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ZYBERNO

Stock Report

Updated Jun 12, 2026

GALAPAGOS NV (GLPG)

Healthcare • NASDAQ

$28.94

Galapagos NV is a Belgian-Dutch biotechnology company headquartered in Mechelen, Belgium, and Leiden, Netherlands, that discovers and develops small molecule medicines for inflammatory diseases and other conditions. The company terminated its collaboration with Gilead Sciences in 2024 and is refocusing on its own pipeline in oncology, inflammation, and other areas using its unique target discovery platform.

Professional Investment Analysis

ZYBERNO SCORE →

Is it a great business? Is it getting better?

34.0/100

WEAK BUSINESS

GALAPAGOS NV (GLPG) scores 34/100 — weak fundamentals with mixed indicators requiring careful analysis before acting.

📊 How is the Zyberno Score calculated? +

The Zyberno Score answers one question: "Is this a quality business worth owning?" It's a 0-100 investment grade that evaluates business fundamentals across four critical dimensions, based on principles from Warren Buffett, Benjamin Graham, Peter Lynch, and Charlie Munger.

The 4 Core Categories (25 points each):

1. PROFITABILITY (25 pts)

Metrics: ROE, ROIC, Net Margin, Operating Margin
Thresholds: ROE >20% excellent • ROIC >20% excellent • Net Margin >20% excellent • Operating Margin >25% excellent

2. FINANCIAL STRENGTH (25 pts)

Metrics: Debt-to-Equity, Current Ratio, Interest Coverage, Altman Z-Score
Thresholds: D/E <0.3 excellent • Current Ratio >2.5 excellent • Interest Coverage >10x excellent • Altman Z >3.0 safe

3. CASH FLOW QUALITY (25 pts)

Metrics: Free Cash Flow, OCF vs Net Income, FCF Margin
Thresholds: Positive & growing FCF excellent • OCF/NI >1.2x excellent (cash earnings exceed accounting)

4. GROWTH & CONSISTENCY (25 pts)

Metrics: Revenue Growth, Net Income Growth, FCF Growth, Piotroski F-Score
Thresholds: Growth via log-linear regression • Piotroski 8-9 excellent, 6-7 good

Score Interpretation:

75-100

GREAT BUSINESS

65-74

GOOD BUSINESS

50-64

AVERAGE BUSINESS

30-49

WEAK BUSINESS

0-29

POOR BUSINESS

→ View full GLPG quality analysis & detailed breakdown

VALUATION SIGNAL

MARGIN OF SAFETY

Is this stock cheap or expensive relative to what the business has historically generated for owners?

Margin of Safety unavailable — insufficient data for the owner-earnings DCF.

BRINA GAP ↗

Is the market underestimating or overestimating what this business is capable of going forward?

+7.2%

Market Underestimates

💰 How is Margin of Safety calculated? +

Margin of Safety measures how much discount or premium you're paying relative to a stock's intrinsic value. It's Benjamin Graham's core principle: the larger the margin, the lower your downside risk.

Formula: (Intrinsic Value − Current Price) ÷ Intrinsic Value × 100%

How We Calculate Intrinsic Value (DCF Method):

Step 1: Calculate current Owner Earnings (OCF − Maintenance CapEx)

Step 2: Calculate company-specific growth rate using log-linear regression on 16 quarters of Owner Earnings

Step 3: Project 10 years forward using the calculated growth rate

Step 4: Discount each year's cash flow to present value using 10% discount rate

Step 5: Calculate terminal value using 3% perpetual growth rate

Step 6: Sum all discounted cash flows = Intrinsic Value

What The Percentages Mean:

+50% or more

EXCELLENT — Very undervalued

+25% to +50%

GOOD — Attractive discount

0% to +25%

FAIR — Reasonable value

0% to -25%

CAUTION — Slight premium

-25% or worse

POOR — Overvalued

"Price is what you pay, value is what you get." — Warren Buffett

→ View full GLPG valuation analysis · → View full GLPG Brina Gap analysis

📈 How is Brina Gap calculated? +

Brina Gap measures the difference between the growth a business can fundamentally sustain and the growth the market is already pricing in.

