NASDAQ · Healthcare

BioNTech SE

BNTX · Biotechnology

$99.17

▲ 1.63 (1.67%)

Data cached · refreshes every 10 min

Insufficient data to generate a complete Graham analysis.

Overall Grade

Defensive

Enterprising

Profitability F

Gross Profit Margin 77.6%

Operating Margin -22.3%

Net Income Margin -39.6%

Fin. Health C

Years to Pay Off Debt -0.2 yrs

Working Capital vs Long-Term Debt $13.8B

Working Capital $14.0B

Valuation B

Price-to-Book 1.30x

Cash Flow F

Free Cash Flow -$293M

Owner Earnings -$4M

3/7

Graham Score

Speculative

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $25.1B

Enterprise Value $9.9B

P/E (TTM) -22.20

Dividend Yield N/A

Exchange NASDAQ

Key Margins

Gross Profit 77.6%

Operating Margin -22.3%

Net Margin -39.6%

Company Info

Sector Healthcare

Industry Biotechnology

Employees 7807

Country Germany

Visit website

About BioNTech SE

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.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022	2021
Gross Profit %	77.6% ▼	80.3%	84.3%	82.7%	N/A
Operating Margin %	-22.3% ▲	-25.8%	22.9%	71.1%	N/A
Net Income %	-39.6% ▼	-24.2%	24.4%	54.5%	N/A
Diluted EPS	-4.70 ▼	-2.77	3.83	37.77	N/A

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$22.0B	$22.5B	$23.0B	$23.3B	N/A
Total Debt	$267M ↑	$254M	$219M	$212M	N/A
Working Capital	$14.0B ▼	$16.3B	$17.5B	$19.0B	N/A
Years to Pay Debt	-0.24	-0.38	0.24	0.02	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	-$293M ▼	-$245M	$4.7B	$13.2B	N/A
Owner Earnings	-$4M	$85M	$1.8B	$9.9B	N/A
CapEx % of Net Income	N/A	N/A	75.8%	3.9%	N/A

Income Statement

	2025	2024	2023	2022	2021
Tax Effect Of Unusual Items	-83,790	875	68,688	182,022
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	-254,800	-411,400	1,059,000	12,427,100
Total Unusual Items	-399,000	48,600	318,000	669,200
Total Unusual Items Excluding Goodwill	-399,000	48,600	318,000	669,200
Net Income From Continuing Operation Net Minority Interest	-1,136,100	-665,300	930,300	9,434,400
Reconciled Depreciation	382,800	298,000	183,400	123,300
Reconciled Cost Of Revenue	641,800	541,300	599,800	2,995,000
EBITDA	-653,800	-362,800	1,377,000	13,096,300
EBIT	-1,036,600	-660,800	1,193,600	12,973,000
Net Interest Income	-11,100	-16,900	-7,500	-18,900
Interest Expense	14,200	16,900	7,500	18,900
