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 Margin25.0%
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 Margin13.1%
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
C
Years to Pay Off Debt5.1 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-$662M
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$5.6B
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-Book1.59x
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$2.0B
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 Income18.2%
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$2.3B
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 Biogen Inc.
Biogen Inc. discovers, develops, manufactures, and delivers therapies in the United States, Europe, Germany, Asia, and internationally. The company provides TECFIDERA, VUMERITY, AVONEX, PLEGRIDY, and TYSABRI for multiple sclerosis (MS); SPINRAZA for spinal muscular atrophy; SKYCLARYS to treat Friedreich's Ataxia; QALSODY for treating amyotrophic lateral sclerosis; FUMADERM to treat plaque psoriasis; BENEPALI, an etanercept biosimilar referencing ENBREL; IMRALDI, an adalimumab biosimilar referencing HUMIRA; FLIXABI, an infliximab biosimilar referencing REMICADE. It offers LEQEMBI for the treatment of Alzheimer's disease; ZURZUVAE for the treatment of postpartum depression; RITUXAN to treat non-Hodgkin's lymphoma, chronic lymphocytic leukemia (CLL), rheumatoid arthritis, two forms of ANCA-associated vasculitis, and pemphigus vulgaris; RITUXAN HYCELA for non-Hodgkin's lymphoma and CLL; GAZYVA to treat CLL and follicular lymphoma; OCREVUS for relapsing MS and primary progressive MS; LUNSUMIO to treat relapsed or refractory follicular lymphoma; glofitamab for aRelapsed or refractory diffuse large B-cell lymphoma; and other anti-CD20 therapies. Biogen Inc. has collaboration and license agreements with Merz Therapeutics; Alkermes Pharma Ireland Limited; Denali Therapeutics Inc.; UCB; Eisai Co., Ltd.; Genentech, Inc.; Neurimmune SubOne AG; Ionis Pharmaceuticals, Inc.; Samsung Bioepis; and Sage Therapeutics, Inc., as well as collaborations with Stoke Therapeutics, Inc. for the development and commercialization of zorevunersen, a disease modifying medicine for the treatment of Dravet syndrome; Dayra Therapeutics, Inc. to develop oral macrocyclic peptides; Vanqua Bio, Inc. for developing Vanqua's preclinical oral C5aR1 antagonist compound; City Therapeutics, Inc. to develop select novel RNAi therapies; and ALTEOGEN Inc. to develop subcutaneous (SC) formulations of biologics utilizing ALT-B4. The company was founded in 1978 and is headquartered in Cambridge, Massachusetts.
Biogen Inc. discovers, develops, manufactures, and delivers therapies in the United States, Europe, Germany, Asia, and internationally. The company provides TECFIDERA, VUMERITY, AVONEX, PLEGRIDY, and TYSABRI for multiple sclerosis (MS); SPINRAZA for spinal muscular atrophy; SKYCLARYS to treat Friedreich's Ataxia; QALSODY for treating amyotrophic lateral sclerosis; FUMADERM to treat plaque psoriasis; BENEPALI, an etanercept biosimilar referencing ENBREL; IMRALDI, an adalimumab biosimilar referencing HUMIRA; FLIXABI, an infliximab biosimilar referencing REMICADE. It offers LEQEMBI for the treatment of Alzheimer's disease; ZURZUVAE for the treatment of postpartum depression; RITUXAN to treat non-Hodgkin's lymphoma, chronic lymphocytic leukemia (CLL), rheumatoid arthritis, two forms of ANCA-associated vasculitis, and pemphigus vulgaris; RITUXAN HYCELA for non-Hodgkin's lymphoma and CLL; GAZYVA to treat CLL and follicular lymphoma; OCREVUS for relapsing MS and primary progressive MS; LUNSUMIO to treat relapsed or refractory follicular lymphoma; glofitamab for aRelapsed or refractory diffuse large B-cell lymphoma; and other anti-CD20 therapies. Biogen Inc. has collaboration and license agreements with Merz Therapeutics; Alkermes Pharma Ireland Limited; Denali Therapeutics Inc.; UCB; Eisai Co., Ltd.; Genentech, Inc.; Neurimmune SubOne AG; Ionis Pharmaceuticals, Inc.; Samsung Bioepis; and Sage Therapeutics, Inc., as well as collaborations with Stoke Therapeutics, Inc. for the development and commercialization of zorevunersen, a disease modifying medicine for the treatment of Dravet syndrome; Dayra Therapeutics, Inc. to develop oral macrocyclic peptides; Vanqua Bio, Inc. for developing Vanqua's preclinical oral C5aR1 antagonist compound; City Therapeutics, Inc. to develop select novel RNAi therapies; and ALTEOGEN Inc. to develop subcutaneous (SC) formulations of biologics utilizing ALT-B4. The company was founded in 1978 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 Biogen Inc. at $196.58.
