argenx SE (ARGX) Stock Analysis & Winston Score

argenx SE, a biotechnology company, engages in the developing of various therapies for the treatment of autoimmune diseases in the United States, Japan, Europe, Middle East, Africa, and China. Its lead product candidate is efgartigimod for the treatment of patients with myasthenia gravis, immune thrombocytopenia, pemphigus vulgaris, generalized myasthenia gravis, chronic inflammatory demyelinating polyneuropathy, thyroid eye disease, bullous pemphigoid, myositis, primary sjögren's syndrome, post

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+78.7% YoY

YoY Growth Rate

Strong revenue growth

EPS Growth

-1.3% YoY

YoY Growth Rate

Earnings declining

Insider Activity

0.3%ownership

Relatively low insider ownership

Cash Position

Cash flow positive

$3.5B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Strong grower

argenx SE is growing revenue at 79% year-over-year. The Winston Score penalises unprofitable companies, but revenue at this pace tells a different story — this is a company still in "build mode."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin

88.8%

Premium pricing power — 88.8% gross margin

Operating Margin

27.4%

Excellent — 27.4% operating margin

ROCE

8.9%

Below par — 8.9% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY

+139.0%

Fast-growing sales (139.0% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Cash Conversion

33%

Weak — only 33% of profit becomes cash

FCF Margin

12.0%

Modest free cash flow (12.0%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity

0.01

Conservative — low debt load (0.01)

Interest Cover

207.05x

Comfortably covers interest (207.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

48.0x

no trend

Expensive — P/E 48.0

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward

+28.8

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (48.0 → 19.2)

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Dividends

Not applicable for this business.

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