Zymeworks Inc.

DB:ZA8 Stock Report

Market Cap: €1.7b

Zymeworks Valuation

Is ZA8 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of ZA8 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: ZA8 (€21.4) is trading below our estimate of fair value (€91.77)

Significantly Below Fair Value: ZA8 is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for ZA8?

Key metric: As ZA8 is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for ZA8. This is calculated by dividing ZA8's market cap by their current revenue.
What is ZA8's PS Ratio?
PS Ratio14.8x
SalesUS$134.48m
Market CapUS$1.97b

Price to Sales Ratio vs Peers

How does ZA8's PS Ratio compare to its peers?

The above table shows the PS ratio for ZA8 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average13x
BIO3 Biotest
1.8xn/a€1.4b
BIO3 Biotest
2xn/a€1.3b
FYB Formycon
9.6x24.93%€461.0m
HPHA Heidelberg Pharma
38.5x62.80%€117.0m
ZA8 Zymeworks
14.8x20.87%€2.0b

Price-To-Sales vs Peers: ZA8 is expensive based on its Price-To-Sales Ratio (14.8x) compared to the peer average (13x).

Price to Sales Ratio vs Industry

How does ZA8's PS Ratio compare vs other companies in the DE Biotechs Industry?

15 CompaniesPrice / SalesEstimated GrowthMarket Cap
BIO3 Biotest
1.8xn/aUS$1.63b
BIO3 Biotest
2xn/aUS$1.57b
7V0 Darwin
3.4xn/aUS$109.14m
2INV 2invest
2.2xn/aUS$73.78m
ZA8 14.8xIndustry Avg. 7.4xNo. of Companies15PS01632486480+
15 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: ZA8 is expensive based on its Price-To-Sales Ratio (14.8x) compared to the European Biotechs industry average (7.4x).

Price to Sales Ratio vs Fair Ratio

What is ZA8's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

ZA8 PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio14.8x
Fair PS Ratio1x

Price-To-Sales vs Fair Ratio: ZA8 is expensive based on its Price-To-Sales Ratio (14.8x) compared to the estimated Fair Price-To-Sales Ratio (1x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst ZA8 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€21.40
€30.27
+41.44%
11.40%€35.77€25.55n/a13
Dec ’26€21.80
€30.16
+38.34%
14.48%€36.47€21.71n/a11
Nov ’26€16.20
€21.00
+29.61%
24.43%€27.48€10.30n/a11
Oct ’26€14.10
€18.11
+28.43%
30.41%€25.57€10.23n/a10
Sep ’26€12.50
€18.71
+49.65%
33.67%€25.64€10.26n/a9
Aug ’26€10.50
€18.60
+77.10%
34.45%€25.88€10.35n/a9
Jul ’26€10.40
€18.28
+75.80%
34.45%€25.45€10.18n/a9
Jun ’26€9.80
€18.99
+93.74%
34.45%€26.42€10.57n/a9
May ’26€10.20
€18.83
+84.61%
33.12%€26.46€10.58n/a10
Apr ’26€10.40
€19.67
+89.17%
33.12%€27.65€11.06n/a10
Mar ’26€12.20
€19.68
+61.27%
29.29%€28.88€11.55n/a8
Feb ’26€13.90
€19.84
+42.72%
29.29%€29.12€11.65n/a8
Jan ’26€13.90
€19.15
+37.77%
29.61%€28.94€11.57€22.209
Dec ’25€13.30
€17.15
+28.92%
31.34%€26.89€11.52€21.809
Nov ’25€11.30
€13.75
+21.68%
35.43%€25.84€9.23€16.208
Oct ’25€11.20
€12.49
+11.51%
23.77%€18.87€8.99€14.108
Sep ’25€10.30
€13.00
+26.23%
25.67%€19.24€9.16€12.509
Aug ’25€9.60
€13.02
+35.62%
24.45%€18.50€9.25€10.509
Jul ’25€7.85
€12.97
+65.23%
26.02%€18.61€9.31€10.408
Jun ’25€7.65
€12.75
+66.62%
25.31%€18.58€9.29€9.809
May ’25€7.65
€12.97
+69.50%
26.10%€19.22€9.15€10.209
Apr ’25€9.49
€12.97
+36.58%
26.10%€19.22€9.15€10.409
Mar ’25€11.07
€12.33
+11.42%
28.24%€17.64€7.43€12.209
Feb ’25€10.01
€12.18
+21.68%
27.76%€17.31€7.29€13.9010
Jan ’25€9.49
€12.18
+28.32%
27.76%€17.31€7.29€13.9010
€28.57
Fair Value
25.1% undervalued intrinsic discount
13
Number of Analysts

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/01/02 15:02
End of Day Share Price 2026/01/02 00:00
Earnings2025/09/30
Annual Earnings2024/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Zymeworks Inc. is covered by 21 analysts. 12 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
David MartinBloom Burton & Co.
Mayank MamtaniB. Riley Securities, Inc.
Arlinda LeeCanaccord Genuity