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Ultragenyx (RARE) Fair Value & Analysis

Healthcare · US · Market cap $3.0B · ISIN US90400D1081

What is Ultragenyx really worth?

U Ultragenyx logo Ultragenyx RARE · US
Price$14.85
Fair Value$23.92
Upside+61.1%
Quality36/100

Below-average quality, trading 38% below our fair value of $23.92.

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Risks

!Mixed Growth (revenue 5y +19.9 %/yr)
!Loss-making · -90.9% net margin
!Negative equity (buybacks among others) · negative free cash flow
!Trails peers (2/8)
!Narrow moat 13/100
!Evidence only low, so the estimate is less certain
Evidence: Low Range $17.94 – $29.90

Fair value as of: Jun 23, 2026

From 3 valuation models · updated 73 days ago

Share price −42.5% over the past month.

What runs behind every stock

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

What matters now

  • The large discount to fair value meets weak quality (36/100). That raises the risk this is a value trap rather than a bargain.
  • The price is below even our cautious bear case ($17.94). The market is more pessimistic than our downside scenario.
  • The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.

Price vs Fair Value (5 years)

$102.88 $14.85 Fair Value $23.92 Jun 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jun 23, 2026.

How to read this chart

60‑month range $14.85 – $102.88 · fair‑value band $17.94 – $29.90 · the $14.85 price screens below the $23.92 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jun 23, 2026.

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Analysis

Ultragenyx (RARE) currently trades at $14.85, while our model-based Fair Value estimate is $23.92, implying the stock looks roughly 37.9% undervalued today. The Quality Score stands at 36/100 (below-average quality), in the Healthcare sector. How firm this estimate is: it rests on 3 models at a data quality of 94/100, which puts the evidence level at low.

Over the trailing twelve months, Ultragenyx generated revenue of $670M at a net margin of −90.9%. Revenue declined 2.2% year over year. Net debt stands at $842M. Fundamentals as of Jun 23, 2026

Our scenario range runs from $17.94 (bear case) to $29.90 (bull case); at $14.85, the current price sits below 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 about 65% below its 52-week high, currently below its 200-day average. For context, the median of 10 Healthcare peers we cover trades at −59% fair-value upside, at 61%, RARE screens cheaper than that median.

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Key figures & financial health

P/S ratio 4.44 TTM
EPS (TTM) $−6.10
Net margin −85.4% FY2025
Return on equity −608% TTM
Return on assets (EBIT) −35.2% avg 5y
Operating margin −102% TTM
More key figures
Growth
Revenue (TTM) $670M TTM
Revenue growth (YoY) −2.2% 3y avg +22.8%
Balance sheet & cash flow
Free cash flow −$472M FY2025
Net debt $842M FY2025

Figures from reported company fundamentals · as of Jun 23, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 36/100

Of which business quality 37 · Market factors (momentum, volatility) 18

Profitability 23
Margins and returns on capital today
Quality Growth 69
Are margins and returns improving?
Cashflow 7
Earnings quality: real cash, not paper profit
Fin. Strength 49
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 50
Calm price path (market factor)
Momentum 8
Price trend over the last 3–12 months (market factor)
52W Momentum 0
Distance to the 52-week high (market factor)
Net Issuance 0
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

Ultragenyx Pharmaceutical Inc., a biopharmaceutical company, focuses on the identification, acquisition, development, and commercialization of novel products for the treatment of rare and ultra-rare genetic diseases in North America, Latin America, Europe, the Middle East, Africa, and the Asia-Pacific.

Full company description

Ultragenyx Pharmaceutical Inc., a biopharmaceutical company, focuses on the identification, acquisition, development, and commercialization of novel products for the treatment of rare and ultra-rare genetic diseases in North America, Latin America, Europe, the Middle East, Africa, and the Asia-Pacific. Its biologic products include Crysvita (burosumab), an antibody targeting fibroblast growth factor 23 for the treatment of X-linked hypophosphatemia, as well as tumor-induced osteomalacia; Mepsevii, an enzyme replacement therapy for the treatment of children and adults with Mucopolysaccharidosis VII; Dojolvi for the treatment of long-chain fatty acid oxidation disorders; and Evkeeza (evinacumab) for the treatment of homozygous familial hypercholesterolemia. The company's products candidates that are in Phase 3 clinical trials include UX143, a human monoclonal antibody for the treatment of osteogenesis imperfecta; UX111, an AAV9 gene therapy product candidate for the treatment of patients with Sanfilippo syndrome type A, or MPS IIIA, a rare lysosomal storage disease; DTX401, an adeno-associated virus 8 (AAV8) gene therapy clinical candidate for the treatment of patients with glycogen storage disease type Ia; DTX301, an AAV8 gene therapy for the treatment of patients with ornithine transcarbamylase; and GTX-102, an antisense oligonucleotide for the treatment of Angelman syndrome. It also develops UX701 that is in Phase 2 clinical trial for the treatment of Wilson disease; and UX053 for the treatment of glycogen storage disease type III. Ultragenyx Pharmaceutical Inc. has collaboration and license agreement with Kyowa Kirin Co., Ltd.; Saint Louis University; Baylor Research Institute; REGENXBIO Inc.; GeneTx; Mereo; University of Pennsylvania; Solid Biosciences Inc.; Regeneron; Abeona; and Arcturus Therapeutics Holdings Inc. The company was incorporated in 2010 and is headquartered in Novato, California.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Ultragenyx reported revenue of $673M in FY2025 versus $351M in FY2021, a compound +17.6%/yr. Reported net income was −$575M in FY2025.

Growth Quality 34/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
$673M
Latest YoY
+20.1%
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.
+22.8%
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.
+19.9%
Avg. revenue growth/yr (9Y) 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.
+158.0%
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 +17.6%/yr
FY21 $351M
FY22 $363M
FY23 $434M
FY24 $560M
FY25 $673M
Net income
FY21 −$454M
FY22 −$707M
FY23 −$607M
FY24 −$569M
FY25 −$575M

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Cite: Fair Value Calculator (2026). "Ultragenyx Fair Value". https://www.fairvalue-calculator.com/stock/RARE

Recent news

External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.

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 36 · Below median
Fair Value upside +61% · Top 25%
Return on assets −25% · Below median
Net margin (TTM) −91% · Bottom 25%
Operating margin (TTM) −102% · Bottom 25%
Revenue growth −2% · Below median

Valuation Multiples vs Biotechnology median · lower = cheaper

P/S (TTM) 4.44× · Pricier than median

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
VALUE100 · sector 0
FUTURE0 · sector 0
PAST0 · sector 0
HEALTH100 · sector 98
DIVIDEND0 · sector 26

PAST 0: with negative equity (buybacks among others) return on equity is not meaningfully computable.

Insider activity: 46/100

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 Jun 23, 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 Ultragenyx (RARE) overvalued or undervalued?
As of Jun 23, 2026, our model estimates a fair value of $23.92 versus a price of $14.85, about +61% upside (undervalued).
What is the fair value of RARE?
Our model-based fair value for Ultragenyx is $23.92 (as of Jun 23, 2026), built from audited fundamentals. The current price: $14.85.
What is the quality score of RARE?
Ultragenyx has a Quality Score of 36/100. 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 Ultragenyx (RARE)?
Ultragenyx reported trailing-twelve-month revenue of about $670M (latest available figure, as of Jun 23, 2026).
What is the net profit margin of RARE?
The net profit margin of Ultragenyx is about −90.9%, meaning it is currently running at a net loss. Based on the latest reported figures.
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