VRTX Vertex Pharmaceuticals Incorporated - Common Stock
NASDAQ · Biotechnology · Lihat di SEC EDGAR ↗ tutup Okt 2, 2026 10-K/10-Q Agu 4, 2026VRTX Cuplikan Saham Harga, kapitalisasi pasar, P/E, EPS, ROE, utang/ekuitas, kisaran 52 minggu
VRTX Grafik Harga Saham OHLCV harian dengan indikator teknis — geser, perbesar, dan sesuaikan tampilan Anda
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| Tanggal ex-dividen | Pemecahan | Tipe |
|---|---|---|
| 24 Agu 2000 | 2-for-1 | Maju |
Tentang Vertex Pharmaceuticals Incorporated - Common Stock Tinjauan perusahaan dari Wikipedia
Vertex Pharmaceuticals Incorporated is an American biopharmaceutical company based in Boston, Massachusetts. It was one of the first biotech firms to use an explicit strategy of rational drug design rather than combinatorial chemistry. It maintains headquarters in Boston, Massachusetts, and three research facilities, in San Diego, California, and Milton Park, Oxfordshire, England.
History
Vertex was founded in 1989 by Joshua Boger and Kevin J. Kinsella to "transform the way serious diseases are treated".
The company's beginnings were profiled by Barry Werth in the 1994 book The Billion-Dollar Molecule. His 2014 book, The Antidote: Inside the World of New Pharma, chronicled the company's subsequent development over the next two decades.
By 2004, its product pipeline focused on viral infections, inflammatory and autoimmune disorders, and cancer.
In 2009, the company had about 1,800 employees, including 1,200 in the Boston area. By 2019 there were about 2,500 employees.
Since late 2011, Vertex has ranked among the top 15 best-performing companies on the Standard & Poor's 500. Vertex shares increased 250 percent in the same period. In January 2014, Vertex completed its move from Cambridge, Massachusetts, to Boston, Massachusetts, and took residence in a new, $800 million complex. Located on the South Boston waterfront, it marked the first time in the company's history that all of the roughly 1,200 Vertex employees in the Greater Boston area worked together.
On 23 January 2019, Ian Smith, the COO and interim CFO of Vertex, was terminated from his position for undisclosed personal behavior that violated established company code of conduct rules. In June of the same year, Vertex announced it would acquire Exonics Therapeutics for up to $1 billion and collaborate with CRISPR Therapeutics, boosting its development of treatments for Duchenne muscular dystrophy and myotonic dystrophy type 1.
In September 2019 the company announced it would acquire Semma Therapeutics for $950 million in cash. Semma Therapeutics created a "small, implantable device that holds millions of replacement beta cells, letting glucose and insulin through but keeping immune cells out."
On 1 April 2020, Reshma Kewalramani, then the chief medical officer, became president and chief executive officer of Vertex Pharmaceuticals. Former CEO and president Jeffrey Leiden transitioned to the role of executive chairman of the board of directors, as of 1 April 2020. Leiden was to serve as executive chairman until April 2023, although as of September 2024 he remained in that post.
In July 2022, the business announced it would acquire ViaCyte, Inc. for $320 million.
In April 2024, it was announced Vertex had agreed to acquire the Seattle-headquartered clinical stage biopharmaceutical company Alpine Immune Sciences for $4.9 billion.
In July 2026, Vertex agreed to acquire Crinetics Pharmaceuticals for $10 billion, one of the largest pharma deals of the year.
Medicines
Ivacaftor, lumacaftor and tezacaftor
In 2012 ivacaftor was designated as an orphan drug, identifying cystic fibrosis as affecting fewer than 200,000 people in the United States. On 31 January 2012, Vertex gained FDA approval of the first drug, Kalydeco, to treat the underlying cause of cystic fibrosis rather than the symptoms, in patients 6 years or older who have the G551D gene mutation.
In the US, 30,000 people have cystic fibrosis. About 4% of those, or 1,200, have the G551D gene mutation. In 2017 Vertex marketed the drug for $311,000 per person per year.
Vertex also studied ivacaftor in combination with another drug (lumacaftor) for the most common mutation in cystic fibrosis (CF), known as F508del, and published the first set of results in 2012. Vertex produced the drug after 13 years of research and development, with $70 million in support from the Cystic Fibrosis Foundation.
In the UK, the company provided the drug free for a limited time for certain patients. Subsequently, the hospitals decided to continue to pay for the drug for those patients. UK agencies estimated the cost per quality adjusted life year (QALY) at between £335,000 and £1,274,000—far above the NICE thresholds of £20,000-£30,000.
On 5 November 2014 Vertex announced the submission of a New Drug Application (NDA) to the FDA for a fully co-formulated combination of lumacaftor and ivacaftor for people with cystic fibrosis ages 12 and older who have two copies of the F508del mutation in the cystic fibrosis transmembrane conductance regulator (CFTR) gene. In 2015, FDA approved the combination of lumacaftor and ivacaftor to treat CF in patients 12 years and older, who have the F508del mutation. The combination drug is marketed under the tradename Orkambi.
On 28 March 2017, Vertex announced Phase 3 data from a dual combination treatment, tezacaftor plus ivacaftor, in patients with cystic fibrosis. On 12 February 2018, the FDA approved the combination, marketed as Symdeko.
Triple combination treatments
In 2016, Vertex began developing a new group of CFTR modulators in combination with tezacaftor and ivacaftor. In 2017, the company reported results that showed benefits for patients with different mutations that represent 90% of the CF population.
On 22 October 2019, two months after a new drug application was filed with it, the FDA approved Vertex's Triple-combo therapy Trikafta (elexacaftor/tezacaftor/ivacaftor) for patients 12 and older with at least one F508del mutation. The FDA approval covers approximately 90% of patients with cystic fibrosis.
Vertex has refused to make Trikafta available in developing countries and works to block generic alternatives, making it inaccessible for thousands of patients.
Genetic therapies
In 2015, Vertex entered into a research collaboration with CRISPR Therapeutics to develop gene-editing therapies for genetic diseases. In May 2020, CTX001 has received Orphan Drug Designation from the U.S. Food and Drug Administration for transfusion-dependent beta thalassemia and from the European Medicines Agency for sickle cell disease and transfusion-dependent beta thalassemia.
In 2016, the company entered into a collaboration with Moderna to develop new mRNA-based therapeutics to treat CF; Vertex paid Moderna $20 million in cash and provided an additional $20 million in cash in exchange for a convertible note that Vertex can cash in for stock. Vertex also promised to pay up to $275 million in milestone payments.
In 2019, Vertex established a research collaboration with a privately held company Arbor Biotechnologies to discover novel proteins to advance the development of new gene-editing therapies for cystic fibrosis and four other diseases. With seven different areas of focus in the deal, Vertex is paying up to $1.2 billion in milestones along with undisclosed up-front payments.
Vertex's product pipeline includes drug regimens targeting specialty diseases like sickle cell disease, beta thalassemia, Duchenne muscular dystrophy, alpha-1 antitrypsin deficiency, pain, and APOL1-mediated kidney diseases.
Pain management
In January 2025, Vertex became the first drugmaker in 25 years to gain U.S. approval for a new type of pain medicine when the FDA approved Journavx (suzetrigine), a novel oral non-opioid treatment for moderate to severe acute pain in adults. Journavx was evaluated via two randomized, double-blind, placebo- and active-controlled trials of acute surgical pain.
Historical
Telaprevir
In 2014, Vertex discontinued telaprevir. In May 2011, the Food and Drug Administration (FDA) had approved the drug telaprevir (Incivek) as an oral treatment for hepatitis C. Development and commercialization of telaprevir was shared with Johnson & Johnson for European distribution and Mitsubishi for Asia. Telaprevir is a protease inhibitor.
CEO compensation
In 2015, several media outlets reported CEO Jeffrey Leiden's 2014 compensation to be approximately US$48.5 million. Vertex shareholders opted for a reduction in CEO compensation in 2015 and 2016, resulting in 2016 earnings of US$17.4 million. In August 2025, Reshma Kewalramani, CEO of Vertex, reportedly bought a large portion of the company's stock.
Pricing in the UK
The initial pricing of Orkambi at US$135,000 to US$270,000 per patient per year, depending on the patient's country, led to campaigns by parent groups concerned that it limited access to the drug for children and young adults with cystic fibrosis, and also led to allegations of unfair pricing by the UK's National Health Service.
In March 2019, Vertex was legally required to destroy 7,880 packs of Orkambi that reached their expiry dates during price negotiations with the NHS.
On October 24, 2019, NHS England agreed to fund wider access to all of the pharmaceutical company's cystic fibrosis medications that were already licensed at that time, such as Orkambi, Symkevi and Kalydeco, and any future indications of these medicines. The funding agreement was finalized soon after Vertex signed reimbursement deals elsewhere, including NHS Scotland, Spain and Australia. Vertex agreed to offer equivalent pricing to the NHS in Wales and Northern Ireland . On June 30, 2020, Vertex and NHS expanded the agreement to include reimbursement of Kaftrio (the name used for marketing Trikafta in the UK), making England one of the first countries in Europe to fund it.
In October 2023, NICE declined to recommend Vertex's cystic fibrosis drugs Kaftrio, Symkevi, and Orkambi for use in CF patients, citing their high costs as beyond the acceptable range for NHS resources. However, in June 2024, NICE and Vertex reached an agreement on acceptable pricing terms, extending the pricing deal originally established in 2019 to include these drugs. The extended agreement also ensures that patients will have access to future license extensions for these CF medications.
Global pricing
Pricing and public funding varies by country beyond the USA and the UK.
By October 2019, Vertex's CF medicines were publicly funded in 17 countries.
By 2023, Vertex had reimbursement agreements in 36 countries for their CF medicines, of which 35 are considered high-income countries. About 27% (51,322) of the estimated CF patients were treated with Trikafta, of whom nearly half (49%) lived in the U.S., 42% in Europe, and 9% in Canada, Israel, Australia, and New Zealand combined.
Trikafta has become increasingly available worldwide since its initial approval in 2019. As of 2023, the medication is reimbursed in over 30 countries, primarily in high-income nations across North America, Europe, and Oceania. By 2024, the company's group of CF medications were "broadly available" in over 60 countries. Although access to Cystic Fibrosis medications is still limited in many countries, as of 2024 about two-thirds of people diagnosed are receiving the treatment around the world. The high cost of Trikafta presents a significant barrier to access. In countries where it is reimbursed, patients typically pay a fraction of this cost, but the financial burden on healthcare systems remains substantial. Price negotiations and managed entry agreements (which for example link reimbursement to clinical performance) are common strategies used by countries to make Trikafta more affordable, though the details of these arrangements are often confidential.
As of 2024, a large proportion of diagnosed patients in South America, Asia, and Africa had no subsidies for Trikafta, and until 2024, the therapy was inaccessible in Mexico and Cuba. As of April 2024, Trikafta was made available in South Africa via agreements between Vertex and several commercial insurers to make the medication available to individual patients. As of September 2024, Mexico's Cofepris authorized Trikafta as the first orphan drug for the care of cystic fibrosis patients.
Venture philanthropy
In the late 1990s the Bethesda-based Cystic Fibrosis Foundation, encouraged by then-President Robert Beall, began investing in Vertex— when it was a small start-up biotechnology company— to help fund the development of Kalydeco in the form of venture philanthropy. The total investment amounted to $150 million. In 2014, the CF Foundation sold the rights to the royalties of the drugs for $3.3 billion, twenty times the foundation's 2013 budget. Proponents of venture philanthropy say the high financial return helps speed drug development and also provides potential monetary rewards that can go to more research.
By 2015 the annual price of Kalydeco had been increased to more than $300,000 per patient.
According to an article published in the Milwaukee Journal Sentinel Vertex executives "grossed more than $100 million by cashing in stocks and stock options" and at "one point, the value of company's stock increased more $6 billion in a single day."
Twenty-nine physicians and scientists working with people with cystic fibrosis (CF) wrote to Jeff Leiden, CEO of Vertex Pharmaceuticals to plead for lower prices.
We are aware of the financial complexities of the huge expenses for R & D with respect to the small number of patients or the market system that enables these advances to become reality. Yet – notwithstanding all your patient support programs – it is at best unseemly for Vertex to charge our patients' insurance plans (including strapped state medical assistance plans), $294,000 annually for two pills a day (a 10-fold increase in a typical patient's total drug costs). This action could appear to be leveraging pain and suffering into huge financial gain for speculators, some of whom were your top executives who reportedly made millions of dollars in a single day (Boston Globe, 29 May).
The company responded in an email that "while publicly funded academic research provided important early understanding of the cause of cystic fibrosis, it took Vertex scientists 14 years of their own research, funded mostly by the company, before the drug won approval."
