Is argenx SE overvalued?

In our latest published analysis dated 2026-05-20, ARGX looks meaningfully undervalued. The price recorded at analysis is USD 798 versus a composite fair-value midpoint of USD 1,486 (range USD 654–USD 2,709), implying roughly 86.3% upside to the midpoint at that date.

What is ARGX's fair value?

Our latest published report, analyzed 2026-05-20, gives ARGX a composite fair-value range of USD 654–USD 2,709, with a midpoint of USD 1,486. The range is triangulated across multiple valuation models and weighted by reliability for argenx SE's archetype; it is a dated research output, not a live price.

Should I buy ARGX now?

Our latest published rating for ARGX, analyzed 2026-05-20, is Strong Buy with a confidence score of 82/100. argenx SE looks meaningfully undervalued at the analysis-date price of USD 798 versus a fair-value midpoint of USD 1,486. This is research for educational purposes, not personalized investment advice.

What are the biggest risks for ARGX?

The top risks our latest published report dated 2026-05-20 flags for argenx SE are: FcRn Class Competition; Secondary Indication Failures; Margin Compression.

What is ARGX's rating?

Our latest published rating for ARGX, analyzed 2026-05-20, is Strong Buy, with a confidence score of 82/100 and a moat score of 6.5/10. It reflects the composite fair-value range (USD 654–USD 2,709) versus the price recorded at analysis (USD 798).

What archetype is ARGX?

In the latest published report analyzed 2026-05-20, argenx SE is classified as a hyper-growth stock. Archetype determines how every downstream parameter — discount rate, terminal growth, deceleration curve, terminal multiple, scenario probability weights, scorecard weights, and which valuation models are prioritized — is calibrated for ARGX.

What are ARGX's margins?

argenx SE (ARGX)'s margin set covers gross margin, operating margin, net margin, and free-cash-flow margin. The five-year trajectory is plotted so the reader can separate cyclical noise from secular trend.

Are ARGX's margins expanding?

Margin expansion or compression is read against the revenue base: if operating margin expands while revenue grows, that is operating leverage. If gross margin compresses, the cause (mix shift, input costs, pricing) is annotated in the numbers analysis.

How do ARGX's margins compare to peers?

Peer-relative margin context lives on the parent peers tab, which sets ARGX's gross, operating, and net margins against four to five named peers from the same archetype and sector.

What is ARGX's free cash flow margin?

FCF margin is reported alongside operating margin so the reader can spot cases where capex intensity changes the cash-conversion read even when reported profitability is steady.

ARGX margins: gross, operating, net, free cash flow

Latest published researchAnalyzed 2026-05-20; report age: stale; sources: unverified. Age and source freshness are disclosed but do not remove the latest published report from discovery or indexing. Prices and valuation figures are the analysis-date snapshot, not a live quote.

Direct answer

argenx is a premier hyper-growth biotech firm transitioning to a commercial powerhouse. Its lead asset, VYVGART, is rapidly becoming the standard of care in generalized Myasthenia Gravis (gMG) and is successfully expanding into CIDP. The 'pipeline-in-a-product' strategy provides a long-duration growth profile with multiple multi-billion dollar indication opportunities. Fair value range: low $654, high $2709, with mid-point at $1486.

MARGINS FAQ

ARGX margins questions

argenx SE (ARGX)'s margin set covers gross margin, operating margin, net margin, and free-cash-flow margin. The five-year trajectory is plotted so the reader can separate cyclical noise from secular trend.

FAQ

ARGX — frequently asked questions

In our latest published analysis dated 2026-05-20, ARGX looks meaningfully undervalued. The price recorded at analysis is USD 798 versus a composite fair-value midpoint of USD 1,486 (range USD 654–USD 2,709), implying roughly 86.3% upside to the midpoint at that date.

Metric	Current	Trigger threshold
Operating margins failing to cross 15% by FY2027.	Monitor	Deterioration versus the report thesis
Regulatory rejection in secondary indications.	Monitor	Deterioration versus the report thesis
Clinical failure across more than 3 secondary indications.	Monitor

Line item	2022-12-31	2023-12-31	2024-12-31	2025-12-31	Trend
Revenue	$410.7M	$1.23B+199.5%	$2.19B+78.0%	$4.15B+89.5%	+116.2%
Gross profit	$381.3M	$1.11B	$1.96B	$3.70B	+113.3%
Operating income	$-723.9M	$-420.6M	$-17.8M	$1.05B	—
Net income	$-709.6M	$-295.1M	$833.0M	$1.29B+54.9%	—
EPS (diluted)	$-13.05	$-5.16	$12.78	$19.57	—
EBITDA	$-622.8M	$-192.3M	$105.2M	$1.31B	—
R&D	$663.4M	$859.5M	$983.4M	$1.36B	+27.2%
SG&A	$469.9M	$709.5M	$1.05B	$1.36B	+42.5%

ARGX margins questions

ARGX — frequently asked questions

ARGX argenx SE fair value $654–$2,709

§1 Executive summary

Names readers of ARGX also follow

§2 Bear case

FcRn Class Competition

Secondary Indication Failures

Margin Compression

§3 Financial history

Income statement — last six periods

Quality scores

Numbers analysis

Read the full analysis — 11 more sections.