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Arphra AIPlain-English read on Alnylam Pharmaceuticals, Inc.’s valuationRatios & metrics
Profitability, returns on capital, growth, and credit — all derived from the historical income statement, balance sheet, and cash flow rows in our data warehouse.
Valuation multiples
Price- and EV-based multiples plus shareholder yields. Snapshot at each fiscal year-end from key_metrics (FMP).
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Headline | |||||||||
| Market cap | — | — | — | — | — | — | — | — | — |
| Enterprise value | — | — | — | — | — | — | — | — | — |
| Multiples | |||||||||
| P / E | — | — | — | — | — | — | — | — | — |
| P / B | — | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — |
| EV / Sales | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — |
| Yields | |||||||||
| Earnings yield | — | — | — | — | — | — | — | — | — |
| Free cash flow yield | — | — | — | — | — | — | — | — | — |
| Dividend yield | — | — | — | — | — | — | — | — | — |
Profitability
Margin structure across the last 5 fiscal years
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Margins | |||||||||
| Gross margin | +83.40% | +83.73% | +83.02% | +85.62% | +81.77% | +85.35% | +85.64% | +85.88% | +81.02% |
| Operating margin | -83.93% | -75.68% | -15.43% | -7.87% | +13.51% | -3.26% | -3.30% | -3.36% | -3.25% |
| EBITDA margin | -78.36% | -89.31% | -14.12% | -7.95% | +15.00% | -2.31% | -2.30% | -2.32% | -2.42% |
| EBIT margin | -83.99% | -93.60% | -17.08% | -10.48% | +13.51% | -4.59% | -4.69% | -4.80% | -4.73% |
| Pre-tax margin | -100.93% | -108.63% | -23.71% | -16.79% | +8.70% | -10.49% | -10.72% | -10.37% | -10.66% |
| Net margin | -101.01% | -109.04% | -24.08% | -12.37% | +8.45% | -9.49% | -9.44% | -9.35% | -9.61% |
| Cost structure | |||||||||
| Cost of revenue / sales | +16.60% | +16.27% | +16.98% | +14.38% | +18.23% | +16.64% | +16.34% | +16.86% | +16.95% |
| R&D intensity | +93.83% | +85.12% | +54.94% | +50.09% | +35.66% | +47.47% | +45.79% | +48.30% | +46.63% |
| SG&A intensity | +73.51% | +74.29% | +43.52% | +43.39% | +32.60% | +39.60% | +39.72% | +40.35% | +39.84% |
| Effective tax rate | — | — | — | — | +2.91% | — | — | — | — |
Returns on capital
ROE / ROA / ROC / ROIC over the relevant capital base, plus the 3-step DuPont decomposition of ROE.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Returns | |||||||||
| Return on equity (ROE) | -144.99% | +714.91% | +199.53% | -414.62% | +39.76% | -138.98% | -139.63% | -132.28% | -139.89% |
| Return on assets (ROA) | -23.41% | -31.90% | -11.49% | -6.56% | +6.32% | -5.38% | -5.46% | -5.32% | -5.32% |
| Return on capital (ROC) | -44.69% | -67.56% | -26.01% | -6.29% | +24.26% | -3.98% | -3.90% | -3.95% | -3.90% |
| Return on invested capital (ROIC) | -33.52% | -50.67% | -19.51% | -4.72% | +15.17% | -2.98% | -2.92% | -2.96% | -2.93% |
| Asset turnover | +23.17% | +29.25% | +47.74% | +53.02% | +74.78% | +56.73% | +57.86% | +56.85% | +55.40% |
| DuPont · ROE decomposition | |||||||||
| Net margin | -101.01% | -109.04% | -24.08% | -12.37% | +8.45% | -9.49% | -9.44% | -9.35% | -9.61% |
| Asset turnover (× revenue / assets) | +23.17% | +29.25% | +47.74% | +53.02% | +74.78% | +56.73% | +57.86% | +56.85% | +55.40% |
