QuidelOrtho Corp financial statements

Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data QuidelOrtho Corp 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

	FY2020	FY2022	FY2022	FY2023	FY2024	FY2025
Revenue	1,662	1,699	3,266	2,998	2,783	2,730
Cost of revenue	305	420	1,330	1,501	1,496	1,456
Gross profit	1,356	1,278	1,936	1,497	1,287	1,274
Research and development	84.3	95.7	188	245	219	186
Selling, general and administrative	181	240	621	763	767	746
Operating income	1,060	906	844	139	-1,961	-919
Interest expense			75.7	148	164	178
Interest income	0.1	0.3	1.3	5.5	2.6	2.2
Other non-operating income	-1.1	0.1	-8.1	-20.6	-7.1	-5.8
Pre-tax income	1,040	900	736	-29.1	-2,132	-1,108
Income tax	230	196	187	-19	-79.5	24.1
Net income	810	704	549	-10.1	-2,052	-1,132
EBITDA	1,109	959	1,127	596	-1,508	-477
EPS, basic	19.24	16.74	9.66	-0.15	-30.54	-16.69
EPS, diluted	18.60	16.43	9.56	-0.15	-30.54	-16.69
Shares, basic (weighted)	42.1	42.1	56.8	66.8	67.2	67.8
Shares, diluted (weighted)	43.6	42.9	57.4	66.8	67.2	67.8

Balance sheet

	FY2020	FY2022	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	490	803	293	119	98.3	170
Short-term investments		25.7	52.1	48.4	0
Receivables		378	454	303	282	417
Inventory		199	524	578	534	578
Other current assets		4.5	0.9	3.1	5.2	0.7
Total current assets		1,440	1,575	1,311	1,219	1,447
Property, plant and equipment		349	1,339	1,444	1,380	1,358
Lease right-of-use assets		128	181	170	169	156
Goodwill		337	2,477	2,492	650	0
Intangible assets		98.7	3,124	2,934	2,736	2,564
Long-term investments		37.9	21	7.4	0
Other non-current assets		19.6	123	180	271	244
Total assets		2,430	8,856	8,563	6,424	5,769
Accounts payable		102	283	295	246	279
Accrued liabilities		40.4	139	84.8	117	120
Deferred revenue		1.9	76.4	36.8	33.5	37.8
Short-term debt		0.3	208	140	342	178
Total current liabilities		324	1,007	834	999	966
Long-term debt		0.7	2,431	2,275	2,141	2,472
Lease liabilities		129	186	173	167	154
Other non-current liabilities		48.5	83.8	83.6	55.3	166
Total liabilities		501	3,921	3,557	3,439	3,849
Total debt		0.4	2,649	2,423	2,489	2,698
Paid-in capital		280	2,804	2,848	2,885	2,932
Retained earnings		1,649	2,198	2,188	136	-996
Other comprehensive income		0.4	-67.6	-30	-36.2	-15.4
Shareholders' equity	1,333	1,929	4,935	5,006	2,985	1,921
Total equity	1,333	0.4	-67.6	-30	-36.2	-15.4
Total liabilities and equity		2,430	8,856	8,563	6,424	5,769
Shares outstanding		41.7	66.4	66.7	67.3	67.9

