Recent News
On February 17, 2026 Genmab published its 2025 Annual Report, outlining revenue growth and product performance for the year. On February 23, 2026 the company reported initial transactions under a share buy-back program announced February 17, 2026 to repurchase shares to meet RSU obligations. On January 26, 2026 Genmab paused enrollment in an early-stage trial for a program acquired via the ProfoundBio transaction. Regulatory filings later in February disclosed management and related-party transactions.
Technical Analysis
ADX at 14.63 indicates no trend; this low trend strength reduces confidence that technical momentum will sustain a directional break despite other signals. The lack of a clear ADX trend tempers the immediacy of any breakout or breakdown and aligns with the valuation cushion WMDST assigns.
Directional indicators show DI+ peak-and-reversal while DI- increases, a bearish configuration that favors downside pressure against the current valuation support. These DI moves amplify near-term risk for price weakness rather than confirm a trend extension.
MACD exhibits a peak-and-reversal; the oscillator sits near zero with the signal line slightly negative, signaling bearish momentum rather than a fresh bullish crossover. That bearish MACD tone reinforces the near-term downward bias implied by the directional indicators.
MRO reads 19.04 and shows increasing momentum; the positive MRO indicates price sits above the model target and therefore carries a propensity to drift lower toward fair-value anchors, which may compress upside near term despite the stock’s valuation status.
RSI at 45.96 with a peak-and-reversal describes waning short-term buying pressure rather than oversold support; this RSI configuration supports a biased move lower before a corrective bounce becomes likely.
Price trades below short-term and long-term averages: the 20-day average sits at $28.10 and the 200-day average at $28.64 while the close registers $26.98. The 12-day EMA and 20-day averages show peak-and-reversal characteristics, aligning price action with the bearish oscillator and directional signals and implying resistance at the moving averages for any near-term rallies.
Breadth of volatility appears contained but biased: price sits below the 1x lower Bollinger band ($27.36), implying elevated short-term volatility and a move outside the typical one-standard-deviation range. Short-term beta (42-day) at 1.37 versus the 52-week beta of 0.92 indicates more volatile behavior recently, which can magnify near-term directional moves against the valuation backdrop.
Volume participation runs below recent averages (today’s volume 1,041,588 versus a 10-day average around 1.83 million), signaling lighter conviction in intraday moves and increasing the chance of higher intraperiod swings rather than sustained trending moves.
Fundamental Analysis
Cash and liquidity stand out: cash and short-term investments total $1,715,000,000 and the cash ratio equals 1.20, providing substantial buffer relative to current liabilities and supporting financial flexibility. Net debt registers $3,559,000,000, producing an enterprise value of $5,660,247,239 against a market capitalization of $1,949,247,239.
Profitability shows mixed signals. EBIT equals $99,000,000 producing an EBIT margin of 9.36%, which sits above the industry peer mean of -0.88% and above the industry peer median of 0.21%. However, EBIT margin contracted sharply quarter-over-quarter by -80.28% and year-over-year by -83.52%, reflecting compressed operating leverage despite a strong gross margin of 92.34%.
Earnings and estimates reflect downward pressure: reported EPS of $0.21 missed the $0.37 estimate by $0.16, a -43.24% earnings surprise. Forward EPS equals $0.44 with a forward PE of 67.65 versus a trailing PE of 150.69, implying expectations for earnings improvement but a valuation that still prices material future growth.
Growth metrics show weakness in short windows: revenue growth QoQ declined -66.40% and revenue growth YoY declined -78.34%, while reported total revenue equals $1,058,000,000. R&D spend sits at $526,000,000, underscoring continued investment in the pipeline even as near-term revenue momentum softens.
Balance-sheet leverage and capital efficiency present contrasts. Debt-to-equity equals 0.93 and debt-to-EBITDA stands elevated at 45.22; asset turnover equals 0.106, slightly below the industry peer mean of 0.116, and asset growth remains strong at 83.35%. Free cash flow equals $288,000,000 with a free cash flow yield of 14.78%, a metric that supports valuation upside relative to the industry peer mean for free cash flow yield.
