Emergent BioSolutions Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Emergent BioSolutions Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	489	561	782	1,106	1,577	1,774	1,118	1,049	1,044	743
Cost of revenue	126	188	322	434	537	748	693	705	681	326
Gross profit	363	373	460	673	925	891	383	318	362	417
Research and development	107	97.4	143	226	238	235	188	111	70.7	53.2
Selling, general and administrative	143	143	203	274	304	349	340	368	308	186
Operating expenses	383	437	693	992
Operating income	106	124	89.8	114	439	341	-170	-726	-109	100
Interest expense	7.6	6.6	9.9	38.4	31.3	34.5	37.3	87.9	71	59.3
Interest income	1.05	1.75
Other non-operating income	-6.3	-5.7	-8.3	-36.7	-26.6	-38.2	-49	-4.8	-34.2	-17.3
Pre-tax income	99.2	119	81.5	77.4	412	303	-219	-731	-143	82.8
Income tax	36.7	36	18.8	22.9	106	83.7	-7.4	29.3	47.7	30.2
Net income	51.8	82.6	62.7	54.5	306	220	-212	-761	-191	52.6
EBITDA	134	157	126	164	489	465	-26.7	-601	0.1	196
EPS, basic	1.29	1.98	1.25	1.06	5.80	4.10	-4.22	-14.85	-3.60	0.98
EPS, diluted	1.13	1.71	1.22	1.04	5.68	4.06	-4.22	-14.85	-3.60	0.93
Shares, basic (weighted)	40.2	41.8	50.1	51.5	52.7	53.5	50.1	51.2	53	53.5
Shares, diluted (weighted)	49.3	50.3	51.4	52.4	53.8	54.1	50.1	51.2	53	56.7

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	272	178	112	168	621	576	643	112	99.5	205
Receivables	138	144	263	271	231	279	159	191	155	84.2
Inventory	74	143	206	223	307	345	351	329	312	343
Other current assets	16.2	17.2	31.5	25	36.5	70.2	57.9	47.9	26.9	25.8
Total current assets	510	485	621	686	1,196	1,270	1,210	680	599	663
Property, plant and equipment	376	407	510	542	644	800	818	383	271	205
Lease right-of-use assets				24.7	31	28.3	19.4	16.2	11.7	10.6
Goodwill	41	49.1	260	267	267	225	218	0	0	0
Intangible assets	33.9	120	762	713	663	605	729	567	502	437
Other non-current assets	2.48	6.1	13.7	90.3	113	58.2	191	194	18.9	14.2
Total assets	970	1,070	2,229	2,327	2,883	2,958	3,166	1,823	1,390	1,319
Accounts payable	34.6	41.8	80.7	94.8	136	129	104	112	60.9	55.6
Accrued liabilities	6.37	4.8	30.7	39.5	46.9	51.7	34.9	18.6	17.7	12.2
Deferred revenue	7.04	13.2	10.6	3.3	44.6	11.7	26.4	27.2	4.8	5
Short-term debt		0	10.1	12.9	33.8	31.6	957	414	0
Total current liabilities	106	100	200	216	385	374	1,229	651	162	132
Long-term debt	248	13.5	785	798	841	809	449	447	664	572
Lease liabilities				22.1	27.8	24.2	14.8	13.8	9.7	9.2
Other non-current liabilities	1.6	4.6	49.2	48.6	67.8	69.5	41.5	28.9	39.1	53.9
Total liabilities	374	158	1,219	1,239	1,436	1,346	1,779	1,174	907	796
Total debt	248	13.6	809	823	886	850	1,414	868	700	590
Paid-in capital	352	618	689	716	785	829	874	904	928	942
Retained earnings	254	337	367	422	727	950	739	-21.8	-212	-160
Treasury stock	-6.42	-39.5	-39.6	-39.6	-39.6	-152	-228	-228	-228	-253
Other comprehensive income	-4.33	-3.7	-5.5	-9.9	-25.3	-16.1	3.1	-5.7	-5.2	-7.5
Shareholders' equity	596	912	1,011	1,091	1,451	1,612	1,388	649	483	523
Total equity	596	912	1,011	1,091	1,451	1,612	1,388	649	483	523
Total liabilities and equity	970	1,070	2,229	2,327	2,883	2,958	3,166	1,823	1,390	1,319
Shares outstanding	40.6	49.4	51.2	51.7	53.1	51.3	50.1	52.2	54.3	52.1

