ValueScreener

ValueScreener company report

Genmab A/S (GMAB)

NASDAQ / Healthcare / Biotechnology

Share price

37.82 USD Market dataClose of Oct 15, 2026

Market capitalisation

23.26B USD Market dataClose of Oct 15, 2026
Market data
Oct 15, 2026
Filed accounts
FY2025, filed Feb 17, 2026
Ratios computed
Oct 15, 2026
Filed years
3, FY2023 to FY2025
Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means
SEC filingFiled with the SEC
Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
Company statementCompany statement
What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
Market dataMarket data
Prices, market value and what analysts publish, with the date they are as of.
ComputedComputed by ValueScreener
Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.
Reading

1 of 10

Overview

What the business is, what it costs, and how it reads on four questions.

Market dataSEC filingComputed

Four questions, at a glance

Quality

Return on invested capital, after tax

8.9% Computed

From the FY2025 filing

Read quality

Valuation

Price to earnings

24.15x Computed

FY2025 accounts, priced at the latest close

Read valuation

Cash generation

Free cash flow yield

4.9% Computed

FY2025 accounts, priced at the latest close

Read cash generation

Revenue and net income, by fiscal year

FY2016 Revenue: 1.82B DKKFY2016 Net income: 1.19B DKKFY2017 Revenue: 2.37B DKKFY2017 Net income: 1.10B DKKFY2018 Revenue: 3.03B DKKFY2018 Net income: 1.47B DKKFY2019 Revenue: 5.37B DKKFY2019 Net income: 2.17B DKKFY2020 Revenue: 10.11B DKKFY2020 Net income: 4.76B DKKFY2021 Revenue: 8.42B DKKFY2021 Net income: 2.96B DKKFY2022 Revenue: 14.51B DKKFY2022 Net income: 5.45B DKKFY2023 Revenue: 2.39B DKKFY2023 Net income: 631.0M DKKFY2024 Revenue: 3.12B DKKFY2024 Net income: 1.13B DKKFY2025 Revenue: 3.72B DKKFY2025 Net income: 963.0M DKK
Revenue Net income10 fiscal years; a year whose statement names no SEC filing is market data, and the table in Filings says which.
Named tests met
1 of 30 Which tests
The business, and the score behind its five axes

The reading, in brief

Is it cheap

Price to earnings is 24.15x at the close of 2026-10-15 on FY2025 figures; the lines are 15.00x (Graham's defensive ceiling) and, by market convention, 10.00x, 25.00x and 40.00x, and this sits between 15.00x and 25.00x.

Today, against the Biotechnology industry (53 companies), 24.15x sits at the 65th percentile; the middle half of that group runs from 4.71x to 41.19x.

Is it good

Return on invested capital was 8.9% in FY2025, in the band labelled "Around the cost of capital" (8.0% to 12.0%), on lines anchored on Damodaran's cost-of-capital data.

Today, against the Biotechnology industry (78 companies), 8.9% sits at the 82nd percentile; the middle half of that group runs from -124.0% to -4.0%.

Is it safe

Interest coverage was 3.96x in FY2025, in the band labelled "Investment grade" (3.00x to 6.00x), on lines anchored on Damodaran's interest-coverage table.

Year by year against peers
Whether Genmab A/S's return on invested capital stayed above the median of the Biotechnology industry, year by year. (FY2020 to FY2025, 6 fiscal years of Genmab A/S with a comparable figure)
The direction
Which way Genmab A/S's return on equity has moved, and how steadily. (FY2016 to FY2025, 10 filed years of Genmab A/S)
What could explain it
What in Genmab A/S's filed statements could explain the movements. (8 readings drawn from the statement lines Genmab A/S filed)
What to check next
What to check next on Genmab A/S, and where in its filings. (5 questions for Genmab A/S)
In one paragraph
One paragraph on Genmab A/S's returns, cash, balance sheet and price. (13 of sixteen figures read for Genmab A/S)

These are GMAB’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.

Research GMABPart of Serious. New accounts start with 30 days of Professional, free, no card.

2 of 10

What changed

The newest filing, what it moved, and when the next one is due.

SEC filingCompany statement

The newest accounts on file are the FY2025 annual report: 20-F, filed Feb 17, 2026, accession 0001434265-26-000014.

3 of 10

Quality

The returns the business earns on its capital, and the margins behind them.