Valuation view: The current valuation as determined by WMDST classifies the stock as under-valued. That appraisal draws support from a high free cash flow yield and a low price-to-book ratio of 0.33 versus an industry peer mean of 5.20, even as enterprise multiple metrics reflect the net-debt-adjusted premium implied by a $5.66 billion enterprise value. The combination of robust cash conversion and an ongoing pipeline of assets underpins the under-valued designation despite operating margin contraction and near-term growth weakness.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-12-31 |
| REPORT DATE: | 2026-02-17 |
| NEXT REPORT DATE: | 2026-05-19 |
| CASH FLOW | Begin Period Cash Flow | $ 1.8 B |
| Operating Cash Flow | $ 301.0 M | |
| Capital Expenditures | $ -13.00 M | |
| Change In Working Capital | $ 253.0 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -46.00 M | |
| End Period Cash Flow | $ 1.7 B | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 1.1 B | |
| Forward Revenue | $ 232.6 M | |
| COSTS | ||
| Cost Of Revenue | $ 81.0 M | |
| Depreciation | $ 16.0 M | |
| Depreciation and Amortization | $ 21.0 M | |
| Research and Development | $ 526.0 M | |
| Total Operating Expenses | $ 815.0 M | |
| PROFITABILITY | ||
| Gross Profit | $ 977.0 M | |
| EBITDA | $ 120.0 M | |
| EBIT | $ 99.0 M | |
| Operating Income | $ 243.0 M | |
| Interest Income | $ 48.0 M | |
| Interest Expense | $ 44.0 M | |
| Net Interest Income | $ 4.0 M | |
| Income Before Tax | $ 55.0 M | |
| Tax Provision | $ 24.0 M | |
| Tax Rate | 22.0 % | |
| Net Income | $ 31.0 M | |
| Net Income From Continuing Operations | $ 55.0 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.37 | |
| EPS Actual | $ 0.21 | |
| EPS Difference | $ -0.16 | |
| EPS Surprise | -43.243 % | |
| Forward EPS | $ 0.44 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 12.9 B | |
| Intangible Assets | $ 9.5 B | |
| Net Tangible Assets | $ -3.63 B | |
| Total Current Assets | $ 2.9 B | |
| Cash and Short-Term Investments | $ 1.7 B | |
| Cash | $ 1.7 B | |
| Net Receivables | $ 1.1 B | |
| Inventory | $ 18.0 M | |
| Long-Term Investments | — | |
| LIABILITIES | ||
| Accounts Payable | — | |
| Short-Term Debt | $ 273.0 M | |
| Total Current Liabilities | $ 1.4 B | |
| Net Debt | $ 3.6 B | |
| Total Debt | $ 5.4 B | |
| Total Liabilities | $ 7.0 B | |
| EQUITY | ||
| Total Equity | $ 5.8 B | |
| Retained Earnings | $ 4.1 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 94.92 | |
| Shares Outstanding | 61.599 M | |
| Revenue Per-Share | $ 17.18 | |
| VALUATION | Market Capitalization | $ 1.9 B |
| Enterprise Value | $ 5.7 B | |
| Enterprise Multiple | 47.169 | |
| Enterprise Multiple QoQ | -1653.704 % | |
| Enterprise Multiple YoY | -1049.503 % | |
| Enterprise Multiple IPRWA | high: 67.346 GMAB: 47.169 median: 44.062 mean: 12.248 low: -114.076 |
|
| EV/R | 5.35 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 2.202 | |
| Asset To Liability | 1.832 | |
| Debt To Capital | 0.481 | |
| Debt To Assets | 0.421 | |
| Debt To Assets QoQ | 1983.539 % | |
| Debt To Assets YoY | 1776.67 % | |
| Debt To Assets IPRWA | high: 1.032 GMAB: 0.421 mean: 0.122 median: 0.003 low: 0.0 |
|
| Debt To Equity | 0.928 | |
| Debt To Equity QoQ | 3658.607 % | |
| Debt To Equity YoY | 3209.558 % | |
| Debt To Equity IPRWA | high: 1.524 GMAB: 0.928 mean: 0.136 median: 0.005 low: -0.893 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 0.333 | |
| Price To Book QoQ | 10.066 % | |
| Price To Book YoY | 813.871 % | |
| Price To Book IPRWA | high: 19.432 median: 6.164 mean: 5.198 GMAB: 0.333 low: -10.511 |
|
| Price To Earnings (P/E) | 150.686 | |
| Price To Earnings QoQ | 246.178 % | |
| Price To Earnings YoY | 507.943 % | |
| Price To Earnings IPRWA | GMAB: 150.686 high: 74.171 mean: -0.945 median: -16.894 low: -119.903 |
|
| PE/G Ratio | -2.226 | |
| Price To Sales (P/S) | 1.842 | |
| Price To Sales QoQ | 8.093 % | |
| Price To Sales YoY | 786.446 % | |
| Price To Sales IPRWA | high: 773.807 mean: 48.907 median: 20.207 GMAB: 1.842 low: -75.758 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 67.651 | |
| Forward PE/G | -0.999 | |
| Forward P/S | 8.198 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -22.594 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.106 | |
| Asset Turnover Ratio QoQ | -29.832 % | |
| Asset Turnover Ratio YoY | -29.432 % | |
| Asset Turnover Ratio IPRWA | high: 0.406 mean: 0.116 median: 0.109 GMAB: 0.106 low: -0.066 |
|
