Neurocrine Biosciences NBIX
Nasdaq · Biological Products, (No Diagnostic Substances) · $16.9B$159.76−3.79%Nov 5 close · Databento
NBIX Wire Story Reactions & EOD Technical StudyDaily closes (Databento EOD) pinned with every AlgoThesis Wire story (dot colour = next trading day close) and SEC filing
Nov 5, 2026CLOSE $159.761D −3.79%3M −3.13%SMA20 $144.98SMA50 $147.04RSI(14) 65.5
159.76
RSI (14, Wilder EOD) · 70 Overbought / 30 OversoldRSI 65.5
Data provided by Databento (end of day). Next close = the first close after a story against the close before it; official daily closes only, not a call, not advice.
The numbers
fiscal 2025, as filed with the SEC · 66-metric EOD snapshot via DatabentoMarket cap$16.9B
EV / True FCF30.4x
Revenue$2.9B +21.4%
True FCF (ex-SBC)$530.8M +34.4%
Rule of 4047.6%
ROIC16.6%
True FCF Yield3.1%
EPS, diluted$4.67 +41.9%
Modern Valuation (EOD)
Market Cap$16.9B
Enterprise Value$16.2B
EV / True FCF30.44
EV / FCF21.58
EV / Gross Profit—
EV / EBIT26.10
EV / Sales5.65
P / E (GAAP)35.27
P / FCF22.54
P / Oper. CF21.56
P / Book5.19
Owner & Cash Yields
True FCF Yield3.1%
FCF Yield4.4%
Owner Earn. Yield1.5%
Earnings Yield2.8%
Shareholder Yield−0.3%
Buyback Yield1.0%
Dividend Yield—
Dividend / sh—
Payout Ratio—
FCF / sh$7.40
EPS (diluted)$4.67
Compounder & Returns
Rule of 4047.6%
ROIC16.6%
Cash ROIC (CROIC)29.6%
GP / Assets—
ROE14.7%
ROA10.3%
Gross Margin—
Oper. Margin21.6%
Net Margin16.7%
FCF Margin26.2%
True FCF Margin18.6%
Quality & Dilution
Cash Conversion156%
Accrual Ratio−6.6%
SBC % of FCF29.1%
SBC % of Rev7.6%
Reinvest. Rate25%
Sales Growth Y/Y+21.4%
Sales 3Y CAGR+24.3%
EPS Growth Y/Y+41.9%
FCF Growth Y/Y+34.4%
FCF 3Y CAGR+32.4%
Share Change Y/Y−1.2%
Balance Sheet & Scale
Revenue (FY)$2.9B
Gross Profit (FY)—
Oper. Income (FY)$619.1M
GAAP Net Income$478.6M
True FCF (ex-SBC)$530.8M
Cash & Equiv$721.0M
Total Debt—
Net Cash (Debt)$721.0M
Net Cash % MCap+4.3%
Debt / FCF (yrs)—
Current Ratio3.39101.22M sh
Price & Technicals (EOD)
Perf Week+9.14%
Perf Month+11.35%
Perf Quarter−2.23%
Perf Half Y+6.80%
Perf YTD+21.41%
SMA 20 Dist+10.19%$144.98
SMA 50 Dist+8.65%$147.04
SMA 100 Dist+1.89%$156.80
Window High−13.88%$185.50
Window Low+25.13%$127.68
RSI (14) · Vol65.553%v
Income Distribution & Cash Flow ConversionHow every dollar of NBIX revenue flows through cost of goods, operating expenses, taxes, GAAP net income, and dilution-adjusted free cash flow
Where Every $100 of Revenue Goes (FY2025)
Cost of Revenue (COGS)$52.1M ($1.8 / $100)
R&D Reinvestment$160.5M ($5.6 / $100)
SG&A & Other OpEx$2.0B ($70.9 / $100)
Tax & Non-Operating$140.5M ($4.9 / $100)
Net Profit Kept$478.6M ($16.7 / $100)
Earnings Quality: GAAP Profit → True Owner Cash (FY2025)
GAAP Net Income$478.6M (16.7% margin)
Operating Cash Flow (OCF)$782.7M(27.4% of rev)
Less: Capital Expenditures−$34.0M(1.2% of rev)
Standard Free Cash Flow (FCF)$748.7M(26.2% margin)
Less: Stock-Based Comp (SBC)−$217.9M(29.1% of FCF)
True FCF (Owner Cash ex-SBC)$530.8M(18.6% of rev)
