QIAGEN N.V. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data QIAGEN N.V. 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	1,338	1,418	1,502	1,526	1,870	2,252	2,142	1,965	1,978	2,090
Cost of revenue	493	495	501	521	638	801	757	732	1,011	791
Gross profit	845	923	1,001	1,005	1,233	1,451	1,385	1,234	967	1,299
Research and development	150	154	162	157	149	190	190	199	193	188
Selling and marketing	376	376	392	392	414	456	474	460	451	458
General and administrative		102	105	112	112	128	130	119	113	126
Operating expenses	746	769	734	1,031	846	821	853	824	870	834
Operating income	98.8	153	267	-26.1	386	630	531	410	97.7	466
Interest expense	39	49.7	67.3	74.2	71.3	54.5	58.4	53.4	43.8	33.3
Interest income	6.78	10.6	20.9	22.1	10	9.56	32.8	79	68	64.3
Other non-operating income	-41.9	-39	-40.8	-51.6	53	-4.25	-18.9	19.9	23.4	24.4
Pre-tax income	56.9	114	226	-77.8	439	626	513	430	121	490
Income tax	-23.4	74	35.4	-36.3	80.3	113	89.4	88.5	37.6	65.4
Net income to minority interests	-0.1	0	0
Net income	80.4	40.4	190	-41.5	359	513	423	341	83.6	425
EBITDA	312	370	473	205	591	845	740	615	301	660
EPS, basic	0.34	0.18	0.84	-0.18	1.57	2.25	1.86	1.50	0.38	1.96
EPS, diluted	0.34	0.17	0.82	-0.18	1.53	2.21	1.84	1.48	0.37	1.94
Shares, basic (weighted)	235	228	227	227	228	228	228	228	223	217
Shares, diluted (weighted)	239	233	233	227	234	232	230	231	225	219
Dividend per share										0.25

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	439	658	1,159	624	598	881	731	668	664	839
Short-term investments	93	359	235	130	117	185	688	390	489	260
Receivables	278	329	352	385	381	362	324	382	349	403
Inventory	137	156	163	171	291	328	358	398	279	302
Other current assets	66.8	99	109	105	237	355	294	310	178	192
Total current assets	1,038	1,648	2,155	1,570	1,624	2,110	2,394	2,148	1,960	1,995
Property, plant and equipment	437	494	512	455	559	638	662	765	754	924
Lease right-of-use assets						101	95.5	105	116	153
Goodwill	1,926	2,013	2,109	2,141	2,364	2,351	2,353	2,476	2,425	2,701
Intangible assets	557	499	475	632	726	627	545	527	304	386
Other non-current assets	283	120	160	188	162	231	203	197	247	275
Total assets	4,308	5,039	5,748	5,236	5,870	6,147	6,288	6,115	5,690	6,281
Accounts payable	51.2	59.2	69.4	84.8	118	101	98.7	84.2	83.3	72.7
Accrued liabilities	230	242	263	39	51	54.3	62.5	70	51.7	57.3
Deferred revenue		49.4	45.4	48.5	57.1	63.4	69	66.4	70.8	79.4
Short-term debt		0	503	285	42.5	848	390	588	552	0
Total current liabilities	308	325	972	951	572	1,517	975	1,079	1,042	512
Long-term debt	1,067	1,758	1,671	1,421	1,880	1,094	1,472	922	840	1,654
Lease liabilities						76.5	71.4	79.1	96.7	129
Other non-current liabilities	5.89			106	187	247	218	207	241	337
Total liabilities	1,701	2,498	3,113	2,699	3,072	3,050	2,821	2,307	2,122	2,503
Total debt	1,067	1,758	2,174	1,706	1,923	1,942	1,861	1,510	1,392	1,654
Paid-in capital	1,795	1,630	1,742	1,777	1,834	1,819	1,868	1,915	1,666	1,436
Retained earnings	1,263	1,248	1,380	1,178	1,323	1,792	2,160	2,457	2,448	2,748
Treasury stock	-120	-119	-179	-112	-118	-190	-160	-133	-74.9	-31.8
Other comprehensive income	-334	-221	-311	-310	-244	-327	-404	-434	-475	-377
Shareholders' equity	2,607	2,541	2,635	2,537	2,798	3,097	3,467	3,808	3,567	3,778
Minority interests	0
Total equity	2,607	2,541	2,635	2,537	2,798	3,097	3,467	3,808	3,567	3,778
Total liabilities and equity	4,308	5,039	5,748	5,236	5,870	6,147	6,288	6,115	5,690	6,281