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	51.8	82.6	62.7	54.5	306	220	-212	-761	-191	52.6
Depreciation and amortization	28	32.2	36.3	49.5	50.1	124	143	125	109	95.8
Stock-based compensation	18.5	15.2	23.2	26.7	51.8	42.4	45.1	23.1	18	16.2
Deferred income tax	5.2	3.3	8.6	-1.1	-3.4	43	-33.7	-7.3	-5.5	-3.9
Change in receivables	-22.4	-4.8	-94.2	-8.2	27.5	-16.2	118	-21.6	-24.4	25.5
Change in inventory	-9	6.1	-1.9	-16.7	-66.9	-66.6	-57.1	0.6	-24.5	-30.3
Change in payables	-14.8	16.1	-7	16.5	28.3	-1.6	-14	10.6	-33	-8.4
Cash from operations	54.6	208	41.8	188	537	320	-34.1	-206	58.7	171
Capital expenditures	-76.2	-54.8	-72.1	-86.9	-142	-224	-116	-51.6	-22.9	-13.8
Acquisitions	0	-118	-828	0	0
Cash from investing	-76.2	-250	-897	-96.9	-152	-224	-381	212	125	69.4
Debt issued	0	0	798	0	450	0	0	0	0	2.2
Debt repaid	0	0	-2.8
Stock issued	17.1	19.3	15.9	8.2	27.6	0	0	8.4	0	0
Share buybacks	0	-33.1	-0.1	0	0	-106	-82.1	0	0	-24.9
Cash from financing	-19.8	-51.4	789	-35.9	69.5	-141	481	-536	-190	-137
Exchange rate effect	0.1	0	-0.2	0.4	-1	-0.3	0.5	-1.2	0	0.1
Net change in cash	-41.3	-93.2	-66.9	55.6	454	-45.2	66.3	-531	-6.1	104
Free cash flow	-21.6	153	-30.3	101	395	96.1	-150	-258	35.8	157
Interest paid	8.2	8.4	10.2	34.5	21	30.4	33	68.3	64	49.7
Income taxes paid	10.1	12	14	30.8	109	71.6	6.2	52.8	26.5	40

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $6.79 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	55.9%	Gross profit / revenue.
Operating margin	-8.6%	Operating income / revenue.
EBITDA margin	-0.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-19.0%	Pre-tax income / revenue.
Net margin	-23.0%	Net income / revenue.
FCF margin	11.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	12.7%	Cash from operations / revenue.
Return on equity (ROE)	-51.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-15.8%	Net income / average total assets.
Return on invested capital (ROIC)	-6.6%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	5.9%	Research and development expense / revenue.
SG&A / revenue	23.5%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	2.5%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.5%	Capital expenditures / revenue.
D&A / revenue	7.9%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-28.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-12.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-14.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	15.0%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	2.9%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	-14.7%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income CAGR, 5y	-25.6%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	195,800.0%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 5y	-16.7%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income CAGR, 5y	-29.7%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS CAGR, 5y	-30.4%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	190.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 5y	-20.5%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	338.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 5y	-16.9%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	8.2%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-27.8%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-18.5%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-5.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-25.3%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-14.5%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	7.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	4.2%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	1.1%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	5.42x	Current assets / current liabilities.
Quick ratio	2.68x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.14x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.73x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	52.8%	Total debt / total assets.
Liabilities / assets	69.4%	Total liabilities / total assets.
Net debt	$450.0M	Total debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage	-1.30x	Operating income / interest expense.
Working capital	$543.2M	Current assets - current liabilities.
Goodwill and intangibles / assets	23.4%	(Goodwill + intangible assets) / total assets.
Tangible book value	$79.6M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.69x	Revenue / average total assets.
Fixed asset turnover	4.33x	Revenue / average property, plant and equipment.
Inventory turnover	1.12x	Cost of revenue / average inventory.
Days inventory	326 days	365 x average inventory / cost of revenue.
Receivables turnover	4.05x	Revenue / average receivables.
Days sales outstanding	90 days	365 x average receivables / revenue.
Days payables	54 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	362 days	Days inventory + days sales outstanding - days payables.
Capex / operating cash flow	12.1%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$3.43	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$14.93	Revenue / diluted weighted shares.
FCF per share	$1.66	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.89	Cash from operations / diluted weighted shares.
Book value per share	$6.65	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$1.55	Tangible book value / shares outstanding.
Cash per share	$2.72	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	41.9%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$348.1M	Share price x shares outstanding.
Enterprise value	$798.1M	Market cap + total debt - cash - short-term investments.
P/S	0.45x	Market cap / revenue.
P/B	1.02x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	4.37x	Market cap / tangible book value, when positive.
P/FCF	4.05x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	3.56x	Market cap / cash from operations, when positive.
EV/Sales	1.04x	Enterprise value / revenue.
EV/FCF	9.29x	Enterprise value / free cash flow, when both are positive.
FCF yield	24.7%	Free cash flow / market cap.
Earnings yield	-50.8%	Net income / market cap (the inverse of P/E).
Shareholder yield	10.3%	(Dividends paid + share buybacks) / market cap.

What was Emergent BioSolutions Inc.'s revenue in fiscal 2025?

Emergent BioSolutions Inc. reported revenue of $742.9M for fiscal 2025, 28.8% lower than the year before.

Was Emergent BioSolutions Inc. profitable in fiscal 2025?

Yes. Net income was $52.6M, a net margin of 7.1%.

How much free cash flow did Emergent BioSolutions Inc. generate in fiscal 2025?

Cash from operations of $170.6M minus capital expenditures of $13.8M left free cash flow of $156.8M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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