| Equity multiplier (× assets / equity) | +619.40% | -2241.37% | -1735.77% | +6320.03% | +629.31% | +2580.98% | +2556.27% | +2488.19% | +2628.16% |
Activity & efficiency
Turnover ratios and days-outstanding — how efficiently the business converts assets and working capital into sales and cash.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Turnover | |||||||||
| Asset turnover | 0.23 | 0.29 | 0.48 | 0.53 | 0.75 | 0.57 | 0.58 | 0.57 | 0.55 |
| Fixed-asset turnover | 1.15 | 1.40 | 2.52 | 3.24 | 5.25 | — | — | — | — |
| Inventory turnover | 1.62 | 1.31 | 3.48 | 4.12 | 8.19 | — | — | — | — |
| Receivables turnover | 4.25 | 4.36 | 5.58 | 5.55 | 4.78 | — | — | — | — |
| Payables turnover | 1.91 | 1.72 | 5.59 | 3.66 | 5.85 | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 85.85 | 83.72 | 65.44 | 65.80 | 76.42 | — | — | — | — |
| Days inventory outstanding (DIO) | 224.93 | 278.83 | 104.82 | 88.62 | 44.59 | — | — | — | — |
| Days payables outstanding (DPO) | 191.24 | 212.09 | 65.28 | 99.80 | 62.37 | — | — | — | — |
| Cash conversion cycle | 119.54 | 150.46 | 104.98 | 54.62 | 58.63 | — | — | — | — |
Cash flow quality
How well reported earnings translate into operating and free cash flow, plus reinvestment intensity.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Operating CF / Net income | 0.75 | 0.48 | -0.24 | 0.03 | 1.67 | -0.67 | -0.70 | -0.71 | -0.67 |
| FCF / Net income | 0.84 | 0.54 | -0.10 | 0.15 | 1.48 | -0.45 | -0.46 | -0.45 | -0.46 |
| FCF margin | -85.05% | -59.12% | +2.29% | -1.89% | +12.53% | +4.26% | +4.31% | +4.21% | +4.39% |
| OCF margin | -76.00% | -52.18% | +5.70% | -0.37% | +14.11% | +6.32% | +6.57% | +6.62% | +6.47% |
| CapEx / Revenue | +9.05% | +6.95% | +3.40% | +1.52% | +1.58% | +2.15% | +2.22% | +2.18% | +2.21% |
| CapEx / D&A | 0.85 | 0.84 | 0.64 | 0.60 | 1.05 | — | — | — | — |
| Stock-based comp / Revenue | +19.63% | +22.23% | +12.12% | +12.10% | +9.38% | — | — | — | — |
Per-share & shareholder yield
EPS, book value, sales, cash flow and dividends per share — plus payout / retention.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| EPS · diluted | -7.20 | -9.30 | -3.52 | -2.18 | 2.33 | 7.49 | 10.67 | 13.24 | 15.83 |
| EPS · basic | -7.20 | -9.30 | -3.52 | -2.18 | 2.39 | 7.50 | 10.62 | 13.53 | 16.15 |
| Book value / share | 4.97 | -1.30 | -1.77 | 0.53 | 5.86 | 2.86 | 3.70 | 4.53 | 5.15 |
| Tangible BV / share | 4.97 | -1.30 | -1.77 | 0.53 | 5.86 | 2.86 | 3.70 | 4.53 | 5.15 |
| Sales / share | 7.13 | 8.53 | 14.64 | 17.61 | 27.58 | 41.83 | 54.67 | 64.11 | 74.95 |
| Operating CF / share | -5.42 | -4.45 | 0.83 | -0.07 | 3.89 | 2.64 | 3.59 | 4.24 | 4.85 |
| Free cash flow / share | -6.06 | -5.04 | 0.34 | -0.33 | 3.46 | 1.78 | 2.35 | 2.70 | 3.29 |
| Dividends / share | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Payout ratio | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Retention ratio | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% |
Growth
Year-over-year change for headline P&L lines, plus through-cycle CAGR
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E | 8y CAGR |
|---|---|---|---|---|---|---|---|---|---|---|
| Top-line | ||||||||||
