Organon & Co.

0A9W.L · · · Valued as of 2026-11-03 · Statements 2025-12-31

How Each Value Is Built

The screener's three formulas on the reported figures. Each card reads the same way: the value as a sum of numbered terms, each term's calculation opened under it, from the reported figures to the value. The list ranks companies by their plain average over the market cap.

What it is worth

EPV + Growth

9.13B USD

what the normal year's earnings are worth for ever, plus growth that pays

Profit

117.81B USD

15 years of cash the shareholders can take out, and the equity left at year 15

Profit is over 3× the larger of EPV and FCFF

FCFF

1.89B USD

15 years of cash for shareholders and lenders, less what is owed

Average Intrinsic Value

42.94B USD

The plain average of EPV, Profit and FCFF

Against the price

Market Cap

3.67B USD

the price on the date above times the shares

Intrinsic Value ÷ Market Cap

11.70×

the ratio the screener ranks by

Margin of Safety

+91.5%

1 − Market Cap / Average Intrinsic Value

Projections, not exact values. Intrinsic Values are projected from each company's past reports. They show which stocks look cheap compared with the others, not exactly what a stock is worth.

Earnings power value plus growth: 9.13B USD
What the normal year's operating profit after tax is worth if it lasts for ever, plus what the new investment adds beyond its cost, less the net debt that comes before the shareholders (or plus the net cash).
①EPV (earnings power value)16.56B USD
−②Net Debt Today7.43B USD
+③Growth Value0 USD
=Value9.13B USD

EPV of the Operations (NOPAT over WACC)

16.56B USD

Net debt today

-7.43B USD

Growth Value

0 USD

Value

9.13B USD

①EPV (earnings power value)

16.56B USD

②Net Debt Today

7.43B USD

③Growth Value

0 USD

Market value

Market Cap3.67B USD

The price on the date above times the shares.

Value vs market

Margin of Safety+59.8%

1 minus the market cap as a share of the value.

Profit value: today's value of the shareholders' equity, from the cash it can pay them (FCFE): 117.81B USD
Fifteen years of free cash flow to equity (FCFE), each brought to today at the cost of equity, plus the equity at year 15 brought to today.
①Present Value of the 15 Years of FCFE95.27B USD
+②Equity at Year 15, Today22.54B USD
=Value117.81B USD
FCFE: the net income left for the shareholders once the business keeps what next year's growth needsEquity reinvestment: the part of the year's net income kept in the business to grow the next year; below zero, capital the business releases to the shareholdersPresent value of the FCFEColoured bars show the FCFE, grey bars the equity reinvestment. With a positive equity reinvestment the two stacked are the year's normalized income; with a negative one the grey is below zero, capital the business releases, and the normalized income is the FCFE plus that negative amount. Shaded, years 6 to 10: the growth falling to its long-run rate and the ROE on new investment falling to the cost of equity. Axes linear.

①Present Value of the 15 Years of FCFE

95.27B USD

②Equity at Year 15, Today

22.54B USD

Market value

Market Cap3.67B USD

The price on the date above times the shares.

Value vs market

Margin of Safety+96.9%

1 minus the market cap as a share of the value.

FCFF value: today's value of the shareholders' equity, from the cash the firm can pay its shareholders and lenders (FCFF): 1.89B USD
Fifteen years of free cash flow to the firm (FCFF), each brought to today at the WACC, plus the invested capital at year 15 brought to today, less the net debt today (or plus the net cash).
①Present Value of the 15 Years of FCFF4.43B USD
+②Invested Capital at Year 15, Today4.88B USD
−③Net Debt Today7.43B USD
=Value1.89B USD
FCFF: the NOPAT left for the shareholders and the lenders once the business reinvests what next year's growth needsReinvestment: the part of the year's NOPAT put back into the business to grow the next year; below zero, capital the business releasesPresent value of the FCFFColoured bars show the FCFF, grey bars the reinvestment. With a positive reinvestment the two stacked are the year's NOPAT; with a negative one the grey is below zero, capital the business releases, and the NOPAT is the FCFF plus that negative amount. Shaded, years 6 to 10: the growth falling to its long-run rate and the ROIC on new investment falling to the WACC. Axes linear.

①Present Value of the 15 Years of FCFF

4.43B USD

②Invested Capital at Year 15, Today

4.88B USD

③Net Debt Today

7.43B USD

Market value

Market Cap3.67B USD

The price on the date above times the shares.

Value vs market

Margin of Safety-94.7%

1 minus the market cap as a share of the value.

The Rates and the Capital the Values Read

The WACC and the cost of equity each value is discounted at, the book value and the net debt each starts from, and the seven quality metrics, from the same run.

WACC: 5.94%
Cost of Equity =Risk-Free Rate 4.50%+Beta 1.54×Market Risk Premium 6.00%= 13.75%

The yearly return the shareholders require for the risk they carry; it is the rate that brings their future cash to today.

