GENMAB A/S
GMABdata completeness 100%3 fiscal years on fileData notes: no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'depreciationAmortization'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'realEstateImpairment'; no data for concept 'dividendsPaid'
GENMAB A/S earns about 22% on invested capital, far above its ~9% cost of capital, with a roughly flat share count — a real edge showing up in the numbers. The estimate methods put fair value between $151.83 and $264.37 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Revenue | $2.39B1 | $3.12B1 | $3.72B1 |
| Net income | $631M2 | $1.13B2 | $963M2 |
| Operating cash flow | $1.07B3 | $1.13B3 | $1.19B3 |
| Capital expenditure | $53M4 | $27M4 | $37M4 |
| Free cash flow (derived) | $1.02B3 | $1.1B3 | $1.15B3 |
| Total debt | — | $05 | $5.27B5 |
| Cash & equivalents | $2.2B6 | $1.38B6 | $1.72B6 |
| Diluted shares | 66.0M | 66.1M | 64.7M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $903.41 of net worth that earned you $148.79 and generated $177.53 of cash last year, against $814.88 of debt.
It earned about 22% on invested capital, year after year, against a ~9% cost of capital — the footprint of real pricing power. Competition usually drags returns like this back down; here it hasn't.
seeing a moat in the numbers →Share count is roughly flat over 3 years — little dilution, little buyback.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $151.83 and $264.37 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.8%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth5.0%
- fcfBase$1.1B
assumptions (10)
- riskFreeRate4.8%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth5.0%
- fcfBase$1.1B
assumptions (8)
- riskFreeRate4.8%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$963M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $182.33 |
| Base | 5.0% | $239.61 |
| Bull | 10.0% | $308.14 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 5.0%= 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.
- 20-F · period ending 2023-12-31 · accession 0001434265-26-000014 (Revenue)
- 20-F · period ending 2023-12-31 · accession 0001434265-26-000014 (ProfitLoss)
- 20-F · period ending 2023-12-31 · accession 0001434265-26-000014 (CashFlowsFromUsedInOperatingActivities)
- 20-F · period ending 2023-12-31 · accession 0001434265-26-000014 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
- 20-F · period ending 2024-12-31 · accession 0001434265-26-000014 (Borrowings)
- 20-F · period ending 2023-12-31 · accession 0001434265-26-000014 (CashAndCashEquivalents)