The business passes only 3 of 7 of Graham's defensive criteria — well below his required standard.
At $196.58, the stock trades at a 26% premium to its Graham Number of $156.39. 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.
Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign..
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
2025
2024
2023
2022
2021
Gross Profit %
75.7%▼
76.1%▲
74.2%▼
77.6%•
N/A
Operating Margin %
25.0%▲
23.6%▲
18.8%▼
28.5%•
N/A
Net Income %
13.1%▼
16.9%▲
11.8%▼
29.9%•
N/A
Diluted EPS
8.79▼
11.18▲
7.97▼
20.87•
N/A
Balance Sheet Highlights
Metric
2025
2024
2023
2022
2021
Total Assets
$29.4B
$28.0B
$26.8B
$24.6B
N/A
Total Debt
$6.6B▼
$6.6B▼
$7.3B▲
$6.6B•
N/A
Working Capital
$5.6B▲
$1.9B▼
$3.4B▼
$6.5B•
N/A
Years to Pay Debt
5.09
4.06
6.32
2.17
N/A
Cash Flow Highlights
Metric
2025
2024
2023
2022
2021
Free Cash Flow
$2.0B▼
$2.5B▲
$1.2B▲
$1.1B•
N/A
Owner Earnings
$2.3B
$2.7B
$2.0B
$3.8B
N/A
CapEx % of Net Income
18.2%
22.0%
26.8%
8.0%
N/A
Income Statement
2025
2024
2023
2022
2021
Tax Effect Of Unusual Items
-134,586
-39,792
-60,414
150,885
Tax Rate For Calcs
0
0
0
0
Normalized EBITDA
3,398,600
3,106,500
2,619,400
3,499,500
Total Unusual Items
-794,700
-277,000
-580,900
857,300
Total Unusual Items Excluding Goodwill
-794,700
-277,000
-580,900
857,300
Net Income From Continuing Operation Net Minority Interest
1,292,900
1,632,200
1,161,100
3,046,900
Reconciled Depreciation
779,900
673,200
494,800
518,400
Reconciled Cost Of Revenue
2,139,300
2,083,900
2,279,200
2,125,800
EBITDA
2,603,900
2,829,500
2,038,500
4,356,800
EBIT
1,824,000
2,156,300
1,543,700
3,838,400
Net Interest Income
-142,500
-182,700
29,600
-157,300
Interest Expense
267,500
250,300
246,900
246,600
Interest Income
125,000
67,600
276,500
89,300
Normalized Income
1,953,014
1,869,408
1,681,586
2,340,485
Net Income From Continuing And Discontinued Operation
1,292,900
1,632,200
1,161,100
3,046,900
Total Expenses
7,421,600
7,395,500
7,987,900
7,271,500
Total Operating Income As Reported
2,840,700
Diluted Average Shares
147,100
145,900
145,600
146,000
Basic Average Shares
146,500
145,600
144,700
145,300
Diluted EPS
0
0
0
0
Basic EPS
0
0
0
0
Diluted NI Availto Com Stockholders
1,292,900
1,632,200
1,161,100
3,046,900
Net Income Common Stockholders
1,292,900
1,632,200
1,161,100
3,046,900
Net Income
1,292,900
1,632,200
1,161,100
3,046,900
Minority Interests
0
0
-400
85,300
Net Income Including Noncontrolling Interests
1,292,900
1,632,200
1,161,500
2,961,600
Net Income Continuous Operations
1,292,900
1,632,200
1,161,500
2,961,600
Earnings From Equity Interest Net Of Tax
0
0
2,600
34,900
Tax Provision
263,600
273,800
135,300
632,800
Pretax Income
1,556,500
1,906,000
1,296,800
3,591,800
Other Income Expense
-770,000
-191,700
-580,500
847,200
Other Non Operating Income Expenses
24,700
85,300
400
-10,100
Special Income Charges
-746,400
-145,700
-239,300
1,170,100
Gain On Sale Of Ppe
0
0
503,700
0
Gain On Sale Of Business
0
0
1,505,400
0
Other Special Charges
611,300
87,800
20,500
917,000
Impairment Of Capital Assets
52,900
0
0
Restructuring And Mergern Acquisition
82,200
