NEUROCRINE BIOSCIENCES INC
NBIX· Nasdaq· Biological Products, (No Diagnostic Substances)
- Market cap
- –
- P/FCF
- –
- EV/Sales
- –
- FCF margin
- 26.2%
- ROIC, 5 yr avg
- –
- Revenue, 5 yr CAGR
- +22.3%
We record prices for the companies we cover; NBIX is not one of them yet.
Company statistics
Profile · FY2025
- Market cap
- –
- Enterprise value
- –
- Diluted shares
- 102.5M
- Revenue
- $2.9B
- Free cash flow
- $748.7M
- Owner earnings
- $530.8M
Valuation · FY2025
- P/E
- –
- P/FCF
- –
- P/Owner earnings
- –
- EV/Sales
- –
- EV/FCF
- –
- P/B
- –
Margins · FY2025
- Gross
- –
- Operating
- 21.6%
- Net
- 16.7%
- Free cash flow
- 26.2%
- Owner earnings
- 18.6%
- Stock pay
- 7.6%
Returns
- ROIC, FY2025
- –
- ROIC, 5 yr avg
- –
- ROE, FY2025
- 14.7%
- ROE, 5 yr avg
- 10.9%
Growth (CAGR)
- Revenue, 3 yr
- 24.3%
- Revenue, 5 yr
- 22.3%
- Revenue, 9 yr
- 79.2%
- Diluted EPS, 3 yr
- 44.1%
- Diluted EPS, 5 yr
- 2.3%
- Diluted EPS, 9 yr
- –
- Free cash flow, 3 yr
- 32.4%
- Free cash flow, 5 yr
- 28.0%
- Free cash flow, 9 yr
- –
Financial health · FY2025
- Cash and investments
- $1.5B
- Total debt
- –
- Net cash
- –
- Debt/Equity
- –
- Debt/FCF
- –
Shareholder returns · FY2025
- Dividend yield
- –
- Payout ratio
- –
- Buyback yield
- –
- Shareholder yield
- –
- Share count, 5 yr
- 0.9%
Financials: ten years from the 10-Ks
Revenue
$2.9B
+79.2% a year over 9 years
FY2016FY2025
Margins
Operating21.6%Net16.7%
FY2025
FY2016FY2025
Free cash flow and owner earnings
Free cash flow$748.7MOwner earnings$530.8M
FY2025
FY2016FY2025
Diluted shares
102.5M
+18.2% over 9 years, net dilution
FY2016FY2025
Return on invested capital
–
FY2025
FY2016FY2025
Net cash
–
$1.1B more cash than debt
FY2016FY2025
Every figure, year by year
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| The business | ||||||||||
| Revenue | $15.0M | $161.6M | $451.2M | $788.1M | $1.0B | $1.1B | $1.5B | $1.9B | $2.4B | $2.9B |
| Revenue growth | -24.1% | 977.5% | 179.2% | 74.7% | 32.7% | 8.4% | 31.3% | 26.8% | 24.8% | 21.4% |
| Gross margin | – | – | – | – | – | – | – | – | – | – |
| Operating margin | -982.5% | -81.3% | 8.2% | 9.2% | 15.6% | 9.0% | 16.7% | 13.3% | 24.2% | 21.6% |
| Net income | -$141.1M | -$142.5M | $21.1M | $37.0M | $407.3M | $89.6M | $154.5M | $249.7M | $341.3M | $478.6M |
| Net margin | -940.6% | -88.2% | 4.7% | 4.7% | 38.9% | 7.9% | 10.4% | 13.2% | 14.5% | 16.7% |
| Diluted EPS | $-1.63 | $-1.62 | $0.22 | $0.39 | $4.16 | $0.92 | $1.56 | $2.47 | $3.29 | $4.67 |
| Return on invested capital? | – | – | 16.3% | 15.3% | – | 9.1% | 20.3% | 13.8% | 26.5% | – |
| Cash | ||||||||||
| Operating cash flow | -$106.2M | -$94.3M | $101.4M | $147.0M | $228.5M | $256.5M | $339.4M | $389.9M | $595.4M | $782.7M |
| Capital expenditure | $4.1M | $6.9M | $24.8M | $14.7M | $10.9M | $23.4M | $16.5M | $28.3M | $38.2M | $34.0M |
| Free cash flow | -$110.3M | -$101.3M | $76.6M | $132.3M | $217.6M | $233.1M | $322.9M | $361.6M | $557.2M | $748.7M |
