NBIX: Not rated
Published 15 Sep 2026, 18:37 BST. This is the frozen version, not the current recommendation.
Why this assessment was issued
First recorded assessment. Current data checks do not support an active rating.
A target is not published until the required checks pass. Recorded cash-flow, investment, debt, cash, preferred stock, minority interests and share-count inputs are required; missing amounts are not assumed to be zero. Missing: interest expense (trailing twelve months).
Supporting evidence
Year-to-date profit has improved
Across 2 completed quarters since 2025-12-31, net income was 342.3m versus 115.4m in the matching prior-year periods (USD). Check whether the latest quarter changes that direction.
More cash remains for each dollar of profit
Cash after capital spending / profit: 1.2× for NBIX, against 0.9× across 9 comparable peers.
Opposing evidence
The profit margin narrowed
The latest quarterly operating margin was 15.8%, -5.4 percentage points from a year earlier. Compare the sales and margin contributions below.
Working capital is growing faster than sales
Inventory changed +83.1%, against sales of +39.5%, from the same quarter last year. This can tie up cash. Acquisitions, payment timing and seasonality also need checking.
Original assumptions and checks
Recent price · Passed. Weekly close dated 2026-09-11.
Current financials · Passed. Statements through 2026-06-30; factor prices dated 2026-09-11.
Price risk · Passed. Risk uses the latest 52 weekly price changes.
Operating history · Passed. 5 annual results, retaining operating losses and unusually strong years.
Quarterly operating results · Passed. Four quarters through 2026-06-30.
Cash-flow and ownership inputs · Review needed. Recorded cash-flow, investment, debt, cash, preferred stock, minority interests and share-count inputs are required; missing amounts are not assumed to be zero. Missing: interest expense (trailing twelve months).
Depreciation basis · Passed. Four matching quarters of operating income and reported depreciation are required. An unrelated EBITDA-minus-EBIT difference is not treated as depreciation.
Matching currency · Passed. USD statements and share price.
Ownership source reconciliation · Review needed. Conflicting dated amounts need reconciliation before a target can be published: net ppe.
Policy sm-review-2-research · Model sm-assessment-12-rating-balance · Data 03453d074188.