Recent News
On February 23, 2026 Galapagos published its full‑year 2025 results and confirmed completion of the works‑council consultation; the Board decided to initiate the wind‑down of the company’s cell‑therapy activities, with the company noting the auditor’s procedures on the 2025 financials were substantially complete.
Technical Analysis
ADX reads 8.86, indicating no actionable market trend; low ADX lowers conviction behind directional signals and implies rangebound behavior in the near term.
DI+ shows a dip‑and‑reversal, a bullish directional cue, while DI‑ increased; these opposing DI signals create short‑term directional conflict that favors episodic upside attempts but lacks sustained follow‑through.
MACD at -0.10 and declining, with the MACD line below its 0.02 signal, indicates bearish momentum and that recent price strength lacks confirmation from momentum internals.
MRO stands positive at 13.49, implying the current price sits above the oscillator’s target and therefore faces a propensity to pull back; the positive reading signals measurable downside pressure if momentum fades.
RSI near 52 and decreasing denotes neutral‑to‑slightly‑weak momentum rather than exhaustion, consistent with a stock trading inside its short‑term band without strong overbought or oversold extremes.
Price sits at $33.21, below the 20‑day and 50‑day averages (~$33.62 and $33.65) but above the 200‑day average ($32.01); intraday averages suggest short‑term pressure while longer‑term bias remains mildly supportive.
Bollinger band width stays tight (upper ~ $34.14, lower ~ $33.11), implying low volatility and a higher likelihood of range trading until a momentum catalyst arrives; Ichimoku conversion and base lines cluster near $34.27, reinforcing the short‑term resistance zone.
Fundamental Analysis
Liquidity and capital structure: cash and short‑term investments total $3,050,114,000 against a market capitalization of $2,134,521,450, producing a cash‑rich balance sheet and a cash ratio of 8.32 and quick ratio of 8.56. Total debt remains negligible at $7,502,000, keeping leverage near zero on a debt‑to‑assets basis (0.21%).
Profitability and earnings: trailing EPS registered at -$0.18 versus an estimate of -$0.28, producing an EPS surprise of +35.71%. EBIT equals $2,419,000 and translates to an EBIT margin of 3.40%; that EBIT margin sits above the industry peer mean of -84.108% and above the industry peer median of 42.305% when expressed in the same percentage terms, indicating relative outperformance on this specific metric.
Top‑line and cash flow: total revenue reached $71,161,000 while operating margin remained negative at -58.56% and net income totaled -$202,111,000. Free cash flow equaled -$65,457,000, producing a free cash flow yield of -3.07% and a free cash flow decline year‑over‑year consistent with a company investing heavily in development programs.
Operating efficiency and working capital: revenue growth reads as a positive 8.996% on one metric but year‑over‑year revenue change shows -138.87% per the provided YoY figure; days‑payables outstanding at 2,266.82 and a cash conversion cycle of -1,652.06 days reflect an unusually long payable runway and an operating model that preserves cash through extended payables.
Valuation context: price‑to‑book at 0.87 sits well below the industry peer mean of 6.91 and industry peer median of 6.06, reinforcing a low relative price to tangible equity. Forward EPS and forward PE remain negative (forward EPS -$0.2009; forward PE -122.01) consistent with loss profiles expected while late‑stage clinical programs proceed. The current valuation as determined by WMDST classifies the stock as under‑valued.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-09-30 |
| REPORT DATE: | 2025-11-05 |
| NEXT REPORT DATE: | 2026-02-04 |
| CASH FLOW | Begin Period Cash Flow | $ 71.7 M |
| Operating Cash Flow | $ -62.61 M | |
| Capital Expenditures | $ -2.85 M | |
| Change In Working Capital | $ -57.83 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -7.21 M | |