On 15 April 2015 in Cambridge, Massachusetts, Joan Finnegan Brooks of the Cystic Fibrosis Foundation spoke about the role of Vertex and venture philanthropy to a panel of biotech leaders hosted by Life Sciences Foundation on the topic of patient advocacy in the biotech industry. While Brooks, who has cystic fibrosis, expressed gratitude for Vertex's development of Kalydeco, she observed that "More than 25% of people are saying (in surveys conducted by the CFF) that they are skipping medications or delaying medications or skipping doctor appointments because of cost of care issues." She added that "one of the things that the Foundation has done," is to "develop resources that can help patients bridge that gap through patient access programs, and so forth."
Sumber: Wikipedia (English), CC BY-SA 4.0 · Lihat di Wikipedia ↗
Kinerja 10 Tahun Tren Pendapatan, laba bersih, margin, dan EPS
Valuasi Rasio P/E, P/S, P/B, EV/EBITDA — apakah sahamnya mahal atau murah?
| Metrik | Tren 5 Tahun | VRTX | rata-rata 5T | Median Rekan | Kesimpulan |
|---|---|---|---|---|---|
| P/E (TTM) | 29.4rata-rata 5T ≈-17.6 | ≈-17.6 | 28.9 | Nilai wajar | |
| P/S (TTM) | 10.2rata-rata 5T ≈9.1 | ≈9.1 | 8.4 | Terlalu mahal | |
| P/B (MRQ) | 6.3rata-rata 5T ≈5.9 | ≈5.9 | 13.3 | Kurang nilai | |
| Harga / FCF (TTM) | 33.7rata-rata 5T ≈-4.3 | ≈-4.3 | · | · | |
| Harga / Arus Kas (TTM) | 29.8rata-rata 5T ≈-21.9 | ≈-21.9 | 26.5 | Lebih mahal | |
| Harga / Nilai Buku Berwujud (MRQ) | 6.4rata-rata 5T ≈6.6 | ≈6.6 | · | · | |
| PEG Ratio (Rasio PEG) | ≈3.5 | · | · | · |
Median rekan dihitung berdasarkan basis standar per metrik dan mungkin tidak selalu cocok dengan basis TTM/MRQ yang ditampilkan untuk saham ini.
Profitabilitas Margin kotor, operasional, dan bersih; ROE, ROA, ROIC
| Metrik | Tren 5 Tahun | VRTX | rata-rata 5T | Median Rekan | Kesimpulan |
|---|---|---|---|---|---|
| Margin Operasi (TTM) | 38.0%rata-rata 5T ≈31.3% | ≈31.3% | 24.0% | Tingkat teratas | |
| Margin EBITDA (TTM) | 39.7%rata-rata 5T ≈33.0% | ≈33.0% | 24.0% | Tingkat teratas | |
| Margin Sebelum Pajak (TTM) | 41.9%rata-rata 5T ≈33.8% | ≈33.8% | 19.5% | Tingkat teratas | |
| Margin Laba Bersih (TTM) | 35.0%rata-rata 5T ≈26.6% | ≈26.6% | 17.0% | Tingkat teratas | |
| ROA (TTM) | 17.1%rata-rata 5T ≈14.3% | ≈14.3% | 7.6% | Tingkat teratas | |
| ROE (TTM) | 23.5%rata-rata 5T ≈17.7% | ≈17.7% | 31.3% | Di bawah rata-rata | |
| ROIC | 19.0%rata-rata 5T ≈17.6% | ≈17.6% | 10.8% | Tingkat teratas |
Kesehatan Keuangan Utang, likuiditas, solvabilitas — kekuatan neraca
| Metrik | Tren 5 Tahun | VRTX | rata-rata 5T | Median Rekan | Kesimpulan |
|---|---|---|---|---|---|
| Rasio Lancar (MRQ) | 3.2rata-rata 5T ≈3.8 | ≈3.8 | 2.6 | Likuiditas kuat | |
| Rasio Cepat (MRQ) | 2.5rata-rata 5T ≈3.3 | ≈3.3 | 0.9 | Likuiditas kuat |
Pertumbuhan Pertumbuhan Pendapatan, EPS, dan Laba Bersih: YoY, CAGR 3T, CAGR 5T
| Metrik | Tren 5 Tahun | VRTX | rata-rata 5T | Median Rekan | Kesimpulan |
|---|---|---|---|---|---|
| Revenue YoY (Pendapatan YoY) | 8.9%rata-rata 5T ≈14.2% | ≈14.2% | · | · | |
| Revenue CAGR 3Y (CAGR Pendapatan 3T) | 10.3%rata-rata 5T ≈13.5% | ≈13.5% | · | · | |
| Revenue CAGR 5Y (CAGR Pendapatan 5T) | 14.1% | · | · | · | |
| EPS YoY | 8.3%rata-rata 5T ≈12.7% | ≈12.7% | · | · | |
| Net Income YoY (Laba Bersih YoY) | 9.0%rata-rata 5T ≈12.4% | ≈12.4% | · | · | |
| EPS CAGR 3Y (CAGR EPS 3T) | 6.1% | · | · | · | |
| EPS CAGR 5Y (CAGR EPS 5T) | 8.3% | · | · | · | |
| Net Income CAGR 3Y (CAGR Laba Bersih 3T) | 6.0% | · | · | · | |
| Net Income CAGR 5Y (CAGR Laba Bersih 5T) | 7.8% | · | · | · |
Efisiensi Modal Perputaran aset, perputaran persediaan, perputaran piutang
| Metrik | Tren 5 Tahun | VRTX | rata-rata 5T | Median Rekan | Kesimpulan |
|---|---|---|---|---|---|
| Asset Turnover (Perputaran Aset) | 0.5rata-rata 5T ≈0.5 | ≈0.5 | 0.5 | Sejajar | |
| Inventory Turnover (Perputaran Persediaan) | 1.1rata-rata 5T ≈2.1 | ≈2.1 | 3.8 | Lemah | |
| Receivables Turnover (Perputaran Piutang) | 6.6rata-rata 5T ≈6.9 | ≈6.9 | 6.3 | Tingkat teratas | |
| Revenue / Employee (Pendapatan Tahunan ÷ karyawan (jumlah karyawan, yfinance). Turunan — bukan konsep SEC-XBRL yang tersimpan.) | ≈$1.9M | · | · | · |
nilai · ≈ rata-rata 5T · median industri · penilaian relatif terhadap median
Riwayat Pendapatan EPS aktual vs perkiraan, kejutan %, tingkat keberhasilan, tanggal pendapatan berikutnya
| Periode | Laporan | EPS Aktual | EPS Estimasi | Kejutan |
|---|---|---|---|---|
| 30 Juni 2026 | Agu 3, 2026 | $4.73 | $4.83 | -2.1% |
| 31 Maret 2026 | $4.47 | $4.40 | 1.6% | |
| 31 Des. 2025 | $5.03 | $5.17 | -2.8% | |
| 30 Sep. 2025 | $4.80 | $4.65 | 3.1% | |
| 30 Juni 2025 | $4.52 | $4.37 | 3.4% | |
| 31 Maret 2025 | $4.06 | $4.37 | -7.2% |
Fundamental Lengkap Semua metrik per tahun — laporan laba rugi, neraca, arus kas
Laporan Laba Rugi
| Metrik | Tren | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $12.00B | $11.02B | $9.87B | $8.93B | $7.57B | $6.21B | $4.16B | $3.05B | · | $1.70B | $1.03B | |
| Cost of Revenue | $1.65B | $1.53B | $1.26B | $1.08B | $904M | $736M | $548M | $410M | · | $210M | $117M | |
| R&D Expense | · | · | · | · | $3.05B | $1.83B | $1.75B | $1.42B | · | $1.05B | $996M | |
| SG&A Expense | $1.75B | $1.46B | $1.14B | $945M | $840M | $770M | $658M | $558M | · | $433M | $377M | |
| Operating Expenses | $7.83B | $11.25B | $6.04B | $4.62B | $4.79B | $3.35B | $2.97B | $2.41B | · | $1.69B | $1.50B | |
| Operating Income | $4.17B | $-233M | $3.83B | $4.31B | $2.78B | $2.86B | $1.20B | $635M | · | $10M | $-467M | |
| Interest Expense | · | · | · | · | · | $58M | $59M | $72M | · | · | · | |
| Other Non-op | $-8M | $-86M | $-23M | $-165M | $5M | $297M | $192M | $-790.0K | · | $4M | $-7M | |
| Pretax Income | $4.64B | $248M | $4.38B | $4.23B | $2.73B | $3.12B | $1.39B | $600M | · | $-67M | $-558M | |
| Income Tax | $690M | $784M | $760M | $910M | $388M | $405M | $218M | $-1.49B | · | $17M | $30M | |
| Net Income | $3.95B | $-536M | $3.62B | $3.32B | $2.34B | $2.71B | $1.18B | $2.10B | · | $-112M | $-556M | |
| EPS (Basic) | $15.46 | $-2.08 | $14.05 | $12.97 | $9.09 | $10.44 | $4.58 | $8.24 | · | $-0.46 | $-2.31 | |
| EPS (Diluted) | $15.32 | $-2.08 | $13.89 | $12.82 | $9.01 | $10.29 | $4.51 | $8.09 | · | $-0.46 | $-2.31 | |
| Shares (Basic) | 255,700,000 | 257,900,000 | 257,700,000 | 256,100,000 | 257,700,000 | 259,800,000 | 256,700,000 | 254,292,000 | · | 244,685,000 | 241,312,000 | |
| Shares (Diluted) | 258,000,000 | 257,900,000 | 260,500,000 | 259,100,000 | 259,900,000 | 263,400,000 | 260,700,000 | 259,185,000 | · | 244,685,000 | 241,312,000 | |
| EBITDA | $4.38B | $-26M | $4.01B | $4.46B | $2.91B | $2.97B | $1.30B | $708M | · | $71M | $-405M |
Neraca
| Metrik | Tren | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $5.08B | $4.57B | $10.37B | $10.50B | $6.79B | $5.99B | $3.11B | $2.65B | · | $1.18B | $715M | |
| Short-term Investments | $1.52B | $1.55B | $849M | $274M | $730M | $671M | $699M | $518M | · | $251M | $328M | |
| Receivables | $2.05B | $1.61B | $1.56B | $1.44B | $1.14B | $885M | $634M | $410M | $311M | $200M | $174M | |
| Inventory | $1.69B | $1.21B | $739M | $461M | $353M | $281M | $168M | $124M | $112M | $78M | $57M | |
| Prepaid Expense | $853M | $666M | $624M | $554M | $546M | $308M | $214M | $141M | $150M | $71M | $55M | |
| Other Current Assets | $111M | $76M | $84M | $74M | $59M | $80M | · | $62M | · | $34M | $13M | |
| Current Assets | $11.20B | $9.60B | $14.14B | $13.23B | $9.56B | $8.13B | $4.82B | $3.84B | · | $1.83B | $1.41B | |
| PP&E (Net) | · | · | · | · | · | · | $745M | $812M | · | $698M | $698M | |
| PP&E (Gross) | · | · | · | · | · | · | · | $1.26B | · | $1.09B | $1.03B | |
| Accum. Depreciation | · | · | · | · | · | · | · | $451M | · | $388M | $336M | |
| Goodwill | $1.09B | $1.09B | $1.09B | $1.09B | $1.00B | $1.00B | $1.00B | $50M | · | $50M | $50M | |
| Intangibles | $424M | $826M | $840M | $604M | $400M | $400M | $400M | $0 | · | · | · | |
| Other Non-current Assets | $1.24B | $999M | $895M | $410M | $111M | $49M | $69M | $41M | · | $12M | $7M | |
| Total Assets | $25.64B | $22.53B | $22.73B | $18.15B | $13.43B | $11.75B | $8.32B | $6.25B | $3.56B | $2.90B | $2.50B | |
| Accounts Payable | $462M | $413M | $365M | $304M | $195M | $155M | $88M | $111M | · | $61M | $75M | |
| Accrued Liabilities | $2.97B | $2.79B | $2.66B | $2.13B | $1.68B | $1.41B | $1.12B | $959M | $453M | $315M | $306M | |
| Current Liabilities | $3.86B | $3.56B | $3.55B | $2.74B | $2.14B | $1.88B | $1.33B | $1.12B | · | $793M | $506M | |
| Capital Leases | $1.85B | $1.54B | $349M | $380M | $377M | $350M | $84M | $20M | · | $35M | $43M | |
| Deferred Tax | · | · | · | · | · | · | · | $0 | · | $134M | $110M | |
| Other Non-current Liabilities | $1.27B | $1.01B | $878M | $686M | $303M | $108M | $99M | $109M | · | $29M | $32M | |
| Total Liabilities | $6.98B | $6.12B | $5.15B | $4.24B | $3.33B | $3.06B | $2.23B | $1.81B | · | $1.56B | $1.40B | |
| Common Stock | $2M | $3M | $3M | $3M | $2M | $3M | $3M | $3M | · | $2M | $2M | |
| Retained Earnings | $13.56B | $9.61B | $10.14B | $6.52B | $3.20B | $859M | $-1.85B | $-2.99B | $-5.11B | $-5.37B | $-5.26B | |
