Neurocrine Biosciences Inc (NBIX) is undervalued and United Therapeutics Corp (UTHR) is undervalued.
Against our estimates of intrinsic value, UTHR trades at the wider discount: a margin of safety of +35%, against +29% for NBIX.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 7.8% (average of 3 methods) values the shares at $201.20; the price of $142.25 is 29% below that value, and 81% of that value comes from beyond year five.
Leak Score 100/100 on 3 of 12 signals
Discounting its cash flows at 8.2% (average of 3 methods) values the shares at $764.18; the price of $497.59 is 35% below that value, and 79% of that value comes from beyond year five.
Leak Score 85/100 on 8 of 12 signals
| Metric | NBIX | UTHR |
|---|---|---|
| Verdict | Undervalued | Undervalued |
| Price | $142.25 | $497.59 |
| Intrinsic value | $201.20 | $764.18 |
| Margin of safety | +29% | +35% |
| Leak Score | 100/100 (3/12) | 85/100 (8/12) |
| Market cap | $14.5B | $21.3B |
| Revenue growth, 5 years | 22.3% | 16.5% |
| Operating margin | 23.9% | 44.5% |
| Net margin | 20.9% | 41.6% |
| Return on equity | 22.1% | 19.3% |
| Debt to equity | 0.11 | 0.00 |
| P/E | 20.8x | 17.8x |
| Forward P/E | 14.6x | 17.2x |
| P/B | 3.9x | 3.3x |