Healthcare

Other Biopharmaceuticals

48 investable US stocks · data to Saturday, October 24, 2026

Acquirer's Multiple percentile today81st percentile

Cheaper than in 75% of quarters since 1999Its usual range since 1999 is the 75th to 89th percentile (the middle 80% of quarters), with a median of the 86th. Lower is cheaper: the 10th percentile is cheaper than 90% of the investable US market; the 50th is the middle.

Is it cheap because returns are depressed?

The industry is cheap against its own past, and returns on assets are strong (higher than in 76% of quarters), so it isn't cheap because returns are depressed. Free cash flow yield is in its usual range. A low multiple can be warranted when returns on assets are low, and a high one when they are high, so the multiple reads best next to returns and free cash flow, each against the industry's own history.

Over- or under-earning?

Earning about normally

Return on assets ranks at the 19th percentile of investable US stocks, against a median of the 14th and a low of the 8th since 1999. That is close to its usual level, so today's multiple is about right on a normalized basis. If earnings normalize, the multiple would likely rise: from the 81st percentile today (dearer than 81% of investable US stocks) to around the 87th (dearer than 87% of investable US stocks), judging by where it sat in past quarters when returns were at their usual level. If returns fell to their low, it would be around the 87th (dearer than 87% of investable US stocks).

Percentile	Today	Returns normal	Returns at low
Return on assets (higher is better)	19th	14th (median)	8th (low)
Acquirer's Multiple (lower is cheaper)	81st	87th	87th

Other Biopharmaceuticals's return on assets as a percentile, quarterly since 1999. The shaded band is its usual range; the dashed line its median.

Percentiles among investable US stocks. Return on assets is operating income over total assets, trailing 12 months. The last two columns show where it sat in past quarters when returns were within 7.5 points of their median (94 quarters) and of their low (68). The past, not a forecast.

Against its own history

Each chart is the industry's median stock as a percentile of all investable US stocks, quarterly since 1999. For the Acquirer's Multiple and debt to equity, lower is better. The shaded band is its usual range (the middle 80% of quarters); the dashed line is its long-run median; the dot is today. Green shading marks the better end of each scale and red the worse, and today's dot takes the colour of where it sits.

Acquirer's MultipleCheaper than usualPercentile of enterprise value ÷ operating income: lower is cheaper. Cheaper than in 75% of quarters since 1999.

Free cash flow yieldUsual rangePercentile of free cash flow yield: higher is a bigger yield. Lower than in 67% of quarters since 1999.

Shareholder yieldUsual rangeDividends plus buybacks, as a percentile: higher is a bigger yield. Lower than in 65% of quarters since 1999.

Dividend yieldUsual rangePercentile of dividend yield: higher is a bigger yield. Lower than in 59% of quarters since 1999.

Return on assets, 5-yrBetter than usualPercentile of five-year return on assets: higher is better. Higher than in 76% of quarters since 1999.

Debt to equityMost debt on recordPercentile of debt to equity: lower is less debt. More indebted than in 100% of quarters since 1999.

Company sizeUsual rangePercentile of market cap: higher is larger. Smaller than in 51% of quarters since 1999.

Other Biopharmaceuticals stocks in the screens today

In today's screens, cheapest first. ● marks one of a screen's 30 tracked picks.

Stock	Screen	Acquirer's Multiple	FCF yield	Shareholder yield

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Other Healthcare industries

Non-System-Specific Biopharmaceuticals cheaper than 77%Other Medical Devices cheaper than 69%Diagnostics and Drug Delivery Devices dearer than 51%System-Specific Biopharmaceuticals dearer than 59%Patient Care dearer than 73%Healthcare Support Services dearer than 79%Outsourced Development and Manufacturing Services dearer than 79%Miscellaneous Healthcare dearer than 93%General Medical Devices dearer than 97%

Quarterly since 1999 from point-in-time data. Each quarter, every investable US stock (price above $3, market cap above $75M, average daily trading above $850,000, no OTC, ADRs or MLPs) is placed in a percentile (0-100) against all the others on each metric. An industry's value is the median percentile of its stocks. Industries follow FactSet's RBICS classification. Percentiles describe the past; they are not investment advice or a forecast.