MeritValue

BIOMARIN PHARMACEUTICAL INC

BMRNdata completeness 88%18 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

BIOMARIN PHARMACEUTICAL INC earns about 5% on invested capital, below its ~9% cost of capital, but has diluted owners by 8% over 5 years — no moat visible in the numbers. The estimate methods put fair value between $8.8 and $153.91 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$1.85B1$2.1B2$2.42B3$2.85B3$3.22B3
Net income−$64.1M4$141.6M5$167.6M6$426.9M6$348.9M6
Operating cash flow$304.5M7$175.9M8$159.3M9$572.8M9$828M9
Capital expenditure$95.6M10$121M11$96.7M12$85.4M12$103M12
Free cash flow (derived)$209M7$54.9M8$62.6M9$487.4M9$725M9
Total debt—————
Cash & equivalents$587.3M13$724.5M14$755.1M15$942.8M16$1.31B16
Diluted shares182.9M189.0M191.6M196.7M197.4M

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
Net assets behind them
$308.37
your share of equity
Profit it earned you last year
$17.68
Free cash flow it threw off
$36.73
Debt you’d be carrying
—

10 shares is a claim on $308.37 of net worth that earned you $17.68 and generated $36.73 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
5% avg · 5y
FY21 -1%FY22 4%FY23 4%FY24 9%FY25 7%

It earned about 5% on invested capital against a ~9% cost of capital — below the cost of funding. The numbers show no moat.

seeing a moat in the numbers →
Management signal · capital allocation
+8% shares · 5y

Share count is up 8% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

The 3 estimate methods that apply put fair value between $8.8 and $153.91 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.

DCF · Growth Exit 10Y
$153.91
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth20.0%
  • fcfBase$487.4M
DCF · Growth Exit 5Y
$87.15
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth20.0%
  • fcfBase$487.4M
Earnings Power Value
$8.8
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$167.6M
  • growthAssumed0.0%
Graham Number
$35.34
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

v. The price question — last, on purpose
Is today’s price fair?
See live price ↗
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years20.0%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $87.15
The three cases
Bear0.0%$41.93
Base20.0%$87.15
Bull20.0%$87.15

Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.

Default growth 20.0%= 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 0001048477-24-000016 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001048477-25-000007 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001048477-26-000004 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001048477-24-000016 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001048477-25-000007 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001048477-26-000004 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001048477-24-000016 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001048477-25-000007 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001048477-26-000004 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001048477-24-000016 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001048477-25-000007 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001048477-26-000004 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001048477-23-000009 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2022-12-31 · accession 0001048477-24-000016 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-12-31 · accession 0001048477-25-000007 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2024-12-31 · accession 0001048477-26-000004 (CashAndCashEquivalentsAtCarryingValue)