| End Period Cash Flow | $ 64.5 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 71.2 M | |
| Forward Revenue | $ 1.2 M | |
| COSTS | ||
| Cost Of Revenue | $ 10.8 M | |
| Depreciation | — | |
| Depreciation and Amortization | — | |
| Research and Development | $ 73.9 M | |
| Total Operating Expenses | $ 112.8 M | |
| PROFITABILITY | ||
| Gross Profit | $ 60.3 M | |
| EBITDA | $ 2.4 M | |
| EBIT | $ 2.4 M | |
| Operating Income | $ -41.67 M | |
| Interest Income | — | |
| Interest Expense | — | |
| Net Interest Income | $ 9.3 M | |
| Income Before Tax | $ -221.49 M | |
| Tax Provision | $ -17.50 M | |
| Tax Rate | 7.901 % | |
| Net Income | $ -202.11 M | |
| Net Income From Continuing Operations | $ -202.11 M | |
| EARNINGS | ||
| EPS Estimate | $ -0.28 | |
| EPS Actual | $ -0.18 | |
| EPS Difference | $ 0.10 | |
| EPS Surprise | 35.714 % | |
| Forward EPS | $ -0.20 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 3.5 B | |
| Intangible Assets | $ 7.4 M | |
| Net Tangible Assets | $ 2.4 B | |
| Total Current Assets | $ 3.2 B | |
| Cash and Short-Term Investments | $ 3.1 B | |
| Cash | $ 64.5 M | |
| Net Receivables | $ 45.3 M | |
| Inventory | $ 22.9 M | |
| Long-Term Investments | $ 2.5 M | |
| LIABILITIES | ||
| Accounts Payable | $ 100.6 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 366.6 M | |
| Net Debt | — | |
| Total Debt | $ 7.5 M | |
| Total Liabilities | $ 1.1 B | |
| EQUITY | ||
| Total Equity | $ 2.4 B | |
| Retained Earnings | $ -577.74 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 37.13 | |
| Shares Outstanding | 65.897 M | |
| Revenue Per-Share | $ 1.08 | |
| VALUATION | Market Capitalization | $ 2.1 B |
| Enterprise Value | $ -908.09 M | |
| Enterprise Multiple | -375.399 | |
| Enterprise Multiple QoQ | -3682.549 % | |
| Enterprise Multiple YoY | -1363.603 % | |
| Enterprise Multiple IPRWA | high: 52.77 median: 28.451 mean: 8.613 low: -81.962 GLPG: -375.399 |
|
| EV/R | -12.761 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.435 | |
| Asset To Liability | 3.298 | |
| Debt To Capital | 0.003 | |
| Debt To Assets | 0.002 | |
| Debt To Assets QoQ | -3.167 % | |
| Debt To Assets YoY | 111.881 % | |
| Debt To Assets IPRWA | high: 1.045 mean: 0.24 median: 0.181 GLPG: 0.002 low: 0.0 |
|
| Debt To Equity | 0.003 | |
| Debt To Equity QoQ | -3.762 % | |
| Debt To Equity YoY | 107.432 % | |
| Debt To Equity IPRWA | high: 1.461 mean: 0.342 median: 0.106 GLPG: 0.003 low: -0.897 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 0.872 | |
| Price To Book QoQ | 13.972 % | |
| Price To Book YoY | 31.751 % | |
| Price To Book IPRWA | high: 16.86 mean: 6.906 median: 6.057 GLPG: 0.872 low: -8.555 |
|
| Price To Earnings (P/E) | -179.954 | |
| Price To Earnings QoQ | 489.495 % | |
| Price To Earnings YoY | 381.774 % | |
| Price To Earnings IPRWA | high: 56.753 median: 30.96 mean: 4.466 low: -93.179 GLPG: -179.954 |
|
| PE/G Ratio | 2.231 | |
| Price To Sales (P/S) | 29.996 | |
| Price To Sales QoQ | -3.219 % | |
| Price To Sales YoY | -5.28 % | |
| Price To Sales IPRWA | high: 1040.421 mean: 64.756 GLPG: 29.996 median: 18.442 low: 0.466 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | -122.011 | |
| Forward PE/G | 1.513 | |
| Forward P/S | 1415.368 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -11.383 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.019 | |
| Asset Turnover Ratio QoQ | 16.637 % | |
| Asset Turnover Ratio YoY | 37.341 % | |
| Asset Turnover Ratio IPRWA | high: 0.438 mean: 0.12 median: 0.107 GLPG: 0.019 low: -0.004 |
|
| Receivables Turnover | 1.412 | |
| Receivables Turnover Ratio QoQ | 15.284 % | |
| Receivables Turnover Ratio YoY | 24.35 % | |
| Receivables Turnover Ratio IPRWA | high: 5.5 median: 1.573 mean: 1.471 GLPG: 1.412 low: -0.057 |
|
| Inventory Turnover | 0.382 | |
| Inventory Turnover Ratio QoQ | 193.708 % | |
| Inventory Turnover Ratio YoY | 131724.138 % | |
| Inventory Turnover Ratio IPRWA | high: 2.722 mean: 0.642 median: 0.477 GLPG: 0.382 low: -0.015 |
|