| AOCI | $-16M | $128M | $-14M | $800.0K | $16M | $-68M | $-2M | $659.0K | $-11M | $21M | $2M | |
| Stockholders' Equity | $18.67B | $16.41B | $17.58B | $13.91B | $10.10B | $8.69B | $6.09B | $4.44B | · | $1.34B | $940M | |
| Liabilities + Equity | $25.64B | $22.53B | $22.73B | $18.15B | $13.43B | $11.75B | $8.32B | $6.25B | $3.56B | $2.90B | $2.50B | |
| Shares Outstanding | 253,991,224 | 256,900,000 | 257,700,000 | 257,000,000 | 254,500,000 | 259,900,000 | 259,000,000 | 255,172,000 | · | 248,300,517 | 246,306,818 |
Arus Kas
| Metrik | Tren | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $210M | $207M | $181M | $148M | $126M | $110M | $107M | $72M | · | $61M | $62M | |
| Stock-based Comp | $686M | $698M | $581M | $491M | $441M | $430M | $360M | $325M | · | $241M | $231M | |
| Deferred Tax | $-511M | $-349M | $-536M | $-276M | $-155M | $277M | $167M | $-1.51B | · | $17M | $298.0K | |
| Amort. of Intangibles | $20M | $20M | $2M | · | · | · | · | · | · | · | · | |
| Restructuring | · | · | · | · | · | $0 | $0 | $-184.0K | · | $1M | $2M | |
| Other Non-cash | $-707M | $-514M | $-308M | $444M | $-111M | $-274M | $-242M | $288M | · | $32M | $-103M | |
| Operating Cash Flow | $3.63B | $-493M | $3.54B | $4.13B | $2.64B | $3.25B | $1.57B | $1.27B | · | $236M | $-365M | |
| CapEx | $438M | $298M | $200M | $205M | $235M | $260M | $75M | $95M | · | $57M | $45M | |
| Investing Cash Flow | $-945M | $-3.77B | $-3.14B | $-321M | $-341M | $99M | $-1.24B | $-202M | · | $51M | $269M | |
| Stock Repurchased | $2.02B | $1.18B | $428M | $0 | $1.43B | $539M | $186M | $350M | · | $0 | · | |
| Net Stock Activity | $-2.02B | $-1.18B | $-428M | $0 | $-1.43B | $-539M | $-192M | $-350M | · | · | · | |
| Financing Cash Flow | $-2.26B | $-1.49B | $-562M | $-68M | $-1.48B | $-505M | $127M | $-71M | · | $133M | $189M | |
| Net Change in Cash | $516M | $-5.80B | $-140M | $3.71B | $811M | $2.87B | $462M | $991M | · | $416M | $90M | |
| Taxes Paid | $1.57B | $1.08B | $1.68B | $1.06B | $476M | $192M | $25M | $12M | · | $-3M | $2M | |
| Free Cash Flow | $3.19B | $-790M | $3.34B | $3.93B | $2.41B | $2.99B | $1.49B | $1.17B | · | $180M | $-411M | |
| Levered FCF | · | · | · | · | · | $2.94B | $1.44B | · | · | · | · |
Profitabilitas
| Metrik | Tren | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 34.8% | -2.1% | 38.8% | 48.2% | 36.7% | 46.0% | 28.8% | 20.8% | · | 0.58% | -45.2% | |
| Net Margin | 32.9% | -4.9% | 36.7% | 37.2% | 30.9% | 43.7% | 28.3% | 68.8% | · | -6.6% | -53.9% | |
| Pretax Margin | 38.7% | 2.2% | 44.4% | 47.4% | 36.0% | 50.2% | 33.5% | 19.7% | · | -4.0% | -54.0% | |
| EBITDA Margin | 36.5% | -0.23% | 40.7% | 49.9% | 38.4% | 47.8% | 31.3% | 23.2% | · | 4.2% | -39.2% | |
| ROA | 16.4% | -2.4% | 17.7% | 21.0% | 18.6% | 27.0% | 16.1% | 42.8% | · | -4.2% | -23.0% | |
| ROE | 22.1% | -3.3% | 21.2% | 24.7% | 23.9% | 32.2% | 20.8% | 56.9% | · | -10.7% | -55.2% | |
| ROIC | 19.0% | 3.1% | 18.0% | 24.3% | 23.6% | 28.6% | 16.6% | 49.8% | · | 1.1% | -52.4% |
Likuiditas & Solvabilitas
| Metrik | Tren | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.9 | 2.7 | 4.0 | 4.8 | 4.5 | 4.3 | 3.6 | 3.4 | · | 2.3 | 2.8 | |
| Quick Ratio | 2.2 | 2.2 | 3.6 | 4.5 | 4.0 | 4.0 | 3.3 | 3.2 | · | 2.1 | 2.4 | |
| Interest Coverage | · | · | · | · | · | 49.1 | 20.5 | · | · | · | · |
Efisiensi
| Metrik | Tren | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.5 | 0.5 | 0.5 | 0.6 | 0.6 | 0.6 | 0.6 | 0.6 | · | 0.6 | 0.4 | |
| Inventory Turnover | 1.1 | 1.6 | 2.1 | 2.7 | 2.9 | 3.3 | 3.8 | 3.5 | · | 3.1 | 2.7 | |
| Receivables Turnover | 6.6 | 6.9 | 6.6 | 6.9 | 7.5 | 8.2 | 8.0 | 8.5 | · | 9.1 | 8.1 |
Per Saham
| Metrik | Tren | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $73.49 | $63.87 | $68.22 | $54.13 | $39.69 | $33.42 | $23.50 | $17.38 | · | $4.66 | $3.82 | |
| Revenue / Share | $46.52 | $42.73 | $37.89 | $34.47 | $29.14 | $23.56 | $15.97 | $11.76 | · | $6.96 | $4.28 | |
| Cash Flow / Share | $14.08 | $-1.91 | $13.58 | $15.94 | $10.17 | $12.35 | $6.02 | $4.90 | · | $0.96 | $-1.51 | |
| Cash / Share | $20.02 | $17.78 | $40.24 | $40.87 | $26.70 | $23.04 | $12.01 | $10.39 | · | $4.77 | $2.90 | |
| EPS (TTM) | $15.32 | $-2.08 | $13.89 | $12.82 | $9.01 | $10.29 | $4.51 | $8.09 | · | $-0.46 | $-2.31 |
Tingkat Pertumbuhan
| Metrik | Tren | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 8.9% | 11.7% | 10.5% | 17.9% | 22.1% | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 10.3% | 13.3% | 16.7% | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 14.1% | · | · | · | · | · | · | · | · | · | · | |
| EPS YoY | · | · | 8.3% | 42.3% | -12.4% | · | · | · | · | · | · | |
| EPS CAGR 3Y | 6.1% | · | 10.5% | · | · | · | · | · | · | · | · | |
| EPS CAGR 5Y | 8.3% | · | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | · | · | 9.0% | 41.8% | -13.6% | · | · | · | · | · | · | |
| Net Income CAGR 3Y | 6.0% | · | 10.1% | · | · | · | · | · | · | · | · | |
| Net Income CAGR 5Y | 7.8% | · | · | · | · | · | · | · | · | · | · |
Valuasi (TTM)
| Metrik | Tren | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $12.00B | $11.02B | $9.87B | $8.93B | $7.57B | $6.21B | $4.16B | $3.05B | · | $1.70B | $1.03B | |
| Net Income TTM | $3.95B | $-536M | $3.62B | $3.32B | $2.34B | $2.71B | $1.18B | $2.10B | · | $-112M | $-556M | |
| Market Cap | $115.15B | $103.47B | $104.85B | $74.22B | $55.88B | $61.42B | $56.71B | $42.28B | · | $18.29B | $30.99B | |
| P/E | 29.6 | -193.6 | 29.3 | 22.5 | 24.4 | 23.0 | 48.5 | 20.5 | · | -160.2 | -54.5 | |
| P/S | 9.6 | 9.4 | 10.6 | 8.3 | 7.4 | 9.9 | 13.6 | 13.9 | · | 10.7 | 30.0 | |
| P/B | 6.2 | 6.3 | 6.0 | 5.3 | 5.5 | 7.1 | 9.3 | 9.5 | · | 15.8 | 33.0 | |
| P / Tangible Book | 6.7 | 7.1 | 6.7 | 6.1 | 6.4 | 8.4 | · | · | · | · | · | |
| P / Cash Flow | 31.7 | -210.0 | 29.6 | 18.0 | 21.1 | 18.9 | 36.1 | 33.3 | · | 77.5 | -84.8 | |
| P / FCF | 36.1 | -130.9 | 31.4 | 18.9 | 23.2 | 20.5 | 38.0 | 36.0 | · | 101.9 | -75.5 | |
| Earnings Yield | 3.4% | -0.52% | 3.4% | 4.4% | 4.1% | 4.3% | 2.1% | 4.9% | · | -0.62% | -1.8% |
Laporan Laba Rugi
| Metrik | Tren | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.33B | $2.99B | $3.19B | $3.08B | $2.96B | $2.77B | $2.91B | $2.77B | $2.65B | $2.69B | $2.52B | $2.48B | $2.49B | $2.37B | $2.30B | $2.33B | |
| Cost of Revenue | $489M | $393M | $466M | $415M | $408M | $363M | $423M | $393M | $372M | $343M | $368M | $319M | $309M | $267M | $283M | $289M | |
| SG&A Expense | $582M | $494M | $487M | $445M | $425M | $396M | $378M | $372M | $372M | $343M | $369M | $264M | $263M | $241M | $267M | $247M | |
| Operating Expenses | $2.09B | $1.85B | $1.98B | $1.89B | $1.81B | $2.14B | $1.89B | $1.66B | $6.16B | $1.55B | $1.53B | $1.45B | $1.47B | $1.60B | $1.27B | $1.21B | |
| Operating Income | $1.25B | $1.14B | $1.21B | $1.19B | $1.15B | $630M | $1.03B | $1.12B | $-3.51B | $1.14B | $988M | $1.04B | $1.03B | $779M | $1.03B | $1.13B | |
| Other Non-op | $24M | $0 | $6M | $-10M | $13M | $-18M | $-15M | $-17M | $-23M | $-31M | $-10M | $-16M | $2M | $1M | $-31M | $17M | |
| Pretax Income | $1.39B | $1.25B | $1.33B | $1.30B | $1.28B | $730M | $1.14B | $1.22B | $-3.39B | $1.28B | $1.15B | $1.18B | $1.16B | $892M | $1.08B | $1.18B | |
| Income Tax | $292M | $222M | $140M | $216M | $250M | $84M | $224M | $179M | $202M | $180M | $179M | $144M | $246M | $192M | $258M | $246M | |
| Net Income | $1.10B | $1.03B | $1.19B | $1.08B | $1.03B | $646M | $913M | $1.05B | $-3.59B | $1.10B | $969M | $1.04B | $916M | $700M | $819M | $930M | |
| EPS (Basic) | $4.34 | $4.06 | $4.68 | $4.24 | $4.02 | $2.52 | $3.53 | $4.05 | $-13.92 | $4.26 | $3.77 | $4.01 | $3.55 | $2.72 | $3.18 | $3.63 | |
| EPS (Diluted) | $4.31 | $4.02 | $4.64 | $4.20 | $3.99 | $2.49 | $3.62 | $4.01 | $-13.92 | $4.21 | $3.71 | $3.97 | $3.52 | $2.69 | $3.14 | $3.59 | |
| Shares (Basic) | 253,700,000 | 254,100,000 | · | 255,600,000 | 256,700,000 | 256,900,000 | · | 258,000,000 | 258,100,000 | 258,200,000 | · | 258,000,000 | 257,700,000 | 257,400,000 | · | 256,500,000 | |
| Shares (Diluted) | 255,200,000 | 256,300,000 | · | 257,600,000 | 258,900,000 | 259,500,000 | · | 261,000,000 | 258,100,000 | 261,100,000 | · | 260,600,000 | 260,400,000 | 260,300,000 | · | 259,500,000 | |
| EBITDA | $1.30B | $1.19B | · | $1.24B | $1.20B | $678M | · | $1.12B | $-3.51B | $1.19B | · | $1.04B | $1.03B | $818M | · | $1.13B |
Neraca
| Metrik | Tren | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $6.14B | $5.49B | $5.08B | $4.94B | $4.97B | $4.67B | $4.57B | $5.24B | $4.58B | $9.16B | $10.37B | $11.11B | $10.15B | $9.29B | $10.50B | $9.17B | |
| Short-term Investments | $1.71B | $1.75B | $1.52B | $1.35B | $1.41B | $1.53B | $1.55B | $1.29B | $1.22B | $1.01B | · | $818M | $1.09B | $1.12B | · | $599M | |
| Receivables | $2.13B | $2.00B | $2.05B | $1.95B | $1.89B | $1.81B | $1.61B | $1.75B | $1.66B | $1.79B | · | $1.54B | $1.56B | $1.55B | · | $1.39B | |
| Inventory | $1.77B | $1.77B | $1.69B | $1.63B | $1.50B | $1.36B | $1.21B | $1.08B | $915M | $813M | · | $689M | $604M | $535M | · | $388M | |
| Prepaid Expense | $792M | $721M | $853M | $709M | $652M | $643M | $666M | $449M | $575M | $511M | · | $540M | $477M | $469M | · | $727M | |
