NASDAQ · Healthcare

BioNTech SE

BNTX · Biotechnology

$90.89

▼ -1.33 (-1.44%)

Cached · 10 min

Overall Grade

Defensive

Enterprising

Profitability

F⤢

Gross Profit Margin 39.5%

Operating Margin -568.3%

Net Income Margin -450.4%

Fin. Health

C⤢

Years to Pay Off Debt -0.6 yrs

Working Capital vs Long-Term Debt $13.7B

Working Capital $13.8B

Valuation

B⤢

Price-to-Book 1.23x

Cash Flow

F⤢

Free Cash Flow -$500M

Owner Earnings -$332M

Profitability

Gross Profit Margin 39.5%

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 -568.3%

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 -450.4%

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

Years to Pay Off Debt -0.6 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 $13.7B

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 $13.8B

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.

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

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.

Market Data

Market Cap $23.0B

Enterprise Value $9.2B

P/E (TTM) -17.72

Dividend Yield N/A

Exchange NASDAQ

Key Margins

Gross Profit 39.5%

Operating Margin -568.3%

Net Margin -450.4%

Company Info

Sector Healthcare

Industry Biotechnology

Employees 7807

Country Germany

Visit website

Showing Key Metrics

Income Highlights

Metric	Q1 2026	Q4 2025	Q4 2024
Gross Profit %	39.5%▼	63.3%•	N/A
Operating Margin %	-568.3%▼	-30.9%•	N/A
Net Income %	-450.4%▼	-33.6%•	N/A
Diluted EPS	-2.10▼	-1.25•	N/A

Balance Sheet Highlights

Metric	Q1 2026	Q4 2025	Q4 2024
Total Assets	$21.1B	$22.0B	N/A
Total Debt	$303M▲	$267M•	N/A
Working Capital	$13.8B▼	$14.0B•	N/A
Years to Pay Debt	-0.57	-0.88	N/A

Cash Flow Highlights

Metric	Q1 2026	Q4 2025	Q4 2024
Free Cash Flow	-$500M▼	$247M•	N/A
Owner Earnings	-$332M	-$78M	N/A
CapEx % of Net Income	N/A	N/A	N/A

Income Statement

	2026	2025	2024
Tax Effect Of Unusual Items	2,938	12,222
Tax Rate For Calcs	0	0
Normalized EBITDA	-488,900	-569,800
Total Unusual Items	46,100	58,200
Total Unusual Items Excluding Goodwill	46,100	58,200
Net Income From Continuing Operation Net Minority Interest	-531,900	-305,000
Reconciled Depreciation	121,300	164,800
Reconciled Cost Of Revenue	71,400	333,300
EBITDA	-442,800	-511,600
EBIT	-564,100	-676,400
Net Interest Income	57,000	-5,100
Interest Expense	4,000		-2,200
Interest Income	61,700		-61,200
Normalized Income	-575,062	-350,978
Net Income From Continuing And Discontinued Operation	-531,900	-305,000
Total Expenses	789,300	1,187,900
Total Operating Income As Reported	-677,500	-322,800
Diluted Average Shares	253,286	244,000
Basic Average Shares	253,286	244,000
Diluted EPS	0	0
Basic EPS	0	0
Diluted NI Availto Com Stockholders	-531,900	-305,000
Net Income Common Stockholders	-531,900	-305,000
Net Income	-531,900	-305,000
Net Income Including Noncontrolling Interests	-531,900	-305,000
Net Income Continuous Operations	-531,900	-305,000
Tax Provision	-36,200	77,600
Pretax Income	-568,100	-227,400
Other Income Expense	46,100	58,200
Special Income Charges	-300	-52,100
Other Special Charges		45,700
Write Off	300
Restructuring And Mergern Acquisition	0	0
Gain On Sale Of Security	46,400	110,300
Net Non Operating Interest Income Expense	57,000	-5,100
Total Other Finance Cost	700	-9,300
Interest Expense Non Operating	4,000		-2,200
Interest Income Non Operating	61,700		-61,200
Operating Income	-671,200	-280,500
Operating Expense	717,900	854,600
Other Operating Expenses	-2,900	57,500
Research And Development	557,000	505,400
Selling General And Administration	163,800	291,700
Selling And Marketing Expense	27,900	49,300
General And Administrative Expense	135,900	242,400
Other Gand A	135,900	242,400
Gross Profit	46,700	574,100
Cost Of Revenue	71,400	333,300
Total Revenue	118,100	907,400
Operating Revenue	66,900	1,117,300