Revenue by fiscal year
Operating leverage — margins
GrossOperatingNet
| Line Item (USD) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY Δ | 4Y CAGR | Trend |
|---|---|---|---|---|---|---|---|---|
| Income Statement | ||||||||
| Revenue | $1.1B | $1.5B | $1.9B | $2.4B | $2.9B | +21.4% | +26.0% | |
| Cost of Revenue (COGS) | $14.3M | $23.2M | $39.7M | $34.0M | $52.1M | +53.2% | +38.2% | |
| Research & Development (R&D) | — | — | — | — | $160.5M | — | — | |
| Selling, General & Admin (SG&A) | $583.3M | $752.7M | $887.6M | $1.0B | $1.2B | +14.8% | +18.7% | |
| Total Operating Expenses | $1.0B | — | — | — | — | — | — | |
| Operating Income (EBIT) | $102.5M | $249.0M | $250.9M | $570.5M | $619.1M | +8.5% | +56.8% | |
| Interest Expense | $25.8M | $7.1M | $4.6M | — | $4.6M | — | −35.0% | |
| Income Tax Expense | $11.8M | $59.4M | $82.4M | $144.7M | $226.8M | +56.7% | +109.4% | |
| GAAP Net Income | $89.6M | $154.5M | $249.7M | $341.3M | $478.6M | +40.2% | +52.0% | |
| Diluted EPS | $0.92 | $1.56 | $2.47 | $3.29 | $4.67 | +41.9% | +50.1% | |
| Diluted Shares | 97.9M | 98.9M | 101.0M | 103.7M | 102.5M | −1.2% | +1.2% | |
| Balance Sheet | ||||||||
| Cash & Equivalents | $344.0M | $270.7M | $259.1M | $241.0M | $721.0M | +199.2% | +20.3% | |
| Inventory | $30.5M | $35.1M | $38.3M | $57.4M | $69.0M | +20.2% | +22.6% | |
| Total Current Assets | $972.8M | $1.5B | $1.6B | $1.7B | $2.5B | +46.3% | +26.9% | |
| Total Assets | $2.1B | $2.4B | $3.3B | $3.7B | $4.6B | +24.5% | +22.3% | |
| Total Current Liabilities | $245.8M | $537.7M | $654.8M | $507.7M | $743.4M | +46.4% | +31.9% | |
| Total Liabilities | $698.5M | $660.9M | $1.0B | $1.1B | $1.4B | +22.1% | +18.5% | |
| Stockholders' Equity | $1.4B | $1.7B | $2.2B | $2.6B | $3.3B | +25.6% | +24.0% | |
| Net Cash / (Net Debt) | $344.0M | $270.7M | $259.1M | $241.0M | $721.0M | +199.2% | +20.3% | |
| Invested Capital | $1.0B | $1.4B | $2.0B | $2.3B | $2.5B | +7.8% | +25.2% | |
| Cash Flow & Capital Allocation | ||||||||
| Operating Cash Flow (OCF) | $256.5M | $339.4M | $389.9M | $595.4M | $782.7M | +31.5% | +32.2% | |
| Depreciation & Amortization (D&A) | $10.9M | $15.1M | $17.8M | $23.5M | $26.0M | +10.6% | +24.3% | |
| Stock-Based Compensation (SBC) | $134.2M | $173.1M | $194.3M | $195.5M | $217.9M | +11.5% | +12.9% | |
| Capital Expenditures (CapEx) | $23.4M | $16.5M | $28.3M | $38.2M | $34.0M | −11.0% | +9.8% | |
| Free Cash Flow (FCF) | $233.1M | $322.9M | $361.6M | $557.2M | $748.7M | +34.4% | +33.9% | |
| True FCF (ex-SBC Owner Cash) | $98.9M | $149.8M | $167.3M | $361.7M | $530.8M | +46.8% | +52.2% | |
| Share Repurchases (Buybacks) | — | $0 | $0 | $300.0M | $167.7M | −44.1% | — | |
Fundamentals, income distribution and multi-year statements from SEC EDGAR filings (public domain). Valuation multiples, performance and technicals computed from Databento 1D EOD closes. For information only, not investment advice.
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