SEC filingComputed

Genmab A/S: returns on capital and margins, each with its source
FigureValue, source and document
Return on invested capital, after tax8.9% ComputedFY2025 20-F, filed Feb 17, 2026, 0001434265-26-000014
Return on equity16.5% ComputedFY2025 20-F, filed Feb 17, 2026, 0001434265-26-000014
Return on capital employed, pre-tax9.3% ComputedFY2025 20-F, filed Feb 17, 2026, 0001434265-26-000014
Return on assets7.5% ComputedFY2025 20-F, filed Feb 17, 2026, 0001434265-26-000014
Gross margin93.6% ComputedFY2025 20-F, filed Feb 17, 2026, 0001434265-26-000014
Operating margin28.6% ComputedFY2025 20-F, filed Feb 17, 2026, 0001434265-26-000014
Net margin25.9% ComputedFY2025 20-F, filed Feb 17, 2026, 0001434265-26-000014
GMAB 25.9%
RPRX 32.4%ALNY 8.4%INCY 25.0%VRTX 32.9%JAZZ -8.3%
-8.3%32.9%
Net margin: GMAB against the 5 companies named under Valuation context, each as filed for its own latest year. Placement only: no average is drawn.

4 of 10

Financial strength

What it owes against what it owns, and whether it can meet what falls due.

SEC filingComputedCompany statement

Genmab A/S: leverage, liquidity and distress, each with its source
FigureValue, source and document
Debt to equity0.93 ComputedFY2025 20-F, filed Feb 17, 2026, 0001434265-26-000014
Current ratio2.02 ComputedFY2025 20-F, filed Feb 17, 2026, 0001434265-26-000014
Quick ratio2.01 ComputedFY2025 20-F, filed Feb 17, 2026, 0001434265-26-000014
Interest coverage3.96x ComputedFY2025 20-F, filed Feb 17, 2026, 0001434265-26-000014
Altman Z-score3.13 ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Feb 17, 2026, 0001434265-26-000014
Net debt3.71B ComputedFY2025 20-F, filed Feb 17, 2026, 0001434265-26-000014
Total assets 12.87BTotal liabilities 7.03BShareholders' equity 5.85BOwnsOwes, and equity
Total assets Total liabilities Shareholders’ equity
The balance sheet, line by line

Financial health

What Genmab A/S owned and owed at the end of fiscal 2025, from the balance sheet it filed (20-F, filed Feb 17, 2026, 0001434265-26-000014).

Genmab A/S: balance sheet position
Total assets12.87B FiledFY2025 20-F, filed Feb 17, 2026
Total liabilities7.03B FiledFY2025 20-F, filed Feb 17, 2026
Shareholders' equity5.85B FiledFY2025 20-F, filed Feb 17, 2026
Cash1.72B FiledFY2025 20-F, filed Feb 17, 2026
Total debt5.43B FiledFY2025 20-F, filed Feb 17, 2026
Net debt3.71B
Current ratio2.02
Debt to equity0.93

Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.

5 of 10

Valuation context

What the market charges for it, against its own record and companies like it.

Market dataSEC filingComputed

Genmab A/S: what the market charges, each with its source
FigureValue, source and document
Price to earnings24.15x ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Feb 17, 2026, 0001434265-26-000014
P/E on trailing twelve months
Why n/a

A trailing figure needs 4 filed quarters with the dates they were filed on, and we hold 0 for this company. Nothing is drawn rather than a line built from fewer.

n/a ComputedClose of Oct 15, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings
Price to book3.98x ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Feb 17, 2026, 0001434265-26-000014
Price to sales6.25x ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Feb 17, 2026, 0001434265-26-000014
Enterprise value to EBIT25.32x ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Feb 17, 2026, 0001434265-26-000014
Enterprise value to EBITDA
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Feb 17, 2026, 0001434265-26-000014
Price to earnings over growth
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Feb 17, 2026, 0001434265-26-000014
Diluted earnings per share
Why n/a

The FY2025 filing carries no diluted earnings per share we could read.

n/a FiledFY2025 20-F, filed Feb 17, 2026, 0001434265-26-000014
Graham number
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedFY2025 20-F, filed Feb 17, 2026, 0001434265-26-000014

We publish no fair value or price target of our own. Value GMAB on your own assumptions in the DCF workbench, starting from the filed figures.

Its own record, and companies like it

Valuation

What the market charges for Genmab A/S today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.

Genmab A/S: valuation
Share price37.82 USD
Market capitalisation23.26B USD
Enterprise value to EBITDAn/a
Graham numbern/a
Diluted earnings per share, FY2022n/a

Price to earnings on trailing twelve months: A trailing figure needs 4 filed quarters with the dates they were filed on, and we hold 0 for this company. Nothing is drawn rather than a line built from fewer.