Tax Rate for WACC =Tax Provision 238.24M USDPretax Income 425.42M USD= 56.00%

The tax the interest saves.

Interest Expense =EBIT 929.93M USD−Pretax Income 425.42M USD= 504.50M USD

The interest the company paid: EBIT is the profit before tax plus the interest.

Cost of Debt =Interest Expense 504.50M USDTotal Debt 8.56B USD×(1 − Tax Rate for WACC 56.00%)= 2.59%

What the lenders are paid a year after the tax the interest saves.

Debt Weight =Total Debt 8.56B USDMarket Cap + Total Debt 3.67B USD + 8.56B USD= 69.99%

The part of the capital the lenders put in, at market value.

WACC =Equity Weight 30.01%×Cost of Equity 13.75%+Debt Weight 69.99%×Cost of Debt 2.59%= 5.94%

Weighted average cost of capital: the yearly return the shareholders and the lenders together require, weighted by what each puts in; the rate that brings the firm's future cash to today.

Book value and net debt today
Both from the balance sheet of the newest quarter, 2026-06-30.

Total Assets 13.19B USD − Total Liabilities 12.18B USD = Book Value Today 1.01B USD

Total Debt 8.56B USD − Cash and Short-Term Investments 1.13B USD = Net Debt Today 7.43B USD

The book value is what Profit starts from and what stands when a projection is not made; the book value plus the net debt is what FCFF starts from; the net debt comes off Greenwald's and FCFF's values before the shareholders.

Quality metrics
Read beside the value, never a condition for it: every company is valued, and a filter in the list is the reader's choice.
MetricFrom
Share dilutionShares Today ÷ Shares Two Years Back − 12.7%at most 5%passes262,609,433 / 255,626,000
Accrual quality(Operating Cash Flow − Net Income) ÷ Total Assets3.9%at least -10.0%passes(700.70M USD − 187.19M USD) ÷ 13.19B USD
Price to bookMarket Cap ÷ Book Value Today3.65×at most 3×does not pass3.67B USD ÷ 1.01B USD
Operating marginOperating Income ÷ Revenue19.7%above 10.0%passes1.23B USD ÷ 6.22B USD
Revenue growthRevenue ÷ Revenue a Year Before − 1-2.9%above 10.0%does not pass6.22B USD / 6.41B USD
Net cash(Cash − Total Debt) ÷ Market Cap-202.4%above -30%does not pass(1.13B USD − 8.56B USD) ÷ 3.67B USD
Operating efficiencyOperating Income ÷ Gross Profit37.0%above 25.0%passes1.23B USD ÷ 3.32B USD

Market Data

The provider's ratios and the analysts' consensus beside the argument; none of them enters a value.

Share price

13.77 USD

Enterprise value

11.04B USD

the provider's own figure

EV / EBITDA

7.05×

Price / book

3.59×

the provider's book

Price / earnings

4.78×

Return on equity

24.0%

the provider's figure, not this page's

Profit margin

3.4%

Revenue growth

-2.3%

Analyst target, mean

—

Analysts

—

opinions in the consensus

Financial Statements

The annual lines the screener holds, year by year, in USD at each period's rate; the figures this valuation read are in its calculation above.

USD2022202320242025
Income statement

Revenue

6.18B6.27B6.41B6.22B

Gross profit

3.88B3.75B3.72B3.32B

Operating income

1.71B1.33B1.49B1.23B

EBITDA

operating income before depreciation and amortisation

1.76B1.44B1.61B1.29B

Pretax income

1.12B673.67M807.81M425.42M

Net income

917.92M1.02B864.86M187.19M

Normalized income

net income without one-off items, as the data provider prints it; Profit's line when printed

1.04B1.11B973.99M516.16M

R&D

471.47M528.53M469.47M366.37M
Balance sheet, year end

Total assets

10.97B12.07B13.11B12.88B

Total liabilities

11.86B12.14B12.64B12.13B

Shareholders' equity

the equity the parent's shareholders own, as printed, without minority interest; the book value the values read is total assets less total liabilities, in Book Value and Net Debt above

-892.89M-70.07M472.47M752.75M

Total debt

8.92B8.77B8.89B8.65B

Cash and equivalents

706.71M693.69M675.67M574.57M

Net PP&E

fixed assets after depreciation

1.02B1.18B1.17B1.30B

Working capital

current assets less current liabilities

1.42B1.59B1.63B1.96B
Cash flow

Operating cash flow

858.86M799.80M939.94M700.70M

Capital expenditure

paid out, so below zero

-427.43M-261.26M-351.35M-316.32M

Depreciation and amortisation

212.21M236.24M277.28M361.36M

Free cash flow

operating cash flow plus capital expenditure

431.43M538.54M588.59M384.38M