Question 1

What is Biogen's P/FCF ratio?

Accepted Answer

Biogen (BIIB) P/FCF ratio is 11.1× as of June 5, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month free cash flow, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/FCF ratio calculated?

Accepted Answer

P/FCF = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Free Cash Flow, where Free Cash Flow = Operating Cash Flow − Capital Expenditures. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the P/FCF ratio?

Accepted Answer

The price-to-free-cash-flow (P/FCF) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) free cash flow. It is calculated as market cap ÷ TTM free cash flow, where free cash flow = operating cash flow − capital expenditures. Because FCF cannot be inflated by non-cash accounting items, P/FCF is often considered a cleaner measure of "earnings-power valuation" than P/E — especially for capital-intensive businesses where depreciation diverges from real cash outflows.

Question 4

What is a good P/FCF ratio for Biogen?

Accepted Answer

Mature companies that consistently convert profit into cash often trade at 15–25× P/FCF; capital-intensive businesses with lumpy capex typically trade lower. Compare against sector peers and against the company's own multi-year average — single-year P/FCF can be distorted by working-capital swings. For Biogen specifically, the relevant sector benchmark is the current sector median of 19.8×.

Question 5

Is Biogen's P/FCF ratio high or low?

Accepted Answer

Biogen's P/FCF ratio of 11.1× is below its own 5-year average of 19.1× and below the sector median of 19.8×. That places the current reading at the 23th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is Biogen's historical P/FCF ratio range?

Accepted Answer

In the available daily series, Biogen (BIIB) P/FCF ratio has ranged from a low of 6.5× in 2020 to a high of 10119.6× in 2002. The 5-year average is 19.1× and the 5-year median is 16.9×.

Question 7

What was Biogen's P/FCF ratio in 2025?

Accepted Answer

Biogen (BIIB) P/FCF ratio at the end of 2025 was 12.1×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month free cash flow figure available at that date.

Question 8

Why does Biogen's P/FCF ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (free cash flow). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$25.82B	$2.14B	12.1×	+3.2×	Dec 31, 2025
2024	$22.28B	$2.52B	8.9×	-21.4×	Dec 31, 2024
2023	$37.50B	$1.24B	30.2×	-4.8×	Dec 31, 2023
2022	$39.90B	$1.14B	35.0×	+24.4×	Dec 31, 2022
2021	$35.24B	$3.35B	10.5×	+0.6×	Dec 31, 2021
2020	$37.63B	$3.79B	9.9×	+1.9×	Dec 31, 2020
2019	$52.76B	$6.56B	8.0×	-3.3×	Dec 31, 2019
2018	$60.12B	$5.30B	11.3×	-14.7×	Dec 31, 2018
2017	$67.38B	$2.59B	26.0×	+9.8×	Dec 31, 2017
2016	$61.42B	$3.79B	16.2×	-5.8×	Dec 31, 2016
2015	$67.52B	$3.07B	22.0×	-8.1×	Dec 31, 2015
2014	$79.93B	$2.65B	30.1×	—	Dec 31, 2014
2013	$66.06B	−$1.16B	—	—	Dec 31, 2013
2012	$34.63B	$1.62B	21.4×	+3.6×	Dec 31, 2012
2011	$26.74B	$1.51B	17.8×	+6.6×	Dec 31, 2011
2010	$16.19B	$1.45B	11.2×	-4.7×	Dec 31, 2010
2009	$14.44B	$909.25M	15.9×	+5.2×	Dec 31, 2009
2008	$13.70B	$1.29B	10.6×	-12.3×	Dec 31, 2008
2007	$16.86B	$736.53M	22.9×	-3.1×	Dec 31, 2007
2006	$16.74B	$642.96M	26.0×	-0.9×	Dec 31, 2006
2005	$15.38B	$571.13M	26.9×	-35.4×	Dec 31, 2005
2004	$22.33B	$358.22M	62.3×	—	Dec 31, 2004
2003	$12.25B	−$82.03M	—	—	Dec 31, 2003
2002	$12.94B	$45.52M	284.2×	+61.7×	Dec 31, 2002
2001	$26.88B	$120.82M	222.5×	—	Dec 31, 2001


AbbVie (ABBV)	18.5×
Align Technology (ALGN)	17.8×
McKesson (MCK)	17.8×
Gilead Sciences (GILD)	16.9×
DexCom (DXCM)	16.9×
Pfizer (PFE)	16.7×
Humana (HUM)	16.4×
Quest Diagnostics (DGX)	16.3×
Labcorp Holdings (LH)	15.9×
Becton, Dickinson and (BDX)	14.0×
HCA Healthcare (HCA)	13.5×
Incyte (INCY)	12.9×
UnitedHealth Group (UNH)	12.5×
CVS Health (CVS)	12.4×
Universal Health Services (UHS)	12.2×
Baxter International (BAX)	12.1×
Cardinal Health (CAH)	11.3×
IQVIA (IQV)	10.7×
Bristol-Myers Squibb (BMY)	10.4×
Elevance Health (ELV)	10.0×
Zimmer Biomet Holdings (ZBH)	9.6×
Cigna (CI)	9.1×
Viatris (VTRS)	9.1×
DaVita (DVA)	6.9×
Centene (CNC)	2.5×

P/FCF Ratio for Biogen (BIIB)

P/FCF Ratio daily chart for Biogen (BIIB)

Historical P/FCF Ratio for Biogen (BIIB) from 2001 to 2025

About P/FCF Ratio at Biogen (BIIB)

Biogen P/FCF Ratio by Year

Biogen P/FCF Ratio 2025: 12.1×

Biogen P/FCF Ratio 2024: 8.9×

Biogen P/FCF Ratio 2023: 30.2×

Biogen P/FCF Ratio 2022: 35.0×

Biogen P/FCF Ratio 2021: 10.5×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

Biogen (BIIB) Key Financials

P/FCF Ratio daily chart for Biogen (BIIB)

Historical P/FCF Ratio for Biogen (BIIB) from 2001 to 2025

About P/FCF Ratio at Biogen (BIIB)

Biogen P/FCF Ratio by Year

Biogen P/FCF Ratio 2025: 12.1×

Biogen P/FCF Ratio 2024: 8.9×

Biogen P/FCF Ratio 2023: 30.2×

Biogen P/FCF Ratio 2022: 35.0×

Biogen P/FCF Ratio 2021: 10.5×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

+What is Biogen's P/FCF ratio?

+How is the P/FCF ratio calculated?

+What is the P/FCF ratio?

+What is a good P/FCF ratio for Biogen?

+Is Biogen's P/FCF ratio high or low?

+What is Biogen's historical P/FCF ratio range?

+What was Biogen's P/FCF ratio in 2025?

+Why does Biogen's P/FCF ratio change over time?

Biogen (BIIB) Key Financials