ALNYLAM PHARMACEUTICALS, INC.
ALNYAbout the company
Alnylam Pharmaceuticals, Inc. discovers, develops, manufactures, and commercializes therapeutics based on ribonucleic acid interference in the United States, Europe, and internationally.
Investment snapshot
Positive
5
BUY / PASS
Neutral / negative
4 / 7
NEUTRAL / FAIL
Median fair value
$31.76
-80.8% vs price
Models with upside
0 / 17
Positive margin of safety
Strongest signal
5 of 8 pass — Piotroski, Akre and Sleep object
Key risk
No clean pass — all 13 investors flag at least one valuation criterion
Framework analysis
| Verdict | Meaning |
|---|---|
| BUY | Positive purchase signal: the framework's buy requirements are met. |
| PASS | The company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state. |
| NEUTRAL | Neither a positive nor negative conclusion. It does not mean to hold an existing position. |
| FAIL | The company does not clear the framework's requirements. |
| Ranked | Ranked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL. |
Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.
| Metric | Graham Defensive Value | Buffett Quality Compounder | Lynch GARP | Greenblatt Magic Formula | Piotroski F-Score | Dreman Contrarian Value | Munger Quality Focus | Pabrai Dhandho Framework | Akre Three-Legged Stool | Marks Risk-Aware Value | Ackman Activist Value | Templeton Global Bargain Hunter | Sleep Scale Economies Shared | Asness Systematic Factors | Neff Low-P/E Total Return | Schloss Asset-Value Discipline | O'Shaughnessy Systematic Factor Composite |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Verdict | FAIL | PASS | FAIL | FAIL · Rank #1317 (Top 42.5%) | NEUTRAL | PASS | PASS | FAIL | NEUTRAL | FAIL | NEUTRAL | PASS | PASS | FAIL | FAIL | FAIL | NEUTRAL |
| Score | |||||||||||||||||
| Analysis | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… |
| Intrinsic Value (annual) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | ||||||
| Margin of Safety | -834.4% | -490.3% | N/A | -19449.2% | N/A | N/A | -97.2% | -364.1% | N/A | N/A | -31.3% | N/A | N/A | N/A | N/A | N/A | N/A |
| Financial Basis | Annual history · FY 2025 · Balance sheet at 2026-09-30 Latest source filing: 2026-10-29 Score computed: 2026-11-14 | Annual history · FY 2025 Latest source filing: 2026-02-12 Score computed: 2026-11-14 | Annual history · FY 2025 · Balance sheet at 2026-09-30 Latest source filing: 2026-10-29 Score computed: 2026-11-14 | Annual history · FY 2025 Latest source filing: 2026-02-12 Score computed: 2026-11-14 | Annual history · FY 2025 Latest source filing: 2026-02-12 Score computed: 2026-11-14 | Annual history · FY 2025 · Balance sheet at 2026-09-30 · Market data at 2026-11-01 Latest source filing: 2026-10-29 Score computed: 2026-11-14 | Qualitative assessment · Annual history · FY 2025 · Balance sheet at 2026-09-30 Latest source filing: 2026-10-29 Score computed: 2026-11-14 | Qualitative assessment · Annual history · FY 2025 Latest source filing: 2026-02-12 Score computed: 2026-11-14 | Annual history · FY 2025 · Qualitative assessment · Balance sheet at 2026-09-30 Latest source filing: 2026-10-29 Score computed: 2026-11-14 | Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-02-12 Score computed: 2026-11-14 | Annual history · FY 2025 · Balance sheet at 2026-09-30 · Market data at 2026-11-01 Latest source filing: 2026-10-29 Score computed: 2026-11-14 | Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 · Balance sheet at 2026-09-30 Latest source filing: 2026-10-29 Score computed: 2026-11-14 | Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-02-12 Score computed: 2026-11-14 | Annual history · FY 2025 · Balance sheet at 2026-09-30 · Price history 2025-01-01–2026-11-01 Latest source filing: 2026-10-29 Score computed: 2026-11-14 | Annual history · FY 2025 Latest source filing: 2026-02-12 Score computed: 2026-11-14 | Annual history · FY 2025 · Balance sheet at 2026-09-30 Latest source filing: 2026-10-29 Score computed: 2026-11-14 | Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 Latest source filing: 2026-02-12 Score computed: 2026-11-14 |
Where It Passes
- Efficiency63% pass✓ 8✗ 3▾
5 of 8 pass — Piotroski, Akre and Sleep object
Current Ratio2.48✓Graham>= 2.0ROIC (3-5 yr avg)86.0%✓Buffett> 10%ROIC - WACC+76.0%✓BuffettPositive (WACC = 10%)EBIT / (NWC + Net Fixed Assets)34.8%✓Greenblatt> 25%Current Ratio Change YoY2.78 -> 2.76✗PiotroskiIncreased YoYRevenue / Total Assets Change YoY0.53x -> 0.75x✓PiotroskiImproved YoYCurrent Assets / Current Liabilities2.48✓Dreman> 1.5Return on Invested Capital22.1%✓Munger> 15%ROIC (high and growing)FY2023: ROIC=-27.9%; FY2024: ROIC=-12.8%; FY2025: ROIC=22.1%✗AkreLatest 3 consecutive FYs: ROIC > 15% in eachReinvestment Rate x ROIC22.1% (RR=100% x ROIC=22.1%)✓AkreReinvestment Rate * ROIC > 10%ROIC (5-year)1/5 years above 12% (latest 22.1%)✗SleepROIC > 12% in a majority of years - Debt & Leverage58% pass✓ 10✗ 5▾
7 of 12 pass — Graham, Buffett, Lynch +2 more object
LT Debt vs Net Current Assets✗GrahamLT Debt <= Net Current AssetsDebt/Equity & Interest CoverageD/E: 1.28, IC: 2.3x✗BuffettD/E < 0.5 AND Interest Coverage > 5xTotal Debt / Equity0.28✓Lynch< 0.33Cash - Long-term Debt✗LynchPositive preferredLT Debt / Total Assets Change0.00% -> 0.00%✓PiotroskiDecreased YoYCurrent Assets / Current Liabilities2.48✓Dreman> 1.5✓SchlossCurrent ratio >= 1.50x (app cutoff)Total Debt / Shareholders' Equity0.28✓Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00xDebt Levels0.28✓MungerDebt/Equity < 0.5✓AkreDebt/Equity < 0.3Interest Coverage & Debt/EBITDAIC=2.3x, D/EBITDA=1.8x✗MarksInterest Coverage > 3x; Debt/EBITDA < 4xTotal Debt / Shareholders Equity0.28✓Ackman<= 1.0Negative debt-to-equity (higher means less debt)-0.2810; #1948/4210 (top 46.3%)✗AsnessTop 30% of eligible cross-section
Where It Falls Short
- Valuation0% pass✓ 1✗ 27▾
