Health Care · Biotechnology · US stock · price as of 22 Oct 2026
Key indicators
Price
$535.17
52-week range
$403.16 – $560.25
Market cap
$136.6B
P/E (trailing)
31.2×
EV / EBITDA
25.7×
Free-cash-flow yield
2.8%
Dividend yield
–
Revenue (last 12 months)
$12.6B
Revenue growth (3y a year)
10.4%
Operating margin
38.0%
Return on invested capital
32.2%
Net debt / EBITDA
–
Fair value
Fair value (average of valid models)$451.32 middle half of models $462 – $522
Versus priceFair−16% to fair value
P/E multiple
$524.20
P/B multiple
$522.18
P/S multiple
$462.64
EV/EBITDA multiple
$482.23
EV/EBIT multiple
$462.46
EV/revenue multiple
$488.73
10-year DCF, EBITDA exit
$490.83
5-year DCF, EBITDA exit
$528.55
10-year DCF, revenue exit
$504.55
5-year DCF, revenue exit
$540.50
10-year DCF, growth exit
$285.65
5-year DCF, growth exit
$274.46
Earnings power value
$300.13
Model uncertainty
Medium
X-Ray Score
50/ 100 · High confidence · ahead of 52% of sector peers
Valuation25
Growth56
Profitability56
Financial health68
Dividends–
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
Vertex Pharmaceuticals is a biotechnology company that discovers, develops and sells medicines for serious diseases. Its commercial business has been built mainly on treatments for cystic fibrosis, and it also runs research programs in areas such as pain, kidney disease and genetic blood disorders. Revenue comes from sales of approved medicines to patients through health systems and insurers, and the company funds a large pipeline of clinical research from those sales.
Over the last twelve months, $12.6 billion in revenue was reported. The three-year revenue growth rate is 10.4% a year. Profitability shows an operating margin of 38.0% and a return on invested capital of 32%. No dividend is paid. These figures describe past results as reported and are a factual snapshot, not a forecast. Some measures, such as margins for real estate trusts and banks, are defined differently from those of industrial firms, so comparisons should be made with care.
StocksXray gives Vertex Pharmaceuticals Inc / Ma an X-Ray Score of 50 out of 100 (high confidence), ahead of 52% of the S&P 500 stocks in its sector. Its strongest lens is financial health (68) and its weakest is valuation (25).
Our fair value (the average of the valid models) is $451.32 (range $462.46 to $522.18). At $535.17 the stock trades 19% above that value, so the label is "Fair" with medium model uncertainty. Fair value is a range, not a price target.
XStocksXray
Vertex Pharmaceuticals Inc / Ma (VRTX)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$219.60
$288.78
$406.89
$402.70
$453.36
$535.17
Market cap
$57.1B
$74.8B
$106.0B
$103.9B
$117.0B
$136.6B
P/E
24.4×
22.5×
29.3×
–
29.6×
31.2×
EV / revenue
6.5×
7.2×
9.6×
8.9×
9.2×
10.2×
EV / EBITDA
17.0×
14.4×
23.6×
–
25.2×
25.7×
Price / free cash flow
23.7×
19.1×
31.8×
–
36.6×
36.0×
Free-cash-flow yield
4.2%
5.2%
3.1%
−0.8%
2.7%
2.8%
Price / book
5.7×
5.4×
6.0×
6.3×
6.3×
6.7×
Dividend yield
–
–
–
–
–
–
Fundamentals checklist ● 8 Good · ● 3 Average · ● 4 Bad · each check graded against the sector
Cash quality
Earnings backed by cash0.4%Bad
Free-cash-flow yield2.8%Bad
Risk models
Altman Z score8.1×Good
Piotroski F-Score6 of 9Average
Growth
EPS growth (3y)6.1%Average
Free-cash-flow growth (3y)−6.6%Bad
Revenue growth (3y)10.4%Good
Growth consistency100%Good
Balance sheet
Current ratio3.2×Good
Interest coverno interest costGood
Valuation
Fair value vs price0.8×Bad
EBIT / EV yield3.7%Average
Profitability
Return on invested capital32.2%Good
Operating margin38.0%Good
Gross profitability39.5%Good
XStocksXray
Vertex Pharmaceuticals Inc / Ma (VRTX)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
7,574
8,931
9,869
11,020
12,001
12,587
Gross profit
6,670
7,850
8,607
9,490
10,350
10,824
Operating income
2,782
4,307
3,832
-233
4,173
4,777
Net income
2,342
3,322
3,620
-536
3,953
4,405
Diluted EPS ($)
9.01
12.82
13.89
-2.08
15.32
17.16
Free cash flow
2,409
3,925
3,337
-790
3,194
3,796
Gross margin
88.1%
87.9%
87.2%
86.1%
86.2%
86.0%
Operating margin
36.7%
48.2%
38.8%
−2.1%
34.8%
38.0%
Net margin
30.9%
37.2%
36.7%
−4.9%
32.9%
35.0%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
13,433
18,151
22,730
22,533
25,643
27,423
Cash
6,795
10,504
10,369
4,570
5,085
6,144
Total debt
–
–
–
–
–
–
Equity
10,100
13,913
17,580
16,410
18,666
20,248
Dividend per share ($)
–
–
–
–
–
–
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value is the average of up to 15 valuation models, most of them anchored to the company's own multiples, so it stays near the price and should be read as a range, not a point. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.
