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Held by 660 of 5,944 reporting institutions (98th percentile) — extremely crowded.
Data as of Q1 2026
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Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Solve the discounted cash flow backwards, then stress-test the assumptions.
To be worth $151.83 today, the market must believe free cash flow compounds 11.3%/yr for a decade (off $556M normalized FCF).
The market's 11.3% is more conservative than its 7-yr track record.
2-stage DCF · 0.10B shares · net debt -$713M
mean 40.5% · volatility σ 25% · implied rate exceeded in 6/7 yrs
Central path = implied 11.3%/yr growth; shaded band = ±1σ (25%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
Ranked against 1085 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-03-31.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| BCAX | $1.24T | — | — | — | — | — | — | -34.4% | -34.4% | — | 143 |
| LLY | $1.03T | 50.2× | — | 15.9× | 44.7% | 83.0% | 31.7% | 77.8% | 29.9% | — | 4,193 |
| AKTX | $894.1B | — | — | — | — | — | — | -61.1% | -61.1% | — | 1 |
| JNJ | $650.5B | 24.5× | — | 6.9× | 6.0% | 67.9% | 28.5% | 32.9% | 20.7% | — | 4,451 |
| ABBV | $467.1B | 111.9× | 33.4× | 7.6× | 8.6% | 70.2% | 6.9% | -129% | 6.6% | 4.2× | 3,895 |
| MRK | $368.2B | 20.2× | — | 5.7× | 1.3% | 74.8% | 28.1% | 34.7% | 17.9% | — | 3,594 |
| UNH | $339.9B | 28.4× | 19.7× | 0.8× | 11.8% | 88.7% | 2.7% | 12.0% | 6.8% | 3.9× | 2,891 |
| AZN | $257.7B | — | — | — | — | — | — | — | — | — | 1,248 |
| TMO | $248.2B | 37.1× | 31.9× | 5.6× | 3.9% | — | 15.0% | 12.6% | 7.0% | 4.9× | 2,481 |
| AMGN | $204.6B | 26.7× | 17.6× | 5.6× | 10.0% | 67.2% | 21.0% | 89.1% | 12.2% | 3.8× | 3,014 |
| GILD | $187.3B | 22.3× | 20.4× | 6.4× | 2.4% | 78.8% | 28.9% | 37.5% | 17.9% | 2.4× | 2,218 |
| ABT | $178.0B | 27.5× | 19.2× | 4.0× | 5.7% | 56.4% | 14.7% | 12.5% | 10.0% | 1.4× | 2,964 |
| PFE | $157.1B | 20.3× | — | 2.5× | -1.6% | 74.3% | 12.4% | 9.0% | 5.1% | — | 2,838 |
| DHR | $150.2B | 42.1× | 31.0× | 6.1× | 2.9% | 59.1% | 14.7% | 6.9% | 5.1% | 3.4× | 2,083 |
| ISRG | $136.2B | 48.7× | 37.5× | 13.5× | 20.5% | 66.0% | 28.4% | 16.0% | 16.0% | — | 2,190 |
| VRTX | $131.1B | 33.7× | 28.8× | 10.9× | 8.9% | 86.2% | 32.9% | 21.2% | 21.2% | — | 1,609 |
| BMY | $127.8B | 18.2× | — | 2.6× | -0.2% | 71.1% | 14.6% | 38.2% | 11.1% | — | 2,431 |
| MDT | $118.8B | 24.9× | 12.6× | 3.3× | 8.4% | 65.0% | 13.2% | 9.7% | 9.4% | 0.2× | 2,114 |
| CVS | $114.7B | 64.9× | 11.5× | 0.3× | 7.8% | 45.0% | 0.4% | 2.4% | 2.4% | 0.0× | 1,795 |
| SYK | $107.1B | 33.4× | 18.4× | 4.3× | 11.2% | 64.0% | 12.9% | 14.5% | 8.5% | 2.5× | 2,196 |
| MCK | $102.5B | 22.9× | 16.2× | 0.3× | 12.4% | 3.6% | 1.2% | -219% | 109% | 1.0× | 1,946 |
| HCA | $96.4B | 15.1× | — | 1.3× | 7.1% | — | 9.0% | -113% | 16.8% | — | 1,346 |
