REGN
Regeneron Pharmaceuticals · Health Care · Biotechnology
$828.50
52w 541.00 – 847.00
20y monthly, adjusted
Mkt cap
$77.8B
P/E
17.5
P/FCF
19.4
FCF yield
5.2%
ROE
14.4%
Shldr yield
4.8%
div 0.5% + bb 4.4%
What today's price assumes
At $77.8B, the market is pricing in 7.3% annual free-cash-flow growth for the next decade (10% discount rate, 2.5% terminal growth). Over the last ten years, FCF actually grew 20.1% per year — expectations look undemanding relative to history.
Simple DCF per-share range: $662 · $1,485 · $2,140 (4% / base / optimistic growth). An estimate, not a target.
Historical multiple lens
At its own median P/OCF of 22.7× across 14 years, REGN would trade near $1,203/share (25th–75th percentile: $907–$1,651); it trades at 15.6× today.
Assumes the historical multiple regime persists — re-ratings can be permanent.
Growth record
Compound annual growth rates from as-filed 10-K data, split-adjusted
Rev 3y
+5.6%
Rev 5y
+11.0%
Rev 10y
+13.3%
EPS 5y
+6.3%
EPS 10y
+22.3%
FCF 5y
+15.3%
FCF 10y
+20.1%
Fundamentals
Fiscal 2008–2025, from SEC filings
Revenue
Net income
Free cash flow
Diluted shares (lower is better)
Margins
Capital returned (dividends + buybacks)
Cash vs long-term debt
Quarterly
Discrete quarters from 10-Q filings; Q4 derived as fiscal year minus Q1–Q3. OCF is unwound from the year-to-date figures 10-Qs report. Compare to the same quarter a year ago — most businesses are seasonal.
Revenue by quarter
Net income by quarter
| Quarter | Revenue | YoY | Net income | YoY | EPS | OCF |
|---|---|---|---|---|---|---|
| Q2'26 | $4.3B | +16.7% | $1.3B | −6.8% | 12.23 | $813.0M |
| Q1'26 | $3.6B | +19.0% | $727.2M | −10.1% | 6.75 | $1.1B |
| Q4'25 * | $3.9B | +2.5% | $844.6M | −8.0% | 7.78 | $1.2B |
| Q3'25 | $3.8B | +0.9% | $1.5B | +8.9% | 13.62 | $1.6B |
| Q2'25 | $3.7B | +3.6% | $1.4B | −2.8% | 12.81 | $1.1B |
| Q1'25 | $3.0B | −3.7% | $808.7M | +12.0% | 7.27 | $1.0B |
| Q4'24 * | $3.8B | +10.3% | $917.7M | −20.9% | 8.12 | $1.3B |
| Q3'24 | $3.7B | +10.6% | $1.3B | +33.0% | 11.54 | $1.3B |
| Q2'24 | $3.5B | +12.3% | $1.4B | +47.9% | 12.41 | $354.0M |
| Q1'24 | $3.1B | −0.5% | $722.0M | −11.7% | 6.27 | $1.5B |
| Q4'23 * | $3.4B | +0.6% | $1.2B | −3.1% | 10.21 | $1.1B |
| Q3'23 | $3.4B | +14.5% | $1.0B | −23.4% | 8.89 | $1.1B |
| Q2'23 | $3.2B | +10.5% | $968.4M | +13.6% | 8.50 | $1.0B |
Track record
Compound annual growth by period. For debt and share count, negative is the good direction.