| Other Current Assets | · | · | $111M | · | · | · | $76M | · | · | · | · | · | · | · | · | · | |
| Current Assets | $12.54B | $11.73B | $11.20B | $10.57B | $10.43B | $10.01B | $9.60B | $9.80B | $8.94B | $13.29B | · | $14.70B | $13.87B | $12.97B | · | $12.27B | |
| Goodwill | $1.09B | $1.09B | $1.09B | $1.09B | $1.09B | $1.09B | $1.09B | $1.09B | $1.09B | $1.09B | · | $1.09B | $1.09B | $1.09B | · | $1.08B | |
| Intangibles | $413M | $418M | $424M | $430M | $436M | $441M | $826M | $832M | $838M | $835M | · | $604M | $604M | $604M | · | $604M | |
| Other Non-current Assets | $1.25B | $1.26B | $1.24B | $1.10B | $1.08B | $1.01B | $999M | $990M | $916M | $876M | · | $475M | $443M | $428M | · | $132M | |
| Total Assets | $27.42B | $26.48B | $25.64B | $24.86B | $24.04B | $22.88B | $22.53B | $22.24B | $20.13B | $23.92B | · | $21.73B | $20.35B | $18.97B | · | $16.71B | |
| Accounts Payable | $430M | $489M | $462M | $420M | $442M | $445M | $413M | $396M | $328M | $351M | · | $376M | $363M | $323M | · | $127M | |
| Accrued Liabilities | $3.18B | $2.98B | $2.97B | $3.61B | $3.27B | $2.95B | $2.79B | $3.22B | $2.94B | $2.80B | · | $2.91B | $2.60B | $2.33B | · | $2.26B | |
| Current Liabilities | $3.94B | $3.88B | $3.86B | $4.48B | $4.14B | $3.78B | $3.56B | $3.97B | $3.55B | $3.80B | · | $3.60B | $3.35B | $3.03B | · | $2.61B | |
| Capital Leases | $1.98B | $1.99B | $1.85B | $1.83B | $1.53B | $1.54B | $1.54B | $1.59B | $587M | $360M | · | $354M | $364M | $372M | · | $382M | |
| Other Non-current Liabilities | $1.26B | $1.26B | $1.27B | $1.23B | $1.20B | $952M | $1.01B | $933M | $877M | $854M | · | $869M | $759M | $726M | · | $116M | |
| Total Liabilities | $7.18B | $7.12B | $6.98B | $7.54B | $6.86B | $6.38B | $6.12B | $6.61B | $5.36B | $5.37B | · | $5.21B | $4.88B | $4.54B | · | $3.68B | |
| Common Stock | $2M | $2M | $2M | $2M | $3M | $3M | $3M | $3M | $3M | $3M | · | $3M | $3M | $3M | · | $3M | |
| Retained Earnings | $15.69B | $14.59B | $13.56B | $12.37B | $11.29B | $10.25B | $9.61B | $8.69B | $7.65B | $11.24B | · | $9.17B | $8.14B | $7.22B | · | $5.70B | |
| AOCI | $48M | $25M | $-16M | $-64M | $-101M | $68M | $128M | $29M | $22M | $17M | · | $-3M | $-40M | $-13M | · | $98M | |
| Stockholders' Equity | $20.25B | $19.36B | $18.67B | $17.32B | $17.18B | $16.50B | $16.41B | $15.63B | $14.77B | $18.55B | $17.58B | $16.51B | $15.47B | $14.43B | $13.91B | $13.03B | |
| Liabilities + Equity | $27.42B | $26.48B | $25.64B | $24.86B | $24.04B | $22.88B | $22.53B | $22.24B | $20.13B | $23.92B | · | $21.73B | $20.35B | $18.97B | · | $16.71B | |
| Shares Outstanding | 253,347,555 | 254,163,953 | 253,991,224 | 253,951,475 | 256,293,058 | 256,967,767 | 256,940,382 | 257,739,599 | 258,015,301 | 258,296,249 | 257,700,000 | 257,828,508 | 257,792,648 | 257,509,761 | 257,000,000 | 256,645,737 |
Arus Kas
| Metrik | Tren | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $56M | $56M | $56M | $54M | $52M | $48M | $46M | $53M | $54M | $54M | $59M | $42M | $41M | $39M | $38M | $37M | |
| Stock-based Comp | $170M | $166M | $158M | $195M | $167M | $166M | $168M | $185M | $154M | $192M | $209M | $131M | $119M | $122M | $112M | $136M | |
| Other Non-cash | · | $174M | · | · | · | $-42M | · | · | · | $-38M | · | · | · | $39M | · | · | |
| Operating Cash Flow | $1.13B | $1.43B | $498M | $1.24B | $1.07B | $819M | $585M | $1.37B | $-3.75B | $1.31B | $235M | $1.27B | $1.13B | $900M | $1.08B | $956M | |
| CapEx | $112M | $133M | $149M | $102M | $146M | $41M | $93M | $68M | $69M | $68M | $58M | $41M | $60M | $42M | $34M | $54M | |
| Investing Cash Flow | $-46M | $-432M | $-288M | $-117M | $-484M | $-56M | $-822M | $-348M | $-464M | $-2.14B | $-886M | $-118M | $-304M | $-1.83B | $176M | $-384M | |
| Stock Repurchased | $470M | $337M | $128M | $1.07B | $392M | $426M | $418M | $308M | $320M | $131M | $150M | $117M | $28M | $133M | $0 | $0 | |
| Net Stock Activity | · | $-337M | · | · | · | $-426M | · | · | · | $-131M | · | · | · | $-133M | · | · | |
| Financing Cash Flow | $-427M | $-539M | $-77M | $-1.15B | $-349M | $-680M | $-391M | $-388M | $-359M | $-358M | $-120M | $-165M | $17M | $-295M | $40M | $-60M | |
| Net Change in Cash | $649M | $417M | $140M | $-34M | $297M | $113M | $-676M | $657M | $-4.58B | $-1.20B | $-744M | $963M | $858M | $-1.22B | $1.33B | $473M | |
| Taxes Paid | $419M | $82M | $389M | $480M | $513M | $184M | $272M | $278M | $497M | $35M | $758M | $300M | $498M | $120M | $218M | $362M | |
| Free Cash Flow | · | $1.29B | · | · | · | $778M | · | · | · | $1.24B | · | · | · | $858M | · | · |
Profitabilitas
| Metrik | Tren | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 37.4% | 38.1% | · | 38.6% | 38.8% | 22.8% | · | 40.3% | -132.8% | 42.4% | · | 41.8% | 41.2% | 32.8% | · | 48.3% | |
| Net Margin | 33.0% | 34.5% | · | 35.2% | 34.8% | 23.3% | · | 37.7% | -135.8% | 40.9% | · | 41.7% | 36.7% | 29.5% | · | 39.9% | |
| Pretax Margin | 41.8% | 41.9% | · | 42.2% | 43.3% | 26.4% | · | 44.2% | -128.2% | 47.5% | · | 47.5% | 46.6% | 37.5% | · | 50.4% | |
| EBITDA Margin | 39.1% | 40.0% | · | 40.3% | 40.6% | 24.5% | · | 40.3% | -132.8% | 44.3% | · | 41.8% | 41.2% | 34.4% | · | 48.3% | |
| ROA | 4.3% | 4.2% | · | 4.6% | 4.7% | 2.8% | · | 4.8% | -17.8% | 5.1% | · | 5.4% | 5.1% | 4.2% | · | 6.3% | |
| ROE | 5.9% | 5.8% | · | 6.6% | 6.5% | 3.7% | · | 6.5% | -23.8% | 6.7% | · | 7.0% | 6.7% | 5.5% | · | 8.2% | |
| ROIC | 4.9% | 4.8% | · | 5.7% | 5.4% | 3.4% | · | 6.1% | -25.2% | 5.3% | · | 5.5% | 5.2% | 4.2% | · | 6.8% |
Likuiditas & Solvabilitas
| Metrik | Tren | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.2 | 3.0 | · | 2.4 | 2.5 | 2.6 | · | 2.5 | 2.5 | 3.5 | · | 4.1 | 4.1 | 4.3 | · | 4.7 | |
| Quick Ratio | 2.5 | 2.4 | · | 1.8 | 2.0 | 2.1 | · | 2.1 | 2.1 | 3.2 | · | 3.7 | 3.8 | 4.0 | · | 4.3 |
Efisiensi
| Metrik | Tren | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.2 | |
| Inventory Turnover | 0.3 | 0.3 | · | 0.3 | 0.3 | 0.3 | · | 0.4 | 0.5 | 0.5 | · | 0.6 | 0.6 | 0.6 | · | 0.8 | |
| Receivables Turnover | 1.7 | 1.6 | · | 1.7 | 1.7 | 1.5 | · | 1.7 | 1.6 | 1.6 | · | 1.7 | 1.7 | 1.7 | · | 1.9 |
Per Saham
| Metrik | Tren | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $79.92 | $76.18 | · | $68.20 | $67.01 | $64.20 | · | $60.65 | $57.26 | $71.80 | · | $64.05 | $60.01 | $56.05 | · | $50.77 | |
| Revenue / Share | $13.06 | $11.65 | · | $11.94 | $11.45 | $10.68 | · | $10.62 | $10.25 | $10.30 | · | $9.53 | $9.57 | $9.12 | · | $9.00 | |
| Cash Flow / Share | · | $5.57 | · | · | · | $3.16 | · | · | · | $5.00 | · | · | · | $3.46 | · | · | |
| Cash / Share | $24.25 | $21.61 | · | $19.45 | $19.40 | $18.19 | · | $20.33 | $17.75 | $35.46 | · | $43.09 | $39.38 | $36.08 | · | $35.74 | |
| EPS (TTM) | $17.17 | $16.85 | · | $14.30 | $14.11 | $-3.80 | · | $-1.99 | $-2.03 | $15.41 | · | $13.32 | $12.94 | $12.55 | · | $12.66 |
Valuasi (TTM)
| Metrik | Tren | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $12.59B | $12.22B | · | $11.72B | $11.42B | $11.10B | · | $10.63B | $10.34B | $10.19B | · | $9.65B | $9.51B | $9.21B | · | $8.70B | |
| Net Income TTM | $4.41B | $4.34B | · | $3.68B | $3.64B | $-989M | · | $-480M | $-490M | $4.02B | · | $3.47B | $3.36B | $3.26B | · | $3.27B | |
| Market Cap | $125.85B | $113.49B | · | $99.46B | $114.10B | $124.58B | · | $119.87B | $120.94B | $107.97B | · | $89.66B | $90.72B | $81.13B | · | $74.31B | |
| P/E | 28.9 | 26.5 | · | 27.4 | 31.6 | -127.6 | · | -233.7 | -230.9 | 27.1 | · | 26.1 | 27.2 | 25.1 | · | 22.9 | |
| P/S | 10.0 | 9.3 | · | 8.5 | 10.0 | 11.2 | · | 11.3 | 11.7 | 10.6 | · | 9.3 | 9.5 | 8.8 | · | 8.5 | |
| P/B | 6.2 | 5.9 | · | 5.7 | 6.6 | 7.6 | · | 7.7 | 8.2 | 5.8 | · | 5.4 | 5.9 | 5.6 | · | 5.7 | |
| P / Tangible Book | 6.7 | 6.4 | · | 6.3 | 7.3 | 8.3 | · | 8.7 | 9.4 | 6.5 | · | 6.0 | 6.6 | 6.4 | · | 6.5 | |
| P / Cash Flow | · | 79.5 | · | · | · | 152.1 | · | · | · | 82.6 | · | · | · | 90.2 | · | · | |
| Earnings Yield | 3.5% | 3.8% | · | 3.6% | 3.2% | -0.78% | · | -0.43% | -0.43% | 3.7% | · | 3.8% | 3.7% | 4.0% | · | 4.4% |
Periode terbaru di sebelah kiri · nilai null ditampilkan sebagai ·
Laporan Keuangan Laporan laba rugi, neraca, arus kas — tahunan, 5 tahun terakhir
| Metrik | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Pendapatan | $12.00B | $11.02B | $9.87B | $8.93B | $7.57B |
| Margin Operasi % | 34.8% | -2.1% | 38.8% | 48.2% | 36.7% |
| Laba Bersih | $3.95B | $-536M | $3.62B | $3.32B | $2.34B |
| EPS Dilusian | $15.32 | $-2.08 | $13.89 | $12.82 | $9.01 |
| Metrik | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Rasio Lancar | 2.9 | 2.7 | 4.0 | 4.8 | 4.5 |
| Rasio Cepat | 2.2 | 2.2 | 3.6 | 4.5 | 4.0 |
| Metrik | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Arus Kas Bebas | $3.19B | $-790M | $3.34B | $3.93B | $2.41B |
Pemilik institusional (13F) 1.897 pengaju · $129.8B total · Per tanggal 30 Sep. 2026
Institusi yang melaporkan kepemilikan saham ini dalam SEC Form 13F triwulanan mereka. Hanya posisi panjang; satu pengaju dapat muncul dua kali untuk leg opsi terpisah. Kaki put/call offset yang besar biasanya mencerminkan pembuatan pasar atau inventaris yang dilindungi, bukan keyakinan arah.