Companies like Genmab A/S

  1. Royalty Pharma plc (RPRX)Market cap 26.55B USD
  2. Alnylam Pharmaceuticals, Inc. (ALNY)Market cap 31.32B USD
  3. Incyte Corporation (INCY)Market cap 22.96B USD
  4. Vertex Pharmaceuticals Incorporated (VRTX)Market cap 128.90B USD
  5. Jazz Pharmaceuticals plc (JAZZ)Market cap 13.92B USD

Same industry (Biotechnology) and size band (Large, 10B to 200B), nearest in market value, net margin and current ratio. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.

6 of 10

Cash generation

Whether profit arrives as cash, and what is paid back to shareholders.

SEC filingComputed

Genmab A/S: cash generation and what is paid out, each with its source
FigureValue, source and document
Free cash flow yield4.9% ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Feb 17, 2026, 0001434265-26-000014
Free cash flow1.15B USD ComputedFY2025 20-F, filed Feb 17, 2026, 0001434265-26-000014
Free cash flow margin30.9% ComputedFY2025 20-F, filed Feb 17, 2026, 0001434265-26-000014
Dividend yield
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Feb 17, 2026, 0001434265-26-000014
Payout ratio
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedFY2025 20-F, filed Feb 17, 2026, 0001434265-26-000014
FY2016 Free cash flow: 294.6M DKKFY2016 Net income: 1.19B DKKFY2017 Free cash flow: 1.50B DKKFY2017 Net income: 1.10B DKKFY2018 Free cash flow: 537.4M DKKFY2018 Net income: 1.47B DKKFY2019 Free cash flow: 1.22B DKKFY2019 Net income: 2.17B DKKFY2020 Free cash flow: 6.13B DKKFY2020 Net income: 4.76B DKKFY2021 Free cash flow: 1.98B DKKFY2021 Net income: 2.96B DKKFY2022 Free cash flow: 3.60B DKKFY2022 Net income: 5.45B DKKFY2023 Free cash flow: 1.02B DKKFY2023 Net income: 631.0M DKKFY2024 Free cash flow: 1.10B DKKFY2024 Net income: 1.13B DKKFY2025 Free cash flow: 1.15B DKKFY2025 Net income: 963.0M DKK
Free cash flow Net incomeProfit that arrives as cash stands level with net income; a gap year after year is worth reading about.

7 of 10

Filings

Every figure, the year it is for and the document it was read from.

SEC filingMarket data

The filed figures

Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.

Genmab A/S: the eight ratios, with the fiscal year and filing date behind each.
FigureValueYearAs of
24.15xFY2025Oct 15, 2026
3.98xFY2025Oct 15, 2026
25.32xFY2025Oct 15, 2026
4.9%FY2025Oct 15, 2026
8.9%FY2025Feb 17, 2026
n/aFY2025Oct 15, 2026
n/a The filed cash flow statement reports no dividend paid at all. That is not the same as a filed zero, and we will not read it as one.
0.93FY2025Feb 17, 2026
2.02FY2025Feb 17, 2026
6.25xFY2025Oct 15, 2026
n/aFY2025Oct 15, 2026
n/a The filed income statement reports no earnings per share.
3.13FY2025Oct 15, 2026
-3.68FY2025Feb 17, 2026
3/9FY2025Feb 17, 2026

The figures are computed from the accounts for fiscal 2025, the newest full year on file. 3 filed fiscal years on record, FY2023 to FY2025, from SEC EDGAR. Prices as of Oct 15, 2026. Ratios recomputed Oct 15, 2026. Two facts, because a recompute is not a fresh quote.

The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.

Ten years of filed figures, year by year

Ten years of filed figures

10 fiscal years, FY2016 to FY2025. 3 read from the annual reports Genmab A/S filed with the SEC, each naming its filing; the rest from statements that name none, which are market data. Amounts in the currency each report was stated in.