| Stock-based compensation | $28.5M | $42.5M | $58.1M | $75.3M | $100.0M | $134.2M | $173.1M | $194.3M | $195.5M | $217.9M |
| Owner earnings? | -$138.8M | -$143.8M | $18.5M | $57.0M | $117.6M | $98.9M | $149.8M | $167.3M | $361.7M | $530.8M |
| Free cash flow per share | $-1.27 | $-1.15 | $0.80 | $1.38 | $2.22 | $2.38 | $3.26 | $3.58 | $5.37 | $7.30 |
| Capital allocation | ||||||||||
| Dividends paid | – | – | – | – | – | – | – | – | – | – |
| Share repurchases | – | – | – | – | – | – | $0 | $0 | $300.0M | $167.7M |
| Diluted shares | 86.7M | 88.1M | 95.4M | 95.7M | 97.8M | 97.9M | 98.9M | 101.0M | 103.7M | 102.5M |
| Share count change? | 2.6% | 1.6% | 8.3% | 0.3% | 2.2% | 0.1% | 1.0% | 2.1% | 2.7% | -1.2% |
| Balance sheet | ||||||||||
| Cash and equivalents | $83.3M | $254.7M | $141.7M | $112.3M | $187.1M | $340.8M | $262.9M | $251.1M | $233.0M | $713.0M |
| Short-term investments | – | $261.2M | $509.2M | $558.2M | $613.9M | $370.5M | $726.4M | $780.5M | $843.1M | $767.4M |
| Total debt | $0 | $369.6M | $388.5M | $408.8M | $317.9M | $335.1M | $169.4M | $170.1M | $0 | – |
| Net debt | -$83.3M | -$146.3M | -$262.4M | -$261.7M | -$483.1M | -$376.2M | -$819.9M | -$861.5M | -$1.1B | – |
| Shareholders' equity | $314.9M | $372.2M | $480.8M | $636.9M | $1.1B | $1.4B | $1.7B | $2.2B | $2.6B | $3.3B |
Latest filings
| 2026-07-31 | 10-Q | Quarterly report |
| 2026-07-30 | 8-K | Earnings release |
| 2026-05-05 | 10-Q | Quarterly report |
| 2026-05-05 | 8-K | Earnings release |
| 2026-04-15 | DEF 14A | Proxy statement |
| 2026-02-11 | 10-K | Annual report |
| 2026-02-11 | 8-K | Earnings release |
| 2025-10-28 | 10-Q | Quarterly report |
| 2025-10-28 | 8-K | Earnings release |
| 2025-07-30 | 10-Q | Quarterly report |
More from our coverage
- MSFTPlatforms8.4MicrosoftThe most entrenched software franchise in the enterprise, now spending its cash flow on AI capacity; a great business we would own with a margin of safety, not at any price.Base value $410.29
- NVDAAI infrastructure8.4NVIDIAThe best business in technology at the top of its cycle: the moat is CUDA as much as silicon, but today's margins are a peak, not a floor.Base value $104.32
- AAPLHardware7.6AppleOne of the highest-quality businesses in the world growing in the low single digits; the price usually assumes more growth than the numbers show.Base value $134.27
- GOOGLPlatforms7.4AlphabetSearch pays for everything, and AI is both its biggest threat and its biggest opportunity; the price has to allow for search being worth less than it was.Base value $209.60
- NOWSoftware7.4ServiceNowA rare enterprise platform still growing above 20% with high retention; the free cash flow is real but stock pay takes a large share of it.Base value $189.13
- ADBESoftware7.4AdobeSuperb margins and a shrinking share count, priced for decline; the question is whether AI makes Adobe's tools more valuable or makes them unnecessary.Base value $449.35