No clean pass — all 13 investors flag at least one valuation criterion
Price / 3-yr avg EPS✗Graham<= 15xPrice-to-Book Ratio27.7x✗Graham<= 1.5xP/E x P/B✗Graham<= 22.5Basic earnings-growth PEG (dividends excluded)P/E 70.8x (growth N/A)✗Lynch< 1.0 (ideally < 0.5)EBIT / Enterprise Value2.3%✗Greenblatt> 10%Earnings Yield + ROC AssessmentEY=2.3%, ROC=34.8%✗GreenblattBoth EY > 10% and ROC > 25%Price / EPS70.8x✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)Price / (CFO / Shares)41.8x✗Dreman< 8xPrice / Book Value per Share27.7x✗Dreman< 1.2x✗Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)Valuation ReasonablenessP/E=70.8x, OE Yield=1.4%✗MungerP/E < 25 or Owner Earnings Yield > 5%P/E or FCF YieldP/E=70.8x, FCF Yield=2.1%✗PabraiP/E < 15 or FCF Yield > 10%P/B or P/E vs. Historical AverageP/E=70.8x, P/B=27.7x✗MarksP/E < 15 or P/B < 2.0Discount to Intrinsic ValueN/A (negative normalized EPS)✗Marks>= 20% below intrinsic valuePrice / FCF per Share47.0x✗Ackman<= 25Price vs. Trailing Low100% of trailing low ($165.04)✓Templeton<= 120% of trailing low (certified split-adjusted live window)Net income / market capitalization+1.42%; #2875/6340 (top 45.3%)✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-sectionPositive book equity / market capitalization+0.1630; #4396/6449 (top 68.2%)✗AsnessTop 30% of eligible cross-sectionPrice / Diluted EPS70.8x✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)(EPS CAGR % + Dividend Yield %) / P/E✗Neff> 0.7 (Neff's published traditional edge)Price / Tangible Book Value per Share27.74x✗SchlossP/TBV <= 1.00x (app cutoff)Book Value per Share Change-31.5%✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)Revenue / market capitalization+0.1680; #3944/5247 (top 75.2%)✗OshaughnessyTop 10% of eligible cross-section(Operating cash flow - capex) / market capitalization+2.11%; #2241/4519 (top 49.6%)✗OshaughnessyTop 10% of eligible cross-sectionTrailing six-month price return through the evaluation date-48.76%; #5107/6202 (top 82.3%)✗OshaughnessyTop 10% of eligible cross-section - Valuation models0% pass✗ 6▾
ALNY overvalued: all 6 models price fair value below $165.04 (median $31.76)
Graham fair value$17.66✗Graham-834.4% margin vs $165.04Buffett fair value$27.96✗Buffett-490.3% margin vs $165.04Greenblatt fair value$0.84✗Greenblatt-19449.2% margin vs $165.04Munger fair value$83.70✗Munger-97.2% margin vs $165.04Pabrai fair value$35.56✗Pabrai-364.1% margin vs $165.04Ackman fair value$125.71✗Ackman-31.3% margin vs $165.04 - Profitability13% pass✓ 13✗ 22▾
14 of 16 flag ALNY's profitability — Graham, Buffett, Lynch +11 more