| Posisi baru | Posisi yang keluar | Meningkat | Menurun | Perubahan bersih saham |
|---|---|---|---|---|
| 183 (-4 vs Kuartal sebelumnya) | 104 (+8 vs Kuartal sebelumnya) | 704 (+11 vs Kuartal sebelumnya) | 642 (+45 vs Kuartal sebelumnya) | +3.8M |
Dibandingkan dengan Q1 2026. Pengajuan Formulir 13F SEC jatuh tempo dalam waktu 45 hari setelah akhir kuartal ditambah kelonggaran singkat untuk pengaju terlambat — kuartal yang masih dalam jangka waktu tersebut dilewati demi pasangan terakhir yang dilaporkan sepenuhnya.
| Institusi | Nilai | Saham | % dari 13F yang dilacak | Tipe |
|---|---|---|---|---|
| Capital World Investors | $12.972.221.775 | 26.115.014 | 10,00% | Saham |
| BlackRock, Inc. | $11.975.848.722 | 24.109.373 | 9,23% | Saham |
| VANGUARD GROUP INC | $10.928.615.915 | 24.105.823 | 8,42% | Saham |
| Capital Research Global Investors | $9.681.703.171 | 19.490.637 | 7,46% | Saham |
| VANGUARD CAPITAL MANAGEMENT LLC | $8.236.137.569 | 16.580.713 | 6,35% | Saham |
| STATE STREET CORP | $5.896.909.829 | 11.871.459 | 4,54% | Saham |
| Invesco Ltd. | $3.995.225.251 | 8.043.052 | 3,08% | Saham |
| JPMORGAN CHASE & CO | $3.256.519.923 | 6.517.600 | 2,51% | Saham |
| GEODE CAPITAL MANAGEMENT, LLC | $2.975.811.180 | 6.017.848 | 2,29% | Saham |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $2.423.539.213 | 4.878.987 | 1,87% | Saham |
| Capital International Investors | $2.332.267.678 | 4.695.144 | 1,80% | Saham |
| LOOMIS SAYLES & CO L P | $1.947.654.924 | 3.920.953 | 1,50% | Saham |
| FRANKLIN RESOURCES INC | $1.662.681.008 | 3.347.253 | 1,28% | Saham |
| WELLINGTON MANAGEMENT GROUP LLP | $1.613.209.159 | 3.247.658 | 1,24% | Saham |
| MORGAN STANLEY | $1.610.469.452 | 3.242.139 | 1,24% | Saham |
| BANK OF AMERICA CORP /DE/ | $1.509.650.819 | 3.039.178 | 1,16% | Saham |
| JENNISON ASSOCIATES LLC | $1.489.459.615 | 2.998.530 | 1,15% | Saham |
| NORGES BANK | $1.476.123.103 | 2.971.681 | 1,14% | Saham |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | $1.365.249.611 | 3.057.396 | 1,05% | Saham |
| ALLIANCEBERNSTEIN L.P. | $1.348.244.920 | 3.019.315 | 1,04% | Saham |
| AMERIPRISE FINANCIAL INC | $1.293.902.477 | 2.604.822 | 1,00% | Saham |
| NORTHERN TRUST CORP | $1.235.108.216 | 2.486.478 | 0,95% | Saham |
| GOLDMAN SACHS GROUP INC | $1.232.765.009 | 2.481.761 | 0,95% | Saham |
| Clearbridge Investments, LLC | $1.163.795.944 | 2.342.915 | 0,90% | Saham |
| VICTORY CAPITAL MANAGEMENT INC | $1.079.501.899 | 2.173.152 | 0,83% | Saham |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $1.013.966.008 | 2.041.282 | 0,78% | Saham |
| JANUS HENDERSON GROUP PLC | $951.794.666 | 2.131.527 | 0,73% | Saham |
| Legal & General Group Plc | $928.892.552 | 1.870.015 | 0,72% | Saham |
| Bank of New York Mellon Corp | $830.841.710 | 1.672.623 | 0,64% | Saham |
| DEUTSCHE BANK AG\ | $784.391.310 | 1.579.110 | 0,60% | Saham |
| Amundi | $768.197.416 | 1.546.509 | 0,59% | Saham |
| FMR LLC | $723.814.230 | 1.457.158 | 0,56% | Saham |
| VANGUARD FIDUCIARY TRUST CO | $708.033.975 | 1.425.390 | 0,55% | Saham |
| DIMENSIONAL FUND ADVISORS LP | $580.701.688 | 1.168.956 | 0,45% | Saham |
| WCM INVESTMENT MANAGEMENT, LLC | $575.643.767 | 1.152.094 | 0,44% | Saham |
| Nuveen, LLC | $537.304.977 | 1.081.685 | 0,41% | Saham |
| ROYAL BANK OF CANADA | $486.923.000 | 980.259 | 0,38% | Saham |
| BNP PARIBAS ASSET MANAGEMENT Holding S.A. | $446.042.132 | 897.893 | 0,34% | Saham |
| Assenagon Asset Management S.A. | $377.298.226 | 759.564 | 0,29% | Saham |
| WELLS FARGO & COMPANY/MN | $372.312.658 | 749.528 | 0,29% | Saham |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $366.774.504 | 738.378 | 0,28% | Saham |
| BARCLAYS PLC | $364.239.192 | 733.274 | 0,28% | Saham |
| Swiss National Bank | $356.373.971 | 717.440 | 0,27% | Saham |
| UBS Group AG | $353.800.413 | 712.259 | 0,27% | Saham |
| CITIGROUP INC | $351.172.364 | 706.968 | 0,27% | Saham |
| HSBC HOLDINGS PLC | $335.812.593 | 676.247 | 0,26% | Saham |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $334.945.039 | 674.300 | 0,26% | Opsi jual |
| Mitsubishi UFJ Asset Management Co., Ltd. | $321.480.179 | 647.193 | 0,25% | Saham |
| AQR CAPITAL MANAGEMENT LLC | $305.004.174 | 616.170 | 0,24% | Saham |
| Sumitomo Mitsui Trust Group, Inc. | $303.952.564 | 611.907 | 0,23% | Saham |
Aktivis & pemilik 5%+ 1 saham
Investor yang mengajukan Jadwal 13D SEC — kepemilikan manfaat di atas 5% dengan niat untuk memengaruhi penerbit (kepemilikan aktivis, kampanye dewan, M&A). Setiap baris menunjukkan status terbaru yang diketahui dari posisi pengaju tersebut.
| Pengaju | Diajukan | Kepemilikan | Status | Tujuan | Pengajuan |
|---|---|---|---|---|---|
| 15 Maret 2004 | · | Pengajuan awal | · | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
Orang dalam perusahaan 66 orang dalam · 37 pejabat · 26 direktur
| Orang Dalam | Peran | Aktivitas terakhir | Saham dimiliki | Beli 12m | Jual 12m | Bersih 12m |
|---|---|---|---|---|---|---|
| Reshma Kewalramani | CEO & President | 27 Feb. 2026 S | 98.278 | 0 | 13 | $-19.738.855 |
| Thomas Graney | Chief Financial Officer | 1 Okt. 2018 S | 12.430 | 0 | 0 | $0 |
| Vicki L Sato | President | 11 Mei 2005 M | 77.233 | 0 | 0 | $0 |
| Stuart A Arbuckle | EVP, COO | 1 Juli 2025 F | 63.368 | 0 | 0 | $0 |
| Ian F Smith | EVP, COO | 29 Juni 2018 M | 46.699 | 0 | 0 | $0 |
| Jasper Van Grunsven | EVP, CP and NPPO | 8 Sep. 2026 A | 8.682 | 0 | 0 | $0 |
| Kristen Ambrose | SVP & Chief Accounting Officer | 28 Agu 2026 A | 11.624 | 0 | 5 | $-1.978.865 |
| Ourania Tatsis | EVP, Chief Reg. & Quality Off. | 21 Juli 2026 A | 53.572 | 0 | 8 | $-6.513.286 |
| Amit Sachdev | EVP Chief Patient & Ext Af Off | 21 Juli 2026 A | 66.512 | 0 | 9 | $-28.377.383 |
| Duncan Mckechnie | EVP, Chief Commercial Officer | 2 Juli 2026 S | 11.001 | 0 | 5 | $-5.664.790 |
| Joy Liu | EVP and Chief Legal Officer | 1 Juli 2026 S | 19.131 | 0 | 5 | $-2.131.395 |
| Carmen Bozic | EVP and CMO | 26 Juni 2026 S | 15.337 | 0 | 10 | $-11.309.998 |
| Mark E. Bunnage | EVP, Chief Scientific Officer | 15 Mei 2026 S | 7.284 | 0 | 5 | $-2.999.734 |
| Edward Morrow Atkinson III | EVP, Chief Technical Ops. Off. | 25 Feb. 2026 S | 18.432 | 0 | 5 | $-3.598.635 |
| Jonathan Biller | EVP and Chief Legal Officer | 25 Feb. 2026 S | 13.659 | 0 | 7 | $-4.076.427 |
| Charles F Wagner JR | EVP, CO & FO | 24 Feb. 2026 F | 47.042 | 0 | 3 | $-10.778.252 |
| David Altshuler | EVP, Chief Scientific Officer | 22 Jan. 2026 A | 34.477 | 0 | 0 | $0 |
| Bastiano Sanna | EVP, Cell & Genetic Therapies | 8 Mei 2023 S | 32.038 | 0 | 0 | $0 |
| Paul M Silva | SVP & Chief Accounting Officer | 1 Maret 2021 S | 9.884 | 0 | 0 | $0 |
| Jeffrey Chodakewitz | EVP GMDA, CMO | 12 Feb. 2018 S | 69.663 | 0 | 0 | $0 |
| Thomas Connolly | SVP, Human Resources | 12 Des. 2014 S | 34.375 | 0 | 0 | $0 |
| Megan E Pace | SVP, Corp. Communications | 17 Nov. 2014 S | 43.350 | 0 | 0 | $0 |
| Kenneth L Horton | EVP & Chief Legal Officer | 17 Nov. 2014 G | 72.053 | 0 | 0 | $0 |
| Peter Mueller | EVP, Global R&D, CSO | 16 Juni 2014 M | 143.517 | 0 | 0 | $0 |
| Lisa Kelly | SVP, Human Resources | 5 Feb. 2013 A | 25.382 | 0 | 0 | $0 |
| Nancy Wysenski | EVP, Chief Commercial Officer | 14 Mei 2012 S | 32.232 | 0 | 0 | $0 |
| David T Howton | SVP & Chief Legal Officer | 2 Feb. 2012 A | 19.437 | 0 | 0 | $0 |
| BOGER KENNETH S | SVP & Chief Legal Officer | 13 Sep. 2011 M | 112.999 | 0 | 0 | $0 |
| Kurt Graves | EVP, Chief Commercial Officer | 19 Okt. 2009 S | 59.880 | 0 | 0 | $0 |
| Freda C Lewis-Hall | EVP, Medicines Development | 19 Maret 2009 S | 53.334 | 0 | 0 | $0 |
| John J Alam | EVP, Med. Dev. Group & CMO | 1 Okt. 2008 M | 136.792 | 0 | 0 | $0 |
| Johanna Messina Power | VP & Controller | 24 Juli 2008 A | 9.055 | 0 | 0 | $0 |
| Victor A Hartmann | EVP, Strategic & Corp. Devlp. | 4 Juni 2007 M | 97.273 | 0 | 0 | $0 |
| Lynne H Brum | VP, Strategic Communications | 8 Mei 2006 A | 46.199 | 0 | 0 | $0 |
| Anthony N Coles | SVP, Comm. Ops. | 20 Juli 2005 A | 74.540 | 0 | 0 | $0 |
| Paul A Negulescu | VP, Research | 3 Feb. 2005 A | 55.516 | 0 | 0 | $0 |
| Iain P M Buchanan | VP, European Operations | 6 Mei 2004 A | 22.094 | 0 | 0 | $0 |
| Bruce I Sachs | Direktur | 27 Agu 2026 G | 39.000 | 0 | 0 | $0 |
| Alan M Garber | Direktur | 15 Juli 2026 A | 7.344 | 0 | 0 | $0 |
| Sangeeta N. Bhatia | Direktur | 4 Mei 2026 S | 4.924 | 0 | 2 | $-267.746 |
| Nancy Thornberry | Direktur | 1 Mei 2026 A | 2.109 | 0 | 0 | $0 |
| Jennifer Schneider | Direktur | 1 Mei 2026 A | 1.394 | 0 | 0 | $0 |
| Diana Mckenzie | Direktur | 1 Mei 2026 A | 2.378 | 0 | 0 | $0 |
| Suketu Upadhyay | Direktur | 1 Mei 2026 A | 1.558 | 0 | 0 | $0 |
| Michel Lagarde | Direktur | 1 Mei 2026 A | 1.132 | 0 | 0 | $0 |
| Lloyd Carney | Direktur | 1 Mei 2026 A | 6.315 | 0 | 0 | $0 |
| Terrence C Kearney | Direktur | 1 Mei 2024 A | 6.536 | 0 | 0 | $0 |
| Yuchun Lee | Direktur | 1 Mei 2023 A | 1.875 | 0 | 0 | $0 |
| Margaret G Mcglynn | Direktur | 1 Mei 2023 A | 178 | 0 | 0 | $0 |
| William D Young | Direktur | 1 Juni 2020 A | 9.311 | 0 | 0 | $0 |
| Elaine Ullian | Direktur | 1 Juni 2019 A | 12.195 | 0 | 0 | $0 |
| Joshua S Boger | Direktur | 8 Juni 2017 M | 284.088 | 0 | 0 | $0 |
| Wayne Joseph Riley | Direktur | 1 Juni 2015 A | 400 | 0 | 0 | $0 |
| Matthew Emmens | Direktur | 16 Nov. 2012 S | 200.873 | 0 | 0 | $0 |
| Dennis L Winger | Direktur | 9 Maret 2012 M | 6.500 | 0 | 0 | $0 |
| Eugene Cordes | Direktur | 17 Maret 2011 S | 12.000 | 0 | 0 | $0 |
| Stuart J Collinson | Direktur | 1 Juni 2010 A | 3.279 | 0 | 0 | $0 |
| Charles A Sanders | Direktur | 1 Juni 2010 A | 26.383 | 0 | 0 | $0 |
| Roger W Brimblecombe | Direktur | 15 Maret 2010 M | 0 | 0 | 0 | $0 |
| Eric Brandt | Direktur | 29 Jan. 2009 M | 0 | 0 | 0 | $0 |
| Eve Elizabeth Slater | Direktur | 1 Juni 2007 A | 1.105 | 0 | 0 | $0 |
| John F Niblack | Direktur | 1 Juni 2004 A | · | 0 | 0 | $0 |
| Jeffrey M Leiden | · | 24 Feb. 2026 F | 34.797 | 0 | 17 | $-60.942.656 |
| Michael Parini | · | 25 Feb. 2021 S | 30.837 | 0 | 0 | $0 |
| Christiana Stamoulis | · | 30 Juli 2013 A | 40.712 | 0 | 0 | $0 |
| Richard C Garrison | · | 18 Mei 2009 S | 37.473 | 0 | 0 | $0 |
Orang dalam dari pengajuan SEC Form 3/4/5; bersih = hanya P/S pasar terbuka
Kepemilikan ETF Dimiliki oleh 151 ETF
Bobot mencerminkan kepemilikan ekuitas langsung (N-PORT) saja; dana berbasis leverage atau derivatif mungkin memiliki eksposur swap tambahan yang tidak ditampilkan.
