Diluted Average Shares
138,226
136,281
Basic Average Shares
132,893
132,232
Diluted EPS
0
0
Basic EPS
0
0
Diluted NI Availto Com Stockholders
208,492
186,419
Average Dilution Earnings
2,501
Net Income Common Stockholders
205,991
186,419
Net Income
205,991
186,419
Net Income Including Noncontrolling Interests
205,991
186,419
Net Income Continuous Operations
205,991
186,419
Tax Provision
15,662
-25,282
Pretax Income
221,653
161,137
Other Income Expense
-4,295
132,126
Other Non Operating Income Expenses
-4,295
-3,360
Special Income Charges
-3,327
Other Special Charges
3,327
Gain On Sale Of Security
138,813
-70,437
Net Non Operating Interest Income Expense
-42,688
-102,707
Interest Expense Non Operating
69,286
129,337
Interest Income Non Operating
26,598
26,630
Operating Income
268,636
131,718
Operating Expense
687,417
697,592
Research And Development
364,866
372,218
Selling General And Administration
322,551
325,374
General And Administrative Expense
322,551
325,374
Other Gand A
105,294
112,914
Rent And Landing Fees
54,180
55,497
Salaries And Wages
163,077
156,963
Gross Profit
956,053
829,310
Cost Of Revenue
211,122
267,723
Total Revenue
1,167,175
1,097,033
Operating Revenue
1,167,175
1,097,033
Balance Sheet
2026
2025
2024
Ordinary Shares Number
133,444
132,376
Share Issued
133,444
132,376
Net Debt
58,193
Total Debt
1,273,058
1,278,389
Tangible Book Value
1,075,380
789,176
Invested Capital
2,084,752
1,796,960
Working Capital
2,869,833
2,584,313
Net Tangible Assets
1,075,380
789,176
Capital Lease Obligations
263,686
270,605
Common Stock Equity
1,075,380
789,176
Total Capitalization
2,084,752
1,796,960
Total Equity Gross Minority Interest
1,075,380
789,176
Stockholders Equity
1,075,380
789,176
Gains Losses Not Affecting Retained Earnings
-24,894
-20,097
Other Equity Adjustments
-24,894
-20,097
Retained Earnings
-6,496,533
-6,702,524
Additional Paid In Capital
7,595,473
7,510,473
Capital Stock
1,334
1,324
Common Stock
1,334
1,324
Total Liabilities Net Minority Interest
4,054,167
4,177,155
Total Non Current Liabilities Net Minority Interest
2,704,692
2,710,806
Other Non Current Liabilities
1,477,295
1,339,322
Derivative Product Liabilities
0
393,139
Non Current Deferred Liabilities
0
Non Current Deferred Revenue
0
Long Term Debt And Capital Lease Obligation
1,227,397
1,232,871
Long Term Capital Lease Obligation
218,025
225,087
Long Term Debt
1,009,372
1,007,784
Current Liabilities
1,349,475
1,466,349
Other Current Liabilities
227,488
220,068
Current Deferred Liabilities
3,213
4,845
Current Deferred Revenue
3,213
4,845
Current Debt And Capital Lease Obligation
45,661
45,518
Current Capital Lease Obligation
45,661
45,518
Pensionand Other Post Retirement Benefit Plans Current
257,197
214,399
Payables And Accrued Expenses
1,073,113
938,721
Current Accrued Expenses
946,485
823,000
Payables
126,628
115,721
Accounts Payable
126,628
115,721
Total Assets
5,129,547
4,966,331
Total Non Current Assets
910,239
915,669
Other Non Current Assets
85,723
81,631
Non Current Deferred Assets
116,960
125,975
Non Current Deferred Taxes Assets
116,960
Net PPE
707,556
708,063
Accumulated Depreciation
-322,700
-270,364
Gross PPE
707,556
1,030,763
Leases
241,077
236,686
Construction In Progress
40,954
7,674
Other Properties