| Receivables Turnover | 0.981 | |
| Receivables Turnover Ratio QoQ | -1.946 % | |
| Receivables Turnover Ratio YoY | -1.809 % | |
| Receivables Turnover Ratio IPRWA | high: 7.397 mean: 1.448 median: 1.333 GMAB: 0.981 low: -1.505 |
|
| Inventory Turnover | 5.062 | |
| Inventory Turnover Ratio QoQ | 17.834 % | |
| Inventory Turnover Ratio YoY | -0.102 % | |
| Inventory Turnover Ratio IPRWA | GMAB: 5.062 high: 2.026 mean: 0.574 median: 0.471 low: 0.007 |
|
| Days Sales Outstanding (DSO) | 93.061 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 118.234 | |
| Cash Conversion Cycle Days QoQ | 4.76 % | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | high: 974.716 median: 189.511 mean: 189.071 GMAB: 118.234 low: -1689.26 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.726 | |
| CapEx To Revenue | -0.012 | |
| CapEx To Depreciation | -0.812 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 10.8 B | |
| Net Invested Capital | $ 11.1 B | |
| Invested Capital | $ 11.1 B | |
| Net Tangible Assets | $ -3.63 B | |
| Net Working Capital | $ 1.5 B | |
| LIQUIDITY | ||
| Cash Ratio | 1.202 | |
| Current Ratio | 2.022 | |
| Current Ratio QoQ | -66.493 % | |
| Current Ratio YoY | -61.473 % | |
| Current Ratio IPRWA | high: 27.397 mean: 3.91 median: 2.827 GMAB: 2.022 low: 0.027 |
|
| Quick Ratio | 2.009 | |
| Quick Ratio QoQ | -66.597 % | |
| Quick Ratio YoY | -61.628 % | |
| Quick Ratio IPRWA | high: 13.851 mean: 2.749 median: 2.452 GMAB: 2.009 low: 0.069 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 45.217 | |
| Cost Of Debt | 1.233 % | |
| Interest Coverage Ratio | 2.25 | |
| Interest Coverage Ratio QoQ | -98.608 % | |
| Interest Coverage Ratio YoY | -96.677 % | |
| Interest Coverage Ratio IPRWA | high: 671.002 mean: 40.365 median: 3.11 GMAB: 2.25 low: -1571.333 |
|
| Operating Cash Flow Ratio | -0.013 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | — | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 83.35 % | |
| Revenue Growth | 3.523 % | |
| Revenue Growth QoQ | -66.403 % | |
| Revenue Growth YoY | -78.339 % | |
| Revenue Growth IPRWA | high: 443.939 % mean: 13.07 % GMAB: 3.523 % median: 3.233 % low: -242.388 % |
|
| Earnings Growth | -67.692 % | |
| Earnings Growth QoQ | -432.312 % | |
| Earnings Growth YoY | -135.055 % | |
| Earnings Growth IPRWA | high: 204.0 % median: -14.286 % mean: -16.847 % GMAB: -67.692 % low: -237.5 % |
|
| MARGINS | ||
| Gross Margin | 92.344 % | |
| Gross Margin QoQ | -2.1 % | |
| Gross Margin YoY | -2.558 % | |
| Gross Margin IPRWA | high: 102.453 % GMAB: 92.344 % median: 78.702 % mean: 78.512 % low: -63.166 % |
|
| EBIT Margin | 9.357 % | |
| EBIT Margin QoQ | -80.283 % | |
| EBIT Margin YoY | -83.515 % | |
| EBIT Margin IPRWA | high: 3501.566 % median: 21.25 % GMAB: 9.357 % mean: -88.327 % low: -7602.597 % |
|
| Return On Sales (ROS) | 22.968 % | |
| Return On Sales QoQ | -48.86 % | |
| Return On Sales YoY | -59.536 % | |
| Return On Sales IPRWA | high: 1116.376 % median: 27.297 % GMAB: 22.968 % mean: -98.64 % low: -7602.597 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 288.0 M | |
| Free Cash Flow Yield | 14.775 % | |
| Free Cash Flow Yield QoQ | -51.802 % | |
| Free Cash Flow Yield YoY | -92.123 % | |
| Free Cash Flow Yield IPRWA | high: 21.452 % GMAB: 14.775 % median: 0.303 % mean: 0.157 % low: -51.848 % |
|
| Free Cash Growth | -46.067 % | |
| Free Cash Growth QoQ | -104.97 % | |
| Free Cash Growth YoY | -273.844 % | |
| Free Cash Growth IPRWA | high: 177.21 % median: -24.526 % mean: -32.858 % GMAB: -46.067 % low: -201.25 % |
|
| Free Cash To Net Income | 9.29 | |
| Cash Flow Margin | -1.701 % | |
| Cash Flow To Earnings | -0.581 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.02 | |
| Return On Assets (ROA) | 0.312 % | |
| Return On Assets QoQ | -94.754 % | |
| Return On Assets YoY | -96.532 % | |
| Return On Assets IPRWA | high: 33.814 % median: 1.099 % GMAB: 0.312 % mean: -2.706 % low: -65.985 % |
|
| Return On Capital Employed (ROCE) | 0.865 % | |
| Return On Equity (ROE) | 0.005 | |
| Return On Equity QoQ | -92.399 % | |
| Return On Equity YoY | -94.942 % | |
| Return On Equity IPRWA | high: 0.809 median: 0.036 GMAB: 0.005 mean: 0.001 low: -1.16 |
|
| DuPont ROE | 0.535 % | |
| Return On Invested Capital (ROIC) | 0.694 % | |
| Return On Invested Capital QoQ | -90.108 % | |
| Return On Invested Capital YoY | -104.885 % | |
| Return On Invested Capital IPRWA | high: 50.944 % median: 3.016 % GMAB: 0.694 % mean: -0.123 % low: -58.737 % |
|