PerpEquities

Equity

argenx SE (ARGX) perpetual futures

argenx SE is a biotechnology company developing therapies for autoimmune diseases, led by its efgartigimod program and marketed under brands such as VYVGART and VYVGART HYTRULO.

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Perpetual market activity

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Settlement mix
USDT · 1/1
Perp/spot vol.
-
OI / float
-
Spot performance
1D+0.79%
5D-2.00%
1M-16.63%
6M-1.06%
YTD-1.82%
1Y-2.81%

Venue matrix

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Company data

Company fundamentals

Updated 1h ago
Market cap
$51.7B
Updated 1h ago
Revenue
$6B
Trailing 12 months
Revenue growth
+49%
Next fiscal year
Profit margin
+32.9%
P/E
30.4
Peer P/E 40.9
Free cash flow
$1.2B
Trailing 12 months
More metrics
Net income
$1.9B
Trailing 12 months
P/S
8.6
Peer P/E
40.9
Similar listed perps
Revenue estimate
$6.2B
Next fiscal year
Earnings
2027-03-04
Revenue est. $3.3B · Updated 1h ago
Dividend
-

Fundamental detail

Annual + quarterly
Latest revenue$4.2B
Net margin+31.1%
Free cash flow$844.3M
Net debt-$3.4B
2020$46.3M
2021$1.1B
2022$410.7M
2023$1.2B
2024$2.2B
2025$4.2B
PeriodRevenueGrowthNet incomeFCF
2020$46.3M-47%-$682.5M-$452.7M
2021$1.1B+2,230%-$408.3M-$728.2M
2022$410.7M-62%-$709.6M-$966.6M
2023$1.2B+199%-$295.1M-$464.1M
2024$2.2B+79%$833M-$151M
2025$4.2B+90%$1.3B$844.3M
PeriodGross marginOperating marginNet marginROEROA
2020+100.0%-1,158.1%-1,475.3%-36.3%-26.7%
2021+46.1%-32.4%-37.9%-16.1%-14.3%
2022+92.8%-175.4%-172.8%-25.2%-22.6%
2023+90.4%-34.7%-24.1%-7.2%-6.5%
2024+89.6%-1.0%+38.0%+15.2%+13.4%
2025+89.1%+25.4%+31.1%+17.6%+14.9%
PeriodCashDebtNet debtCurrent ratio
2020$1.4B$10.8M-$1.4B6.26
2021$1.3B$11.5M-$1.3B8.44
2022$800.7M$12.4M-$788.3M9.18
2023$2B$20M-$2B9.75
2024$1.5B$39.1M-$1.5B7.29
2025$3.5B$83.5M-$3.4B5.23
PeriodMarket capEnterprise valueP/SP/E
2020$12.3B$10.9B264.9-18.0
2021$17.9B$16.6B16.6-43.8
2022$20.6B$19.8B50.2-29.0
2023$21.7B$19.7B17.7-73.7
2024$36.8B$35.4B16.844.2
2025$51.5B$48.1B12.439.8
Q4 2022$312.7M
Q2 2023$510.9M
Q4 2023$329.8M
Q2 2024$401M
Q4 2024$573.2M
Q2 2025$948M
Q4 2025$3.2B
Q2 2026$2.8B
PeriodRevenueGrowthNet incomeFCF
Q4 2022$312.7M+1,066%-$255.6M-$344.6M
Q2 2023$510.9M+359%-$112.9M-$259M
Q4 2023$329.8M+5%-$72.6M-$135.2M
Q2 2024$401M-22%-$61.6M-$125.5M
Q4 2024$573.2M+74%$91.4M$40.9M
Q2 2025$948M+136%$245.4M$432.6M
Q4 2025$3.2B+459%$1B$406.9M
Q2 2026$2.8B+197%$838.8M$748.7M
PeriodGross marginOperating marginNet marginROEROA
Q4 2022-24.8%-109.1%-81.7%-9.1%-8.2%
Q2 2023+180.9%-40.3%-22.1%-4.0%-3.5%
Q4 2023+89.1%-24.4%-22.0%-1.8%-1.6%
Q2 2024+89.2%-23.3%-15.4%-1.4%-1.3%
Q4 2024+89.7%+2.5%+15.9%+1.7%+1.5%
Q2 2025+88.3%+21.5%+25.9%+4.0%+3.4%
Q4 2025+89.4%+26.5%+32.7%+14.3%+12.1%
Q2 2026+90.1%+30.1%+29.8%+10.0%+8.4%
PeriodCashDebtNet debtCurrent ratio
Q4 2022$800.7M$12.4M-$788.3M9.18
Q2 2023$1.1B$11.2M-$1.1B8.47
Q4 2023$2B$20M-$2B9.75
Q2 2024$1.4B$34M-$1.4B8.53
Q4 2024$1.5B$39.1M-$1.5B7.29
Q2 2025$2.1B$43.2M-$2B5.60
Q4 2025$3.5B$83.5M-$3.4B5.23
Q2 2026$3.6B$47M-$3.5B5.12
PeriodMarket capEnterprise valueP/SP/E
Q4 2022$21B$20.2B67.0-20.5
Q2 2023$21.7B$20.6B42.5-48.0
Q4 2023$22.1B$20.1B67.1-76.1
Q2 2024$25.8B$24.3B64.2-104.4
Q4 2024$37B$35.5B64.5101.2
Q2 2025$33.6B$31.6B35.520.1
Q4 2025$51.7B$48.2B16.114.8
Q2 2026$57.7B$54.2B20.517.2

