Neurocrine Biosciences Inc (NBIX) stock analysis
Close on Nov 12, 2026Market cap $17.22BP/E 25.1Yield –
StockData Score
Prices as of Nov 11, 2026How the score works
Solid19 of 30 checks passed
Neurocrine Biosciences passes 19 of the 30 checks behind our score; 5 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.
- Valuation
- 3/6
- Growth
- 5/6
- Past performance
- 5/6
- Financial health
- 6/6
- Dividend
- 0/6
What stands out
Trading below fair value
The share price of $174.41 is below our fair value estimate of $191.18.
Return on capital over 10%
Return on invested capital was 26.6%, above the 10% that usually covers the cost of capital.
No debt
Neurocrine Biosciences has no borrowings on its latest balance sheet.
Earnings grew over 5 years
Net income grew 3.3% a year on average over the last five fiscal years.
What to watch
Margin of safety under 20%
The price is 8.8% below fair value, less than the 20% cushion we look for.
Return on equity under 15%
Return on equity was 20.4% over the last twelve months and averaged 12.1% over five years; we look for 15% on both.
P/E above the industry
Neurocrine Biosciences's P/E of 25.9 is above the Drugs median of 25.1.
P/B above the industry
Neurocrine Biosciences's price-to-book of 4.57 is above the Drugs median of 2.29.
Valuation3/6
P/E below its 5-year median
Neurocrine Biosciences's P/E of 25.9 is below its own 5-year median of 41.7.
P/E above the industry
Neurocrine Biosciences's P/E of 25.9 is above the Drugs median of 25.1.
EV/EBITDA below its 5-year median
Neurocrine Biosciences's EV/EBITDA of 19.2 is below its 5-year median of 30.2.
P/B above the industry
Neurocrine Biosciences's price-to-book of 4.57 is above the Drugs median of 2.29.
Trading below fair value
The share price of $174.41 is below our fair value estimate of $191.18.
Margin of safety under 20%
The price is 8.8% below fair value, less than the 20% cushion we look for.
Growth5/6
Revenue growing 10%+ a year
Revenue grew 24.3% a year over the last three fiscal years.
EPS growing 10%+ a year
Diluted EPS grew 44.1% a year over the last three fiscal years.
Earnings growth accelerating
Net income grew 64.1% over the last twelve months, against a 5-year average of 3.3% a year.
Growing faster than the industry
Revenue grew 38.0% over the last twelve months; the Drugs median is 8.0%.
Guidance raised
Neurocrine Biosciences raised its Full Year 2026 Non-GAAP SG&A outlook on Nov 2, 2026.
Gross margin slipping
Gross margin was 97.7% over the last twelve months, against 98.4% a year earlier.
Past performance5/6
Return on equity under 15%
Return on equity was 20.4% over the last twelve months and averaged 12.1% over five years; we look for 15% on both.
Return on capital over 10%
Return on invested capital was 26.6%, above the 10% that usually covers the cost of capital.
Return on equity above the industry
Neurocrine Biosciences's return on equity of 20.4% is above the Drugs median of -58.9%.
Earnings grew over 5 years
Net income grew 3.3% a year on average over the last five fiscal years.
Net margin above its 5-year average
Net margin was 19.0% over the last twelve months, against a 5-year average of 12.5%.
Net margin above the industry
Neurocrine Biosciences's net margin of 19.0% is above the Drugs median of -53.0%.
Financial health6/6
No debt
Neurocrine Biosciences has no borrowings on its latest balance sheet.
Debt not rising
With no debt today, leverage cannot have risen.
Debt covered by cash flow
There is no debt to cover.
Interest well covered
No meaningful interest expense to cover.
Short-term assets cover short-term debts
Current assets are 2.04 times current liabilities.
Low bankruptcy risk
The Altman Z-score is 7.69; above 3 is the safe zone and below 1.8 the distress zone.
Dividend0/6
No dividend
Neurocrine Biosciences has not paid a dividend in the last twelve months.
Yield against Treasuries
No dividend.
Yield against the market
No dividend.
Dividend stability
No dividend.
Earnings cover
No dividend.
Cash-flow cover
No dividend.
Fair value
How we estimate itOur estimate per share
$191.18
The share price is 9% below this estimate.
| Method | Multiple used | Own 5Y median | Industry median | Value per share | Weight |
|---|---|---|---|---|---|
| P/E | 33.5× | 41.7× | 25.1× | $225.51 | 40% |
| EV/EBITDA | 23.7× | 30.2× | 17.1× | $214.10 | 35% |
| P/B | 3.9× | 5.5× | 2.3× | $149.28 | 10% |
| Earnings power | 7.4% cost of equity | – | – | $74.09 | 15% |
| Fair value | $191.18 | 100% | |||
Valuation over time
Using the earnings and balance sheet published at each date, not today's.
- P/E at month end
- Own 5-year median 41.7
- Drugs median 25.1
An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.
Market risk
From the past year of daily prices.
Liquidity
Low risk
- Average value traded per day
- $214.72M
- Value traded per 1% price move
- $146.86M
Downside
Low risk
- Typical loss in a bad month
- 13.7%
- Volatility (annualized)
- 35%
- Sharpe ratio, 1 year
- 0.34
- Beta to the S&P 500 (5Y)
- 0.46
Typical bad-month loss, week by week
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
Operating margin
Net margin
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +21.4% | +24.3% | +22.3% | +64.5% | |
| Gross profit | +21.0% | +24.2% | +22.1% | +64.2% | |
| Operating income | +8.5% | +35.5% | +30.6% | – | |
| Net income | +40.2% | +45.8% | +3.3% | – | |
| EPS, diluted | +41.9% | +44.1% | +2.3% | – | |
| Free cash flow | +34.4% | +32.4% | +28.0% | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | -38.2% | 46.2% | 16.4% | |
| Return on assets | -33.6% | 26.8% | 11.5% | |
| Current ratio | 10.21 | 5.45 | 3.39 | |
| Interest coverage | – | 5.0× | – | |
| Inventory turnover | – | 0.4× | 0.8× | |
| Capex to revenue | 27.4% | 1.0% | 1.2% | |
| Diluted shares | 87M | 98M | 103M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Neurocrine Biosciences generated $2.36B from operations and spent $608.10M on capital expenditure, dividends and share buybacks. 23% of that went back into the business.
DuPont analysis
Return on equity split into margin, efficiency and leverage
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 16.7% | 0.69× | 1.43× | 16.4% |
| FY2024 | 14.5% | 0.68× | 1.45× | 14.2% |
| FY2023 | 13.2% | 0.67× | 1.43× | 12.7% |
| FY2022 | 10.4% | 0.67× | 1.44× | 10.0% |
| FY2021 | 7.9% | 0.60× | 1.52× | 7.2% |
| FY2020 | 38.9% | 0.69× | 1.72× | 46.2% |
| FY2019 | 4.7% | 0.69× | 2.06× | 6.6% |
| FY2018 | 4.7% | 0.50× | 2.12× | 4.9% |
| FY2017 | -88.2% | 0.27× | 1.72× | -41.5% |
| FY2016 | -940.6% | 0.04× | 1.14× | -38.2% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
- ProfitableNet income above zero$478.60M
- Cash generatingOperating cash flow above zero$782.70M
- Return on assets improvedROA up on the prior year10.5% → 12.9%
- Earnings backed by cashOperating cash flow above net income$782.70M vs $478.60M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose3.40 → 3.39
- No dilutionShare count did not rise104M → 103M
- Gross margin improvedGross margin up on the prior year98.56% → 98.18%
- More efficientAsset turnover rose0.72 → 0.77
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