ALNY ALNY

Name: ALNY Crucible Score
Creator: Kaladin Capital Intelligence

UnknownUnknownN/A📅 Scored March 31, 2026

Price at analysis: $318.85

Crucible Score

55.3

Quality × Value Composite

KQI — Quality

70.4

Fundamental Quality Index

KVI — Value

36.9

D-

Valuation Attractiveness Index

Crucible Verdict — ALNY

Alnylam Pharmaceuticals presents a stark quality-value disconnect, with strong fundamentals (quality score 70.4) undermined by poor valuation metrics (value score 36.9) that drag the overall Crucible Score to a mediocre 55.3. ALNY's robust moat durability (83) and growth profile (81) reflect its RNAi platform's competitive advantages, but diversification remains a critical weakness at just 35. The 9% upside to fair value offers limited margin of safety for a biotech stock.

— Kal, Kaladin Capital Intelligence

◆ KQI Quality Dimensions

Financial Quality

76.9

Growth Profile⚠

81.2

Moat Durability

83.3

Management Effectiveness

51.4

Diversification & Resilience

34.8

Market Position

68.0

Weakest dimension: Diversification & Resilience (34.8)

◆ KVI Value Dimensions

DCF Margin of Safety

56.8

FCF Yield & Cash Returns

16.9

Relative Valuation

7.0

Growth-Adjusted Value

31.1

Historical Valuation

90.5

Macro Context

8.3

◆ DCF Valuation Scenarios

Bear Case

$218.50

Base Case

$348.00

Bull Case

$520.00

Price at Analysis

$318.85

Scenario	Fair Value	Rev CAGR (5yr)	Terminal Margin	WACC
🔴 Bear	$218.50	12.0%	30.0%	7.2%
🟢 Base	$348.00	16.0%	35.0%	6.6%
🟢 Bull	$520.00	20.0%	40.0%	6.2%

Key Assumptions: ALNY has demonstrated a dramatic revenue inflection from $844M to $3.7B over 5 years driven by Onpattro/Amvuttra and Leqvio commercial ramp, with the company just reaching profitability. WACC is low (6.2-7.2%) reflecting the very low beta of 0.38 and 4.33% risk-free rate with a 5.5% ERP. Tax rate assumed at 10% near-term rising modestly, reflecting biotech NOL carryforwards; operating margins projected to expand from current ~13.5% toward 30-40% as the platform scales and R&D leverage improves, consistent with mature biotech peers.

◆ Financial Snapshot

Profitability

Gross Margin81.7%

Operating Margin13.5%

Net Margin8.4%

ROIC10.1%

ROE11.8%

Balance Sheet

Balance SheetCR: 2.76

Cash ConversionFCF/EPS: 1.49x

Capital IntensityCapex/Rev: 1.6%

Altman Z-Score5.83 (Safe)

Piotroski F-Score6/9 (Good)

Growth

Revenue CAGR44.8% CAGR

Earnings CAGRInsufficient data

Growth ConsistencyCV: 0.81

Segment Breadth1/1 growing (100%)

Quarterly TrendRev∆, Margin↑, WC↓, Exp↓

Earnings CredibilityConsistent Beater

◆ Analyst Consensus & Leadership

Leadership & Governance

CEOKristin MisSmith · 4 years

CEO Ownership1.2%

Compensation88% performance-based

Insider ActivitySelling

Capital AllocationROIC 10.1% vs WACC 15.6%

Earnings Beat Rate76% (16/22)

◆ Related Companies in Our Universe

Other Unknown companies scored by the Crucible:

ADBE81.8A-NICE80.7A-DECK79.9A-INTU79.9A-EXEL78.3A-MTCH78.2A-TTD78.0B+

Methodology All Scores Crucible Briefs Performance @KaladinCI

Analysis conducted March 31, 2026 based on most recent SEC filings. Updated quarterly, after new SEC filings.

Point-in-time fundamental analysis. Not investment advice. Scores reflect company quality and valuation at time of analysis and may not reflect current market conditions.