One-glance verdict
Within fair range
$31.49 our estimate vs market $35.48
Wall Street consensus: $35.50 (12.7% higher than our fair-value estimate)
13% above our estimate
Fundamentals snapshot
CSL Limited
CSLLY · OQX · Healthcare · Biotechnology
Current price
$35.48
52-week range
$16.01 - $35.64
Market cap
$68.11B
Balance sheet
Watch
8.12x Adequate
Net debt $9.38B. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
2 Risks
3 rewards · 2 risks
- Reward Revenue grew 1.7% last year.
- Reward Free cash flow was positive in 4/10 years.
- Risk Return on equity was -15.8% last year — the company lost money on shareholders' equity.
- Risk Insider ownership is only 0.0% (peer median: 0.2%).
What this company does
CSL Limited
CSL Limited is a company that makes important medicines and vaccines, like treatments for rare diseases and flu shots. They get most of their money from selling these special medical products around the world, and this is important because it helps them fund research for new life-saving therapies.
How the company got here
CSL Limited, originally founded in 1916 as Commonwealth Serum Laboratories, began as an Australian government entity focused on producing vaccines. For decades, it played a crucial role in providing Australians with essential medical advancements like insulin, penicillin, and various vaccines. The company was privatized in 1994, marking a significant turning point towards becoming a global player in the biotechnology sector. Since then, CSL has grown through strategic acquisitions and a strong focus on research and development, evolving into a leading specialty biopharmaceutical company.
What it actually does
CSL Limited is a global biotechnology company that researches, develops, manufactures, and markets products to treat and prevent serious human medical conditions. Their work involves creating life-saving medicines and vaccines. Think of them as a company that takes complex biological materials and scientific knowledge to produce treatments for rare and serious diseases, as well as preventative vaccines. They operate worldwide, providing these critical healthcare products to patients in many countries.
CSL Behring
CSL Behring is the largest part of CSL, focusing on therapies derived from human plasma and through recombinant (genetically engineered) methods. This segment produces treatments for rare and serious diseases, including those affecting the immune system (immunology), blood disorders (hematology), and other critical conditions. They also develop gene therapies, which are advanced treatments that use genes to treat or prevent disease. This business is the economic engine of CSL, with products like immunoglobulins being a major focus, which are proteins that help fight infections and are used to treat immune deficiencies.
CSL Seqirus
CSL Seqirus is CSL's business dedicated to influenza vaccines and related services. They manufacture and distribute vaccines to prevent the flu, and also offer pandemic preparedness services, often to governments. This segment leverages differentiated technology platforms, such as cell-based and adjuvanted vaccines, aiming to provide more effective protection against influenza strains. It represents a significant part of CSL's business, contributing to public health by providing essential tools to combat seasonal and potential pandemic flu outbreaks.
CSL Vifor
CSL Vifor is focused on developing and distributing products for specific medical needs, primarily in the areas of iron deficiency and kidney (nephrology) related conditions, as well as cardiorenal (heart and kidney) health. This segment offers treatments like iron supplements for anemia, which is a condition where the body doesn't have enough healthy red blood cells. It also provides therapies for patients with chronic kidney disease. The acquisition of CSL Vifor has broadened CSL's portfolio, adding more specialized therapies beyond its traditional plasma and vaccine businesses.
What management is betting on now
CSL's current strategy, often referred to as their '2030 Strategy,' centers on delivering sustainable and profitable growth by focusing on core therapeutic areas, driving innovation, and improving efficiency and supply reliability. They are investing heavily in research and development to bring new therapies to patients faster and are looking to optimize their operations to reduce costs and reinvest in high-priority opportunities. A key part of their plan involves integrating and growing the CSL Vifor business to diversify their offerings and enhance their presence in specialist medicine markets.
Price history
How the share price has moved
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Is it cheap or expensive?
Fair value $31.49 vs current price $35.48
Wall Street consensus is the average analyst price target: $35.50 (12.7% higher than our fair-value estimate).
Our most-likely fair value is $31.49 a share — about 11.3% away from today's price of $35.48, so the stock currently looks fairly priced.
Is it drowning in debt?
Watch
Net debt $9.4B. Interest coverage 8.1x.
Net debt
$9.38B
Interest coverage
8.12x
CSL Limited's profit covers its interest bill about 8.1 times over. which is stronger than most peers shown here.
Watch
Worse cushion
Baseline
Better cushion
CSLLY
BASELINE
CSL Limited
Total debt $10.90B Interest coverage 8.12x This is the baseline the peer rows are being compared against.
Total debt $35.18B Interest coverage 3.14x -61% vs CSLLY Carries about 2.6x less debt cushion than CSLLY.
Total debt $1.98B Interest coverage 342.44x +4,118% vs CSLLY Carries about 42.2x more debt cushion than CSLLY.
Total debt $2.71B Interest coverage 84.52x +941% vs CSLLY Carries about 10.4x more debt cushion than CSLLY.
Total debt $31.88B Interest coverage 12.14x +50% vs CSLLY Carries about 1.5x more debt cushion than CSLLY.
Total debt $57.30B Interest coverage 3.30x -59% vs CSLLY Carries about 2.5x less debt cushion than CSLLY.
What you should know
The case for and against CSLLY
3 Rewards
2 Risks
Rewards
-
Revenue grew 1.7% last year.
-
Free cash flow was positive in 4/10 years.
-
Dividend yield is 2.0% with 17-year payout history.
Risks
-
Return on equity was -15.8% last year — the company lost money on shareholders' equity.
-
Insider ownership is only 0.0% (peer median: 0.2%).
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
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Forward P/E
20.82x
P/B
4.59x
P/S
4.31x
EV/EBITDA
15.35x
PEG ratio
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Profitability
How much profit each dollar creates
Gross margin
51.1%
Operating margin
21.5%
Net margin
-16.3%
ROE
-15.8%
ROA
7.3%
Health
Liquidity and balance-sheet strength
Debt / equity
0.67x
Current ratio
2.21x
Quick ratio
0.91x
Total debt
$10.90B
Total cash
$1.51B
Growth
How the business has been compounding
Revenue TTM
$15.80B
Revenue 5Y CAGR
6.0%
EPS TTM
-1.34
EPS 5Y CAGR
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Cash flow
How much cash the business throws off
Operating CF TTM
—
Free CF TTM
$2.23B
FCF margin
14.1%
Dividend
Shareholder payout
Yield
2.0%
Payout ratio
44.6%
Last ex-div date
2026-09-10