Refreshed 1h ago

Charts: revenue, profit, cash flow & valuation
Revenue$2.8BQ2 2026
$801.4M$1.6B$2.4B$3.2BQ4 2020: $17.4MQ2 2021: $498.6MQ4 2021: $26.8MQ2 2022: $111.4MQ4 2022: $312.7MQ2 2023: $510.9MQ4 2023: $329.8MQ2 2024: $401MQ4 2024: $573.2MQ2 2025: $948MQ4 2025: $3.2BQ2 2026: $2.8BQ4 2020Q2 2026
Net income$838.8MQ2 2026
-$50.4M$315.3M$681M$1BQ4 2020: -$286.2MQ2 2021: $53.3MQ4 2021: -$414.2MQ2 2022: -$416.1MQ4 2022: -$255.6MQ2 2023: -$112.9MQ4 2023: -$72.6MQ2 2024: -$61.6MQ4 2024: $91.4MQ2 2025: $245.4MQ4 2025: $1BQ2 2026: $838.8MQ4 2020Q2 2026
EBITDA$863.8MQ2 2026
-$61.9M$295.2M$652.3M$1BQ4 2020: -$191.1MQ2 2021: $98.1MQ4 2021: -$396.9MQ2 2022: -$419MQ4 2022: -$203.6MQ2 2023: -$184.2MQ4 2023: $20.4MQ2 2024: -$65.2MQ4 2024: $97.6MQ2 2025: $301.4MQ4 2025: $1BQ2 2026: $863.8MQ4 2020Q2 2026
Free cash flow$748.7MQ2 2026
-$167M$138.3M$443.5M$748.7MQ4 2020: -$186.6MQ2 2021: -$191.8MQ4 2021: -$336.5MQ2 2022: -$472.2MQ4 2022: -$344.6MQ2 2023: -$259MQ4 2023: -$135.2MQ2 2024: -$125.5MQ4 2024: $40.9MQ2 2025: $432.6MQ4 2025: $406.9MQ2 2026: $748.7MQ4 2020Q2 2026
EPS$13Q2 2026
-$2.72$2.59$7.9$13.2Q4 2020: -$6.05Q2 2021: $0.99Q4 2021: -$8.04Q2 2022: -$7.78Q4 2022: -$4.62Q2 2023: -$2.03Q4 2023: -$1.25Q2 2024: -$1.04Q4 2024: $1.39Q2 2025: $6.37Q4 2025: $13.2Q2 2026: $13Q4 2020Q2 2026
Cash / Debt$3.6BQ2 2026
$896M$1.8B$2.7B$3.6BQ4 2020 · Cash: $1.4BQ4 2020 · Debt: $10.8MQ2 2021 · Cash: $1.6BQ2 2021 · Debt: $7.9MQ4 2021 · Cash: $1.3BQ4 2021 · Debt: $11.5MQ2 2022 · Cash: $1.4BQ2 2022 · Debt: $9.7MQ4 2022 · Cash: $800.7MQ4 2022 · Debt: $12.4MQ2 2023 · Cash: $1.1BQ2 2023 · Debt: $11.2MQ4 2023 · Cash: $2BQ4 2023 · Debt: $20MQ2 2024 · Cash: $1.4BQ2 2024 · Debt: $34MQ4 2024 · Cash: $1.5BQ4 2024 · Debt: $39.1MQ2 2025 · Cash: $2.1BQ2 2025 · Debt: $43.2MQ4 2025 · Cash: $3.5BQ4 2025 · Debt: $83.5MQ2 2026 · Cash: $3.6BQ2 2026 · Debt: $47MQ4 2020Q2 2026
CashDebt
Profitability+90.1%Q2 2026
-1,251.6%-697.0%-142.4%+412.2%Q4 2020 · Gross margin: -810.5%Q2 2021 · Gross margin: +45.1%Q4 2021 · Gross margin: -1,033.2%Q2 2022 · Gross margin: +412.2%Q4 2022 · Gross margin: -24.8%Q2 2023 · Gross margin: +180.9%Q4 2023 · Gross margin: +89.1%Q2 2024 · Gross margin: +89.2%Q4 2024 · Gross margin: +89.7%Q2 2025 · Gross margin: +88.3%Q4 2025 · Gross margin: +89.4%Q2 2026 · Gross margin: +90.1%Q4 2020 · Operating margin: -1,806.2%Q2 2021 · Operating margin: +19.1%Q4 2021 · Operating margin: -1,703.1%Q2 2022 · Operating margin: -356.8%Q4 2022 · Operating margin: -109.1%Q2 2023 · Operating margin: -40.3%Q4 2023 · Operating margin: -24.4%Q2 2024 · Operating margin: -23.3%Q4 2024 · Operating margin: +2.5%Q2 2025 · Operating margin: +21.5%Q4 2025 · Operating margin: +26.5%Q2 2026 · Operating margin: +30.1%Q4 2020 · Net margin: -1,645.4%Q2 2021 · Net margin: +10.7%Q4 2021 · Net margin: -1,545.0%Q2 2022 · Net margin: -373.7%Q4 2022 · Net margin: -81.7%Q2 2023 · Net margin: -22.1%Q4 2023 · Net margin: -22.0%Q2 2024 · Net margin: -15.4%Q4 2024 · Net margin: +15.9%Q2 2025 · Net margin: +25.9%Q4 2025 · Net margin: +32.7%Q2 2026 · Net margin: +29.8%Q4 2020Q2 2026
Gross marginOperating marginNet margin
Revenue growth+197.0%Q2 2026
+208.3%+494.4%+780.4%+1,066.4%Q4 2021: +54.1%Q2 2022: -77.7%Q4 2022: +1,066.4%Q2 2023: +358.8%Q4 2023: +5.5%Q2 2024: -21.5%Q4 2024: +73.8%Q2 2025: +136.4%Q4 2025: +459.2%Q2 2026: +197.0%Q4 2020Q2 2026