| Dana | Bobot | Unit | Per tanggal | Sumber |
|---|---|---|---|---|
| IBB · iShares Trust | 7,94% | 1.594.376 SH | 11 Sep. 2026 | Harian |
| TBXU · Direxion Shares ETF Trust | 7,84% | 422 NS | 31 Juli 2026 | N-PORT |
| IBBQ · Invesco Exchange-Traded Fund Trust … | 7,61% | 15.881 SH | 2 Okt. 2026 | Harian |
| PBE · Invesco Exchange-Traded Fund Trust | 4,75% | 38.913 SH | 2 Okt. 2026 | Harian |
| IDNA · iShares Trust | 3,57% | 17.708 SH | 11 Sep. 2026 | Harian |
| TECB · iShares Trust | 2,61% | 24.992 SH | 11 Sep. 2026 | Harian |
| QNXT · iShares Trust | 2,50% | 1.328 SH | 11 Sep. 2026 | Harian |
| IYH · iShares Trust | 2,11% | 148.819 SH | 11 Sep. 2026 | Harian |
| ASLV · ALLSPRING EXCHANGE-TRADED FUNDS TRU… | 2,05% | 9.387 NS | 31 Juli 2026 | N-PORT |
| HTEC · EXCHANGE TRADED CONCEPTS TRUST | 1,91% | 2.773 NS | 31 Juli 2026 | N-PORT |
| VHT · VANGUARD WORLD FUND | 1,86% | 764.628 SH | 19 Agu 2026 | Harian |
| FHLC · FIDELITY COVINGTON TRUST | 1,76% | 120.999 NS | 31 Juli 2026 | N-PORT |
| IXJ · iShares Trust | 1,66% | 133.457 SH | 11 Sep. 2026 | Harian |
| QQQG · Pacer Funds Trust | 1,64% | 702 NS | 31 Juli 2026 | N-PORT |
| RSPH · Invesco Exchange-Traded Fund Trust | 1,61% | 27.653 SH | 2 Okt. 2026 | Harian |
| NULG · Nushares ETF Trust | 1,50% | 83.769 NS | 31 Juli 2026 | N-PORT |
| SDG · iShares Trust | 1,49% | 4.820 SH | 11 Sep. 2026 | Harian |
| BBP · ETFis Series Trust I | 1,48% | 3.052 NS | 31 Juli 2026 | N-PORT |
| ESMV · iShares Trust | 1,43% | 216 SH | 11 Sep. 2026 | Harian |
| CURE · Direxion Shares ETF Trust | 1,39% | 4.994 NS | 31 Juli 2026 | N-PORT |
| USMV · iShares Trust | 1,39% | 638.705 SH | 11 Sep. 2026 | Harian |
| RILA · Spinnaker ETF Series | 1,26% | 1.110 NS | 31 Juli 2026 | N-PORT |
| MEDI · Harbor ETF Trust | 1,22% | 1.053 NS | 31 Juli 2026 | N-PORT |
| AGRW · ALLSPRING EXCHANGE-TRADED FUNDS TRU… | 1,11% | 2.633 NS | 31 Juli 2026 | N-PORT |
| QQQE · Direxion Shares ETF Trust | 1,09% | 30.372 NS | 31 Juli 2026 | N-PORT |
| JDOC · J.P. Morgan Exchange-Traded Fund Tr… | 0,81% | 155 NS | 31 Juli 2026 | N-PORT |
| FXH · First Trust Exchange-Traded AlphaDE… | 0,81% | 17.835 NS | 31 Juli 2026 | N-PORT |
| COWG · Pacer Funds Trust | 0,81% | 37.328 NS | 31 Juli 2026 | N-PORT |
| JOET · Virtus ETF Trust II | 0,77% | 3.916 NS | 31 Juli 2026 | N-PORT |
| LABU · Direxion Shares ETF Trust | 0,75% | 7.744 NS | 31 Juli 2026 | N-PORT |
| XT · iShares Trust | 0,74% | 55.402 SH | 11 Sep. 2026 | Harian |
| XOEF · iShares Trust | 0,73% | 318 SH | 11 Sep. 2026 | Harian |
| OMFL · Invesco Exchange-Traded Self-Indexe… | 0,69% | 64.314 SH | 2 Okt. 2026 | Harian |
| LRND · New York Life Investments ETF Trust | 0,69% | 5.730 NS | 31 Juli 2026 | N-PORT |
| QIDX · Spinnaker ETF Series | 0,65% | 526 NS | 31 Juli 2026 | N-PORT |
| MGK · VANGUARD WORLD FUND | 0,60% | 401.228 SH | 19 Agu 2026 | Harian |
| QYLD · Global X Funds | 0,56% | 95.820 NS | 31 Juli 2026 | N-PORT |
| QRMI · Global X Funds | 0,56% | 168 NS | 31 Juli 2026 | N-PORT |
| QYLG · Global X Funds | 0,56% | 1.849 NS | 31 Juli 2026 | N-PORT |
| PTNQ · Pacer Funds Trust | 0,55% | 13.883 NS | 31 Juli 2026 | N-PORT |
| QTR · Global X Funds | 0,55% | 88 NS | 31 Juli 2026 | N-PORT |
| ACWV · iShares, Inc. | 0,55% | 35.601 SH | 11 Sep. 2026 | Harian |
| QQWZ · Pacer Funds Trust | 0,54% | 572 NS | 31 Juli 2026 | N-PORT |
| QQQM · Invesco Exchange-Traded Fund Trust … | 0,54% | 1.165.914 SH | 2 Okt. 2026 | Harian |
| QQQ · Invesco QQQ Trust, Series 1 | 0,54% | 5.308.630 SH | 2 Okt. 2026 | Harian |
| QCLR · Global X Funds | 0,53% | 37 NS | 31 Juli 2026 | N-PORT |
| USXF · iShares Trust | 0,53% | 15.091 SH | 11 Sep. 2026 | Harian |
| DFUV · Dimensional ETF Trust | 0,52% | 169.726 NS | 31 Juli 2026 | N-PORT |
| QSIX · Pacer Funds Trust | 0,51% | 196 NS | 31 Juli 2026 | N-PORT |
| IWX · iShares Trust | 0,49% | 36.668 SH | 11 Sep. 2026 | Harian |
| RCGE · EA Series Trust | 0,48% | 1.010 NS | 31 Juli 2026 | N-PORT |
| QUAL · iShares Trust | 0,46% | 413.147 SH | 11 Sep. 2026 | Harian |
| IVE · iShares Trust | 0,44% | 421.427 SH | 11 Sep. 2026 | Harian |
| ESG · FlexShares Trust | 0,43% | 1.200 NS | 31 Juli 2026 | N-PORT |
| VOOV · VANGUARD ADMIRAL FUNDS | 0,43% | 58.453 SH | 19 Agu 2026 | Harian |
| TEC · Harbor ETF Trust | 0,42% | 56 NS | 31 Juli 2026 | N-PORT |
| IUSV · iShares Trust | 0,42% | 222.083 SH | 11 Sep. 2026 | Harian |
| SUSA · iShares Trust | 0,39% | 30.081 SH | 11 Sep. 2026 | Harian |
| SUSL · iShares Trust | 0,38% | 8.957 SH | 11 Sep. 2026 | Harian |
| FTC · First Trust Exchange-Traded AlphaDE… | 0,37% | 10.349 NS | 31 Juli 2026 | N-PORT |
| WINN · Harbor ETF Trust | 0,37% | 8.807 NS | 31 Juli 2026 | N-PORT |
| DSI · iShares Trust | 0,37% | 38.792 SH | 11 Sep. 2026 | Harian |
| AQLT · iShares Trust | 0,37% | 2.343 SH | 11 Sep. 2026 | Harian |
| NULC · Nushares ETF Trust | 0,37% | 543 NS | 31 Juli 2026 | N-PORT |
| VUG · VANGUARD INDEX FUNDS | 0,36% | 2.781.742 SH | 19 Agu 2026 | Harian |
| JOYT · J.P. Morgan Exchange-Traded Fund Tr… | 0,36% | 727 NS | 31 Juli 2026 | N-PORT |
| IQSU · New York Life Investments ETF Trust | 0,35% | 2.436 NS | 31 Juli 2026 | N-PORT |
| HELO · J.P. Morgan Exchange-Traded Fund Tr… | 0,35% | 34.277 NS | 31 Juli 2026 | N-PORT |
| IWD · iShares Trust | 0,35% | 564.973 SH | 11 Sep. 2026 | Harian |
| VONV · VANGUARD SCOTTSDALE FUNDS | 0,35% | 153.489 SH | 19 Agu 2026 | Harian |
| REVS · Columbia ETF Trust I | 0,33% | 2.290 NS | 31 Juli 2026 | N-PORT |
| ESGG · FlexShares Trust | 0,32% | 741 NS | 31 Juli 2026 | N-PORT |
| WRND · New York Life Investments ETF Trust | 0,30% | 66 NS | 31 Juli 2026 | N-PORT |
| DFLV · Dimensional ETF Trust | 0,30% | 41.936 NS | 31 Juli 2026 | N-PORT |
| MPLY · Strategy Shares | 0,29% | 98 NS | 31 Juli 2026 | N-PORT |
| QLV · FlexShares Trust | 0,29% | 1.008 NS | 31 Juli 2026 | N-PORT |
| EGLE · Global X Funds | 0,28% | 13 NS | 31 Juli 2026 | N-PORT |
| ILCV · iShares Trust | 0,27% | 6.936 SH | 11 Sep. 2026 | Harian |
| ESGU · iShares Trust | 0,25% | 88.514 SH | 11 Sep. 2026 | Harian |
| ACVF · ETF Opportunities Trust | 0,25% | 810 NS | 31 Juli 2026 | N-PORT |
| PABU · iShares Trust | 0,25% | 12.249 SH | 11 Sep. 2026 | Harian |
| HQGO · Lattice Strategies Trust | 0,25% | 259 NS | 31 Juli 2026 | N-PORT |
| USCL · iShares Trust | 0,25% | 13.446 SH | 11 Sep. 2026 | Harian |
| TOPC · iShares Trust | 0,24% | 153 SH | 11 Sep. 2026 | Harian |
| MGC · VANGUARD WORLD FUND | 0,24% | 50.735 SH | 19 Agu 2026 | Harian |
| QVML · Invesco Exchange-Traded Fund Trust … | 0,24% | 7.877 SH | 2 Okt. 2026 | Harian |
| EGUS · iShares Trust | 0,24% | 127 SH | 11 Sep. 2026 | Harian |
| IWL · iShares Trust | 0,23% | 9.894 SH | 11 Sep. 2026 | Harian |
| XVV · iShares Trust | 0,22% | 2.919 SH | 11 Sep. 2026 | Harian |
| ESGV · VANGUARD WORLD FUND | 0,22% | 57.465 SH | 19 Agu 2026 | Harian |
| SIZE · iShares Trust | 0,22% | 1.786 SH | 11 Sep. 2026 | Harian |
| PWS · Pacer Funds Trust | 0,21% | 106 NS | 31 Juli 2026 | N-PORT |
| VOO · VANGUARD INDEX FUNDS | 0,20% | 6.592.422 SH | 19 Agu 2026 | Harian |
| VV · VANGUARD INDEX FUNDS | 0,20% | 296.412 SH | 19 Agu 2026 | Harian |
| IVV · iShares Trust | 0,20% | 3.198.762 SH | 11 Sep. 2026 | Harian |
| RSP · Invesco Exchange-Traded Fund Trust | 0,20% | 374.585 SH | 2 Okt. 2026 | Harian |
| PBP · Invesco Exchange-Traded Fund Trust | 0,20% | 1.509 SH | 2 Okt. 2026 | Harian |
| ILCB · iShares Trust | 0,20% | 4.934 SH | 11 Sep. 2026 | Harian |
| PBUS · Invesco Exchange-Traded Fund Trust … | 0,19% | 43.969 SH | 2 Okt. 2026 | Harian |
| XYLD · Global X Funds | 0,19% | 12.907 NS | 31 Juli 2026 | N-PORT |
| EUSA · iShares, Inc. | 0,19% | 7.068 SH | 11 Sep. 2026 | Harian |
| BKLC · BNY Mellon ETF Trust | 0,19% | 21.640 NS | 31 Juli 2026 | N-PORT |
| XTR · Global X Funds | 0,19% | 19 NS | 31 Juli 2026 | N-PORT |
