WallStSmart

argenx NV ADR (ARGX)vsWaters Corporation (WAT)

VS

Smart Verdict

WallStSmart Research — data-driven comparison

argenx NV ADR generates 26% more annual revenue ($4.74B vs $3.77B). ARGX leads profitability with a 31.4% profit margin vs 11.9%. ARGX appears more attractively valued with a PEG of 1.30. ARGX earns a higher WallStSmart Score of 75/100 (B).

ARGX

Strong Buy

75

out of 100

Grade: B

Growth: 10.0Profit: 9.0Value: 6.7Quality: 6.0
Piotroski: 3/9

WAT

Buy

52

out of 100

Grade: C-

Growth: 5.3Profit: 5.5Value: 3.3Quality: 6.8
Piotroski: 4/9Altman Z: 4.92
IV

Intrinsic Value Comparison

Multi-model valuation · Graham Formula

ARGXUndervalued (+64.4%)

Margin of Safety

+64.4%

Fair Value

$2344.11

Current Price

$782.17

$1561.94 discount

UndervaluedFair: $2344.11Overvalued
WATSignificantly Overvalued (-63.1%)

Margin of Safety

-63.1%

Fair Value

$201.83

Current Price

$355.13

$153.30 premium

UndervaluedFair: $201.83Overvalued

Key Strengths & Concerns

Side-by-side fundamental analysis

Key Strengths

ARGX5 strengths · Avg: 9.8/10
Profit MarginProfitability
31.4%10/10

Keeps 31 of every $100 in revenue as profit

Operating MarginProfitability
30.0%10/10

Strong operational efficiency at 30.0%

Revenue GrowthGrowth
62.6%10/10

Revenue surging 62.6% year-over-year

EPS GrowthGrowth
114.0%10/10

Earnings expanding 114.0% YoY

Return on EquityProfitability
20.2%9/10

Every $100 of equity generates 20 in profit

WAT2 strengths · Avg: 10.0/10
Revenue GrowthGrowth
91.5%10/10

Revenue surging 91.5% year-over-year

Altman Z-ScoreHealth
4.9210/10

Safe zone — low bankruptcy risk

Areas to Watch

ARGX3 concerns · Avg: 3.0/10
P/E RatioValuation
35.0x4/10

Premium valuation, high expectations priced in

Piotroski F-ScoreQuality
3/93/10

Weak financial health signals

Price/BookValuation
165.4x2/10

Trading at 165.4x book value

WAT4 concerns · Avg: 3.3/10
PEG RatioValuation
1.524/10

Expensive relative to growth rate

Price/BookValuation
8.3x4/10

Trading at 8.3x book value

Return on EquityProfitability
5.2%3/10

ROE of 5.2% — below average capital efficiency

P/E RatioValuation
44.6x2/10

Premium valuation, high expectations priced in

Comparative Analysis Report

WallStSmart Research

Bull Case : ARGX

The strongest argument for ARGX centers on Profit Margin, Operating Margin, Revenue Growth. Profitability is solid with margins at 31.4% and operating margin at 30.0%. Revenue growth of 62.6% demonstrates continued momentum.

Bull Case : WAT

The strongest argument for WAT centers on Revenue Growth, Altman Z-Score. Revenue growth of 91.5% demonstrates continued momentum.

Bear Case : ARGX

The primary concerns for ARGX are P/E Ratio, Piotroski F-Score, Price/Book.

Bear Case : WAT

The primary concerns for WAT are PEG Ratio, Price/Book, Return on Equity. A P/E of 44.6x leaves little room for execution misses.

Key Dynamics to Monitor

WAT carries more volatility with a beta of 1.14 — expect wider price swings.

WAT is growing revenue faster at 91.5% — sustainability is the question.

ARGX generates stronger free cash flow (407M), providing more financial flexibility.

Monitor BIOTECHNOLOGY industry trends, competitive dynamics, and regulatory changes.

Bottom Line

ARGX scores higher overall (75/100 vs 52/100), backed by strong 31.4% margins and 62.6% revenue growth. Both earn "Strong Buy" and "Buy" ratings respectively — the choice depends on your investment horizon and risk tolerance.

This analysis is generated from publicly available financial data. Not financial advice.

argenx NV ADR

HEALTHCARE · BIOTECHNOLOGY · USA

argenx SE, a clinical-phase biotechnology company, focuses on the development of antibody-based therapies for the treatment of autoimmune diseases, hematology and cancer. The company is headquartered in Breda, the Netherlands.

Waters Corporation

HEALTHCARE · DIAGNOSTICS & RESEARCH · USA

Waters Corporation is a publicly traded Analytical Laboratory instrument and software company headquartered in Milford, Massachusetts.

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