$42.04−1.72 (−3.93%)
At close: Oct 1, 2026, 4:00 PM ET
Qiagen NV · Financials
Is this a real, growing, cash-generative business, or a story propped up by accounting?
Business engineChoppy: revenue compounds ~−1.8%/yr (FY21→FY25), net margin 20.3%, and free cash flow (~$453.3M) tracks net income. Earnings are cash, not paper.
The four lines that matter · FY21–FY25
Revenue ($M)▲5.7%
2,090.0
FY21→FY25CAGR −1.8%/yr
Net income ($M)▲408.3%
424.9
one-off year: see footnoteCAGR −4.6%/yr
Free cash flow ($M)▼10.5%
453.3
FY21→FY25CAGR +0.2%/yr
Diluted EPS▲424.3%
1.94
buyback-liftedCAGR −3.2%/yr
What the receipts whisper · what a headline number hides
Share count
−5.7%
232.0mn → 218.9mn diluted shares since FY21. Part of EPS growth is the shrinking denominator. Watch net income too.
Capex
$201.0M
+20.3% YoY in FY25 · 9.6% of revenue.
Returns vs FCF
74%
$334.3M returned vs $453.3M of FCF in FY25. Buybacks + dividends covered by cash flow.
What the income statement says · FY21–FY25
Where every revenue dollar goes · FY25 ($M)
20¢ of every revenue dollar becomes profit. The biggest cost lever is operating expenses.
Margin trend · direction beats level Gross Operating Net
Over this window: gross 64.4% → 62.2%. Net margin 20.3% is more than double the sector median.
The receipt · income statement · FY21–FY25 USD millions except per-share & ratios · hover a line for its definition
| Line item | FY25 | FY24 | FY23 | FY22 | FY21 | YoY | CAGR 21→25 |
|---|---|---|---|---|---|---|---|
| Revenue & profitability | |||||||
Revenue | 2,090.0 | 1,978.2 | 1,965.3 | 2,141.5 | 2,251.7 | ▲5.7% | −1.8% |
Cost of revenue | 790.5 | 1,010.9 | 731.6 | 757.0 | 800.8 | ▼21.8% | −0.3% |
Gross profit | 1,299.5 | 967.4 | 1,233.7 | 1,384.6 | 1,450.8 | ▲34.3% | −2.7% |
Research & development | 187.5 | 193.5 | 198.5 | 189.9 | 190.0 | ▼3.1% | −0.3% |
Selling, general & admin | 125.7 | 113.4 | 119.3 | 129.7 | 128.1 | ▲10.8% | −0.5% |
Total operating expenses | 833.6 | 869.6 | 823.8 | 853.1 | 820.7 | ▼4.1% | +0.4% |
Operating incomefeeds ROC rank | 465.9 | 97.7 | 409.9 | 531.5 | 630.1 | ▲376.8% | −7.3% |
Other income, net | 24.4 | 23.4 | 19.9 | −18.9 | −4.3 | — | — |
Pretax income | 490.3 | 121.1 | 429.8 | 512.6 | 625.8 | ▲304.7% | −5.9% |
Income tax | 65.4 | 37.6 | 88.5 | 89.4 | 113.2 | ▲74.1% | −12.8% |
Net incomePiotroski ROA ✓feeds Buffett Quality owner earnings | 424.9 | 83.6 | 341.3 | 423.2 | 512.6 | ▲408.3% | −4.6% |
| Per share | |||||||
Diluted EPSbuyback-sensitive | 1.94 | 0.37 | 1.48 | 1.84 | 2.21 | ▲424.3% | −3.2% |
Diluted shares (mn) | 218.88 | 224.72 | 230.62 | 230.14 | 232.03 | ▼2.6% | −1.4% |
| Margins | |||||||
Gross margin42nd pct in Healthcare | 62.2% | 48.9% | 62.8% | 64.7% | 64.4% | ▲13.3pp | −2.3pp |
Operating margin | 22.3% | 4.9% | 20.9% | 24.8% | 28.0% | ▲17.4pp | −5.7pp |
Net margin86th pct in Healthcare | 20.3% | 4.2% | 17.4% | 19.8% | 22.8% | ▲16.1pp | −2.4pp |
FY24 effective tax rate was 31% vs a 18% norm for this window, likely a one-time item; see the filing.
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These lines feed the tenet checklists: see which gates passTenets →Margins & returns continue as sector-ranked ratiosStatistics →
Annual report filed 2026-03-20 · view filings on SEC EDGAR ↗ · reported currency USD · as-filed figures may be later restated.
Statements normalized in our fundamentals DB · Not investment advice.
Statements normalized in our fundamentals DB · Not investment advice.
Annual and quarterly statements as filed, normalized into one comparable shape · Not investment advice.