57,900
218,800
-78,000
Gain On Sale Of Security
-48,300
-131,300
-341,600
-312,800
Net Non Operating Interest Income Expense
-142,500
-182,700
29,600
-157,300
Interest Expense Non Operating
267,500
250,300
246,900
246,600
Interest Income Non Operating
125,000
67,600
276,500
89,300
Operating Income
2,469,000
2,280,400
1,847,700
2,901,900
Operating Expense
5,017,400
5,085,100
5,454,500
4,993,200
Other Operating Expenses
290,200
254,400
218,800
-7,400
Depreciation Amortization Depletion Income Statement
515,000
446,700
240,600
365,900
Depreciation And Amortization In Income Statement
515,000
446,700
240,600
365,900
Amortization
515,000
446,700
240,600
365,900
Amortization Of Intangibles Income Statement
515,000
446,700
240,600
365,900
Research And Development
1,778,600
1,980,300
2,445,400
2,231,100
Selling General And Administration
2,433,600
2,403,700
2,549,700
2,403,600
Gross Profit
7,486,400
7,365,500
7,302,200
7,895,100
Cost Of Revenue
2,404,200
2,310,400
2,533,400
2,278,300
Total Revenue
9,890,600
9,675,900
9,835,600
10,173,400
Operating Revenue
9,890,600
9,675,900
9,835,600
9,688,300
Balance Sheet
2025
2024
2023
2022
2021
Treasury Shares Number
23,800
23,800
23,800
23,800
Preferred Shares Number
8
8
8
8
Ordinary Shares Number
146,800
145,719
144,900
144,000
Share Issued
170,600
169,519
168,700
167,800
Net Debt
3,278,300
3,920,800
5,888,300
2,861,700
Total Debt
6,577,200
6,630,300
7,338,200
6,614,000
Tangible Book Value
2,587,200
545,900
217,200
5,798,800
Invested Capital
24,543,600
23,011,800
21,737,600
19,678,900
Working Capital
5,624,700
1,928,000
3,425,000
6,518,400
Net Tangible Assets
2,587,200
545,900
217,200
5,798,800
Capital Lease Obligations
290,400
334,500
400,000
333,000
Common Stock Equity
18,256,800
16,716,000
14,799,400
13,397,900
Total Capitalization
24,543,600
21,263,200
21,587,600
19,678,900
Total Equity Gross Minority Interest
18,256,800
16,716,000
14,799,400
13,388,400
Minority Interest
0
-9,500
63,500
Stockholders Equity
18,256,800
16,716,000
14,799,400
13,397,900
Gains Losses Not Affecting Retained Earnings
-182,000
-136,200
-153,700
-164,900
Other Equity Adjustments
-182,000
-136,200
-153,700
-164,900
Treasury Stock
2,977,100
2,977,100
2,977,100
2,977,100
Retained Earnings
20,552,700
19,259,800
17,627,600
16,466,500
Additional Paid In Capital
863,100
569,400
302,500
73,300
Capital Stock
100
100
100
100
Common Stock
100
100
100
100
Total Liabilities Net Minority Interest
11,182,700
11,333,300
12,045,400
11,165,700
Total Non Current Liabilities Net Minority Interest
7,833,300
5,804,500
8,611,100
7,892,900
Other Non Current Liabilities
748,500
732,300
781,100
944,200
Non Current Deferred Liabilities
507,600
190,500
641,800
334,700
Non Current Deferred Taxes Liabilities
507,600
190,500
641,800
334,700
Long Term Debt And Capital Lease Obligation
6,577,200
4,881,700
7,188,200
6,614,000
Long Term Capital Lease Obligation
290,400
334,500
400,000
333,000
Long Term Debt
6,286,800
4,547,200
6,788,200
6,281,000
Current Liabilities
3,349,400
5,528,800
3,434,300
3,272,800
Other Current Liabilities
838,400
746,900
10,800