Positive EPS (10 years)1/24 years positive✗GrahamPositive EPS every year for 10 yearsEPS Growth (3-yr avg, 10-yr window)✗Graham>= 33% growthNet Income Positive (10+ years)1/24 years positive✗BuffettPositive every year for 10+ yearsROE (up to 5-year arithmetic mean)-133.2%✗Buffett> 15% arithmetic mean (app rule)Operating Margin (10-yr trend)13.5% (latest)✓BuffettStable or rising over 10 yearsFree Cash Flow Proxy$313.7M✓BuffettPositive and growingEarnings Variance (10-yr CoV)N/A (negative mean EPS)✗BuffettCoV < 0.3Retained Earnings Effectiveness✗Buffett$1 retained -> > $1 market value createdBasic earnings-growth PEG (dividends excluded)P/E 70.8x (growth N/A)✗Lynch< 1.0 (ideally < 0.5)3-5 Year EPS CAGR✗Lynch15-30% (Fast Grower); > 0% to passROE39.8%✓Lynch> 15%EBIT / Enterprise Value2.3%✗Greenblatt> 10%Earnings Yield + ROC AssessmentEY=2.3%, ROC=34.8%✗GreenblattBoth EY > 10% and ROC > 25%Net Income / Total Assets6.32%✓PiotroskiROA > 0ROA Change YoY-6.56% -> 6.32% (delta: +12.88%)✓PiotroskiCurrent ROA > Prior ROA(CFO / Total Assets) vs ROACFO/Assets=10.55%, ROA=6.32%✓PiotroskiCFO/Assets > ROAGross Margin Change YoY86.4% -> 81.8%✗PiotroskiImproved YoYPre-Tax Income / Revenue8.7%✓Dreman>= 8%Net Income / Shareholders' Equity39.8%✓Dreman> 12%Margin of SafetyP/E=70.8x, P/B=27.7x✗PabraiP/B < 1.5 or P/E < 15Return on Equity-173.3% (3-yr avg)✗AkreROE > 20% (3-year avg)Discount to Intrinsic ValueN/A (negative normalized EPS)✗Marks>= 20% below intrinsic valuePositive Net Income Frequency1/18 years positive✗MarksPositive net income in >= 7 of last 10 yearsOperating Income / Revenue13.5%✗Ackman>= 15%Net Income / Shareholders Equity39.8%✓Ackman>= 15%5-Year EPS CAGR✗Templeton> 0% (5-year EPS CAGR)Operating Margin Trend-15.4% (2023) -> 13.5% (2025)✓TempletonNon-negative operating-margin trend over 3 yearsRevenue growth vs. gross and operating margin trendgross margin 85.3% -> 81.8%, operating margin -15.4% -> 13.5%✓SleepRevenue rising; gross margin flat or falling; operating margin holdingNet income / market capitalization+1.42%; #2875/6340 (top 45.3%)✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-sectionGross profit / total assets+61.15%; #454/3702 (top 12.3%)✓AsnessTop 30% of eligible cross-sectionNet income / positive book equity+39.76%; #290/5226 (top 5.5%)✓AsnessTop 30% of eligible cross-sectionNegative 5-year standard deviation of ROA-0.1328; #3820/5884 (top 64.9%)✗AsnessTop 30% of eligible cross-section3-5 Year Diluted EPS CAGR✗Neff7%-20% annualizedPositive Diluted-EPS Years1/10 years positive✗Schloss>= 70% positive over 5-10 observed years (app rule) - Growth25% pass✓ 6✗ 7▾
6 of 8 flag ALNY's growth — Graham, Lynch, Dreman +3 more
EPS Growth (3-yr avg, 10-yr window)✗Graham>= 33% growthBasic earnings-growth PEG (dividends excluded)P/E 70.8x (growth N/A)✗Lynch< 1.0 (ideally < 0.5)3-5 Year EPS CAGR✗Lynch15-30% (Fast Grower); > 0% to passInventory Growth vs Revenue GrowthInv: 5.4% vs Rev: 65.2%✓LynchInventory growth < Revenue growthEPS Growth Direction$-1.14 (2009) -> $2.33 (2025)✓DremanPositive over recent yearsEPS CAGR✗Dreman> 5% annualizedPositive Net Income Frequency1/18 years positive✗MarksPositive net income in >= 7 of last 10 years3yr Median Revenue Growth65.2%✓Ackman>= 5%Positive EPS Growth