| ELV | $91.4B | 16.4× | 15.5× | 0.5× | 12.5% | 89.4% | 2.8% | 12.9% | 7.6% | 4.2× | 1,397 |
| REGN | $82.6B | 19.0× | 19.8× | 5.8× | 1.0% | — | 31.4% | 14.4% | 13.6% | 0.5× | 1,336 |
| CI | $72.7B | 12.4× | 5.5× | 0.3× | 11.2% | 21.8% | 2.2% | 14.3% | 14.1% | 0.0× | 1,583 |
| NBIX | $15.2B | 32.5× | 22.4× | 5.3× | 21.4% | 98.2% | 16.7% | 14.7% | 14.7% | — | 660 |
Peers = companies sharing NBIX's sector (Healthcare) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
EOD close · as of 2026-09-17
How a revenue dollar becomes profit — FY2025
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.86B 100.0% | $2.36B 100.0% | $1.89B 100.0% | $1.49B 100.0% | $1.13B 100.0% | $1.05B 100.0% | $788.1M 100.0% | $451.2M 100.0% | $161.6M 100.0% | $15.0M 100.0% |
| Cost of Revenue | $52.1M 1.8% | $34.0M 1.4% | $39.7M 2.1% | $23.2M 1.6% | $14.3M 1.3% | $10.1M 1.0% | — | $4.9M 1.1% | $1.3M 0.8% | $0 0.0% |
| Cost of Products | — | — | — | — | — | — | — | — | $1.3M 0.8% | $0 0.0% |
| Research & Development | — | — | — | — | — | — | — | $160.5M 35.6% | $121.8M 75.4% | $94.3M 628.6% |
| Selling, General & Admin | $1.16B 40.4% | $1.01B 42.8% | $887.6M 47.0% | $752.7M 50.6% | $583.3M 51.5% | $433.3M 41.4% | $354.1M 44.9% | $248.9M 55.2% | $169.9M 105.1% | $68.1M 453.9% |
| Total Operating Expenses | $2.24B 78.4% | $1.78B 75.8% | $1.64B 86.7% | $1.24B 83.3% | $1.03B 91.0% | $882.9M 84.4% | $715.8M 90.8% | $414.4M 91.8% | $293.0M 181.3% | $162.4M 1082.5% |
| Operating Income | $619.1M 21.6% | $570.5M 24.2% | $250.9M 13.3% | $249.0M 16.7% | $102.5M 9.0% | $163.0M 15.6% | $72.3M 9.2% | $36.8M 8.2% | -$131.4M -81.3% | -$147.4M -982.5% |
| Interest Expense | — | — | $4.6M 0.2% | $7.1M 0.5% | $25.8M 2.3% | $32.8M 3.1% | $32.0M 4.1% | $30.5M 6.8% | $19.5M 12.1% | $0 0.0% |
| Interest & Investment Income | — | — | — | — | — | — | — | — | — | $2.8M 18.9% |
| Other Income (Expense), net | $86.3M 3.0% | -$84.5M -3.6% | $81.2M 4.3% | -$35.1M -2.4% | -$1.1M -0.1% | -$56.3M -5.4% | -$25.8M -3.3% | -$15.0M -3.3% | -$11.2M -6.9% | $6.3M 41.9% |
| Pretax Income | $705.4M 24.7% | $486.0M 20.6% | $332.1M 17.6% | $213.9M 14.4% | $101.4M 8.9% | $106.7M 10.2% | $46.5M 5.9% | $21.8M 4.8% | -$142.5M -88.2% | -$141.1M -940.6% |
| Income Tax Expense | $226.8M 7.9% | $144.7M 6.1% | $82.4M 4.4% | $59.4M 4.0% | $11.8M 1.0% | -$300.6M -28.7% | $9.5M 1.2% | $700K 0.2% | $0 0.0% | $0 0.0% |
| Net Income | $478.6M 16.7% | $341.3M 14.5% | $249.7M 13.2% | $154.5M 10.4% | $89.6M 7.9% | $407.3M 38.9% | $37.0M 4.7% | $21.1M 4.7% | -$142.5M -88.2% | -$141.1M -940.6% |
| Per Share | ||||||||||
| EPS (Basic) | $4.81 | $3.40 | $2.56 | $1.61 | $0.95 | $4.38 | $0.40 | $0.23 | $-1.62 | $-1.63 |
| EPS (Diluted) | $4.67 | $3.29 | $2.47 | $1.56 | $0.92 | $4.16 | $0.39 | $0.22 | $-1.62 | $-1.63 |
