Argenx SE key statistics and ratios

In fiscal 2025, Argenx SE had return on equity of 20.2%, an operating margin of 25.4%, debt equal to 0.0% of equity and a current ratio of 5.23. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Argenx SE: financial ratios, annual
Fiscal year	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Gross margin	—	—	—	—	—	—	—	92.7%	90.1%	89.6%	89.1%
Operating margin	−227.7%	−145.6%	−63.0%	−381.0%	−253.5%	<−999%	−70.1%	−179.8%	−35.7%	−1.0%	25.4%
Net margin	−223.4%	−145.3%	−77.1%	−310.2%	−230.9%	<−999%	−82.1%	−177.1%	−24.8%	38.1%	31.1%
Free-cash-flow margin	−206.8%	66.3%	−101.3%	—	191.0%	−968.7%	−122.8%	−215.5%	−35.4%	−3.9%	16.4%
Return on equity	—	—	—	−10.8%	−20.2%	−42.6%	−19.4%	−26.5%	−8.5%	17.4%	20.2%
Return on assets	—	—	—	—	−11.3%	−31.3%	−15.9%	−23.7%	−7.7%	15.5%	17.4%
Asset turnover	—	—	—	—	0.05	0.02	0.19	0.13	0.31	0.41	0.56
Current ratio	—	—	—	—	8.58	6.26	8.44	9.18	9.75	7.29	5.23
Debt to equity	—	—	—	0.0%	0.0%	0.0%	0.0%	0.0%	0.2%	—	0.0%
Interest cover (operating income ÷ interest)	—	—	—	—	n/m	n/m	n/m	n/m	n/m	n/m	—
Effective tax rate	—	—	—	—	—	—	—	—	—	—	−1.1%
R&D as % of revenue	—	—	—	389.2%	281.4%	899.3%	116.7%	165.5%	72.2%	45.0%	32.9%
Capital spending as % of revenue	4.0%	5.7%	0.9%	—	2.3%	2.6%	0.7%	0.2%	0.1%	0.1%	0.1%
Free cash flow ÷ net income	—	—	—	—	—	—	—	—	—	−10.1%	52.6%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

3 of 3 checks passed · December 31, 2025

What it owns · $8.7bn

Short-term assets $6.9bnLonger-term assets $1.8bn

What it owes, and who funded it · $8.7bn

Short-term liabilities $1.3bnLonger-term liabilities $39mShareholders' equity $7.3bn

Short-term assets cover short-term liabilities $6.9bn of assets due within a year against $1.3bn of liabilities due within a year.
Short-term assets cover long-term liabilities $6.9bn short-term assets against $39m of longer-dated liabilities.
More cash than debt Cash or debt not separately reported. Not assessable.
Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
Operating profit covers interest at least five times over Operating income of $1.1bn against $3m of interest.

From Argenx SE's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Argenx SE's SEC filings (10-K and 10-Q), retrieved November 1, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Argenx SE.