ARGX vs ONC: argenx NV ADR and BeiGene compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- argenx NV ADR is the larger company, worth $50.6B, about 1.5 times BeiGene.
- argenx NV ADR grew revenue faster over the last year (+88.6% vs +29.6%).
- argenx NV ADR keeps more of each dollar of revenue as operating profit (24.8% vs 15.1%).
- On earnings, argenx NV ADR is the cheaper stock (42.2x vs 74.1x).
- argenx NV ADR's price assumes faster free cash flow growth: about 25% a year, against 13% for BeiGene (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | ARGX | ONC |
|---|---|---|
| Market cap | $50.6B | $34.1B |
| Share price | $825.03 | $354.47 |
| Revenue (last fiscal year) | $4.2B | $5.3B |
| Free cash flow (last fiscal year) | $574M | $942M |
| Revenue growth, last year | +88.6% | +29.6% |
| Revenue growth per year, last 5 fiscal years | +71.0% | +46.0% |
| Operating margin | 24.8% | 15.1% |
| Net margin | 30.4% | 10.7% |
| Return on equity | 43.5% | 12.7% |
| P/E (trailing) | 42.2x | 74.1x |
| Price / free cash flow | 60.0x | 36.2x |
| EV / EBITDA | 29.6x | 31.5x |
| FCF growth the price implies | 24.7% | 12.7% |
| Dividend yield | — | — |
| Debt / equity | 0.09x | 0.77x |
| Fundamental grade | B | B |
| Superinvestors holding it | 3 | 1 |
| Insider purchases, last 12 months | 0 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
argenx NV ADR
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $497M | -$728M | -70.1% |
| 2022 | $10M | -$967M | -7184.7% |
| 2023 | $36M | -$464M | -1196.2% |
| 2024 | $2.3B | -$151M | -0.96% |
| 2025 | $4.2B | $574M | 24.8% |
BeiGene
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $1.2B | -$1.6B | -122.3% |
| 2022 | $1.4B | -$1.8B | -126.4% |
| 2023 | $2.5B | -$1.7B | -49.1% |
| 2024 | $3.8B | -$633M | -14.9% |
| 2025 | $5.3B | $942M | 8.4% |
Where the revenue comes from
argenx NV ADR · by regions, 2023
United States$30M84%
China$6M16%
BeiGene · by products, 2025
Product revenue, net$5.3B99%
Other revenue$61M1%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open ARGX in InvestinglyQuestions
Which is bigger, argenx NV ADR or BeiGene?
argenx NV ADR (ARGX), at $50.6B against $34.1B.
Is ARGX or ONC cheaper?
By trailing P/E, argenx NV ADR (42.2x) is cheaper than BeiGene (74.1x). A lower multiple can also mean the market expects less growth.
Which grows faster, ARGX or ONC?
argenx NV ADR: revenue grew +88.6% over the last year, against +29.6%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.