Current Debt And Capital Lease Obligation
1,748,600
150,000
999,100
Current Debt
1,748,600
150,000
999,100
Other Current Borrowings
1,748,600
150,000
999,100
Pensionand Other Post Retirement Benefit Plans Current
375,800
375,800
335,100
395,600
Payables And Accrued Expenses
2,973,600
3,404,400
2,949,200
2,130,300
Current Accrued Expenses
2,426,800
2,431,900
2,288,500
1,378,900
Payables
546,800
972,500
660,700
751,400
Total Tax Payable
114,800
548,300
257,400
259,900
Accounts Payable
432,000
424,200
403,300
491,500
Total Assets
29,439,500
28,049,300
26,844,800
24,554,100
Total Non Current Assets
20,465,400
20,592,500
19,985,500
14,762,900
Other Non Current Assets
750,600
560,500
745,000
1,529,200
Non Current Deferred Assets
292,500
324,200
928,600
1,226,400
Non Current Deferred Taxes Assets
292,500
324,200
928,600
1,226,400
Investments And Advances
431,900
0
0
705,700
Other Investments
1,529,200
1,939,500
Investmentin Financial Assets
431,900
0
0
705,700
Available For Sale Securities
431,900
705,700
892,000
Goodwill And Other Intangible Assets
15,669,600
16,170,100
14,582,200
7,599,100
Other Intangible Assets
9,178,500
9,691,200
8,363,000
1,850,100
Goodwill
6,491,100
6,478,900
6,219,200
5,749,000
Net PPE
3,320,800
3,537,700
3,729,700
3,702,500
Accumulated Depreciation
-2,931,200
-2,670,800
-2,402,500
-2,165,700
Gross PPE
6,252,000
6,208,500
6,132,200
5,868,200
Leases
143,500
137,800
135,700
107,700
Construction In Progress
163,100
308,400
975,400
888,800
Other Properties
265,400
356,400
420,000
403,900
Machinery Furniture Equipment
3,323,000
3,239,800
2,797,400
2,672,500
Buildings And Improvements
2,140,300
1,963,700
1,601,300
1,592,900
Land And Improvements
216,700
202,400
202,400
202,400
Current Assets
8,974,100
7,456,800
6,859,300
9,791,200
Other Current Assets
1,123,300
752,500
1,182,000
1,417,600
Inventory
2,168,100
2,460,500
2,527,400
1,344,400
Inventories Adjustments Allowances
-21,100
0
Other Inventories
-21,100
Finished Goods
200,400
187,900
Work In Process
751,900
814,000
Raw Materials
413,200
349,600
Receivables
1,867,000
1,868,800
2,100,000
2,136,400
Accounts Receivable
1,867,000
1,868,800
2,100,000
2,136,400
Allowance For Doubtful Accounts Receivable
-3,000
-2,200
-2,400
-2,300
Gross Accounts Receivable
1,870,000
1,871,000
2,102,400
2,138,700
Cash Cash Equivalents And Short Term Investments
3,815,700
2,375,000
1,049,900
4,892,800
Other Short Term Investments
807,200
0
0
1,473,500
Cash And Cash Equivalents
3,008,500
2,375,000
1,049,900
3,419,300
Cash Flow
2025
2024
2023
2022
2021
Free Cash Flow
1,969,200
2,515,700
1,235,800
1,141,100
Repurchase Of Capital Stock
0
0
-750,000
-1,800,000
Repayment Of Debt
-1,750,000
-650,000
-809,900
-1,002,200
Issuance Of Debt
1,733,100
0
997,200
0
Capital Expenditure
-235,400
-359,800
-311,400
-243,200
Interest Paid Supplemental Data
264,100
245,400
252,200
262,500
Income Tax Paid Supplemental Data
864,000
355,100
740,700
262,500
End Cash Position
3,008,500
2,375,000
1,049,900
3,419,300
Beginning Cash Position
2,375,000
1,049,900
3,419,300
2,261,400
Effect Of Exchange Rate Changes
101,900
-67,700
35,100
-55,700
Changes In Cash
