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Ascendis Pharma AS (ASND) Fair Value & Analysis

Healthcare · US · Market cap $17.7B · ISIN US04351P1012

What is Ascendis Pharma AS really worth?

AP Ascendis Pharma AS logo Ascendis Pharma AS ASND · US
Price$271.12
Fair Value$6.12
Upside−97.7%
Quality61/100

Structural break: The valuation model sees a lasting decline in earnings power for this stock, the confidence band is broken. Treat the target with caution.

A solid business, but trading 4,325% above our fair value of $6.12.

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Strengths

Highly profitable · 57.3% net margin
Negative equity (buybacks among others) · generates free cash flow

Risks

!Mixed Growth (revenue 5y +150.9 %/yr)
!Mixed vs. peers (7/12)
!Moderate moat 63/100
!Evidence only low, so the estimate is less certain
!Weak on dividend: 1 out of 100
Evidence: Low Range $3.12 – $9.13

Fair value as of: Sep 3, 2026

From 8 valuation models · updated yesterday

Fair value updated Sep 3, 2026, revised from $6.08 to $6.12 (+0.7%) since Aug 13, 2026. Share price +10.8% over the past month.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The price sits above even our optimistic bull case ($9.13). The favourable scenario is already priced in.
  • The model range is unusually wide ($3.12 to $9.13). The outcome hinges heavily on assumptions, so read the point estimate with caution.
  • The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
  • Solid but not exceptional quality (61/100) and above fair value, neither a clear bargain nor a standout compounder.

Price vs Fair Value (5 years)

$277.18 $69.96 Fair Value $6.12 Jun 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 3, 2026.

How to read this chart

60‑month range $69.96 – $277.18 · fair‑value band $3.12 – $9.13 · the $271.12 price screens above the $6.12 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 3, 2026.

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Analysis

Ascendis Pharma AS (ASND) currently trades at $271.12, while our model-based Fair Value estimate is $6.12, implying the stock looks roughly 4,324.8% overvalued today. The Quality Score stands at 61/100 (solid quality), in the Healthcare sector. Bull case: the DCF Models group reads highest at a median of $21.13 per share, and 0 of the 8 models we run sit above the $271.12 price. Bear case: the Dividend Discount group reads lowest at $1.24, and 8 of the 8 models stay below the price. Evidence for this calculation is low.

Over the trailing twelve months, Ascendis Pharma AS generated revenue of $866M at a net margin of 57.3%. Revenue grew 144.3% year over year. It earns a return on equity of 33.3%. Net debt stands at $256M. Fundamentals as of Sep 3, 2026

Our scenario range runs from $3.12 (bear case) to $9.13 (bull case); at $271.12, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades near its 52-week high and 69% above its 52-week low, currently above its 200-day average. For context, the median of 10 Healthcare peers we cover trades at −59% fair-value upside, at −98%, ASND screens richer than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly $5.86 per share, which is 95.8 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Note: the current price implies far more future growth than the conservative anchors of our models allow (base growth is deliberately capped, we do not regard such extreme rates as sustainable). Our models are not designed for expectations this high; that is why the individual models scatter extremely ($1.24 to $24.41). Read the values as a conservative anchor, not as a price target.
Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
FCF DCF $14.71 $21.13 $41.57 74
Growth DCF $14.04 $24.41 $41.40 74
5Y Revenue Exit $11.48 $17.03 $28.62 69
All 8 models by family
DCF Models
FCF DCF $14.71 $21.13 $41.57 74
5Y Revenue Exit $11.48 $17.03 $28.62 69
10Y Revenue Exit $12.28 $22.15 $28.22 65
Dividend Discount
Gordon GGM $0.7100 $1.47 $2.34 64
DDM Multi-Stage $0.7100 $1.24 $1.55 64
Multiples
EV/Revenue $9.57 $12.16 $14.75 54
Growth DCF
Growth DCF $14.04 $24.41 $41.40 74
Rev-Margin DCF $12.29 $18.98 $32.99 68

Widest divergence: DCF Models ($21.13) versus Dividend Discount ($1.24). Highest evidence: FCF DCF (74).

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Key figures & financial health

P/E ratio 30.7
P/S ratio 15.6 TTM
EPS (TTM) $8.82 price ÷ EPS = P/E 30.7
Dividend yield 0.0% payout 1.2%
Net margin −31.7% FY2025
Return on equity 33.3% TTM
More key figures
Profitability
Return on assets (EBIT) −36.4% avg 5y
Operating margin 10.1% TTM
Growth
Revenue (TTM) $866M TTM
Revenue growth (YoY) +144% 3y avg +138%
Balance sheet & cash flow
Free cash flow $43.6M FY2025
Net debt $256M FY2025 · ≈ 5.9 yrs of FCF

Figures from reported company fundamentals · as of Sep 3, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 61/100

Of which business quality 58 · Market factors (momentum, volatility) 73

Profitability 29
Margins and returns on capital today
Quality Growth 85
Are margins and returns improving?
Cashflow 52
Earnings quality: real cash, not paper profit
Fin. Strength 67
Balance sheet, leverage, solvency risk
Investment 90
Disciplined investing over empire-building
Low Volatility 76
Calm price path (market factor)
Momentum 65
Price trend over the last 3–12 months (market factor)
52W Momentum 82
Distance to the 52-week high (market factor)
Net Issuance 45
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Ascendis Pharma A/S, operates as a biopharmaceutical company that focuses on developing TransCon-based therapies for unmet medical needs in Europe, the United States, and internationally.