| Weighted Avg Shares (Basic) | 99.5M | 100.4M | 97.7M | 95.8M | 94.6M | 93.1M | 91.6M | 90.2M | 88.1M | 86.7M |
| Weighted Avg Shares (Diluted) | 102.5M | 103.7M | 101.0M | 98.9M | 97.9M | 97.8M | 95.7M | 95.4M | 88.1M | 86.7M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Is the value real, and is the business safe? Academic scores + earnings quality + solvency, from SEC filings.
4/8 of the 9 checks — 1 couldn't be scored (see above), so the score is out of the 8 with data.
Safe > 2.99 · grey 1.81–2.99 · distress < 1.81
Eight indices comparing this year to last (receivables, margins, asset quality, growth, accruals, leverage). Above −1.78 suggests possible manipulation; below −2.22 is clean.
A screen, not proof — high growth alone can raise it.
Earnings are backed by cash (FCF ≥ net income) — high quality. Lower/negative accruals = higher quality (Sloan).
Coverage data unavailable.
F-Score (0–9 fundamental momentum), Altman Z (distress risk), and Beneish M (earnings-manipulation screen) are academic models computed from the SEC filings. Screens and context — educational, not recommendations.
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $168M buybacks = $168M returned on $749M FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: 15%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Insufficient EBITDA/debt history.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest is easily covered by operating profit. Interest last disclosed in FY2023 (no longer broken out).
Cash vs short-term debt unavailable.
Short-term / long-term split not separately reported.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Educational — not a recommendation.
EOD close · as of 2026-09-17
No material risks flagged.
Where each multiple sits in its own 14-yr range · 16th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
Returns are margin-driven, not leverage-driven — higher quality.
What the company owes vs. what it holds
Year-by-year maturities aren't in SEC companyfacts (footnote-only), so this shows the debt/cash structure and net leverage instead.
Latest year: profit growth vs revenue growth
Low operating leverage — profit tracks sales closely (stable, less cyclical).
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 1.1 | — | 1.0 | 1.3 | 1.6 | 2.1 | 1.4 | 1.8 |
| R&D | 35.6 | — | — | — | — | — | — | — |
| SG&A | 55.2 | 44.9 | 41.4 | 51.5 | 50.6 | 47.0 | 42.8 | 40.4 |
| Operating Income | 8.2 | 9.2 | 15.6 | 9.0 | 16.7 | 13.3 | 24.2 | 21.6 |
| Income Tax | 0.2 | 1.2 | -28.7 | 1.0 | 4.0 | 4.4 | 6.1 | 7.9 |
| Net Income | 4.7 | 4.7 | 38.9 | 7.9 | 10.4 | 13.2 | 14.5 | 16.7 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on NBIX: price, valuation, headline fundamentals, and an auto-generated scorecard from SEC filings. Flags are rule-based signals, not recommendations.