Formula: Fundamental Growth Rate − Market-Implied Growth Rate

The Two Components:

Fundamental Growth Rate = ROIC × Reinvestment Rate

What the business can sustainably grow at based on how much it reinvests and what return it earns on that capital. Grounded in historical financials.

Market-Implied Growth Rate = Reverse DCF

The growth rate the current Enterprise Value implicitly assumes. Calculated by back-solving a 10-year DCF model (10% WACC, 3% terminal growth) until the present value of projected cash flows equals EV.

What The Gap Means:

Gap > +5% Market Underestimates — potential upside

+2% to +5% Slight Underestimate

-2% to +2% Fairly Priced — market consensus matches fundamentals

-5% to -2% Slight Overestimate

Gap < -5% Market Overestimates — price embeds optimism fundamentals don't support

A positive gap (market underestimates) combined with a positive Margin of Safety is the strongest combined signal — the business is both cheap historically and forward economics are stronger than the price suggests.

Critical Financial Health Indicators

Return on Equity (Profitability):CRITICAL (0.0%)

Debt-to-Equity (Solvency Risk):EXCELLENT (0.00x)

Operating Margin (Operational Efficiency):CRITICAL (0.0%)

Return on Capital (Capital Efficiency):POOR (6.9%)

📊 Valuation Trilogy

Three interconnected metrics for complete valuation analysis

Click any metric for full methodology and detailed analysis

Zyberno's Verdict

GALAPAGOS NV (GLPG) stock report — Zyberno Score 34/100 (WEAK BUSINESS). Full financial analysis on Zyberno.

According to Zyberno's DCF model, GALAPAGOS NV (GLPG) shows a Brina Gap of +7.2%, which strengthens the case: based on the company's ROIC (6.9%) and reinvestment rate (-2.3%), the business can fundamentally grow at -0.2% — but the current enterprise value implies the market expects -7.4%.

DIVISION I: EXECUTIVE SUMMARY

A. Market Valuation

Market Price & Capitalization (2)

Current Price:28.94

Market Cap:$1.83B

Valuation Multiples (2)

P/B Ratio:0.48x

Peg Ratio:-999.00x

Enterprise Metrics (2)

Enterprise Value:$1.79B

Ev Ebitda Ratio:4.89x

B. Profitability Assessment

Return Metrics (5)

Roic:

6.9%

📊 Click to view full GLPG ROIC analysis →

Reinvestment Rate:-2.3%

Fundamental Growth Rate (g):-0.2%

Market-Implied Growth Rate:-7.4%

Brina Gap:

7.2%

☷ Click to view full GLPG Brina Gap analysis →

Margin Analysis (1)

Ebitda Margin:28.2%

Yield Metrics (2)

Earnings Yield:-$999.00

Dividend Yield:0.0%

C. Log-Linear Regression Growth Trends

Revenue Growth (Linear) (1)

Revenue Growth Rate (Linear):44.3%

D. Financial Stability

Liquidity Ratios (3)

Current Ratio:20.15x

Quick Ratio:20.00x

Cash Ratio:0.22x

Leverage Analysis (3)

Debt To Equity Ttm:0.00x

Debt-to-Equity Ratio:0.00x

Debt To Ebitda:0.00x

Coverage Ratios (2)

Interest Coverage Ratio:285.34x

Times Interest Earned:285.34

Capital Structure (4)

Working Capital:3,407,726,053.60

Cash And Cash Equivalents:40,000,000.00

Long Term Debt:$0.00

Net Debt:-$40.00M

DIVISION II: FINANCIAL STATEMENTS ANALYSIS

A. Income Statement Analysis

Revenue Components (2)

Revenue TTM: $1.30B

Linear Growth: 44.3%

📊 Click to view full GLPG Revenue analysis & methodology →

Cost Of Revenue Ttm:$34.62M

Profitability Breakdown (2)