Full company description

Ascendis Pharma A/S, operates as a biopharmaceutical company that focuses on developing TransCon-based therapies for unmet medical needs in Europe, the United States, and internationally. The company offers SKYTROFA for treating pediatric patients with growth hormone deficiency; and YORVIPATH, a once-daily subcutaneous injection for the treatment of adults with chronic hypoparathyroidism. It is also developing a pipeline of three independent endocrinology rare disease product candidates in clinical development, as well as focuses on advancing oncology therapeutic candidates. The company was incorporated in 2006 and is based in Hellerup, Denmark.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Ascendis Pharma AS reported revenue of €692M in FY2025 versus €7.8M in FY2021, a compound +207.1%/yr. Reported net income was −€219M in FY2025.

Growth Quality 78/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
$692M
Latest YoY
+90.2%
Avg. revenue growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+138.2%
Avg. revenue growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+150.9%
Avg. revenue growth/yr (13Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+33.9%
Value creation/yr We only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed
Revenue +207.1%/yr
FY21 €7.8M
FY22 €51.2M
FY23 €267M
FY24 €364M
FY25 €692M
Net income
FY21 −€384M
FY22 −€583M
FY23 −€481M
FY24 −€378M
FY25 −€219M

ASND screens 4,325% overvalued. Compare with Vertex Pharmaceuticals Incorporated →

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Cite: Fair Value Calculator (2026). "Ascendis Pharma AS Fair Value". https://www.fairvalue-calculator.com/stock/ASND

Peer Group

Biotechnology · 622 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 61 · Top 25%
Fair Value upside −98% · Bottom 25%
Return on equity (TTM) 33% · Top 25%
Return on assets −1% · Above median
Net margin (TTM) 57% · Top 25%
Operating margin (TTM) 10% · Above median
Revenue growth 144% · Top 25%
Dividend yield (TTM) 0.0% · Bottom 25%

Valuation Multiples vs Biotechnology median · lower = cheaper

P/E (TTM) 30.7× · Pricier than median
P/S (TTM) 20.49× · Pricier than 75% of peers
P/FCF 406.7× · Pricier than 75% of peers

Strength profile in five axes (Snowflake)

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE0 · sector 0
FUTURE100 · sector 0
PAST100 · sector 0
HEALTH100 · sector 98
DIVIDEND1 · sector 26

VALUE 0: the price sits above our fair-value range.

Insider activity: 35/100

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Biotechnology stocks, each showing price versus our Fair Value estimate (as of Sep 3, 2026).

Stock Price Fair Value vs Fair Value
Vertex Pharmaceuticals Incorporated VRTX $547.55 $278.78 −49%
Regeneron Pharmaceuticals, Inc REGN $807.71 $594.40 −26%
argenx SE ARGX €877.60 €292.84 −67%
Samsung Biologics Co 207940 1,518,000 KRW 1,055,793 KRW −30%
CSL Limited CSL A$174.50 A$141.68 −19%
Alnylam Pharmaceuticals, Inc ALNY $228.61 $51.70 −77%
Royalty Pharma plc RPRX $60.58 $24.22 −60%
Celltrion, Inc 068270 190,700 KRW 74,519 KRW −61%
BeOne Medicines AG ONC $362.51 $111.35 −69%
BioNTech SE BNTX $111.40 $45.66 −59%

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Frequently asked questions

Is Ascendis Pharma AS (ASND) overvalued or undervalued?
As of Sep 3, 2026, our model estimates a fair value of $6.12 versus a price of $271.12, about −98% upside (overvalued).
What is the fair value of ASND?
Our model-based fair value for Ascendis Pharma AS is $6.12 (as of Sep 3, 2026), built from audited fundamentals. The current price: $271.12.
What is the quality score of ASND?
Ascendis Pharma AS has a Quality Score of 61/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Ascendis Pharma AS (ASND)?
Ascendis Pharma AS reported trailing-twelve-month revenue of about $866M (latest available figure, as of Sep 3, 2026).
What is the net profit margin of ASND?
The net profit margin of Ascendis Pharma AS is about 57.3%, meaning it keeps roughly 57.3% of revenue as net income. Based on the latest reported figures.
Does Ascendis Pharma AS pay a dividend?
Ascendis Pharma AS currently shows a dividend yield of about 0.04% relative to its recent price (as of Sep 3, 2026).
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