NEUROCRINE BIOSCIENCES, INC.

NBIX · Healthcare · $17.0B mkt cap · FY2025 filings · Narrow moat

On the watchlist

Narrow moat

The four filters

Pricing power100

Median gross margin 98.7% over 9y, very stable.

Returns on capital49

Median ROIC 10.7%, above the 9% hurdle in 70% of years.

Balance-sheet safety100

Net cash position — no leverage risk.

Capital discipline24

Owner earnings trend unclear, share count growing (dilution).

Margin of safety

Above valueOn sale

327% above value

Owner earnings (normalized): $221.4M
Est. intrinsic value / share: $39.81
Recent price: $169.91
Discount to value: 327% above value

Conservative model: 9% discount rate, 4% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

Moat Score history

Score history begins 2026-07-17. Check back as the record builds.

Scores are logged append-only and never overwritten — this record can't be backfilled, which is exactly why it's worth keeping.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell NBIX. See the disclaimer.