Balance Sheet

	2026	2025	2024
Treasury Shares Number	6,143	7,702
Ordinary Shares Number	252,884	251,325
Share Issued	259,027	259,027
Total Debt	302,800	267,400
Tangible Book Value	16,780,500	17,250,300
Invested Capital	18,775,200	19,491,600
Working Capital	13,766,800	14,004,300
Net Tangible Assets	16,780,500	17,250,300
Capital Lease Obligations	225,400
Common Stock Equity	18,697,800	19,224,200
Total Capitalization	18,764,400	19,439,400
Total Equity Gross Minority Interest	18,697,800	19,224,200
Stockholders Equity	18,697,800	19,224,200
Gains Losses Not Affecting Retained Earnings	-1,453,300	-1,462,300
Other Equity Adjustments	-1,453,300	-1,462,300
Treasury Stock	6,100	7,700
Retained Earnings	17,430,000	17,961,900
Additional Paid In Capital	2,468,200	2,473,300
Capital Stock	259,000	259,000
Common Stock	259,000	259,000
Total Liabilities Net Minority Interest	2,376,300	2,764,400
Total Non Current Liabilities Net Minority Interest	611,300	622,100
Other Non Current Liabilities	200,800	199,100
Non Current Deferred Liabilities	140,600	172,300
Non Current Deferred Revenue	87,700	88,000
Non Current Deferred Taxes Liabilities	52,900	84,300
Long Term Debt And Capital Lease Obligation	246,100	215,200
Long Term Capital Lease Obligation	179,500
Long Term Debt	66,600	215,200
Long Term Provisions	23,800	35,500
Current Liabilities	1,765,000	2,142,300
Other Current Liabilities	275,900	589,400
Current Deferred Liabilities	758,500	754,900
Current Deferred Revenue	758,500	754,900
Current Debt And Capital Lease Obligation	56,700	52,200
Current Capital Lease Obligation	45,900
Current Debt	10,800	52,200
Other Current Borrowings	10,800	52,200
Current Provisions	167,000	145,300
Payables And Accrued Expenses	506,900	600,500
Payables	506,900	600,500
Total Tax Payable	38,100	65,600
Income Tax Payable	38,100	65,600
Accounts Payable	468,800	534,900
Total Assets	21,074,100	21,988,600
Total Non Current Assets	5,542,300	5,842,000
Other Non Current Assets	12,200	7,300
Non Current Deferred Assets	14,700	13,500
Non Current Deferred Taxes Assets	14,700	13,500
Non Current Accounts Receivable		2,000	9,800
Investments And Advances	2,279,900	2,554,200
Investmentin Financial Assets	2,279,900	2,554,200
Available For Sale Securities	2,214,400	2,554,200
Financial Assets Designatedas Fair Value Through Profitor Loss Total	65,500
Goodwill And Other Intangible Assets	1,917,300	1,973,900
Other Intangible Assets	1,546,800	1,606,000
Goodwill	370,500	367,900
Net PPE	1,318,200	1,291,100
Accumulated Depreciation		-475,500	-322,400
Gross PPE	1,318,200	1,766,600
Construction In Progress		478,500	460,600
Other Properties	1,318,200	499,500
Buildings And Improvements		202,200	238,200
Land And Improvements		586,400	369,400
Current Assets	15,531,800	16,146,600
Other Current Assets	176,600	173,800
Hedging Assets Current
Inventory	103,800	110,700
Finished Goods		5,900	7,900
Work In Process		6,700	7,300
Raw Materials		98,100	268,100
Receivables	612,200	984,900
Other Receivables	8,900	8,100
Taxes Receivable	64,100	52,600
Accounts Receivable	539,200	924,200
Cash Cash Equivalents And Short Term Investments	14,639,200	14,877,200
Other Short Term Investments	4,699,800	7,201,800
Cash And Cash Equivalents	9,939,400	7,675,400
Cash Equivalents	9,528,000	6,848,200	9,311,900
Cash Financial	411,400	827,200	450,000

Cash Flow

	2026	2025	2024
Free Cash Flow	-499,900	247,400
Repayment Of Debt	-12,000	-19,000
Issuance Of Debt	38,400		0
Capital Expenditure	-78,900	-62,100
End Cash Position	9,939,400	7,675,400
Other Cash Adjustment Outside Changein Cash	11,400	11,500
Beginning Cash Position	7,675,400	10,092,900
Effect Of Exchange Rate Changes	-3,400	1,400
Changes In Cash	2,256,000	-2,430,400
Financing Cash Flow	26,400	-14,300
Cash Flow From Continuing Financing Activities	26,400	-14,300
Net Issuance Payments Of Debt	26,400	-12,300
Net Long Term Debt Issuance	26,400	-12,300
Long Term Debt Payments	-12,000	-19,000
Long Term Debt Issuance	38,400		0
Investing Cash Flow	2,650,600	-2,725,600
Cash Flow From Continuing Investing Activities	2,650,600	-2,725,600
Net Investment Purchase And Sale	2,727,900	-2,928,900
Sale Of Investment	4,278,100	1,446,900
Purchase Of Investment	-1,550,200	-4,375,800
Net Business Purchase And Sale	0	264,800
Purchase Of Business	0		0
Net Intangibles Purchase And Sale	-22,100	1,100
Purchase Of Intangibles	-22,100	1,100
Net PPE Purchase And Sale	-55,200	-62,600
Sale Of PPE	1,600	600
Purchase Of PPE	-56,800	-63,200
Operating Cash Flow	-421,000	309,500
Cash Flow From Continuing Operating Activities	-421,000	309,500
Taxes Refund Paid	-41,600	40,500
Interest Received Cfo	86,600	61,800
Interest Paid Cfo	-3,300	-2,800
Change In Working Capital	66,200	-227,400
Change In Payables And Accrued Expense	-371,900	-424,600
Change In Payable	-371,900	-424,600
Change In Account Payable	-371,900	-424,600
Change In Inventory	7,000	116,200
Change In Receivables	431,100	81,000
Changes In Account Receivables	431,100
Other Non Cash Items	-105,200	517,200
Stock Based Compensation	22,800	24,100
Depreciation Amortization Depletion	121,300	164,800
Depreciation And Amortization	121,300	164,800
Depreciation	121,300	164,800
Operating Gains Losses	300	-41,300
Gain Loss On Investment Securities		2,500	3,900
Net Foreign Currency Exchange Gain Loss	400	-43,000
Gain Loss On Sale Of PPE	-100	-800
Net Income From Continuing Operations	-568,100	-227,400