| Days Sales Outstanding (DSO) | 64.647 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | -1652.059 | |
| Cash Conversion Cycle Days QoQ | 139.707 % | |
| Cash Conversion Cycle Days YoY | 596.545 % | |
| Cash Conversion Cycle Days IPRWA | high: 1241.621 median: 189.366 mean: 179.614 GLPG: -1652.059 low: -1859.407 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.025 | |
| CapEx To Revenue | -0.04 | |
| CapEx To Depreciation | — | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 2.4 B | |
| Net Invested Capital | $ 2.4 B | |
| Invested Capital | $ 2.4 B | |
| Net Tangible Assets | $ 2.4 B | |
| Net Working Capital | $ 2.8 B | |
| LIQUIDITY | ||
| Cash Ratio | 8.321 | |
| Current Ratio | 8.626 | |
| Current Ratio QoQ | 6.777 % | |
| Current Ratio YoY | -14.88 % | |
| Current Ratio IPRWA | high: 25.502 GLPG: 8.626 mean: 4.038 median: 2.865 low: 0.02 |
|
| Quick Ratio | 8.564 | |
| Quick Ratio QoQ | 7.114 % | |
| Quick Ratio YoY | -13.912 % | |
| Quick Ratio IPRWA | high: 13.391 GLPG: 8.564 mean: 2.538 median: 1.998 low: 0.02 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 3.101 | |
| Cost Of Debt | 1.121 % | |
| Interest Coverage Ratio | 24.938 | |
| Interest Coverage Ratio QoQ | -102.392 % | |
| Interest Coverage Ratio YoY | -135.776 % | |
| Interest Coverage Ratio IPRWA | high: 815.709 mean: 37.698 GLPG: 24.938 median: 6.583 low: -1337.523 |
|
| Operating Cash Flow Ratio | -0.171 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 2266.824 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -8.022 % | |
| Revenue Growth | 8.996 % | |
| Revenue Growth QoQ | -169.612 % | |
| Revenue Growth YoY | -138.868 % | |
| Revenue Growth IPRWA | high: 301.849 % GLPG: 8.996 % mean: 8.061 % median: 4.118 % low: -259.856 % |
|
| Earnings Growth | -80.645 % | |
| Earnings Growth QoQ | -58.829 % | |
| Earnings Growth YoY | -87.593 % | |
| Earnings Growth IPRWA | high: 162.5 % median: -6.312 % mean: -8.428 % GLPG: -80.645 % low: -198.545 % |
|
| MARGINS | ||
| Gross Margin | 84.759 % | |
| Gross Margin QoQ | -8.657 % | |
| Gross Margin YoY | -15.214 % | |
| Gross Margin IPRWA | high: 105.39 % GLPG: 84.759 % median: 81.951 % mean: 79.738 % low: -35.147 % |
|
| EBIT Margin | 3.399 % | |
| EBIT Margin QoQ | -102.195 % | |
| EBIT Margin YoY | -104.199 % | |
| EBIT Margin IPRWA | high: 3270.865 % median: 42.305 % GLPG: 3.399 % mean: -84.108 % low: -7772.481 % |
|
| Return On Sales (ROS) | -58.56 % | |
| Return On Sales QoQ | -32.957 % | |
| Return On Sales YoY | -27.656 % | |
| Return On Sales IPRWA | high: 573.037 % median: 26.431 % GLPG: -58.56 % mean: -89.761 % low: -7977.249 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -65.46 M | |
| Free Cash Flow Yield | -3.067 % | |
| Free Cash Flow Yield QoQ | -45.046 % | |
| Free Cash Flow Yield YoY | -23.611 % | |
| Free Cash Flow Yield IPRWA | high: 30.655 % median: 1.086 % mean: 0.605 % GLPG: -3.067 % low: -58.703 % |
|
| Free Cash Growth | -42.041 % | |
| Free Cash Growth QoQ | -126.691 % | |
| Free Cash Growth YoY | -0.996 % | |
| Free Cash Growth IPRWA | high: 204.738 % median: 22.832 % mean: 22.604 % GLPG: -42.041 % low: -206.871 % |
|
| Free Cash To Net Income | 0.324 | |
| Cash Flow Margin | -300.223 % | |
| Cash Flow To Earnings | 0.31 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | -5.515 % | |
| Return On Assets QoQ | 104.411 % | |
| Return On Assets YoY | 362.668 % | |
| Return On Assets IPRWA | high: 30.5 % median: 2.42 % mean: -1.367 % GLPG: -5.515 % low: -66.968 % |
|
| Return On Capital Employed (ROCE) | 0.077 % | |
| Return On Equity (ROE) | -0.083 | |
| Return On Equity QoQ | 106.5 % | |
| Return On Equity YoY | 368.785 % | |
| Return On Equity IPRWA | high: 0.948 median: 0.047 mean: 0.013 GLPG: -0.083 low: -1.385 |
|
| DuPont ROE | -7.942 % | |
| Return On Invested Capital (ROIC) | 0.091 % | |
| Return On Invested Capital QoQ | -103.011 % | |
| Return On Invested Capital YoY | -93.663 % | |
| Return On Invested Capital IPRWA | high: 31.965 % median: 5.759 % mean: 0.952 % GLPG: 0.091 % low: -73.241 % |
|