531,600
1,392,800
-2,404,500
1,213,600
Financing Cash Flow
-301,900
-683,500
149,300
-1,747,300
Cash Flow From Continuing Financing Activities
-301,900
-683,500
149,300
-1,747,300
Net Other Financing Charges
-275,000
-2,200
6,300
6,800
Proceeds From Stock Option Exercised
-10,000
-31,300
-44,300
-1,900
Net Common Stock Issuance
0
0
-750,000
-1,800,000
Common Stock Payments
0
0
-750,000
-1,800,000
Net Issuance Payments Of Debt
-16,900
-650,000
187,300
-1,002,200
Net Long Term Debt Issuance
-16,900
-650,000
187,300
-1,002,200
Long Term Debt Payments
-1,750,000
-650,000
-809,900
-1,002,200
Long Term Debt Issuance
1,733,100
0
997,200
0
Investing Cash Flow
-1,371,100
-799,200
-4,101,000
1,576,600
Cash Flow From Continuing Investing Activities
-1,371,100
-799,200
-4,101,000
1,576,600
Net Other Investing Changes
42,900
-4,700
-11,300
24,400
Net Investment Purchase And Sale
-1,178,600
144,700
2,359,700
222,500
Sale Of Investment
79,700
144,700
7,500,400
3,671,000
Purchase Of Investment
-1,258,300
0
-5,140,700
-3,448,500
Net Business Purchase And Sale
0
-668,000
-6,138,000
990,300
Sale Of Business
0
406,800
788,100
990,300
Purchase Of Business
0
-1,074,800
-6,926,100
0
Net Intangibles Purchase And Sale
-81,600
-117,500
-34,400
-2,900
Sale Of Intangibles
0
88,600
0
0
Purchase Of Intangibles
-81,600
-206,100
-34,400
-2,900
Net PPE Purchase And Sale
-153,800
-153,700
-277,000
342,300
Sale Of PPE
0
0
582,600
0
Purchase Of PPE
-153,800
-153,700
-277,000
-240,300
Operating Cash Flow
2,204,600
2,875,500
1,547,200
1,384,300
Cash Flow From Continuing Operating Activities
2,204,600
2,875,500
1,547,200
1,384,300
Change In Working Capital
-1,057,600
-155,200
-648,700
-890,300
Change In Other Working Capital
-1,206,100
-100,200
-372,900
-234,300
Change In Payables And Accrued Expense
171,100
24,600
-201,600
-113,400
Change In Accrued Expense
171,100
24,600
-201,600
-113,400
Change In Inventory
-64,700
-273,800
-130,900
-320,200
Change In Receivables
42,100
194,200
56,700
-222,400
Changes In Account Receivables
102,700
222,300
61,300
-203,400
Other Non Cash Items
456,900
519,200
304,100
335,300
Stock Based Compensation
290,800
291,200
264,200
254,100
Provisionand Write Offof Assets
167,600
Asset Impairment Charge
60,800
60,200
0
119,600
Deferred Tax
361,600
-158,100
-305,800
-168,600
Deferred Income Tax
361,600
-158,100
-305,800
-168,600
Depreciation Amortization Depletion
779,900
673,200
494,800
518,400
Depreciation And Amortization
779,900
673,200
494,800
518,400
Amortization Cash Flow
507,100
386,500
240,600
246,300
Amortization Of Intangibles
507,100
386,500
240,600
246,300
Depreciation
272,800
286,700
254,200
272,400
Operating Gains Losses
19,300
12,800
277,100
-1,745,800
Earnings Losses From Equity Investments
0
0
-2,600
-34,900
Gain Loss On Investment Securities
19,300
101,400
277,100
265,900
Gain Loss On Sale Of PPE
0
-88,600
0
-503,700
Gain Loss On Sale Of Business
0
0
-1,505,400
0
Net Income From Continuing Operations
1,292,900
1,632,200
1,161,500
2,961,600
3/7
Graham Score
Speculative Investor
Fails most of Graham's safety criteria. Treat with caution.