Shares outstanding64.4MQ2 2026
16.5M33.1M49.6M66.2MQ4 2020: 47.3MQ2 2021: 54MQ4 2021: 51.5MQ2 2022: 53.5MQ4 2022: 55.3MQ2 2023: 55.7MQ4 2023: 58.1MQ2 2024: 59.3MQ4 2024: 65.8MQ2 2025: 65.7MQ4 2025: 66.2MQ2 2026: 64.4MQ4 2020Q2 2026
Valuation17.2Q2 2026
105.3315.0524.7734.5Q4 2020 · P/E: -11.2Q2 2021 · P/E: 60.2Q4 2021 · P/E: -10.9Q2 2022 · P/E: -12.2Q4 2022 · P/E: -20.5Q2 2023 · P/E: -48.0Q4 2023 · P/E: -76.1Q2 2024 · P/E: -104.4Q4 2024 · P/E: 101.2Q2 2025 · P/E: 20.1Q4 2025 · P/E: 14.8Q2 2026 · P/E: 17.2Q4 2020 · P/S: 734.5Q2 2021 · P/S: 32.6Q4 2021 · P/S: 672.9Q2 2022 · P/S: 181.9Q4 2022 · P/S: 67.0Q2 2023 · P/S: 42.5Q4 2023 · P/S: 67.1Q2 2024 · P/S: 64.2Q4 2024 · P/S: 64.5Q2 2025 · P/S: 35.5Q4 2025 · P/S: 16.1Q2 2026 · P/S: 20.5Q4 2020Q2 2026
P/EP/S
Revenue$4.2B2025
$1B$2.1B$3.1B$4.2B2018: $27.6M2019: $88M2020: $46.3M2021: $1.1B2022: $410.7M2023: $1.2B2024: $2.2B2025: $4.2B20182025
Net income$1.3B2025
-$209.2M$291.2M$791.6M$1.3B2018: -$85.5M2019: -$203.3M2020: -$682.5M2021: -$408.3M2022: -$709.6M2023: -$295.1M2024: $833M2025: $1.3B20182025
EBITDA$1.3B2025
-$178M$318.3M$814.5M$1.3B2018: -$104.4M2019: -$194.5M2020: -$674.2M2021: -$392.8M2022: -$622.8M2023: -$192.3M2024: $105.2M2025: $1.3B20182025
Free cash flow$844.3M2025
-$513.9M-$61.2M$391.6M$844.3M2018: -$70M2019: $117.7M2020: -$452.7M2021: -$728.2M2022: -$966.6M2023: -$464.1M2024: -$151M2025: $844.3M20182025
EPS$19.62025
-$6.37$2.3$11$19.62018: -$2.382019: -$5.262020: -$152021: -$7.992022: -$13.12023: -$5.162024: $12.82025: $19.620182025
Cash / Debt$3.5B2025
$872.8M$1.7B$2.6B$3.5B2018 · Cash: $360.6M2018 · Debt: $02019 · Cash: $417.5M2019 · Debt: $8.2M2020 · Cash: $1.4B2020 · Debt: $10.8M2021 · Cash: $1.3B2021 · Debt: $11.5M2022 · Cash: $800.7M2022 · Debt: $12.4M2023 · Cash: $2B2023 · Debt: $20M2024 · Cash: $1.5B2024 · Debt: $39.1M2025 · Cash: $3.5B2025 · Debt: $83.5M20182025
CashDebt
Profitability+89.1%2025
-1,081.5%-687.6%-293.8%+100.0%2018 · Gross margin: +100.0%2019 · Gross margin: +100.0%2020 · Gross margin: +100.0%2021 · Gross margin: +46.1%2022 · Gross margin: +92.8%2023 · Gross margin: +90.4%2024 · Gross margin: +89.6%2025 · Gross margin: +89.1%2018 · Operating margin: -381.0%2019 · Operating margin: -253.5%2020 · Operating margin: -1,158.1%2021 · Operating margin: -32.4%2022 · Operating margin: -175.4%2023 · Operating margin: -34.7%2024 · Operating margin: -1.0%2025 · Operating margin: +25.4%2018 · Net margin: -310.2%2019 · Net margin: -231.0%2020 · Net margin: -1,475.3%2021 · Net margin: -37.9%2022 · Net margin: -172.8%2023 · Net margin: -24.1%2024 · Net margin: +38.0%2025 · Net margin: +31.1%20182025
Gross marginOperating marginNet margin
Revenue growth+89.6%2025
+511.0%+1,083.9%+1,656.8%+2,229.7%2019: +219.3%2020: -47.4%2021: +2,229.7%2022: -61.9%2023: +198.6%2024: +78.6%2025: +89.6%20182025
Shares outstanding66M2025
16.5M33M49.5M66M2018: 36M2019: 38.6M2020: 45.4M2021: 51.1M2022: 54.4M2023: 57.2M2024: 65.2M2025: 66M20182025
Valuation39.82025
10.995.6180.3264.92018 · P/E: -39.52019 · P/E: -30.52020 · P/E: -18.02021 · P/E: -43.82022 · P/E: -29.02023 · P/E: -73.72024 · P/E: 44.22025 · P/E: 39.82018 · P/S: 122.62019 · P/S: 70.52020 · P/S: 264.92021 · P/S: 16.62022 · P/S: 50.22023 · P/S: 17.72024 · P/S: 16.82025 · P/S: 12.420182025
P/EP/S