Frequency4/5 years with positive EPS growth✓AckmanPositive EPS growth in >= 3 of last 5 years5-Year EPS CAGR✗Templeton> 0% (5-year EPS CAGR)Revenue growth vs. gross and operating margin trendgross margin 85.3% -> 81.8%, operating margin -15.4% -> 13.5%✓SleepRevenue rising; gross margin flat or falling; operating margin holding5-year Revenue CAGR49.8%✓SleepCAGR > 7%3-5 Year Diluted EPS CAGR✗Neff7%-20% annualized - Verdicts38% pass✓ 5✗ 8▾
Split decision: 7 FAIL · 5 PASS · 4 NEUTRAL
Overall verdict✗GrahamFAIL (2/9)✓BuffettPASS (4/9)✗LynchFAIL (4/7)✗GreenblattRank #1317•PiotroskiNEUTRAL (F-Score 6)✓DremanPASS (6/11)✓MungerPASS (2/4)✗PabraiFAIL (0/3)•AkreNEUTRAL (4/6)✗MarksFAIL (0/5)•AckmanNEUTRAL (6/9)✓TempletonPASS (4/8)✓SleepPASS (3/6)✗AsnessFAIL (Rank #1543/2370 (Top 65.1%))✗NeffFAIL (2/6)✗SchlossFAIL (2/7)•OshaughnessyNEUTRAL (Not ranked) - Cash Flow40% pass✓ 5✗ 7▾
6 of 10 flag ALNY's cash flow — Dreman, Pabrai, Marks +3 more
Free Cash Flow Proxy$313.7M✓BuffettPositive and growingFCF Positive and Growing$465.4M✓LynchPositive and growingOperating Cash Flow$524.1M✓PiotroskiCFO > 0(CFO / Total Assets) vs ROACFO/Assets=10.55%, ROA=6.32%✓PiotroskiCFO/Assets > ROAPrice / (CFO / Shares)41.8x✗Dreman< 8xP/E or FCF YieldP/E=70.8x, FCF Yield=2.1%✗PabraiP/E < 15 or FCF Yield > 10%FCF Positive3/18 years FCF positive✗MarksPositive FCF in majority of recent years(OCF - CapEx) / Market Cap2.1%✗Ackman>= 4%Price / FCF per Share47.0x✗Ackman<= 25Positive Operating Cash Flow frequency3/18 years positive✗SleepPositive OCF in >= 70% of available yearsOperating Cash Flow - Capital Expenditures$465.4M✓Neff> $0 (app proxy for a strong fundamental case)(Operating cash flow - capex) / market capitalization+2.11%; #2241/4519 (top 49.6%)✗OshaughnessyTop 10% of eligible cross-section
Business & financials
Financial snapshot: annual FY 2025. Current investor scores may use newer quarterly data.
Company Profile
Financial Snapshot
Shareholder Return
Fiscal 2025
Issued 2.4% of shares last year, 5.3% issued over two.
- Buybacks
- —
- Dividends
- —
Company Financials
Latest TTM and quarters alongside annual years
TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.
The latest annual period end is unavailable. Showing the latest fiscal cycle’s quarters; quarter and annual columns may overlap. Quarterly shows the full quarter history.
| Metric | TTM · 2025-12-31 2025-01-01 – 2025-12-31 Sources · derived quarter valuesDerived from cumulative filings: operating cash flow, capex, revenue, net income, operating income, ebit, pre tax income, interest expense. | Q3 FY 2026 2026-07-01 – 2026-09-30 Sources · derived quarter valuesDerived from cumulative filings: operating cash flow, capex. | Q2 FY 2026 2026-04-01 – 2026-06-30 Sources | FY 2025Sources
| FY 2024Sources
| FY 2023Sources
| FY 2022Sources
| FY 2021Sources
|
|---|---|---|---|---|---|---|---|---|
| Market Cap | $22.1Bcurrent | -- | -- | $44.8Best. | $35.1Best. | $21.8Best. | $28.1Best. | $16.5Best. |