Interest Income		437,600	357,600	48,500	1,500
Normalized Income	-820,890	-713,025	680,988	8,947,222
Net Income From Continuing And Discontinued Operation	-1,136,100	-665,300	930,300	9,434,400
Total Expenses	3,510,600	3,460,500	2,943,400	5,006,800
Total Operating Income As Reported	-1,404,900	-1,314,300	690,400	12,642,700
Diluted Average Shares	241,700	240,400	242,700	249,800
Basic Average Shares	241,700	240,400	240,600	243,300
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	-1,136,100	-665,300	930,300	9,434,400
Net Income Common Stockholders	-1,136,100	-665,300	930,300	9,434,400
Net Income	-1,136,100	-665,300	930,300	9,434,400
Net Income Including Noncontrolling Interests	-1,136,100	-665,300	930,300	9,434,400
Net Income Continuous Operations	-1,136,100	-665,300	930,300	9,434,400
Tax Provision	85,300	-12,400	255,800	3,519,700
Pretax Income	-1,050,800	-677,700	1,186,100	12,954,100
Other Income Expense	-399,000	48,600	318,000	669,200
Special Income Charges	-780,900	-661,600	-800	-3,000
Other Special Charges	789,500	657,400	29,400	3,000
Write Off	6,400	4,200	800
Restructuring And Mergern Acquisition	-15,000	0	0		-2,200
Gain On Sale Of Security	381,900	710,200	318,800	672,200
Net Non Operating Interest Income Expense	-11,100	-16,900	-7,500	-18,900
Total Other Finance Cost	-3,100		7,900	2,700	27,300
Interest Expense Non Operating	14,200	16,900	7,500	18,900
Interest Income Non Operating		437,600	357,600	48,500	1,500
Operating Income	-640,700	-709,400	875,600	12,303,800
Operating Expense	2,868,800	2,919,200	2,343,600	2,011,800
Other Operating Expenses	65,700	-47,700	-26,600	-66,400
Depreciation Amortization Depletion Income Statement					7,300
Depreciation And Amortization In Income Statement					7,300
Research And Development	2,104,900	2,254,200	1,783,100	1,537,000
Selling General And Administration	698,200	712,700	587,100	541,200
Selling And Marketing Expense	110,000	67,900	62,700	59,500
General And Administrative Expense	588,200	644,800	524,400	481,700
Other Gand A	588,200	644,800	524,400	481,700
Insurance And Claims				21,300	30,400
Salaries And Wages				153,700	90,500
Gross Profit	2,228,100	2,209,800	3,219,200	14,315,600
Cost Of Revenue	641,800	541,300	599,800	2,995,000
Total Revenue	2,869,900	2,751,100	3,819,000	17,310,600
Operating Revenue	2,869,900	2,751,100	3,819,000	17,145,200