Graham's Fair Value
$156.39
Margin of Safety
0%
Market Cap / Net Assets
1.6x
Net Assets: $18.3B
Warren's Owner Earnings
$2.3B
Latest fiscal year
Graham's 7 Criteria
Defensive Investor Checklist
3/7 — Speculative Investor
✅
Adequate Size
Graham required companies large enough to withstand economic downturns. This threshold ($1.5B) is inflation-adjusted from Graham's original $100M — virtually all S&P 500 companies pass this today.
$9.9B
vs > $1.5B revenue
✅
Strong Financial Condition
Current assets must be at least twice current liabilities. Note: highly profitable companies (Apple, Domino's) often run negative or low working capital deliberately — they collect cash fast and stretch payables. A failing score here is not always a warning sign.
2.68x
vs Current Ratio > 2.0x
✅
Earnings Stability
Graham required uninterrupted positive earnings. Any loss year is a red flag for defensive investors. Growth companies and cyclicals may show occasional losses during investment cycles or downturns without being fundamentally unsound.
No loss years (4 yrs data)
vs No negative EPS years
❌
Dividend Record
Graham valued dividends as evidence of financial discipline and shareholder alignment. Many excellent modern businesses (Alphabet, Amazon, Berkshire Hathaway) pay no dividend, preferring to reinvest cash at high rates of return. Failing this criterion does not indicate a poor business — it may indicate a high-growth one.
No dividend
vs Uninterrupted dividends
❌
Earnings Growth
EPS grew from $20.87 to $8.79 over 3 years. Graham's 33% threshold was set over a 10-year period. Measured over fewer years (as here), the bar is proportionally lower. Share buybacks can also inflate EPS growth without reflecting underlying business improvement.
-57.9% EPS growth
vs > 33% EPS growth
❌
Moderate P/E Ratio
Graham's 15x P/E threshold was calibrated to 1960s market averages when interest rates were higher. Today's lower rate environment structurally supports higher multiples — the S&P 500 long-run average P/E is now closer to 20–25x. A stock trading at 20x is not automatically speculative in the modern context.
21.2x
vs P/E ≤ 15.0x
❌
Moderate Price-to-Book
Graham's 1.5x P/B threshold made sense when most company value was tangible. Today, intangible assets — brand, software, patents, network effects — rarely appear on the balance sheet. A high P/B in tech, pharma, or consumer brands often reflects intangible value, not overvaluation. P/FCF or EV/EBITDA are more reliable for asset-light businesses.
1.59x P/B (P/E×P/B: 33.6)
vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5
Graham's 7 Criteria — Explained
What each criterion measures and why it matters.
✅ Adequate Size — $9.9Bvs > $1.5B revenue
Graham required companies large enough to withstand economic downturns. This threshold ($1.5B) is inflation-adjusted from Graham's original $100M — virtually all S&P 500 companies pass this today.
"The minimum size of an enterprise should be not less than $100 million of annual sales."
✅ Strong Financial Condition — 2.68xvs Current Ratio > 2.0x
Current assets must be at least twice current liabilities. Note: highly profitable companies (Apple, Domino's) often run negative or low working capital deliberately — they collect cash fast and stretch payables. A failing score here is not always a warning sign.
"For industrial companies, current assets should be at least twice current liabilities."
✅ Earnings Stability — No loss years (4 yrs data)vs No negative EPS years
Graham required uninterrupted positive earnings. Any loss year is a red flag for defensive investors. Growth companies and cyclicals may show occasional losses during investment cycles or downturns without being fundamentally unsound.
"The company should have shown no deficit in the past ten years."
❌ Dividend Record — No dividendvs Uninterrupted dividends
Graham valued dividends as evidence of financial discipline and shareholder alignment. Many excellent modern businesses (Alphabet, Amazon, Berkshire Hathaway) pay no dividend, preferring to reinvest cash at high rates of return. Failing this criterion does not indicate a poor business — it may indicate a high-growth one.
"Some current dividend payments — for at least the past 20 years."