Cash flow statement

	FY2020	FY2022	FY2022	FY2023	FY2024	FY2025
Net income	810	704	549	-10.1	-2,052	-1,132
Depreciation and amortization	48.8	52.7	284	457	453	442
Stock-based compensation	21	25.4	48.4	51.6	42.1	45.9
Deferred income tax	-4.2	2.6	-41.4	-4.5	-105	0.1
Change in receivables	-402	119	150	160	5.4	-118
Change in inventory	-54.9	-85	-117	-212	-134	-148
Change in payables	52.2	10.4	23.5	3	-23.4	40
Cash from operations	630	806	885	280	83	105
Capital expenditures	-64.9	-293	-141	-209	-195	-188
Acquisitions	0	0	-1,511	0	0
Purchases of investments	0	-67.4	-63.7	-60.1	-7.2	0
Sales and maturities of investments	0	3.8	53.4	78.3	63.1	0
Cash from investing	-63.3	-320	-1,644	-188	-150	-193
Debt repaid				-228	-143	-2,289
Stock issued	9.6	7.6	26.4	11.6	5	6.1
Share buybacks	-43.7	-104	-74.3	-7.2	0	0
Cash from financing	-130	-173	252	-266	48.8	156
Exchange rate effect	1	-0.4	-2	-1.2	-2.9	3
Net change in cash	437	313	-509	-174	-21	71.3
Free cash flow	565	513	744	70.9	-112	-83
Interest paid	0.5	0	95.1	150	178	172
Income taxes paid	110	236	265	86.6	41.6	-25.4

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 28, 2026; growth uses fiscal years. Valuation uses the share price of $10.94 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	44.6%	Gross profit / revenue.
Operating margin	-30.8%	Operating income / revenue.
EBITDA margin	-13.9%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-38.5%	Pre-tax income / revenue.
Net margin	-39.2%	Net income / revenue.
FCF margin	-7.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	-2.1%	Cash from operations / revenue.
Return on equity (ROE)	-59.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-18.3%	Net income / average total assets.
Return on invested capital (ROIC)	-14.3%	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	6.8%	Research and development expense / revenue.
SG&A / revenue	28.8%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	1.7%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	5.8%	Capital expenditures / revenue.
D&A / revenue	17.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-1.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-5.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	10.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-1.0%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-13.0%	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	-1.2%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	26.7%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-50.8%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-30.1%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-35.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-27.0%	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	7.6%	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	-10.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-13.3%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Share count change, 1y	0.9%	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	5.7%	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	9.2%	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	1.39x	Current assets / current liabilities.
Quick ratio	0.48x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.12x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.63x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	50.6%	Total debt / total assets.
Liabilities / assets	68.9%	Total liabilities / total assets.
Net debt	$2.77B	Total debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage	-4.06x	Operating income / interest expense.
Working capital	$383.2M	Current assets - current liabilities.
Goodwill and intangibles / assets	46.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$903.5M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.47x	Revenue / average total assets.
Fixed asset turnover	2.00x	Revenue / average property, plant and equipment.
Inventory turnover	2.39x	Cost of revenue / average inventory.
Days inventory	152 days	365 x average inventory / cost of revenue.
Receivables turnover	7.60x	Revenue / average receivables.
Days sales outstanding	48 days	365 x average receivables / revenue.
Days payables	58 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	142 days	Days inventory + days sales outstanding - days payables.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$15.35	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	$39.15	Revenue / diluted weighted shares.
FCF per share	-$3.09	Free cash flow / diluted weighted shares.
Operating cash flow per share	-$0.84	Cash from operations / diluted weighted shares.
Book value per share	$25.99	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$13.23	Tangible book value / shares outstanding.
Cash per share	$1.81	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$750.2M	Share price x shares outstanding.
Enterprise value	$3.52B	Market cap + total debt - cash - short-term investments.
P/S	0.28x	Market cap / revenue.
P/B	0.42x	Market cap / shareholders' equity. Only when equity is positive.
EV/Sales	1.32x	Enterprise value / revenue.
FCF yield	-28.2%	Free cash flow / market cap.
Earnings yield	-139.7%	Net income / market cap (the inverse of P/E).

What was QuidelOrtho Corp's revenue in fiscal 2025?

QuidelOrtho Corp reported revenue of $2.73B for fiscal 2025, 1.9% lower than the year before.

Was QuidelOrtho Corp profitable in fiscal 2025?

No. It reported a net loss of $1.13B.

How much free cash flow did QuidelOrtho Corp generate in fiscal 2025?

Cash from operations of $105.2M minus capital expenditures of $188.2M left free cash flow of -$83.0M.

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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