Balance Sheet

	2025	2024	2023	2022	2021
Treasury Shares Number	7,702	8,581	10,826	5,337
Ordinary Shares Number	251,325	239,971	237,726	243,215
Share Issued	259,027	248,552	248,552	248,552
Total Debt	267,400	254,200	219,100	212,200
Tangible Book Value	17,250,300	18,240,100	19,079,300	19,835,900
Invested Capital	19,491,600	19,665,300	20,465,000	20,267,800
Working Capital	14,004,300	16,280,300	17,456,800	18,971,400
Net Tangible Assets	17,250,300	18,240,100	19,079,300	19,835,900
Common Stock Equity	19,224,200	19,411,100	20,245,900	20,055,600
Total Capitalization	19,439,400	19,625,800	20,436,900	20,231,800
Total Equity Gross Minority Interest	19,224,200	19,411,100	20,245,900	20,055,600
Stockholders Equity	19,224,200	19,411,100	20,245,900	20,055,600
Gains Losses Not Affecting Retained Earnings	-1,462,300	-1,325,500	-984,600	-848,900
Other Equity Adjustments	-1,462,300	-1,325,500	-984,600	-848,900
Treasury Stock	7,700	8,600	10,800	5,300
Retained Earnings	17,961,900	19,098,000	19,763,300	18,833,000
Additional Paid In Capital	2,473,300	1,398,600	1,229,400	1,828,200
Capital Stock	259,000	248,600	248,600	248,600
Common Stock	259,000	248,600	248,600	248,600
Total Liabilities Net Minority Interest	2,764,400	3,118,600	2,760,400	3,223,500
Total Non Current Liabilities Net Minority Interest	622,100	595,400	689,900	272,900
Other Non Current Liabilities	199,100	134,400	51,900	23,100
Tradeand Other Payables Non Current			0	10,400	4,400
Non Current Deferred Liabilities	172,300	225,400	438,200	54,600
Non Current Deferred Revenue	88,000	183,000	398,500	48,400
Non Current Deferred Taxes Liabilities	84,300	42,400	39,700	6,200
Long Term Debt And Capital Lease Obligation	215,200	214,700	191,000	176,200
Long Term Debt	215,200	214,700	191,000	176,200
Long Term Provisions	35,500	20,900	8,800	8,600
Current Liabilities	2,142,300	2,523,200	2,070,500	2,950,600
Other Current Liabilities	589,400	1,612,800	540,300	1,645,900
Current Deferred Liabilities	754,900	294,900	353,300	77,100
Current Deferred Revenue	754,900	294,900	353,300	77,100
Current Debt And Capital Lease Obligation	52,200	39,500	28,100	36,000
Current Debt	52,200	39,500	28,100	36,000
Other Current Borrowings	52,200	39,500	28,100	36,000
Current Provisions	145,300	144,800	269,300	391,600
Payables And Accrued Expenses	600,500	431,200	879,500	800,000
Payables	600,500	431,200	879,500	800,000
Total Tax Payable	65,600	4,500	525,500	595,900
Income Tax Payable	65,600	4,500	525,500	595,900
Accounts Payable	534,900	426,700	354,000	204,100
Total Assets	21,988,600	22,529,700	23,006,300	23,279,100
Total Non Current Assets	5,842,000	3,726,200	3,479,000	1,357,100
Other Non Current Assets	7,300	26,300	83,400	6,500
Non Current Deferred Assets	13,500	81,700	81,300	229,600
Non Current Deferred Taxes Assets	13,500	81,700	81,300	229,600
Non Current Accounts Receivable	2,000	9,800
Investments And Advances	2,554,200	1,254,000	1,176,100	80,200
Investmentin Financial Assets	2,554,200	1,254,000	1,176,100	80,200
Available For Sale Securities	2,554,200	1,254,000	1,176,100	80,200
Goodwill And Other Intangible Assets	1,973,900	1,171,000	1,166,600	219,700
Other Intangible Assets	1,606,000	790,400	804,100	158,500
Goodwill	367,900	380,600	362,500	61,200
Net PPE	1,291,100	1,183,400	971,600	821,100
Accumulated Depreciation	-475,500	-322,400	-211,800	-116,300
Gross PPE	1,766,600	1,505,800	1,183,400	937,400
Construction In Progress	478,500	460,600	389,500	235,500
Other Properties	499,500	437,600	348,700	278,400
Machinery Furniture Equipment					100
Buildings And Improvements	202,200	238,200	209,800	206,500
Land And Improvements	586,400	369,400	235,400	217,000
Current Assets	16,146,600	18,803,500	19,527,300	21,922,000
Other Current Assets	173,800	212,700	280,900	271,900
Current Deferred Assets					48,500
Inventory	110,700	283,300	357,700	439,600
Finished Goods	5,900	7,900	6,200	8,900
Work In Process	6,700	7,300	4,000	21,000
Raw Materials	98,100	268,100	347,500	409,700
Receivables	984,900	1,523,900	2,339,700	7,146,000
Other Receivables	8,100	10,000	4,900
Taxes Receivable	52,600	50,000	179,100	400
Accounts Receivable	924,200	1,463,900	2,155,700	7,145,600
Cash Cash Equivalents And Short Term Investments	14,877,200	16,783,600	16,549,000	14,064,500
Other Short Term Investments	7,201,800	7,021,700	4,885,300	189,400
Cash And Cash Equivalents	7,675,400	9,761,900	11,663,700	13,875,100
Cash Equivalents	6,848,200	9,311,900	11,210,600	12,549,900
Cash Financial	827,200	450,000	453,100	1,325,200

