Galapagos N.V. (GLPG) Margin Analysis - Discounting Cash Flows

Galapagos N.V.

GLPG (NASDAQ)

(%)

Models
Galapagos N.V. Margin Analysis

# --- Years and Quarters
assumptions.set({
    "timeseries": "annual",
    "data": {
        "#years": """
            4
        """,
        "#quarters": """
            8
        """,
    },
    "titles": {
        "#years": "Years",
        "#quarters": "Quarters",
    },
    "properties": {
        "width": "responsive",
        "title": "Years and Quarters",
        "id": "component-1",
        "bindTo": None
    },
    "descriptions": {
        "#years": r"""
The number of historical years used to render the annual chart and tables.
        """,
        "#quarters": r"""
The number of historical quarters used to render the quarterly chart and tables.
        """,
    }
})

# Render description block
model.render_description({
    "data": r"""
## Margin Analysis Report

Margins refer to the ratio between a financial report item and the revenue (example: Net Income Margin = Net Income / Revenue).

This analysis provides annual and quarterly sections for reporting key financial margins.
""",
    "properties": {
        "width": "responsive"
    }
})

# Render description block
model.render_description({
    "data": r"""
## Annual Section

The annual section uses annual data to calculate margins and growth rates.
""",
    "properties": {
        "width": "full"
    }
})

# --- Income Statement Margins
data.compute({
    "user:%revenueGrowthRate": """
        ( income:revenue / income:revenue:-1 ) - 1
    """,
    "user:%grossMargin": """
        income:grossProfit / income:revenue
    """,
    "user:%operatingMargin": """
        income:operatingIncome / income:revenue
    """,
    "user:%netMargin": """
        income:netIncome / income:revenue
    """,
}, forecast=0, timeseries="annual")

model.render_table({
    "timeseries": "annual",
    "data": {
        "income:revenue": "Revenue",
        "user:%revenueGrowthRate": "Revenue Growth Rate",
        "income:costOfRevenue": "Cost of Revenue",
        "income:grossProfit": "Gross Profit",
        "user:%grossMargin": "Gross Margin",
        "income:operatingIncome": "Operating Income",
        "user:%operatingMargin": "Operating Margin",
        "income:netIncome": "Net Income",
        "user:%netMargin": "Net Margin",
    },
    "start": data.get("""
        -assumption:#years
    """),
    "end": 0,
    "properties": {
        "title": "Income Statement Margins",
        "order": "descending",
        "number_format": "M",
        "include_ltm": True,
        "display_averages": False,
        "width": "responsive"
    }
})

# --- Cash Flow Statement Margins
data.compute({
    "user:%cashFromOperatingActivitiesMargin": """
        flow:netCashProvidedByOperatingActivities / income:revenue
    """,
    "user:%freeCashFlowMargin": """
        flow:freeCashFlow / income:revenue
    """,
    "user:%depreciationAndAmortizationMargin": """
        flow:depreciationAndAmortization / income:revenue
    """,
    "user:%capitalExpenditureMargin": """
        flow:capitalExpenditure / income:revenue
    """,
}, forecast=0, timeseries="annual")

model.render_table({
    "timeseries": "annual",
    "data": {
        "income:revenue": "Revenue",
        "flow:netCashProvidedByOperatingActivities": "Cash from Operating Activities",
        "user:%cashFromOperatingActivitiesMargin": "Cash from Operating Activities Margin",
        "flow:freeCashFlow": "Free Cash Flow",
        "user:%freeCashFlowMargin": "Free Cash Flow Margin",
        "flow:depreciationAndAmortization": "Depreciation and Amortization",
        "user:%depreciationAndAmortizationMargin": "Depreciation and Amortization Margin",
        "flow:capitalExpenditure": "Capital Expenditure",
        "user:%capitalExpenditureMargin": "Capital Expenditure Margin",
    },
    "start": data.get("""
        -assumption:#years
    """),
    "end": 0,
    "properties": {
        "title": "Cash Flow Statement Margins",
        "order": "descending",
        "number_format": "M",
        "include_ltm": True,
        "display_averages": False,
        "width": "responsive"
    }
})