📊 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: $183M ▼ $118M -35.4%

Revenue growth vs same quarter last year strips seasonality. Consistent double-digit growth is a Buffett hallmark.

Gross Margin

Prior year: 54.2% ▼ 39.5% -14.6pp

Buffett: consistent gross margin above 40% signals durable pricing power and competitive moat.

Operating Margin

Prior year: -367.2% ▼ -568.3% -201.2pp

Graham: operating margin reflects true business economics before financing. Trend matters as much as level.

Net Margin

Prior year: -227.5% ▼ -450.4% -222.9pp

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.

$118M/qtr (≈$472M ann.)

vs > $1.5B annualised revenue

✅ Financial Condition

Current assets vs current liabilities — a real-time liquidity snapshot. Valid and reliable on quarterly data.

8.80x 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.

-$500M

vs Positive

Operating Cash Flow

-$421M

Latest quarter · Buffett's cash reality check

ROIC

-2.7%

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

1.2x

Net Assets: $18.7B

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.

⚠️ Net margin compressed 222.9pp vs same quarter last year. Common causes: one-time charges (restructuring, write-downs, legal settlements), tax rate changes, or rising interest expense. Check the income statement notes before drawing conclusions about operating health.

Peers & Industry Comparison

Biotechnology — Auto-detected peers

Company	Price	Market Cap	P/E	Gross Margin	Net Margin	Revenue
BNTX	$90.89	$23.0B	-17.72	39.5%	-450.4%	$118M
AMGN Amgen Inc.	$337.60	$182.2B	23.5	71.4%	21.0%	$37.2B
GILD Gilead Sciences, Inc.	$123.76	$153.7B	16.8	79.4%	31.0%	$29.7B
BIIB Biogen Inc.	$196.58	$29.0B	21.2	78.7%	13.8%	$9.9B
REGN Regeneron Pharmaceuticals, Inc.	$609.94	$63.9B	14.9	43.9%	29.6%	$14.9B
VRTX Vertex Pharmaceuticals Incorpor	$451.63	$114.6B	26.8	54.4%	35.5%	$12.2B

"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

57.13%

High — management has strong skin in the game

Return on Equity (ROE)

-2.8%

Weak — poor returns on equity

Return on Assets (ROA)

-2.5%

Poor — assets are not generating adequate returns

Debt Trend YoY

+13.2% YoY

Debt is growing — management is leveraging up

Leadership Team

Ugur Sahin

Co-Founder, CEO & Chair of the Management Board

Age 60

Pay: $1,222,745

Ozlem Tureci

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

Age 58

Pay: $974,719

Ramon Zapata-Gomez

CFO & Member of Management Board

Age 51

Pay: $1,185,657

Sierk Pötting Ph.

MD, COO & Member of Management Board

Age 52

Pay: $1,006,012

Lisa Birringer

Senior Vice President of Global Financial Reporting & Accounting

Top Institutional Holders

Institution	% Owned	Shares
T. Rowe Price Investment Management, Inc.	2.32%	5,856,073
FMR, LLC	2.26%	5,709,240
Primecap Management Company	1.50%	3,793,711
Flossbach von Storch SE	1.46%	3,680,315
Dodge & Cox Inc.	1.45%	3,676,791
Blackrock Inc.	0.66%	1,658,153
BNP Paribas Financial Markets	0.65%	1,651,789
Temasek Holdings (Private) Ltd	0.60%	1,506,027

Risk Analysis

Beta (Market Risk)

1.32

Moderate volatility — moves slightly more than market

Short Interest

3.3% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

0.02x

Conservative balance sheet — low financial risk

Current Ratio

8.80x

Strong liquidity — Graham approved

52-Week Price Range

Low: $79.52 Current: $90.89 High: $124.00

Currently at 26% of 52-week range

BioNTech SE

Metric Explanations

Income Highlights

Balance Sheet Highlights

Cash Flow Highlights

Quarter vs Same Quarter Last Year

Quarterly Health Checks

Operating Cash Flow

ROIC

Market Cap / Net Assets

Peers & Industry Comparison

Capital Allocation & Alignment

Leadership Team

Top Institutional Holders

Risk Analysis