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	-293,000	-244,600	4,665,900	13,214,100
Repurchase Of Capital Stock	0	0	-738,500	-986,400
Repayment Of Debt	-57,600	-45,900	-40,400	-59,900
Issuance Of Debt	6,700	0	300	800
Issuance Of Capital Stock		0	0	110,500	160,900
Capital Expenditure	-749,000	-452,300	-705,500	-363,300
End Cash Position	7,675,400	9,761,900	11,663,700	13,875,100
Other Cash Adjustment Outside Changein Cash	5,900	2,800	164,800	-500
Beginning Cash Position	9,761,900	11,663,700	13,875,100	1,692,700
Effect Of Exchange Rate Changes	-27,000	14,800	-14,500	60,100
Changes In Cash	-2,065,400	-1,919,400	-2,361,700	12,122,800
Financing Cash Flow	-52,900	-45,900	-778,600	-1,419,300
Cash Flow From Continuing Financing Activities	-52,900	-45,900	-778,600	-1,419,300
Net Other Financing Charges	-2,000
Cash Dividends Paid		0	0	-484,300	0
Net Common Stock Issuance	0	0	-738,500	-875,900
Common Stock Payments	0	0	-738,500	-986,400
Common Stock Issuance		0	0	110,500	160,900
Net Issuance Payments Of Debt	-50,900	-45,900	-40,100	-59,100
Net Long Term Debt Issuance	-50,900	-45,900	-40,100	-59,100
Long Term Debt Payments	-57,600	-45,900	-40,400	-59,900
Long Term Debt Issuance	6,700	0	300	800
Investing Cash Flow	-2,468,500	-2,081,200	-6,954,500	-35,300
Cash Flow From Continuing Investing Activities	-2,468,500	-2,081,200	-6,954,500	-35,300
Net Investment Purchase And Sale	-1,910,300	-1,630,100	-5,912,100	327,400
Sale Of Investment	9,512,200	10,740,200	1,216,300	375,200
Purchase Of Investment	-11,422,500	-12,370,300	-7,128,400	-47,800
Net Business Purchase And Sale	186,300	0	-336,900	0
Sale Of Business	186,300			0
Purchase Of Business		0	-336,900	0	-20,800
Net Intangibles Purchase And Sale	-573,900	-165,800	-455,400	-34,100
Purchase Of Intangibles	-573,900	-165,800	-455,400	-34,100
Net PPE Purchase And Sale	-170,600	-285,300	-250,100	-328,600
Sale Of PPE	4,500	1,200		600	3,400
Purchase Of PPE	-175,100	-286,500	-250,100	-329,200
Operating Cash Flow	456,000	207,700	5,371,400	13,577,400
Cash Flow From Continuing Operating Activities	456,000	207,700	5,371,400	13,577,400
Taxes Refund Paid	3,800	-389,200	-482,900	-4,222,100
Interest Received Cfo	337,000	474,900	258,200	29,300
Interest Paid Cfo	-11,000	-13,500	-5,400	-21,500
Change In Working Capital	537,800	1,220,600	5,574,800	4,518,500
Change In Payables And Accrued Expense	-723,800	758,400	118,900	85,700
Change In Payable	-723,800	758,400	118,900	85,700
Change In Account Payable	-723,800	758,400	118,900	85,700
Change In Inventory	177,900	74,500	81,900	62,900
Change In Receivables	1,083,700	387,700	5,374,000	4,369,900
Changes In Account Receivables				4,369,900	-11,808,100
Other Non Cash Items	169,700	-701,100	-1,275,500	-297,900
Stock Based Compensation	106,200	100,900	51,400	108,600
Depreciation Amortization Depletion	382,800	298,000	183,400	123,300
Depreciation And Amortization	382,800	298,000	183,400	123,300
Amortization Cash Flow			40,500	22,000	16,800
Amortization Of Intangibles			40,500	22,000	16,800
Depreciation	382,800	298,000	183,400	123,300
Operating Gains Losses	-19,500	-105,200	-118,700	385,100
Gain Loss On Investment Securities	-10,400	4,600	175,500	-241,000
Net Foreign Currency Exchange Gain Loss	-6,600	-109,500	-298,000	625,500
Gain Loss On Sale Of PPE	-2,500	-300	3,800	600
Net Income From Continuing Operations	-1,050,800	-677,700	1,186,100	12,954,100

