Mirum Pharmaceuticals stock: fair value
MIRMThe fair value of Mirum Pharmaceuticals under our model is $37.34, the price is 150% above.
The fair value is an estimate from our model, not a price target.
Daily figure as of 13 Nov 2026
Valuation signal
Significantly overvaluedIn our model the price counts as cheap below $26.67 and expensive above $62.24 (uncertainty high, based on the price swings of the past year).
Calculated with a cost of equity of 9.7%. At 10.7% the fair value would be $31.45, at 8.7% it would be $45.69.
Where the number comes from
From the cash-flow model alone; without earnings there is no industry value.
Ten-year cash-flow model from smoothed free cash flow and its past growth until it reaches 3.8%. Discounted at 9.7% (government bond yield 3.8% plus beta 1.32 times a risk premium of 4.5%); no analyst estimates were available.
Calculate with your own assumptionsThe calculation step by step
With these figures the cash flow model arrives at $37.34 per share: free cash flow for the next ten years, each year discounted to today at 9.7%, plus the terminal value for the years after. The table explains the calculation; it is not a recommendation.
Calculation as a table
| Year | Free cash flow | Source | Discount factor | Present value (discounted at 9.7%) |
|---|---|---|---|---|
| 2026 | $70.38M | extrapolated at 45.2% | 0.9114 | $64.14M |
| 2027 | $93.44M | extrapolated at 32.8% | 0.8307 | $77.62M |
| 2028 | $115.96M | extrapolated at 24.1% | 0.7571 | $87.79M |
| 2029 | $136.84M | extrapolated at 18.0% | 0.6900 | $94.43M |
| 2030 | $155.67M | extrapolated at 13.8% | 0.6289 | $97.9M |
| 2031 | $172.45M | extrapolated at 10.8% | 0.5732 | $98.85M |
| 2032 | $187.45M | extrapolated at 8.7% | 0.5224 | $97.92M |
| 2033 | $201.01M | extrapolated at 7.2% | 0.4761 | $95.71M |
| 2034 | $213.5M | extrapolated at 6.2% | 0.4339 | $92.65M |
| 2035 | $225.24M | extrapolated at 5.5% | 0.3955 | $89.08M |
| Step | Value |
|---|---|
| Sum of present values (ten years) | $896.09M |
| Terminal value: cash flow 2035 × (1 + 3.8%) / (9.7% − 3.8%) | $3.97B |
| Present value of terminal value (× 0.3955) | $1.57B |
| Equity value (sum plus present value of terminal value) | $2.47B |
| Shares (diluted) | 66.05M |
| Value per share (equity value divided by shares) | $37.34 |
| Fair value (from the cash flow model alone) | $37.34 |
The model uses free cash flow after interest, which belongs to shareholders, discounted at the cost of equity. Net debt is therefore not deducted again.
Data status and sources
- Score
- Daily value of 13 Nov 2026, recalculated nightly
- Price
- Closing price of 12 Nov 2026
- Latest annual report
- Fiscal year 2025, period end 31 Dec 2025
- Source
- Financial statements, ratios and prices from Financial Modeling Prep (FMP), based on the company's reports. MEQIRI calculates the score and fair value from them.
Mandatory disclosures for this rating
- ; time horizon around 12 months
- Rated Weak, published since 7 Nov 2026 (in the score history since 31 Jul 2020)
- Valuation signal Overvalued since 7 Nov 2026
- End-of-day prices, metrics cached for up to 24 hours
- Score and fair value are estimates from a disclosed model. They are not facts and not a price target.
- Produced by SSM Ventures UG (haftungsbeschränkt), responsible person Sven Brostmeyer, Managing Director, automatically according to the disclosed model.
- Not investment advice. Losses up to and including a total loss are possible. Personal circumstances are not considered.