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	80.3	40.4	190	-41.5	359	513	423	341	83.6	425
Depreciation and amortization	213	216	206	231	205	215	208	205	203	194
Stock-based compensation	28.3	34.4	40.1	65.9	40.9	38.4	49.5	47.1	43.6	50.4
Deferred income tax	-64	60.2	-23.3	-55.4	-6.71	-5.29	-9.6	10.7	-23	-20.1
Change in receivables	-12.2	-34.2	-41.8	-39.6	-14.7	-7.4	15.5	-55.1	12.2	-36.4
Change in inventory	-20.3	-21.6	-36.9	-30	-108	-81.8	-62	-44.8	87.8	-0.85
Change in payables	-1.47	4.32	6.99	9.25	8.44	-5.98	-1.76	-22.4	1.45	-8.42
Cash from operations	342	287	359	331	458	639	715	459	674	654
Capital expenditures	-74.5	-90.1	-110	-118	-133	-190	-129	-150	-167	-201
Acquisitions	-90.5	-50.5	-173	-68.1	-240	0	-63.7	-150	0	-291
Purchases of investments	-496	-4.78	-9.4	-5.17	-49.8	-398	-1,386	-976	-686	-369
Sales and maturities of investments					25.6
Cash from investing	-179	-464	-211	-222	-443	-202	-727	-87.7	-249	-305
Debt issued	0	330	0	0	498	0	371	0	494	742
Debt repaid	-6.74	0	0	-506	-296	-41.3	-480	-400	-602	-534
Stock issued	6.27	6.08	4.41	2.08	7.66	7.92	0.12	0.16
Share buybacks	0	-61	-105	-74.5	-64	-100	0	0	-292	-280
Dividends paid								0	0	-54.2
Cash from financing	-10.6	387	360	-639	-50.1	-150	-126	-434	-423	-179
Exchange rate effect	-2.77	8.83	-7.18	0.83	4.2	-3.68	-12.5	-0.56	-5.96	5.38
Net change in cash	149	219	501	-530	-31.4	283	-150	-62.6	-4.53	175
Free cash flow	267	197	250	213	325	449	586	310	506	453
Interest paid	18.2	20.3	25.9	29.7	25.4	21.6	23.2	20.3	24.2	29.3
Income taxes paid	22.7	40.5	29.3	41.5	42.6	102	120	82.4	15.7	17.3

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $44.18 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	62.2%	Gross profit / revenue.
Operating margin	22.3%	Operating income / revenue.
EBITDA margin	31.6%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	23.5%	Pre-tax income / revenue.
Net margin	20.3%	Net income / revenue.
FCF margin	21.7%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	31.3%	Cash from operations / revenue.
Effective tax rate	13.3%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	11.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	7.1%	Net income / average total assets.
Return on invested capital (ROIC)	9.1%	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	9.0%	Research and development expense / revenue.
Stock-based pay / revenue	2.4%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	9.6%	Capital expenditures / revenue.
D&A / revenue	9.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	5.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-0.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	2.2%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	34.3%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-2.1%	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	1.1%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	376.8%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-4.3%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	3.8%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	119.2%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-3.8%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	2.2%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	408.3%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	0.1%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	3.4%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	424.3%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	1.8%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	4.9%	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	-2.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-2.9%	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	7.4%	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	-10.5%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-8.2%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	6.9%	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	5.9%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	2.9%	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	6.2%	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	10.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-0.0%	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	1.4%	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	-2.6%	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	-1.7%	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	-1.3%	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	3.90x	Current assets / current liabilities.
Quick ratio	2.93x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	2.15x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.44x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	26.3%	Total debt / total assets.
Liabilities / assets	39.9%	Total liabilities / total assets.
Net debt	$555.5M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	0.84x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	14.0x	Operating income / interest expense.
Working capital	$1.48B	Current assets - current liabilities.
Goodwill and intangibles / assets	49.1%	(Goodwill + intangible assets) / total assets.
Tangible book value	$691.1M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.35x	Revenue / average total assets.
Fixed asset turnover	2.49x	Revenue / average property, plant and equipment.
Inventory turnover	2.72x	Cost of revenue / average inventory.
Days inventory	134 days	365 x average inventory / cost of revenue.
Receivables turnover	5.56x	Revenue / average receivables.
Days sales outstanding	66 days	365 x average receivables / revenue.
Days payables	36 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	164 days	Days inventory + days sales outstanding - days payables.
FCF conversion	106.7%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	30.7%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.94	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.
EPS, basic	$1.96	Net income per basic share, as reported (split-adjusted).
Revenue per share	$9.55	Revenue / diluted weighted shares.
FCF per share	$2.07	Free cash flow / diluted weighted shares.
Operating cash flow per share	$2.99	Cash from operations / diluted weighted shares.
Book value per share	$17.26	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$3.16	Tangible book value / shares outstanding.
Cash per share	$5.02	(Cash + short-term investments) / shares outstanding.
Dividend per share	$0.25	Dividend declared per common share (paid, when declared is not tagged).
Payout ratio	12.8%	Dividends paid / net income, when net income is positive.
Dividends / FCF	12.0%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	61.8%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$9.10B	Share price x shares outstanding.
Enterprise value	$9.66B	Market cap + total debt - cash - short-term investments.
P/E	21.4x	Market cap / net income. Only when net income is positive.
P/S	4.36x	Market cap / revenue.
P/B	2.41x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	13.2x	Market cap / tangible book value, when positive.
P/FCF	20.1x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	13.9x	Market cap / cash from operations, when positive.
EV/Sales	4.62x	Enterprise value / revenue.
EV/EBIT	20.7x	Enterprise value / operating income, when both are positive.
EV/EBITDA	14.6x	Enterprise value / EBITDA, when both are positive.
EV/FCF	21.3x	Enterprise value / free cash flow, when both are positive.
FCF yield	5.0%	Free cash flow / market cap.
Earnings yield	4.7%	Net income / market cap (the inverse of P/E).
Dividend yield	0.6%	Dividends paid over the period / market cap.
Shareholder yield	3.7%	(Dividends paid + share buybacks) / market cap.
PEG	12.0x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was QIAGEN N.V.'s revenue in fiscal 2025?

QIAGEN N.V. reported revenue of $2.09B for fiscal 2025, 5.7% higher than the year before.

Was QIAGEN N.V. profitable in fiscal 2025?

Yes. Net income was $424.9M, a net margin of 20.3%.

How much free cash flow did QIAGEN N.V. generate in fiscal 2025?

Cash from operations of $654.3M minus capital expenditures of $201.0M left free cash flow of $453.3M.

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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