These metrics estimate what BioNTech SE is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

N/A (negative EPS)

Margin of Safety

—

Market Cap ÷ Company Value

1.01

P/B Ratio

1.30

Warren's Owner Earnings

-$4M

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

3/7 — Speculative Investor

✅ Adequate Size

$2.9B

vs > $1.5B revenue

✅ Strong Financial Condition

7.54x

vs Current Ratio > 2.0x

❌ Earnings Stability

2 loss years (4 yrs data)

vs No negative EPS years

❌ Dividend Record

No dividend

vs Uninterrupted dividends

❌ Earnings Growth

-89.9% EPS growth

vs > 33% EPS growth

❌ Moderate P/E Ratio

-22.2x

vs P/E ≤ 15.0x

✅ Moderate Price-to-Book

1.30x P/B (P/E×P/B: -29.0)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$52.92

Trading at 1.9x NCAV. Expected for most quality businesses — NCAV was designed to find depression-era bargains and rarely applies to modern profitable companies.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

$-28.15

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	N/A	N/A	75.8%	3.9%	N/A
Repurchase of Capital Stock	$0M	$0M	-$738M	-$986M	N/A
Free Cash Flow	-$293M ▼	-$245M ▼	$4.7B ▼	$13.2B •	N/A •
Warren's Owner Earnings	-$4M	$85M	$1.8B	$9.9B	N/A

Peers & Industry Comparison

Biotechnology — Auto-detected peers

Company	Price	Market Cap	P/E	Gross Margin	Net Margin	Revenue
BNTX	$99.17	$25.1B	-22.20	77.6%	-39.6%	$2.9B
AMGN Amgen Inc.	$322.97	$174.3B	22.5	71.4%	21.0%	$37.2B
GILD Gilead Sciences, Inc.	$132.63	$164.6B	19.6	78.8%	28.9%	$29.4B
BIIB Biogen Inc.	$186.97	$27.6B	20.1	78.7%	13.8%	$9.9B
REGN Regeneron Pharmaceuticals, Inc.	$708.53	$74.3B	17.3	43.9%	29.6%	$14.9B
VRTX Vertex Pharmaceuticals Incorpor	$428.88	$109.1B	28.0	53.7%	32.9%	$12.0B

"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

57.43%

High — management has strong skin in the game

Return on Equity (ROE)

-5.9%

Weak — poor returns on equity

Return on Assets (ROA)

-5.2%

Poor — assets are not generating adequate returns

Debt Trend YoY

+5.2% YoY

Debt is roughly stable

Leadership Team

Ugur Sahin

Co-Founder, CEO & Chair of the Management Board

Age 60

Pay: $1,237,199

Ozlem Tureci

Co-Founder, Chief Medical Officer & Member of Management Board

Age 58

Pay: $986,241

Ramon Zapata-Gomez

CFO & Member of Management Board

Age 51

Pay: $1,199,672

Sierk Pötting Ph.

MD, COO & Member of Management Board

Age 52

Pay: $1,017,904

Lisa Birringer

Senior Vice President of Global Financial Reporting & Accounting

Top Institutional Holders

Institution	% Owned	Shares
FMR, LLC	2.35%	5,933,594
T. Rowe Price Investment Management, Inc.	1.77%	4,484,599
Primecap Management Company	1.50%	3,800,011
Flossbach von Storch SE	1.46%	3,680,315
Dodge & Cox Inc.	1.43%	3,614,491
BNP Paribas Financial Markets	0.62%	1,578,094
Temasek Holdings (Private) Ltd	0.60%	1,506,027
Jane Street Group, LLC	0.54%	1,361,221

Risk Analysis

Beta (Market Risk)

1.37

Moderate volatility — moves slightly more than market

Short Interest

4.7% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

0.01x

Conservative balance sheet — low financial risk

Current Ratio