IRWD Valuations

Quarterly trend of key valuation metrics

Metric	Current (TTM) TTM Baseline	Q2 '26 30.06.2026	Q1 '26 31.03.2026	Q4 '25 31.12.2025
Market & Enterprise Value
Market Cap	631.22M EUR	695.66M EUR	577.79M EUR	549.51M EUR
Enterprise Value	957.22M EUR	1.01B EUR	954.68M EUR	931.85M EUR
Valuation Multiples
Trailing P/E	5.03x	5.36x	5.65x	8.95x
Forward P/E	2.55x	--	--	--
Price to Sales	1.62x	1.79x	1.6x	2.15x
Price to Book	--	--	--	--
EV/Revenue	2.46x	2.6x	2.64x	3.65x
EV/EBITDA	4.02x	4.16x	4.58x	6.95x
Price to FCF (P/FCF)	5.18x	3.75x	5.15x	5.13x
EV/FCF	7.86x	5.46x	8.51x	8.7x
FCF Yield	19.3%	26.67%	19.42%	19.49%