Next catalyst

Catalysts

Earnings
2027-03-04
Revenue est. $3.3B · Updated 1h ago

No unusual perp activity right now.

Research data

Analysts, filings and peer context

Estimates

6
DateEPS estimateRevenue estimateGrowthAnalysts
FY 202629.34$6.2B+49%8
FY 202739.01$7.7B+85%8
FY 202848.28$9.1B+118%6
FY 202961.96$10.7B+158%5
FY 203073.87$12.3B+197%5
Q4 20268.05$1.8B-44%4

Company events

6
2027-03-04EarningsActual - / Estimate 8.05-
2026-07-23EarningsActual 7.32 / Estimate 6.27Beat
2026-05-07EarningsActual 5.9 / Estimate 5.16Beat
2025-10-30EarningsActual 5.18 / Estimate 4.37Beat
2025-05-08EarningsActual 2.58 / Estimate 2.32Beat
2024-10-31EarningsActual 1.39 / Estimate 0.1Beat

Peer comparison

Similar listed perps

Analyst track record

How the analysts covering ARGX have done: ratings, price-target accuracy and the measured reaction after their calls.

12 months3 years
Ratings191585
Analysts2839
Buy / hold / sell178 / 13 / 0527 / 57 / 1
Upgrades / downgrades / initiations1 / 2 / 27 / 7 / 7
Price targets hit / missed2 / 165 (1%)315 / 188 (63%)
Avg. return after a rating (TipRanks)-21.8%+18.3%
Best / worst call+5.6% / -41.7%+138.6% / -41.7%

After buy calls on this stock: not enough measured cases yet

Latest ratings

DateAnalystCallTarget
Oct 20, 2026Luca IssiRBC CapitalBuyReiterated$1,025
Oct 14, 2026Derek ArchilaWells FargoBuyReiterated$1,356
Oct 13, 2026David NierengartenWedbushBuyMaintained$1,130
Oct 12, 2026Leland GershellOppenheimerBuyMaintained$1,038
Oct 13, 2026Tazeen AhmadBank of America SecuritiesBuyMaintained$1,157

TipRanks data via FMP · computed Oct 20, 2026 · 191 ratings

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