| Series | 3y | 5y | 10y | 15y |
|---|---|---|---|---|
| Revenue | +5.6% | +11.0% | +13.3% | +25.8% |
| Operating cash flow | −0.2% | +13.7% | +14.1% | +29.8% |
| Free cash flow | −2.7% | +15.3% | +20.1% | — |
| EPS (diluted) | +2.8% | +6.3% | +22.3% | — |
| Equity | +11.3% | +23.2% | +23.9% | +31.3% |
| LT debt | +0.1% | +0.1% | — | — |
| Diluted shares | −1.5% | −1.2% | −0.6% | +1.8% |
| Stock price | +0.4% | +4.4% | +7.8% | +19.3% |
$100, 3 years ago
$101vs $176 in SPY
0.4% vs 20.7%/yr
$100, 5 years ago
$124vs $181 in SPY
4.4% vs 12.6%/yr
$100, 10 years ago
$213vs $412 in SPY
7.8% vs 15.2%/yr
$100, 15 years ago
$1,415vs $813 in SPY
19.3% vs 15.0%/yr
The $1 test — market value created per $1 of earnings retained (Buffett's hurdle: at least $1)
Last 5 years
$0.91
$22.8B created / $24.9B retained
Last 10 years
$0.92
$32.3B created / $35.1B retained
Quality & capital discipline
Cash-based returns and how management deploys capital
Cash ROIC
15.0%
OCF ÷ (equity + debt)
OCF / EV yield
6.4%
MC vs 10× OCF
1.59
≤1 = priced under 10× OCF
Debt / FCF
0.5y
SBC / FCF
24.4%
Owner earnings
$3.1B
OCF − capex − SBC
OE yield
3.9%
Share count 5y
+1.8%
per year; negative = buybacks
Capital intensity
—
net PP&E ÷ revenue
Sales efficiency
$0.67
new PP&E per $1 new revenue, 5y
Growth engine (5y): reinvested 74.0% of operating cash flow at an incremental return of 12.2% — an organically fundable growth rate of about 9.0% per year (growth ≈ reinvestment rate × incremental ROIC).
Checklist
24 of 26 checks pass · 92%. Checks with structurally missing inputs are excluded.
Growth & Consistency
7/7
- pass
Revenue growth
11.0% · 5y CAGR ≥ 5%
- pass
EPS growth
6.3% · 5y CAGR ≥ 5%
- pass
FCF growth
15.3% · 5y CAGR ≥ 5%
- pass
Revenue rises consistently
7 of 9 · up in ≥ 7 of last 10 years
- pass
FCF consistently positive
10 of 10 · positive in ≥ 8 of last 10 years
- pass
Profitable every year
10 of 10 · net income > 0 in ≥ 8 of last 10
- pass
Cash flow keeps up with sales
13.7% vs 11.0% · OCF CAGR ≥ 0.9× revenue CAGR
Profitability
6/6
- pass
Net margin
31.4% · ≥ 8%
- pass
Operating margin
24.9% · ≥ 10%
- na
Gross margin stable or rising
— · no drop > 2 pts over 3y
- pass
Return on equity
14.4% · ≥ 12%
- pass
Cash ROIC
15.0% · ≥ 12%
- pass
FCF margin
28.4% · ≥ 5%
- pass
Earnings back their cash
OCF $5.0B vs NI $4.5B · OCF ≥ net income (latest FY)
Balance Sheet
5/5
- pass
Debt payable from cash flow
0.5y · LT debt ≤ 3× FCF
- pass
Cash cushion
157% · cash ≥ 50% of LT debt
- pass
Leverage
0.06 · LT debt ≤ 1.5× equity
- pass
Equity positive and compounding
$31.3B · equity > 0 and grew over ~5y
- pass
Interest burden
1% · interest ≤ 15% of operating income
Capital Allocation
2/4
- fail
Share count flat or shrinking
1.8% · ≤ +0.5%/yr over ~5y
- fail
Stock comp restrained
24% · SBC ≤ 15% of FCF
- pass
Distributions funded by FCF
93% · dividends + buybacks ≤ 100% of FCF
- pass
Repurchases are a habit
8 of 10 · buybacks in ≥ 5 of last 10 years
Valuation Discipline
4/4
- pass
FCF yield
5.2% · ≥ 3%
- pass
Earnings multiple
17.5 · P/E ≤ 25
- pass
Price asks less than history delivered
7.3% vs 20.1% · implied FCF growth ≤ historical FCF CAGR
- pass
Shareholder yield
4.8% · dividends + buybacks ≥ 2% of market cap
Financial data
As filed in 10-Ks; per-share figures split-adjusted. $ in millions.