707,556
384,794
Machinery Furniture Equipment
57,240
54,181
Buildings And Improvements
297,618
294,508
Land And Improvements
9,080
9,080
Current Assets
4,219,308
4,050,662
Other Current Assets
242,103
281,892
Inventory
84,025
82,719
Receivables
883,957
777,567
Accounts Receivable
883,957
777,567
Cash Cash Equivalents And Short Term Investments
3,009,223
2,908,484
Other Short Term Investments
1,298,444
1,251,234
Cash And Cash Equivalents
1,710,779
1,657,250
Cash Flow
2026
2025
2024
Free Cash Flow
48,671
140,263
Repayment Of Debt
-52,254
Issuance Of Debt
-680
Capital Expenditure
-21,833
-23,292
Interest Paid Supplemental Data
64,200
113,317
Income Tax Paid Supplemental Data
2,369
End Cash Position
1,712,419
1,658,807
Beginning Cash Position
1,658,807
1,492,802
Effect Of Exchange Rate Changes
-7,064
-5,701
Changes In Cash
60,676
171,706
Financing Cash Flow
15,714
45,317
Cash Flow From Continuing Financing Activities
15,714
45,317
Net Other Financing Charges
2,557
56,550
Proceeds From Stock Option Exercised
13,157
41,701
Net Issuance Payments Of Debt
-52,934
Net Long Term Debt Issuance
-52,934
Long Term Debt Payments
-52,254
Long Term Debt Issuance
-680
Investing Cash Flow
-25,542
-37,166
Cash Flow From Continuing Investing Activities
-25,542
-37,166
Net Other Investing Changes
44,725
0
-117
Net Investment Purchase And Sale
-48,434
-13,874
Sale Of Investment
213,191
222,037
Purchase Of Investment
-261,625
-235,911
Net PPE Purchase And Sale
-21,833
-23,292
Purchase Of PPE
-21,833
-23,292
Operating Cash Flow
70,504
163,555
Cash Flow From Continuing Operating Activities
70,504
163,555
Change In Working Capital
-297,734
-73,153
Change In Other Working Capital
-1,633
2,305
Change In Other Current Liabilities
Change In Payables And Accrued Expense
-176,033
-174,854
Change In Payable
-176,033
-174,854
Change In Account Payable
-176,033
-174,854
Change In Prepaid Assets
-6,323
-70,990
Change In Inventory
-3,324
-13,861
Change In Receivables
-110,421
184,247
Changes In Account Receivables
-110,421
184,247
Other Non Cash Items
69,230
170,280
Stock Based Compensation
70,154
71,632
Unrealized Gain Loss On Investment Securities
Deferred Tax
9,310
-27,170
Deferred Income Tax
9,310
-27,170
Depreciation Amortization Depletion
13,553
13,506
Depreciation And Amortization
13,553
13,506
Depreciation
Operating Gains Losses
-177,959
70,437
Gain Loss On Investment Securities
-138,813
70,437
Net Income From Continuing Operations
205,991
186,419
📊Quarterly mode — Graham Fair Value & 7 Criteria require annual data. Switch to Annual for full analysis.
Quarter vs Same Quarter Last Year
YoY strips seasonality
Revenue Growth (YoY)
Prior year: $594M▲ $1.2B+96.4%
Revenue growth vs same quarter last year strips seasonality. Consistent double-digit growth is a Buffett hallmark.
Gross Margin
Prior year: 88.0%▲ 81.9%-6.1pp
Buffett: consistent gross margin above 40% signals durable pricing power and competitive moat.
Operating Margin
Prior year: 45.2%▲ 23.0%-22.2pp
Graham: operating margin reflects true business economics before financing. Trend matters as much as level.
Net Margin
Prior year: -3.1%▲ 17.6%+20.7pp
Net margin can be distorted by one-time items, tax timing, or interest costs — compare to operating margin for signal quality.