EPS grew from $20.87 to $8.79 over 3 years. Graham's 33% threshold was set over a 10-year period. Measured over fewer years (as here), the bar is proportionally lower. Share buybacks can also inflate EPS growth without reflecting underlying business improvement.
"A minimum increase of at least one-third in per-share earnings over ten years."
❌ Moderate P/E Ratio — 21.2xvs P/E ≤ 15.0x
Graham's 15x P/E threshold was calibrated to 1960s market averages when interest rates were higher. Today's lower rate environment structurally supports higher multiples — the S&P 500 long-run average P/E is now closer to 20–25x. A stock trading at 20x is not automatically speculative in the modern context.
"The price-earnings ratio should be no more than 15 times average earnings."
Graham's 1.5x P/B threshold made sense when most company value was tangible. Today, intangible assets — brand, software, patents, network effects — rarely appear on the balance sheet. A high P/B in tech, pharma, or consumer brands often reflects intangible value, not overvaluation. P/FCF or EV/EBITDA are more reliable for asset-light businesses.
"The price should not be more than 1½ times book value. P/E × P/B ≤ 22.5."
These metrics estimate what Biogen Inc. is worth based on fundamentals — independent of what the market prices it at.
Graham's Fair Value and NCAV are conservative floors.
EPV assumes zero growth. These are reference points, not price targets.
Net Current Asset Value
$-14.96
Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign.
"Buy at two-thirds of net current assets." — Graham
Earnings Power Value
$185.82
Per share, no-growth floor. Compare to current price.
ROIC — Return on Invested Capital
7.5%
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.
Cash Flow Analysis
Metric
2025
2024
2023
2022
2021
Capital Expenditure % of Net Income
18.2%
22.0%
26.8%
8.0%
N/A
Repurchase of Capital Stock
N/A
$0M
$0M
-$750M
-$1.8B
Free Cash Flow
$2.0B▼
$2.5B▲
$1.2B▲
$1.1B•
N/A•
Warren's Owner Earnings
$2.3B
$2.7B
$2.0B
$3.8B
N/A
Peers & Industry
No auto-detected peers for Drug Manufacturers - General. You can manually compare BIIB against any stock using the Compare tool.
"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
0.19%
Low — management has little skin in the game
Return on Equity (ROE)
7.1%
Weak — poor returns on equity
Return on Assets (ROA)
4.4%
Fair — average asset utilization
Debt Trend YoY
-0.8% YoY
Debt is declining — management is deleveraging
Leadership Team
Christopher Viehbacher
President, CEO & Director
Age 64
Pay: $5,277,129
0.408% of net income
Robin Kramer
Executive VP & CFO
Age 59
Pay: $1,632,803
0.126% of net income
Alisha Alaimo
President & Head of North America
Top Institutional Holders
Institution
% Owned
Shares
Blackrock Inc.
10.82%
15,974,601
Primecap Management Company
10.00%
14,757,607
FMR, LLC
8.68%
12,807,541
Vanguard Capital Management LLC
6.46%
9,537,417
State Street Corporation
4.86%
7,167,922
Vanguard Portfolio Management LLC
4.42%
6,531,727
Geode Capital Management, LLC
2.94%
4,342,602
Wellington Management Group, LLP
2.01%
2,961,641
Risk Analysis
Beta (Market Risk)
0.18
Low volatility — more stable than the market
Short Interest
3.6% of float
Low short interest — market is not heavily bearish
Debt-to-Equity
0.35x
Conservative balance sheet — low financial risk
Current Ratio
3.06x
Strong liquidity — Graham approved
52-Week Price Range
Low: $121.05Current: $196.58High: $205.97
Currently at 89% of 52-week range
Biogen Inc. (BIIB) fundamental analysis — Overall grade C based on profitability, financial health, valuation and cash flow. Graham's
Fair Value: $156.39. Margin of safety: 0%. Gross profit margin: 75.7%. Operating margin: 25.0%. Net margin: 13.1%. Market cap: $29.0B. Sector: Healthcare. Industry: Drug Manufacturers - General. Analysis powered by 360investing — free fundamental stock analysis based on Benjamin Graham and Warren Buffett
principles.
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