| Revenue | $3.7B↑65% | $1.5B↑17% | $1.3B↑67% | $3.7B↑65% | $2.2B↑23% | $1.8B↑76% | $1.0B↑23% | $844.3M |
| Operating Income | $501.6M↑384% | $345.8M↓6% | $231.4M↑1529% | $501.6M↑384% | -$176.9M↑37% | -$282.2M↑64% | -$785.1M↓11% | -$708.7M |
| Net Income | $238.9M↑186% | $2.2B↑763% | $164.5M↑348% | $313.7M↑213% | -$278.2M↑37% | -$440.2M↑61% | -$1.1B↓33% | -$852.8M |
| EPS (Diluted) | -- | $15.72↑754% | $1.21↑337% | $2.33↑207% | $-2.18↑38% | $-3.52↑62% | $-9.30↓29% | $-7.20 |
| Gross Margin | — | — | — | 81.8%↓5% | 86.4%↑1% | 85.3%↓1% | 86.5% | 86.4% |
| Operating Margin | 13.5%↑272% | 23.7%↓20% | 17.9%↑956% | 13.5%↑272% | -7.9%↑49% | -15.4%↑80% | -75.7%↑10% | -83.9% |
| ROE | 30.3%↑107% | — | — | 39.8%↑110% | -414.6%↓308% | 199.5%↓72% | 714.9%↑593% | -145.0% |
| Total Debt | $1.0B↓2% | $1.0B↓3% | $1.0B↓2% | $1.0B↓2% | $1.0B | $1.0B | $1.0B | $0 |
| Shareholders' Equity | $789.2M↑1076% | $3.6B↑1441% | $1.4B↑440% | $789.2M↑1076% | $67.1M↑130% | -$220.6M↓39% | -$158.2M↓127% | $588.2M |
| Current Ratio | 2.76↓1% | 2.48↓2% | 3.05↑9% | 2.76↓1% | 2.78↓10% | 3.08↓12% | 3.51↓13% | 4.04 |
| Debt / Equity | 1.28↓92% | 0.28↓94% | 0.75↓82% | 1.28↓92% | 15.27↑430% | -4.63↑28% | -6.43 | 0.00 |
| Operating Cash Flow | $524.1M↑6405% | $341.0M↑5% | -- | $524.1M↑6405% | -$8.3M↓108% | $104.2M↑119% | -$541.3M↑16% | -$641.7M |
| Free Cash Flow | $465.4M↑1193% | $271.2M↓13% | -- | $465.4M↑1193% | -$42.6M↓202% | $41.9M↑107% | -$613.3M↑15% | -$718.1M |
Score history
Historical Score Timeline
Industry peers
Industry Peers
Similar companies in Pharmaceutical Products
ALNY vs Peers — Financial Grading
| Company | Market Cap | Price | Revenue | Net Income | ROE | D/E | Op. Margin | Curr. Ratio | Graham | Buffett | Lynch | Greenblatt | Piotroski | Dreman |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Merck & Co., Inc.MRK | $364.3B | $147.76 | $65.0B | $18.3B | 34.7% | 0.94 | — | 1.54 | 2/9 | 5/9 | 4/7 | 0/3 | F-Score 4 | 1/11 |
| ABBOTT LABORATORIESABT | $188.0B | $108.52 | $44.3B | $6.5B | 12.5% | 0.25 | 18.2% | 1.58 | 3/9 | 4/9 | 2/7 | 1/3 | F-Score 5 | 3/11 |
| BRISTOL MYERS SQUIBB COBMY | $129.7B | $63.43 | $48.2B | $7.1B | 38.2% | 2.44 | 19.4% | 1.26 | 2/9 | 1/9 | 3/7 | 1/3 | F-Score 8 | 5/11 |
| BIO-TECHNE CorpTECH | $11.4B | $72.80 | $1.2B | $73.4M | 3.8% | — | 8.4% | 3.46 | 4/9 | 3/9 | 3/7 | 0/3 | F-Score 5 | 4/11 |
| REPLIGEN CORPRGEN | $10.7B | $167.79 | $738.3M | $48.9M | 2.3% | 0.26 | 7.5% | 8.37 | 3/9 | 2/9 | 3/7 | 0/3 | F-Score 7 | 5/11 |
| IONIS PHARMACEUTICALS INCIONS | $4.8B | $29.06 | $943.7M | $381.4M | -78.0% | 3.60 | -40.4% | 3.83 | 3/9 | 1/9 | 1/7 | 0/3 | F-Score 4 | 3/11 |
| NEOGEN CORPNEOG | $2.5B | $11.23 | $870.4M | $7.9M | -0.4% | 0.76 | -2.5% | 3.82 | 3/9 | 1/9 | 2/7 | 0/3 | F-Score 6 | 4/11 |
| Pharvaris N.V.PHVS | $2.4B | $33.36 | — | $206.4M | -64.8% | 0.00 | — | — | 0/9 | 0/9 | 2/7 | 0/3 | F-Score 2 | 2/11 |