Argen X SE ADR (ARGX) is overvalued and BeOne Medicines Ltd ADR (ONC) is overvalued.
Both trade above our estimate of their intrinsic value. ARGX is the closer of the two: -27%, against -65% for ONC.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 8.0% (average of 3 methods) values the shares at $758.94; the price of $963.79 is 27% above that value, and 81% of that value comes from beyond year five.
Leak Score 59/100 on 3 of 12 signals
Discounting its cash flows at 8.5% (average of 3 methods) values the shares at $223.46; the price of $368.08 is 65% above that value, and 79% of that value comes from beyond year five.
Leak Score 43/100 on 3 of 12 signals
| Metric | ARGX | ONC |
|---|---|---|
| Verdict | Overvalued | Overvalued |
| Price | $963.79 | $368.08 |
| Intrinsic value | $758.94 | $223.46 |
| Margin of safety | -27% | -65% |
| Leak Score | 59/100 (3/12) | 43/100 (3/12) |
| Market cap | $60.3B | $38.4B |
| Revenue growth, 5 years | 151.4% | 76.9% |
| Operating margin | 28.8% | 15.1% |
| Net margin | 32.8% | 10.7% |
| Return on equity | 23.6% | 14.7% |
| Debt to equity | 0.01 | 0.40 |
| P/E | 36.7x | 64.7x |
| Forward P/E | 25.1x | 36.7x |
| P/B | 7.1x | 8.0x |