$0.00$343.54M

Bottom Line Performance (3)

$373.64M

Income Before Tax:$0.00

Ebitda Ttm:365,296,732.40

Operating Expenses (5)

Operating Expenses:0.00

R And D Expense:0.00

Sga Expense:0.00

Income Tax Expense:-$140.89K

Interest Expense:1,203,989.60

Expense Ratios (3)

R And D To Revenue Percentage:0.0%

Sga To Revenue Percentage:0.0%

Ebitda Margin:28.2%

B. Balance Sheet Analysis

Asset Composition (5)

Total Assets:$3.97B

Current Assets:$3.59B

Ppe Net:83,773,922.40

Goodwill:81,519,644.00

Intangible Assets:$987.41K

Liability Structure (4)

Total Liabilities:198,704,860.00

Current Liabilities:177,993,677.20

Long Term Debt:$0.00

Short Term Debt:$0.00

Equity & Capital (3)

Equity:$3.77B

Retained Earnings:$0.00

Common Stock:0.00

Working Capital Items (3)

Accounts Receivable:24,110,066.40

Inventory:26,190,849.20

Accounts Payable:121,850,966.80

Special Items (2)

Contract Liabilities:0.00

Stock Based Compensation:0.00

C. Cash Flow Analysis

Operating Activities (2)

-$299.78M-$315.74M

Investment Activities (1)

Investing Cash Flow:$336.30M

Financing Activities (3)

Financing Cash Flow:-$3.81M

Dividends Paid Ttm:0.00

Stock Repurchase:0.00

Capital Transactions (3)

Common Stock Issuance:0.00

Long Term Debt Issuance:$0.00

Long Term Debt Repayments:$0.00

DIVISION III: OPERATIONAL METRICS

A. Per Share Analysis

Earnings Per Share (1)

Earnings Per Share Ttm:$5.67

Revenue & Cash Per Share (2)

Sales Per Share Ttm:19.65

Operating Cash Flow Per Share:-$4.55

Book Value & Capital (2)

Book Value Per Share:$57.18

Cash Per Share:0.61

Dividend Policy (1)

Dividend Payout Ratio:-999.00x

B. Operational Efficiency

Asset Utilization (2)

Asset Turnover Ttm:0.33x

Working Capital Turnover Ttm:0.38x

Receivables Management (2)

Receivables Turnover Ttm:53.72x

Days Sales Outstanding Ttm:6.79

Inventory Management (2)

Inventory Turnover Ttm:1.32x

Days Inventory Outstanding Ttm:276.09

Payables & Cash Cycle (2)

Days Payable Outstanding:1,284.51

Cash Conversion Cycle:-1,001.62

C. Quality & Risk Metrics

Financial Quality Scores (2)

Financial Strength Score:100.00

Quality Score:70.00

Market Metrics (2)

Beta:0.00x

Volatility Category:unknown

DIVISION IV: INVESTMENT ANALYSIS

A. Value Investment Framework

Damodaran Growth Analysis (4)

Reinvestment Rate:-2.3%

Fundamental Growth Rate (g):-0.2%

Market-Implied Growth Rate:-7.4%

Brina Gap:

7.2%

☷ Click to view full GLPG Brina Gap analysis →

B. Log-Linear Regression Growth Analysis

Growth Rates (Log-Linear Regression) (1)

Revenue Growth Rate (Linear):44.3%

C. Company Profile & Context

Corporate Information (6)

Symbol:GLPG

Company Name:GALAPAGOS NV

Sector:Healthcare

Industry:Pharmaceuticals

Exchange:NASDAQ

Country:United States

Market Classification (3)

Market Cap Category:N/A

Price Category:medium

Volume Category:N/A

Share Structure (3)

Shares Outstanding:65.90M

Shares Outstanding Basic:0

Shares Outstanding Diluted:0

Data Processing Info (3)

Processing Version:v3.0

Last Updated:2026-06-12 09:21:35 UTC

Data Timestamp:2026-06-01T21:22:09.697364