| XRMI · Global X Funds | 0,19% | 197 NS | 31 Juli 2026 | N-PORT |
| PTLC · Pacer Funds Trust | 0,19% | 12.862 NS | 31 Juli 2026 | N-PORT |
| BBUS · J.P. Morgan Exchange-Traded Fund Tr… | 0,19% | 34.939 NS | 31 Juli 2026 | N-PORT |
| XCLR · Global X Funds | 0,19% | 14 NS | 31 Juli 2026 | N-PORT |
| ACIO · ETF Series Solutions | 0,19% | 9.231 NS | 31 Juli 2026 | N-PORT |
| IWB · iShares Trust | 0,19% | 176.013 SH | 11 Sep. 2026 | Harian |
| IYY · iShares Trust | 0,19% | 10.911 SH | 11 Sep. 2026 | Harian |
| VOTE · TCW ETF Trust | 0,19% | 4.289 NS | 31 Juli 2026 | N-PORT |
| FAD · First Trust Exchange-Traded AlphaDE… | 0,19% | 2.250 NS | 31 Juli 2026 | N-PORT |
| XYLG · Global X Funds | 0,19% | 249 NS | 31 Juli 2026 | N-PORT |
| ADME · ETF Series Solutions | 0,18% | 1.109 NS | 31 Juli 2026 | N-PORT |
| VONE · VANGUARD SCOTTSDALE FUNDS | 0,18% | 42.069 SH | 19 Agu 2026 | Harian |
| TOV · EA Series Trust | 0,18% | 989 NS | 31 Juli 2026 | N-PORT |
| IWV · iShares Trust | 0,18% | 70.009 SH | 11 Sep. 2026 | Harian |
| ITOT · iShares Trust | 0,18% | 330.475 SH | 11 Sep. 2026 | Harian |
| DFUS · Dimensional ETF Trust | 0,18% | 77.081 NS | 31 Juli 2026 | N-PORT |
| RECS · Columbia ETF Trust I | 0,18% | 21.522 NS | 31 Juli 2026 | N-PORT |
| DFSU · Dimensional ETF Trust | 0,17% | 8.298 NS | 31 Juli 2026 | N-PORT |
| SPUU · Direxion Shares ETF Trust | 0,17% | 958 NS | 31 Juli 2026 | N-PORT |
| VOXP · Advisors Series Trust | 0,17% | 21 NS | 31 Juli 2026 | N-PORT |
| QDPL · Pacer Funds Trust | 0,17% | 6.086 NS | 31 Juli 2026 | N-PORT |
| VTI · VANGUARD INDEX FUNDS | 0,17% | 8.059.531 SH | 19 Agu 2026 | Harian |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0,17% | 21.413 SH | 19 Agu 2026 | Harian |
| ROUS · Lattice Strategies Trust | 0,17% | 2.514 NS | 31 Juli 2026 | N-PORT |
| JQUA · J.P. Morgan Exchange-Traded Fund Tr… | 0,17% | 28.850 NS | 31 Juli 2026 | N-PORT |
| PHDG · Invesco Actively Managed Exchange-T… | 0,16% | 200 SH | 2 Okt. 2026 | Harian |
| TILT · FlexShares Trust | 0,16% | 7.268 NS | 31 Juli 2026 | N-PORT |
| TOK · iShares Trust | 0,15% | 711 SH | 11 Sep. 2026 | Harian |
| EVUS · iShares Trust | 0,15% | 1.120 SH | 11 Sep. 2026 | Harian |
| HCMT · Direxion Shares ETF Trust | 0,15% | 1.767 NS | 31 Juli 2026 | N-PORT |
| URTH · iShares, Inc. | 0,14% | 22.839 SH | 11 Sep. 2026 | Harian |
| IUS · Invesco Exchange-Traded Self-Indexe… | 0,14% | 2.716 SH | 2 Okt. 2026 | Harian |
| SPXL · Direxion Shares ETF Trust | 0,14% | 19.843 NS | 31 Juli 2026 | N-PORT |
| PRF · Invesco Exchange-Traded Fund Trust | 0,14% | 27.068 SH | 2 Okt. 2026 | Harian |
| DFVX · Dimensional ETF Trust | 0,14% | 1.533 NS | 31 Juli 2026 | N-PORT |
| DFAU · Dimensional ETF Trust | 0,13% | 34.643 NS | 31 Juli 2026 | N-PORT |
| ACWI · iShares Trust | 0,13% | 80.964 SH | 11 Sep. 2026 | Harian |
| ILCG · iShares Trust | 0,12% | 7.358 SH | 11 Sep. 2026 | Harian |
| VT · VANGUARD INTERNATIONAL EQUITY INDEX… | 0,11% | 212.018 SH | 19 Agu 2026 | Harian |
| CRBN · iShares Trust | 0,11% | 2.480 SH | 11 Sep. 2026 | Harian |
| LGDX · Tidal Trust III | 0,11% | 319 NS | 31 Juli 2026 | N-PORT |
| DCOR · Dimensional ETF Trust | 0,10% | 6.724 NS | 31 Juli 2026 | N-PORT |
| EQAL · Invesco Exchange-Traded Fund Trust … | 0,09% | 1.469 SH | 2 Okt. 2026 | Harian |
| DFAC · Dimensional ETF Trust | 0,09% | 89.310 NS | 31 Juli 2026 | N-PORT |
| FEX · First Trust Exchange-Traded AlphaDE… | 0,09% | 2.837 NS | 31 Juli 2026 | N-PORT |
| RWL · Invesco Exchange-Traded Fund Trust … | 0,06% | 12.205 SH | 2 Okt. 2026 | Harian |
| DYNF · BlackRock ETF Trust | 0,05% | 43.032 SH | 11 Sep. 2026 | Harian |
| DXUV · Dimensional ETF Trust | 0,04% | 517 NS | 31 Juli 2026 | N-PORT |
VRTX Konsensus Analis Opini analis bullish dan bearish, target harga 12 bulan, potensi kenaikan
Target Harga 12 Bulan
28 analis · 2026-09-30Target rata-rata $571.39 +13,2%
Perbandingan rekan (sub-industri GICS) Metrik utama vs rekan sektor
Dasar FY, harga per penutupan akhir tahun fiskal terakhir setiap perusahaan.
| Ticker | Kapitalisasi Pasar | P/E | Pendapatan YoY | Margin Bersih | ROE | Margin Kotor |
|---|---|---|---|---|---|---|
| VRTX | $115.15B | 29.6 | 8.9% | 32.9% | 22.1% | · |
| ABBV | · | 96.8 | 8.6% | 6.9% | 15367.3% | · |
| AMGN | $176.35B | 23.0 | 10.0% | 21.0% | 95.9% | · |
| GILD | $152.32B | 18.1 | 2.4% | 28.9% | 40.5% | · |
| MRNA | $11.62B | -4.1 | -39.9% | -145.2% | -31.3% | · |
| REGN | $106.21B | 18.6 | 0.99% | 31.4% | 14.7% | · |
| NTRA | $32.00B | -150.7 | 35.9% | -9.0% | -14.1% | · |
| RVMD | · | · | · | · | · | · |
Berita Terbaru Berita utama terbaru yang menyebutkan perusahaan ini
VRTX Panel Analis AI — Pandangan Bullish dan Bearish Debat 2026Q2: Claude, Grok, Gemini, ChatGPT tentang prospek saham
Vertex adalah perusahaan farmasi berkualitas tinggi yang valuasi premiumnya bergantung sepenuhnya pada kemampuannya untuk berhasil meluncurkan pengobatan nyeri non-opioid baru. Claude dan Gemini menyoroti neraca kokoh dan kekuatan harga perusahaan, sementara Grok dan ChatGPT memperingatkan bahwa pertumbuhan laba yang stagnan membuat rasio P/E 31x rentan terhadap penundaan pipeline. Panel terbagi apakah harga saat ini mencerminkan pertumbuhan masa depan atau kelipatan yang terlalu terentang, yang pada akhirnya menyatu pada penahanan yang hati-hati.
Babak 1 — Pandangan Awal
Saya melihat kasus terkuat Vertex bergantung pada profitabilitasnya yang kokoh dari dominasi fibrosis kistik, yang mendorong R&D tanpa beban utang karena terapi baru seperti obat nyeri mendapatkan daya tarik. Margin kotor bertahan di 86%, membuktikan mereka menguasai harga premium yang tidak dapat ditandingi oleh pesaing di farmasi khusus. Margin bersih berada di 31%, menghasilkan kas yang cukup untuk mendanai pipeline yang baru saja ditetapkan Morgan Stanley dengan target $612—30% di atas penutupan hari ini sebesar $469. Utang terhadap ekuitas nol berarti tidak ada beban bunga, ketahanan murni dalam volatilitas bioteknologi.
Kasus terburuk terkuat saya adalah pertumbuhan laba Vertex yang stagnan menjebaknya pada valuasi premium yang hancur jika taruhan pipeline goyah di tengah jurang paten. EPS TTM datar di $14,23 tidak menawarkan percepatan untuk membenarkan kenaikan. ROE sebesar 21,8% tertinggal dari pesaing seperti AMGN sebesar 96%, menandakan efisiensi modal yang lebih lemah meskipun ada hiruk pikuk. P/E sebesar 31 melebihi GILD sebesar 19, membayangkan kesempurnaan dengan penurunan Mei baru-baru ini dari $501 menjadi $425 yang mengekspos kerapuhan sentimen.
Vertex adalah penguat farmasi langka dengan kekuatan harga dan neraca yang kokoh. Margin kotor 86% dan margin bersih 31% memberi tahu Anda bahwa ini adalah bisnis waralaba, bukan permainan komoditas — obat-obatan yang dibutuhkan pasien dan diresepkan dokter. Nol utang dan rasio lancar 2,36x berarti manajemen dapat mendanai R&D atau M&A tanpa dilusi. Target $612 Morgan Stanley (April 2026) menyiratkan potensi kenaikan 30% dari level saat ini, dan panggilan itu datang setelah saham sudah naik dari $424 di bulan Mei menjadi $469 hari ini. Pasar menghargai eksekusi, bukan memperhitungkan spekulasi.
Valuasi sudah memperhitungkan bertahun-tahun eksekusi tanpa cela. Pada 31,3x pendapatan tertinggal dan 9,8x penjualan, Vertex diperdagangkan dengan premi 25% dibandingkan Amgen dan premi 67% dibandingkan Gilead meskipun pertumbuhan ROE lebih lambat. Saham telah bergejolak — turun 15% dalam satu minggu (penutupan 9 Mei $425 ke pembukaan 16 Mei $425, kemudian pemulihan), menandakan ketidakpastian institusional tentang ancaman pipeline atau kompetitif. Jika satu uji coba tahap akhir gagal atau pesaing meluncurkan obat yang lebih baik di kelasnya, kelipatannya akan cepat terkompresi. Kelipatan bioteknologi bersifat mean-reverting, dan yang ini terentang.