Genmab A/S: revenue, earnings, free cash flow and returns, by fiscal year, with the filing each year was read from
YearRevenueOperating incomeNet incomeEPS, dilutedFree cash flowOperating marginReturn on equityFiling
FY20253.72B USD1.06B USD963.0M USDn/a1.15B USD28.6%16.5%20-F, Feb 17, 20260001434265-26-000014
FY20243.12B USD972.0M USD1.13B USDn/a1.10B USD31.1%22.1%20-F, Feb 17, 20260001434265-26-000014
FY20232.39B USD772.0M USD631.0M USDn/a1.02B USD32.3%13.5%20-F, Feb 17, 20260001434265-26-000014
FY202214.51B DKK6.27B DKK5.45B DKK8.26 DKK3.60B DKK43.2%20.0%Market data, supplied Oct 15, 2026accession n/a
FY20218.42B DKK2.95B DKK2.96B DKK4.48 DKK1.98B DKK35.1%13.3%Market data, supplied Oct 15, 2026accession n/a
FY202010.11B DKK6.31B DKK4.76B DKK7.22 DKK6.13B DKK62.4%24.9%Market data, supplied Oct 15, 2026accession n/a
FY20195.37B DKK2.64B DKK2.17B DKK3.40 DKK1.22B DKK49.2%15.4%Market data, supplied Oct 15, 2026accession n/a
FY20183.03B DKK1.38B DKK1.47B DKK2.37 DKK537.4M DKK45.6%18.4%Market data, supplied Oct 15, 2026accession n/a
FY20172.37B DKK1.34B DKK1.10B DKKn/a1.50B DKK56.8%17.6%Market data, supplied Oct 15, 2026accession n/a
FY20161.82B DKK1.05B DKK1.19B DKKn/a294.6M DKK58.0%24.6%Market data, supplied Oct 15, 2026accession n/a
  • Revenue, compound annual growth FY2016 to FY2025: 8.3%
  • Earnings, compound annual growth FY2016 to FY2025: -2.3%
  • Earnings per share, compound annual growth FY2018 to FY2022: 36.6%
  • Free cash flow, compound annual growth FY2016 to FY2025: 16.3%

Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.

8 of 10

Risks and guardrails

The accounting screens, the published tests, and the lines you can set to be told.

ComputedCompany statement

Genmab A/S: accounting screens and published tests, each with its source
FigureValue, source and document
Beneish M-score-3.68 ComputedFY2025 20-F, filed Feb 17, 2026, 0001434265-26-000014
Piotroski F-score3/9 ComputedFY2025 20-F, filed Feb 17, 2026, 0001434265-26-000014
Named tests met1 of 30 Computed
Beta0.79 ComputedClose of Oct 15, 2026

The named tests

Of 30 tests value investors published: 1 met, 24 not met, 5 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.

Which tests, by name(all 30)
Meets
High return on tangibles
Does not
Defensive investor (Benjamin Graham); Deep value; Large cap, low P/E; Earnings yield and ROIC (Joel Greenblatt); High F-score, low P/B (Joseph Piotroski); Three forensic scores; Low PEG, low debt (Peter Lynch); High returns and growth; Gross margin, turnover (Robert Novy-Marx); Low beta, profitable; ROIC at or above WACC; Near the 52-week low; Z-score and coverage (Edward Altman); Two thirds of NCAV (Benjamin Graham); High returns, low debt; Owner earnings yield; Low P/S, rising earnings (James O'Shaughnessy); Book or below, low debt (Walter Schloss); Tangible book or below; Cash-flow yield and ROIC; Clean books, high ROIC; Cheapest quarter on P/E (David Dreman); Cheapest quarter on P/B (David Dreman); Low P/E, growth, yield (John Neff)
Not measured
EV/EBITDA and coverage; High yield, low payout; Dividends and buybacks; P/E times P/B (Benjamin Graham); Cash-covered dividend. A test with a figure we could not read is incomplete, never met and never failed.
Figures we could not read(11)
  • Positive Earnings Streak: The latest filed year has no per-share earnings we can read; the test needs 10.
  • PEG Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Eps Growth 5Y: We do not hold this figure for this company, so there is nothing to show.
  • EV/EBITDA: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Yield: We do not hold this figure for this company, so there is nothing to show.
  • Payout Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Share Count Change Yoy: We do not hold this figure for this company, so there is nothing to show.
  • Price To Graham: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Coverage Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Streak: We do not hold this figure for this company, so there is nothing to show.
  • Price Tangible Book: We do not hold this figure for this company, so there is nothing to show.

9 of 10

Declared positions

Whether anybody here owns this company.

Positions declared by the founder: no holding in any company shown here, as of October 3, 2026.

10 of 10

Next step

What to do with what you have read.

A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.

More on this company

What this cannot tell you

  • 11 figures could not be read on this company, among them Positive Earnings Streak, PEG Ratio, Eps Growth 5Y. Each blank in the table above names the rest, with its reason. 5 named tests come back incomplete because of them, which is neither met nor missed.
  • We hold 3 filed fiscal years rather than 10, so the run above is shorter than a full decade and is counted as what it is.

And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.

Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.

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ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.

A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.

Margin Notes

Once a week, what changed in the filings of US-listed companies, why it can matter to a thesis, and what deserves a closer review. Grounded in filings, not market noise.

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