OGN
Organon & Co.
OGN's fundamentals are mixed: it turned 11% of its revenue into free cash flow, but its operating margin fell 3 points to 8.2%. Its PE of 18x looks cheaper than it really is, because one-off gains boosted its recent earnings. Analysts expect earnings to hold roughly steady.
OGN Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Stable | |
| Stable | |
| Weak |
OGN's revenue, profitability and cash flow are currently stable, but its balance sheet is weak.
OGN PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 3.7x | $2.88 | -79% |
| Forward | 4x | $13.90 | — |
| Fair | 5.6x | $4.34 | -69% |
| Expensive | 7.6x | $5.86 | -58% |
| Current | 18x | $13.90 | — |
Historical ranges are pointers, not guarantees.
OGN's PE is in its expensive range at 18x, but its recent earnings include one-off gains. On analysts' estimates for next year's earnings, today's price would be 4.0x, in its cheap range.
OGN Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Stable | |
| Stable | |
| Improving | |
| Limited | |
| High |
Analysts expect OGN's profitability to improve, with its earnings and revenue holding steady.
OGN Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $3.49 | +353% |
| Q3 2026 | $0.77 | -60% |
| Q2 2026 | $0.78 | -71% |
| Q1 2026 | $0.94 | -67% |
| Q4 2025 | $0.72 | -78% |
| Q3 2025 | $1.92 | -62% |
| Q2 2025 | $2.69 | -31% |
| Q1 2025 | $2.88 | -29% |
| Q4 2024 | $3.33 | -17% |
OGN's earnings per share have fallen from their peak: $0.77 over the past year, against $8.53 in late 2020. Its recent earnings include one-off gains.
OGN Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $1.6B | -1.7% |
| Q2 2026 | $1.6B | -2.3% |
| Q1 2026 | $1.5B | -3.5% |
| Q4 2025 | $1.5B | -5.3% |
| Q3 2025 | $1.6B | +1.3% |
| Q2 2025 | $1.6B | -0.8% |
| Q1 2025 | $1.5B | -6.7% |
| Q4 2024 | $1.6B | -0.4% |
OGN's revenue has held roughly level: $1.6B last quarter, down 1.7% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 16% | +1 points |
| Q2 2026 | 12% | -2.6 points |
| Q1 2026 | 15% | +7.9 points |
| Q4 2025 | -9.8% | -18 points |
| Q3 2025 | 15% | +2.1 points |
| Q2 2025 | 14% | -0.3 points |
| Q1 2025 | 6.7% | -7.9 points |
| Q4 2024 | 8.1% | +1.6 points |
OGN's operating margin was 16% last quarter, up 1 points from the same quarter a year ago.
OGN Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $326M | +50% |
| Q2 2026 | $65M | -64% |
| Q1 2026 | $188M | +337% |
| Q4 2025 | $96M | -71% |
| Q3 2025 | $218M | +120% |
| Q2 2025 | $181M | -40% |
| Q1 2025 | $43M | +43% |
| Q4 2024 | $335M | +5.3% |
OGN still generates free cash flow, though less than at its 2021 peak: $675M over the past year.
OGN Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.7% | +1.9M shares |
| 1 year | +4.5% | +11.7M shares |
| 3 years | +6.3% | +16M shares |
| 5 years | +7.2% | +18.2M shares |
| Available history | +7.6% | +19.3M shares |
OGN has 272M diluted shares, up 4.5% from a year ago.
| Quarter | Spent |
|---|---|
| Q4 2020 | — |
| Q3 2020 | — |
| Q2 2020 | — |
| Q1 2020 | — |
OGN Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 10.8x | High |
| Q2 2026 | 11.4x | High |
| Q1 2026 | 10.7x | High |
| Q4 2025 | 13.9x | High |
| Q3 2025 | 9.6x | High |
| Q2 2025 | 10.3x | High |
| Q1 2025 | 10.4x | High |
| Q4 2024 | 8.7x | High |
OGN's net debt is about 11 years of its operating earnings (EBITDA), up from 9.6 years a year ago.
OGN Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 71.9 | Overbought |
| Stochastic | 99.0 | Overbought |
OGN's weekly RSI is 72 (overbought) and its Stochastic is 99 (overbought).
OGN PE vs Healthcare Sector
| Metric | OGN | Sector median | Relative |
|---|---|---|---|
| PE | 18x | 26x | 30% below |
| PE % | 100 | 37 | 63 pts above |
OGN is trading at 18x earnings, a 30% discount to the Healthcare sector's median of 26x, though its recent earnings include one-off gains.
OGN Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $13.8 | 0.7% above |
| 20 week MA | $13.7 | 1.5% above |
| 50 week MA | $11.1 | 25% above |
| 100 week MA | $11.2 | 24% above |
| 200 week MA | $15.4 | 9.4% below |
OGN has bounced recently, but its long-term trend is still down: it's above its 8-, 20-, 50- and 100-week averages, but 9.4% below its 200-week average.
OGN Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2021 | $33.3 | $30.2 | -9.1% |
| 2022 | $30.2 | $27.9 | -7.6% |
| 2023 | $27.9 | $14.4 | -48% |
| 2024 | $14.4 | $15.1 | +4.4% |
| 2025 | $15.1 | $7.18 | -52% |
| 2026 YTD | $7.18 | $13.9 | +94% |
OGN is up 94% so far in 2026, after finishing lower in four of the previous five years.