Vertex secara efektif adalah benteng profitabilitas yang telah berhasil menghilangkan risiko neracanya. Perusahaan saat ini memiliki rasio Utang/Ekuitas sebesar 0,0, yang berarti mereka beroperasi sepenuhnya dengan arus kas mereka sendiri daripada mengandalkan kreditur. Kemandirian finansial ini didukung oleh margin kotor yang besar sebesar 86,28%. Ini menunjukkan bahwa untuk setiap dolar obat yang mereka jual, mereka menyimpan lebih dari 86 sen sebelum biaya operasional, menunjukkan kekuatan harga yang luar biasa di pasar farmasi khusus.
Pasar sudah memperhitungkan premi untuk stabilitas Vertex, menyisakan sedikit ruang untuk kesalahan jika pertumbuhan melambat. Investor saat ini membayar rasio P/E sebesar 31,29. Ini berarti Anda membayar lebih dari 31 dolar untuk setiap dolar pendapatan tahunan, yang secara signifikan lebih tinggi daripada pesaing seperti Gilead. Selain itu, pada rasio P/S sebesar 9,81, saham diperdagangkan pada kelipatan tinggi relatif terhadap penjualan aktualnya. Ini menunjukkan pasar bertaruh pada ekspansi agresif di masa depan yang mungkin sulit dibenarkan oleh keuangan saat ini.
Saya pikir kasus terkuat Vertex adalah bahwa ia menggabungkan profitabilitas yang luar biasa dengan neraca bebas utang, menciptakan ruang untuk mendanai pipeline yang kuat. ROE TTM 21,81%. Itu berarti Vertex mengubah ekuitas menjadi laba sekitar 22 sen per dolar, menandakan penggunaan modal yang efisien. Margin kotor TTM 86,28%. Bantalan itu menunjukkan kekuatan harga dan operasi yang dapat diskalakan, memberikan ketahanan Vertex jika biaya naik. Utang/ekuitas 0,0. Tanpa utang bersih, perusahaan memiliki opsi untuk mendanai uji coba tahap akhir atau menghadapi penurunan. Jika pipeline memberikan hasil, pengaturan ini dapat mengkomposisikan laba dan arus kas hingga Q2 2026.
Saya pikir valuasi Vertex adalah hambatan utama; saham dihargai untuk kesempurnaan, menyisakan sedikit bantalan untuk setiap cegukan dalam pipeline. P/E TTM 31,30. Premi itu menyiratkan pasar mengharapkan pertumbuhan yang berkelanjutan; setiap perlambatan dapat memicu kompresi kelipatan. P/S TTM 9,81. Kelipatan penjualan yang tinggi berarti investor mengandalkan kenaikan pendapatan yang cepat; jika pertumbuhan melambat, kelipatan akan berkontraksi. AMGN P/E 25,16. Vertex diperdagangkan jauh di atas pesaing ini, yang meningkatkan risiko penurunan jika katalis tertinggal.
Babak 2 — Tanggapan & Bantahan
Babak 2 — Tanggapan & Bantahan
ChatGPT, ROE Vertex sebesar 21,8% bukanlah keunggulan efisiensi seperti yang Anda gambarkan karena tertinggal dari pesaing seperti Amgen sebesar 96,2%, menunjukkan Vertex mengubah ekuitas jauh lebih sedikit menjadi laba meskipun tanpa utang menghilangkan alasan leverage. Kesenjangan pesaing itu menggarisbawahi mengapa P/E 31x menuntut pertumbuhan laba yang lebih cepat untuk bertahan hingga Q2 2026—EPS yang stagnan di $14,23 tidak menyisakan ruang untuk kesalahan jika penundaan pipeline terjadi.
Saya perlu menolak perhitungan ROE ChatGPT di sini. ChatGPT mengatakan ROE 21,81% berarti Vertex mengubah ekuitas menjadi laba 'sekitar 22 sen per dolar'—itu terbalik. ROE 21,81% berarti untuk setiap dolar ekuitas pemegang saham di neraca, Vertex menghasilkan 21,8 sen laba tahunan. Itu sebenarnya kuat untuk farmasi, bukan lemah. Masalah sebenarnya yang dilewatkan ChatGPT adalah bahwa ROE Vertex adalah setengah dari Amgen sebesar 96%, yang ditandai dengan benar oleh Grok. Jika Vertex mengerahkan modal setengah seefisien pesaingnya meskipun neraca kokoh dan margin premium, itulah pertanyaan efisiensi yang sebenarnya—bukan apakah ROE 22% dapat diterima secara terpisah. Premi valuasi hanya bertahan jika Vertex dapat menutup kesenjangan itu.
Grok, poin Anda tentang perbandingan ROE dengan Amgen menyesatkan karena Anda mengabaikan perbedaan besar dalam struktur modal. ROE Amgen sebesar 96% sangat dinaikkan oleh leverage tinggi, sedangkan ROE Vertex sebesar 21,81% dihasilkan tanpa utang. Metrik itu berarti Vertex menciptakan nilai pemegang saham yang signifikan hanya dengan menggunakan arus kas operasionalnya sendiri daripada uang pinjaman. Meskipun saya setuju valuasi diregangkan, membandingkan perusahaan bebas utang dengan pesaing yang sangat leveraged membuat efisiensi modal terlihat lebih buruk daripada sebenarnya bagi bisnis.
Claude, poin Anda tentang neraca kokoh Vertex kuat, tetapi valuasi saham tetap penting. P/E TTM adalah 31,3, yang berarti investor membayar premi untuk pendapatan yang tahan lama daripada pertumbuhan yang murah. Premi itu menyisakan lebih sedikit ruang untuk kesalahan jika pipeline melambat atau pesaing mendapatkan daya tarik, karena kelipatan dapat terkompresi dengan cepat di bioteknologi ketika sentimen bergeser.
Babak 3 — Bantahan Akhir
Babak 3 — Bantahan Akhir
Gemini, pembelaan leverage Anda terhadap ROE Vertex tidak sepenuhnya berlaku karena penghapusan leverage perusahaan sendiri membuktikan operasi tidak menutup kesenjangan pesaing. Utang/ekuitas berada di 0,68 pada Q3 2025. Leverage yang moderat itu menghasilkan ROE 22,14%, mengubah setiap dolar ekuitas menjadi laba yang solid tetapi tidak luar biasa. Sekarang bebas utang, ROE adalah 21,81%. Tidak ada peningkatan efisiensi yang muncul tanpa angin ekor utang—masih setengah dari output Amgen, jadi perbandingan tetap ada dan menekan P/E 31x untuk bukti pipeline.
Saya ingin menentang sesuatu yang belum disentuh siapa pun: risiko konsentrasi pendapatan Vertex. Obat fibrosis kistik—Kalydeco, Orkambi, Trikafta—kemungkinan mewakili 70% atau lebih dari total pendapatan, dan waralaba itu sudah matang. Perusahaan bertaruh ekspansi pipeline ke nyeri, obesitas, dan indikasi lain akan mengimbangi dataran tinggi CF, tetapi kami belum melihat traksi pendapatan material dari program-program tersebut. Target Morgan Stanley sebesar $612 mengasumsikan peluncuran yang sukses, tetapi jika uji coba tersebut tertunda atau berkinerja buruk, Vertex menghadapi jurang pendapatan yang tidak dapat diserap oleh kekuatan margin apa pun. Itulah risiko ekor yang sebenarnya tersembunyi di balik kelipatan 31x—bukan hanya kompresi kelipatan, tetapi kompresi pendapatan aktual jika obat baru tidak berhasil. Gemini dan Grok, berapa banyak dari target $612 itu bergantung pada keberhasilan pipeline versus pemeliharaan CF?
Grok, saya harus menantang pernyataan Anda bahwa EPS Vertex yang stagnan di $14,23 adalah risiko utama, karena itu mengabaikan pergeseran besar yang akan datang dalam bauran pendapatan mereka. Vertex saat ini bertransisi dari monopoli fibrosis kistik menjadi platform khusus yang lebih luas, khususnya dengan peluncuran pengobatan nyeri non-opioid mereka, suzetrigine. Obat ini menargetkan pasar besar yang kurang terlayani yang dapat secara fundamental mengubah lintasan pertumbuhan mereka pada Q2 2026. Meskipun P/E saat ini sebesar 31,3 tinggi, kelipatan itu mewakili taruhan pasar pada ekspansi pipeline ini, bukan hanya basis pendapatan saat ini yang stabil.
Saya memperluas bingkai, Claude, Grok, Gemini, untuk memasukkan dinamika kebijakan dan kompetitif ke dalam aksi harga Vertex. P/E TTM sekitar 31x. Premi itu menyiratkan investor mengharapkan pendapatan yang tahan lama, tetapi dapat terkompresi jika pergeseran kebijakan seperti negosiasi harga CMS menggigit harga AS Vertex dan jika pembacaan data pesaing tahap akhir pada tahun 2026 mengkonfirmasi risiko pipeline yang lebih kuat, yang berpotensi membatasi kenaikan hingga Q2 2026.
Prakiraan Harga
| Model | Target 3B | Target 6B | Alasan |
|---|---|---|---|
| Grok | $510.00 | $540.00 | Saya pikir Vertex akan mengkonsolidasikan sedikit ke atas dari $494 karena arus kas waralaba CF mempertahankan valuasi premium hingga Q2 2026, tetapi kurang percepatan tanpa kemenangan pipeline. Katalis utamanya adalah data topline Fase 3 suzetrigine yang diharapkan pada Q4 2025, yang dapat membuka pendapatan nyeri non-opioid dan menjembatani pertumbuhan EPS yang stagnan. Risiko utamanya adalah kegagalan uji coba yang mengekspos konsentrasi CF, mengkompresi kelipatan dengan cepat. Mempertahankan P/E 31x pada target 6 bulan saya sebesar $540 berarti pasar masih menuntut bukti ekspansi laba 15%+ untuk mempertahankan premi pesaing di atas GILD 19x. |
| Claude | $485.00 | $520.00 | Kasus terkuat Vertex bergantung pada ekspansi pipeline yang mengimbangi dataran tinggi fibrosis kistik—tetapi ekspansi itu belum terwujud dalam pendapatan. Saham diperdagangkan pada 31,3x pendapatan tertinggal, premi yang dibenarkan hanya jika program suzetrigine dan nyeri memberikan pendapatan material pada akhir 2026. Target 3 bulan saya sebesar $485 mencerminkan konsolidasi sideways saat pasar menunggu pendapatan Q2 2026 dan sinyal traksi awal suzetrigine. Target 6 bulan saya sebesar $520 mengasumsikan tesis Morgan Stanley sebesar $612 sebagian benar—satu pembacaan tahap akhir yang sukses atau revisi panduan peluncuran mengkatalisasi ekspansi kelipatan. Risiko utama: jika pendapatan Q2 mengecewakan atau penundaan pipeline muncul, kelipatan 31x akan terkompresi menjadi median pesaing 26–27x, mendorong saham ke $420–$440. Pada level saat ini, rasio risiko-imbalan lebih menguntungkan pemegang yang sabar, bukan pembeli baru. |
| Gemini | $525.00 | $575.00 | Tesis saya adalah bahwa Vertex akan bertransisi dari pemain niche fibrosis kistik menjadi platform khusus yang lebih luas, mendorong penyesuaian ulang valuasi saat pasar mendapatkan kepercayaan pada pipeline non-opioid mereka. Katalis utama untuk target 6 bulan saya adalah peluncuran komersial dan data resep awal untuk suzetrigine, yang akan membuktikan perusahaan dapat berkembang melampaui waralaba intinya. Sebaliknya, kegagalan untuk mengamankan persyaratan penggantian biaya yang menguntungkan untuk obat baru ini akan merusak tesis saya dan memaksa kontraksi kelipatan. Kami saat ini membayar rasio P/E sebesar 31,3. Ini berarti investor membayar lebih dari 31 dolar untuk setiap dolar pendapatan tahunan, bertaruh bahwa terobosan pipeline di masa depan akan membenarkan premi ini. |
| Chatgpt | $612.00 | $640.00 | Tesis saya adalah Vertex dapat bergerak lebih tinggi jika pipeline terbukti tahan lama dan neraca tetap kokoh. Katalis: pembacaan fase 3 yang positif untuk suzetrigine atau panduan Q2 yang lebih kuat akan mendorong saham. Risiko: kekecewaan uji coba tahap akhir atau ekspansi pipeline CF yang lebih lambat dapat memicu kompresi kelipatan. Saat ini, Vertex diperdagangkan sekitar 493,84; target 3 bulan saya adalah 612. |
Sinyal Perdagangan Sinyal beli/jual terbaru dengan harga masuk dan rasio risiko/imbalan
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