| Revenue · YoY | — | +22.88% | +76.23% | +22.97% | +65.19% | +51.04% | +30.73% | +18.82% | +16.55% | +36.47% |
| Gross profit · YoY | — | +23.36% | +74.75% | +26.81% | +57.76% | +57.66% | +31.17% | +19.15% | +9.97% | +35.98% |
| Profit | ||||||||||
| Operating income · YoY | — | -10.78% | +64.06% | +37.31% | +383.56% | -136.51% | -32.28% | -20.86% | -12.76% | — |
| EBITDA · YoY | — | -40.06% | +72.13% | +30.74% | +411.57% | -123.22% | -30.57% | -19.67% | -21.77% | — |
| Net income · YoY | — | -32.64% | +61.08% | +36.82% | +212.79% | -269.71% | -30.02% | -17.70% | -19.75% | — |
| Operating | ||||||||||
| EBIT · YoY | — | -36.93% | +67.84% | +24.59% | +312.97% | -151.33% | -33.58% | -21.51% | -14.83% | — |
| R&D · YoY | — | +11.47% | +13.75% | +12.13% | +17.60% | +101.04% | +26.09% | +25.34% | +12.54% | +25.05% |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | -29.17% | +62.15% | +38.07% | +206.88% | +221.64% | +42.34% | +24.08% | +19.62% | — |
| EPS · basic · YoY | — | -29.17% | +62.15% | +38.07% | +209.63% | +213.67% | +41.69% | +27.42% | +19.36% | — |
Credit & leverage
Balance-sheet health + interest coverage + liquidity. Coverage ratios use period-end debt and trailing interest expense.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Leverage | |||||||||
| Total debt | $997.59M | $1.32B | $1.31B | $2.74B | $1.28B | $4.22B | $5.72B | $6.8B | $7.76B |
| Net debt | $177.62M | $453.85M | $492.7M | $1.78B | -$378.86M | $1.73B | $2.55B | $2.97B | $3.35B |
| Net debt / EBITDA | -0.27 | -0.49 | -1.91 | -9.94 | -0.68 | -13.37 | -15.08 | -14.69 | -13.61 |
| Debt / equity | 1.70 | -8.34 | -5.92 | 40.89 | 1.62 | 11.02 | 11.54 | 11.03 | 11.13 |
| Debt / assets | +27.38% | +37.23% | +34.08% | +64.70% | +25.74% | +42.68% | +45.13% | +44.35% | +42.35% |
| Equity / assets | +16.14% | -4.46% | -5.76% | +1.58% | +15.89% | +3.87% | +3.91% | +4.02% | +3.80% |
| Coverage | |||||||||
| EBITDA / interest expense | -4.63 | -5.94 | -2.13 | -1.26 | 2.21 | -0.35 | -0.34 | -0.35 | -0.37 |
| Operating income / interest | -4.95 | -5.03 | -2.33 | -1.25 | 1.99 | -0.49 | -0.49 | -0.51 | -0.49 |
| Interest expense | $143.02M | $155.97M | $121.22M | $141.86M | $252.63M | $373.93M | $493.5M | $571.95M | $669.89M |
| Liquidity | |||||||||
| Current ratio | 4.04 | 3.51 | 3.08 | 2.78 | 2.76 | — | — | — | — |
| Quick ratio | 3.79 | 3.16 | 2.86 | 2.61 | 2.51 | — | — | — | — |
| Cash ratio | 1.18 | 1.13 | 0.84 | 0.81 | 1.13 | — | — | — | — |
| Working capital | $2.11B | $1.92B | $2.01B | $2.11B | $2.58B | — | — | — | — |
| Working capital / revenue | +250.25% | +185.49% | +110.21% | +93.81% | +69.58% | — | — | — | — |
Methodology. ROE / ROA / ROC use period-end balance-sheet denominators (no average-of- period smoothing). ROIC = Operating Income × (1 − inferred effective tax rate) over invested capital, with the effective tax inferred from net-to-operating income when both are positive and a 25% default otherwise. Net debt / EBITDA, debt ratios, and interest-coverage ratios are calculated point-in-time at each fiscal year-end. TTM = trailing 4 quarters (income / cash flow summed, balance sheet = most-recent quarterly snapshot). Through-cycle CAGR in the Growth panel uses the geometric mean of first-to-last period growth across the window (positive values only).