Quarterly Health Checks
3 Graham/Buffett criteria that are valid and reliable on quarterly data
✅ Adequate Size
Graham required scale for resilience. Quarterly revenue × 4 gives an annualised proxy.
$1.2B/qtr (≈$4.7B ann.)
vs > $1.5B annualised revenue
✅ Financial Condition
Current assets vs current liabilities — a real-time liquidity snapshot. Valid and reliable on quarterly data.
3.13x current ratio
vs ≥ 2.0x
✅ Free Cash Flow
Buffett's most important single metric. A positive FCF quarter means the business generated real cash for owners after maintaining its asset base.
$49M
vs Positive
Operating Cash Flow
$71M
Latest quarter · Buffett's cash reality check
ROIC
5.6%
Based on latest annual operating income
Return on Invested Capital — Buffett's preferred measure for asset-light businesses. ROIC > 15% consistently signals a durable competitive advantage (moat). More meaningful than P/B for software, pharma, and consumer brand companies where most value is intangible and off-balance-sheet.
Market Cap / Net Assets
34.5x
Net Assets: $1.1B
Asset Context — Biotechnology
R&D costs are expensed immediately under GAAP rather than capitalised as assets, meaning a pharma/biotech company's most valuable assets (drug pipeline, patents) are largely invisible on the balance sheet. Net Assets significantly understates true economic value. Pipeline depth and revenue diversification matter more.
⚠️Revenue grew vs prior year but operating margin contracted. Possible explanations: deliberate investment in growth (hiring, marketing, R&D), input cost inflation, or pricing pressure from competition. Buffett distinguishes between spending that builds moat vs. spending that doesn't.
"The management of a business is its most important single factor — more important than market position, patents, or financial structure."
— Benjamin Graham
Capital Allocation & Alignment
Insider Ownership
0.18%
Low — management has little skin in the game
Return on Equity (ROE)
19.2%
Excellent — management generates strong returns on equity
Return on Assets (ROA)
4.0%
Fair — average asset utilization
Debt Trend YoY
-0.4% YoY
Debt is declining — management is deleveraging
Leadership Team
Yvonne Greenstreet ,
CEO & Director
Age 62
Pay: $4,991,720
2.423% of net income
Phillip Sharp Ph.
Co-Founder, Member of the Scientific Advisory Board
Age 80
Pay: $52,930
0.026% of net income
Jeffrey Poulton
CFO & Executive VP
Age 57
Pay: $1,697,100
0.824% of net income
Top Institutional Holders
Institution
% Owned
Shares
FMR, LLC
10.92%
14,579,166
Capital World Investors
8.09%
10,802,348
Blackrock Inc.
7.82%
10,444,908
Capital Research Global Investors
7.09%
9,471,181
Vanguard Portfolio Management LLC
4.86%
6,491,280
JPMORGAN CHASE & CO
4.74%
6,323,752
Vanguard Capital Management LLC
4.45%
5,946,706
T. Rowe Price Investment Management, Inc.
3.89%
5,193,324
Risk Analysis
Beta (Market Risk)
0.27
Low volatility — more stable than the market
Short Interest
5.3% of float
Moderate short interest
Debt-to-Equity
2.76x
High leverage — significant financial risk
Current Ratio
3.13x
Strong liquidity — Graham approved
52-Week Price Range
Low: $273.11Current: $278.09High: $495.55
Currently at 2% of 52-week range
Alnylam Pharmaceuticals, Inc. (ALNY) fundamental analysis — Overall grade C based on profitability, financial health, valuation and cash flow. Graham's
Fair Value: $16.54. Margin of safety: 0%. Gross profit margin: 81.9%. Operating margin: 23.0%. Net margin: 17.6%. Market cap: $37.1B. Sector: Healthcare. Industry: Biotechnology. Analysis powered by 360investing — free fundamental stock analysis based on Benjamin Graham and Warren Buffett
principles.
Disclaimer: 360investing is provided for informational and educational purposes only and does not constitute financial, investment, legal, or tax advice. All data is sourced from public third-party providers
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