model.render_chart({
    "timeseries": "annual",
    "data": {
        "user:%grossMargin": "Gross Margin",
        "user:%operatingMargin": "Operating Margin",
        "user:%netMargin": "Net Margin",
        "user:%freeCashFlowMargin": "Free Cash Flow Margin",
    },
    "start": data.get("""
        -assumption:#years
    """),
    "end": 0,
    "properties": {
        "title": "Annual Chart",
        "include_ltm": False,
        "set_editable": [],
        "hidden_keys": [],
        "bar_keys": ["user:%grossMargin", "user:%operatingMargin", "user:%netMargin", "user:%freeCashFlowMargin"],
        "width": "full"
    }
})

# Render description block
model.render_description({
    "data": r"""
## Quarterly Section

The quarterly section uses quarterly data to calculate margins and growth rates.
""",
    "properties": {
        "width": "full"
    }
})

model.render_table({
    "timeseries": "quarterly",
    "data": {
        "income:revenue": "Revenue",
        "user:%revenueGrowthRate": "Revenue Growth Rate",
        "income:costOfRevenue": "Cost of Revenue",
        "income:grossProfit": "Gross Profit",
        "user:%grossMargin": "Gross Margin",
        "income:operatingIncome": "Operating Income",
        "user:%operatingMargin": "Operating Margin",
        "income:netIncome": "Net Income",
        "user:%netMargin": "Net Margin",
    },
    "start": data.get("""
        -assumption:#quarters
    """),
    "end": 0,
    "properties": {
        "title": "Income Statement Margins",
        "order": "descending",
        "number_format": "M",
        "display_averages": False,
        "width": "responsive"
    }
})

model.render_table({
    "timeseries": "quarterly",
    "data": {
        "income:revenue": "Revenue",
        "flow:netCashProvidedByOperatingActivities": "Cash from Operating Activities",
        "user:%cashFromOperatingActivitiesMargin": "Cash from Operating Activities Margin",
        "flow:freeCashFlow": "Free Cash Flow",
        "user:%freeCashFlowMargin": "Free Cash Flow Margin",
        "flow:depreciationAndAmortization": "Depreciation and Amortization",
        "user:%depreciationAndAmortizationMargin": "Depreciation and Amortization Margin",
        "flow:capitalExpenditure": "Capital Expenditure",
        "user:%capitalExpenditureMargin": "Capital Expenditure Margin",
    },
    "start": data.get("""
        -assumption:#quarters
    """),
    "end": 0,
    "properties": {
        "title": "Cash Flow Statement Margins",
        "order": "descending",
        "number_format": "M",
        "display_averages": False,
        "width": "responsive"
    }
})

model.render_chart({
    "timeseries": "quarterly",
    "data": {
        "user:%grossMargin": "Gross Margin",
        "user:%operatingMargin": "Operating Margin",
        "user:%netMargin": "Net Margin",
        "user:%freeCashFlowMargin": "Free Cash Flow Margin",
    },
    "start": data.get("""
        -assumption:#quarters
    """),
    "end": 0,
    "properties": {
        "title": "Quarterly Chart",
        "set_editable": [],
        "hidden_keys": [],
        "bar_keys": ["user:%grossMargin", "user:%operatingMargin", "user:%netMargin", "user:%freeCashFlowMargin"],
        "width": "full"
    }
})

Years and Quarters

Years Years The number of historical years used to render the annual chart and tables.	#
Quarters Quarters The number of historical quarters used to render the quarterly chart and tables.	#

Margin Analysis Report

Margins refer to the ratio between a financial report item and the revenue (example: Net Income Margin = Net Income / Revenue).

This analysis provides annual and quarterly sections for reporting key financial margins.

Annual Section

The annual section uses annual data to calculate margins and growth rates.

