MeritValue

BIOGEN INC.

BIIBdata completeness 100%19 fiscal years on file
i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$11B1$10.2B2$9.84B3$9.68B3$9.89B3
Net income$1.56B4$3.05B5$1.16B6$1.63B6$1.29B6
Operating cash flow$3.64B7$1.38B8$1.55B9$2.88B9$2.2B9
Capital expenditure$258.1M10$240.3M11$277M12$153.7M12$153.8M12
Free cash flow (derived)$3.38B7$1.14B8$1.27B9$2.72B9$2.05B9
Total debt$7.27B13$6.28B13$7.09B14$8.04B15$6.29B16
Cash & equivalents$2.26B17$3.42B18$1.05B18$2.38B18$3.01B18
Diluted shares149.6M146.0M145.6M145.9M147.1M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
You’d own
0.0000068%
of the whole company
Your share of last year’s profit
$87.89
Your share of its debt
$427.38
Your share of free cash flow
$139.42
iii. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
$166.25
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$2.05B
DCF · Growth Exit 5Y
$181.76
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$2.05B
Earnings Power Value
$111.47
assumptions (8)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$1.56B
  • growthAssumed0.0%
Graham Number
$156.67
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

iv. The price question — last, on purpose
What does today’s price assume?
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years0.0%
Discount rate (WACC)8.78%
Terminal growth2.5%
At your growth, a share is worth $181.76

Default growth 0.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000875045-24-000009 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0000875045-25-000009 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0000875045-26-000013 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0000875045-24-000009 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000875045-25-000009 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0000875045-26-000013 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000875045-24-000009 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0000875045-25-000009 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0000875045-26-000013 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0000875045-24-000009 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0000875045-25-000009 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0000875045-26-000013 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0000875045-23-000009 (LongTermDebt)
  14. 10-K · period ending 2023-12-31 · accession 0000875045-24-000009 (LongTermDebt)
  15. 10-K · period ending 2024-12-31 · accession 0000875045-25-000009 (LongTermDebt)
  16. 10-K · period ending 2025-12-31 · accession 0000875045-26-000013 (LongTermDebt)
  17. 10-K · period ending 2021-12-31 · accession 0000875045-25-000009 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  18. 10-K · period ending 2022-12-31 · accession 0000875045-26-000013 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)