Qiagen
QGEN · NYSEBiological Products, (No Diagnostic Substances) · Fiscal year ends Dec 31
Qiagen reported revenue of $2.1B in the fiscal year ended Dec 2025, up 5.7% from the year before. Operating income was $466M, an operating margin of 22.3%, and net income was $425M. Operating cash flow of $654M less capital expenditure of $201M left free cash flow of $453M. Net debt was $815M.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $2.3B | $2.1B | $2B | $2B | $2.1B |
| Cost of revenue | $801M | $757M | $732M | $1B | $791M |
| Gross profit | $1.5B | $1.4B | $1.2B | $967M | $1.3B |
| Operating income | $630M | $531M | $410M | $98M | $466M |
| Interest expense | $54M | $58M | $53M | $44M | $33M |
| Pre-tax income | $626M | $513M | $430M | $121M | $490M |
| Income tax | $113M | $89M | $89M | $38M | $65M |
| Net income | $513M | $423M | $341M | $84M | $425M |
| Diluted EPS | 2.21 | 1.84 | 1.48 | 0.37 | 1.94 |
| Diluted shares | 232M | 230M | 231M | 225M | 219M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $881M | $731M | $668M | $664M | $839M |
| Receivables | $362M | $324M | $382M | $349M | $403M |
| Inventory | $328M | $358M | $398M | $279M | $302M |
| Current assets | $2.1B | $2.4B | $2.1B | $2B | $2B |
| Net PP&E | $638M | $662M | $765M | $754M | $924M |
| Goodwill | $2.4B | $2.4B | $2.5B | $2.4B | $2.7B |
| Total assets | $6.1B | $6.3B | $6.1B | $5.7B | $6.3B |
| Payables | $101M | $99M | $84M | $83M | $73M |
| Deferred revenue | $63M | $69M | $66M | $71M | $79M |
| Current liabilities | $1.5B | $975M | $1.1B | $1B | $512M |
| Short-term debt | $848M | $390M | $588M | $552M | $0 |
| Long-term debt | $1.1B | $1.5B | $922M | $840M | $1.7B |
| Shareholders' equity | $3.1B | $3.5B | $3.8B | $3.6B | $3.8B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $639M | $715M | $459M | $674M | $654M |
| Capital expenditure | $190M | $129M | $150M | $167M | $201M |
| Free cash flow | $449M | $586M | $310M | $506M | $453M |
| Depreciation & amortisation | $215M | $208M | $205M | $203M | $194M |
| Stock-based compensation | $38M | $50M | $47M | $44M | $50M |
| Acquisitions | $0 | $64M | $150M | $0 | $291M |
| Share buybacks | $100M | $0 | $0 | $292M | $280M |
| Dividends paid | – | – | $0 | $0 | $54M |
| Dividend per share | – | – | – | – | 0.25 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −4.9% | −8.2% | 0.7% | 5.7% |
| Operating income growth (YoY) | – | −15.7% | −22.9% | −76.2% | 376.8% |
| EPS growth (YoY) | – | −16.7% | −19.6% | −75.0% | 424.3% |
| Gross margin | 64.4% | 64.7% | 62.8% | 48.9% | 62.2% |
| Operating margin | 28.0% | 24.8% | 20.9% | 4.9% | 22.3% |
| Net margin | 22.8% | 19.8% | 17.4% | 4.2% | 20.3% |
| Return on equityBlank when equity is negative | 16.6% | 12.2% | 9.0% | 2.3% | 11.2% |
| ROCEEBIT ÷ (assets − current liabilities) | 13.6% | 10.0% | 8.1% | 2.1% | 8.1% |
| Free cash flow margin | 19.9% | 27.4% | 15.8% | 25.6% | 21.7% |
| Cash conversion (CFO ÷ net income) | 1.25x | 1.69x | 1.35x | 8.06x | 1.54x |
| Receivable days | 59 | 55 | 71 | 64 | 70 |
| Inventory days | 149 | 173 | 199 | 101 | 139 |
| Payable days | 46 | 48 | 42 | 30 | 34 |
| Interest cover | 11.6x | 9.11x | 7.68x | 2.23x | 14.0x |
| Debt ÷ equity | 0.63x | 0.54x | 0.40x | 0.39x | 0.44x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $1.1B | $1.1B | $842M | $728M | $815M |
| Current ratio | 1.39x | 2.46x | 1.99x | 1.88x | 3.90x |
Recent filings
More in Biological Products, (No Diagnostic Substances)
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.