Income Statement Margins

Monetary values in USD amounts except #	LTM Apr 11	2025 Dec 31	2024 Dec 31	2023 Dec 31	2022 Dec 31
Revenue	1,304	1,307	285.4	264.6	258.1
Revenue Growth Rate	-0.214%	357.8%	7.88%	2.51%	-53.23%
Cost of Revenue	573.4	574.7	36.1	0	0
Gross Profit	730.5	732.1	249.3	264.6	258.1
Gross Margin	56.02%	56.02%	87.35%	100%	100%
Operating Income	347.8	589.1	-195	-97.42	-140.2
Operating Margin	26.67%	45.08%	-68.33%	-36.82%	-54.32%
Net Income	376.2	377	76.71	233.7	-233.2
Net Margin	28.85%	28.85%	26.88%	88.31%	-90.36%

Cash Flow Statement Margins

Monetary values in USD amounts except #	LTM Apr 11	2025 Dec 31	2024 Dec 31	2023 Dec 31	2022 Dec 31
Revenue	1,304	1,307	285.4	264.6	258.1
Cash from Operating Activities	-295.1	-222.3	-331.4	-448.1	-535.6
Cash from Operating Activities Margin	-22.63%	-17.01%	-116.1%	-169.3%	-207.5%
Free Cash Flow	-311.3	-237.8	-416.4	-469.4	-575.1
Free Cash Flow Margin	-23.87%	-18.2%	-145.9%	-177.4%	-222.8%
Depreciation and Amortization	-42.81	0	36.66	48.17	70.15
Depreciation and Amortization Margin	-3.28%	0%	12.84%	18.21%	27.18%
Capital Expenditure	-16.25	-15.47	-85.02	-21.27	-39.53
Capital Expenditure Margin	-1.25%	-1.18%	-29.79%	-8.04%	-15.31%

Annual Chart

Monetary values in USD

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Quarterly Section

The quarterly section uses quarterly data to calculate margins and growth rates.

Income Statement Margins

Monetary values in USD amounts except #	2025 (Q4) Dec 31	2025 (Q3) Sep 30	2025 (Q2) Jun 30	2025 (Q1) Mar 31	2024 (Q4) Dec 31	2024 (Q3) Sep 30
Revenue	1,058	83.5	76.95	81.09	78.17	66.64
Revenue Growth Rate	1,168%	8.5%	-5.1%	3.72%	17.31%
Cost of Revenue	540.3	12.73	5.55	14.85	116.9	0.021
Gross Profit	518.1	70.77	71.41	66.24	-38.76	66.62
Gross Margin	48.95%	84.76%	92.79%	81.69%	-49.58%	99.97%
Operating Income	891.5	-289.1	-67.22	-171.6	-64.95	-60.47
Operating Margin	84.24%	-346.3%	-87.35%	-211.7%	-83.08%	-90.74%
Net Income	919	-237.1	-124.6	-165.9	26.21	-56.15
Net Margin	86.83%	-284%	-162%	-204.6%	33.52%	-84.26%

Cash Flow Statement Margins

Monetary values in USD amounts except #	2025 (Q4) Dec 31	2025 (Q3) Sep 30	2025 (Q2) Jun 30	2025 (Q1) Mar 31	2024 (Q4) Dec 31	2024 (Q3) Sep 30
Revenue	1,058	83.5	76.95	81.09	78.17	66.64
Cash from Operating Activities	-48.96	-73.46	-128.2	-41.75	-61.48	-79.93
Cash from Operating Activities Margin	-4.63%	-87.98%	-166.6%	-51.49%	-78.64%	-120%
Free Cash Flow	-50.85	-76.8	-133.1	-47.43	-67.09	-84.74
Free Cash Flow Margin	-4.81%	-91.98%	-173%	-58.49%	-85.82%	-127.2%
Depreciation and Amortization	0	-42.85	0	0	36.66	0
Depreciation and Amortization Margin	0%	-51.31%	0%	0%	46.89%	0%
Capital Expenditure	-1.89	-3.34	-4.9	-5.68	-5.61	-4.8
Capital Expenditure Margin	-0.179%	-4%	-6.36%	-7%	-7.18%	-7.21%

Quarterly Chart

Monetary values in USD

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