| FY | Revenue | Gross profit | Op income | Net income | EPS | OCF | CapEx | FCF | Dividends | Buybacks | SBC | Cash | LT debt | Equity | Shares |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 14,343 | — | 3,578 | 4,505 | 41.48 | 4,979 | 898 | 4,081 | 370 | 3,439 | 994 | 3,118 | 1,986 | 31,257 | 109 |
| 2024 | 14,202 | — | 3,991 | 4,413 | 38.34 | 4,421 | 756 | 3,665 | 0 | 2,603 | 983 | 2,488 | 1,984 | 29,354 | 115 |
| 2023 | 13,117 | — | 4,047 | 3,954 | 34.77 | 4,594 | 719 | 3,875 | 0 | 2,235 | 885 | 2,730 | 1,983 | 25,973 | 114 |
| 2022 | 12,173 | — | 4,739 | 4,338 | 38.22 | 5,015 | 590 | 4,425 | — | 2,083 | 725 | 3,106 | 1,981 | 22,664 | 114 |
| 2021 | 16,072 | — | 8,947 | 8,075 | 71.97 | 7,081 | 552 | 6,529 | — | 1,645 | 602 | 2,886 | 1,980 | 18,769 | 112 |
| 2020 | 8,497 | — | 3,577 | 3,513 | 30.52 | 2,618 | 615 | 2,004 | — | 5,847 | 432 | 2,194 | 1,979 | 11,025 | 115 |
| 2019 | 6,558 | — | 2,210 | 2,116 | 18.46 | 2,430 | 430 | 2,000 | — | 276 | 464 | 1,618 | 0 | 11,090 | 115 |
| 2018 | 5,146 | — | 2,534 | 2,444 | 21.29 | 2,195 | 383 | 1,812 | — | 4 | 427 | 1,468 | — | 8,757 | 115 |
| 2017 | 5,872 | — | 2,080 | 1,199 | 10.34 | 1,307 | 273 | 1,035 | — | 0 | 507 | 813 | — | 6,144 | 116 |
| 2016 | 4,860 | — | 1,331 | 896 | 7.70 | 1,486 | 512 | 974 | — | 0 | 560 | 535 | — | 4,449 | 116 |
| 2015 | 4,104 | — | 1,252 | 636 | 5.52 | 1,331 | 678 | 653 | — | — | 459 | 809 | — | 3,655 | 115 |
| 2014 | 2,820 | — | 824 | 338 | 2.98 | 752 | 333 | 419 | — | — | 322 | 649 | — | 2,550 | 113 |
| 2013 | 2,105 | — | 743 | 414 | 3.72 | 589 | 156 | 432 | — | — | 215 | 536 | — | 1,965 | 111 |
| 2012 | 1,378 | — | 458 | 750 | 6.75 | -75 | 49 | -124 | — | — | 94 | 230 | — | 1,257 | 115 |
| 2011 | 446 | — | -205 | -222 | -2.45 | -142 | 57 | -199 | — | — | 56 | 484 | — | 486 | 91 |
| 2010 | 459 | — | -97 | -104 | -1.26 | 99 | 100 | -0 | — | — | 40 | 113 | — | 528 | 83 |
| 2009 | 379 | — | -74 | -68 | -0.85 | -70 | 97 | -167 | — | — | 31 | 207 | — | 397 | — |
| 2008 | 238 | — | -86 | -79 | — | -89 | 35 | -124 | — | — | 33 | 248 | — | 422 | — |
Some concepts are structurally absent for certain industries (banks report no gross profit or capex). Missing ≠ zero.