Quality Investor

Qiagen N.V.

Rank #343Capital Return

QGEN · NYSE · Healthcare

Qiagen N.V. (QGEN) — Rank #343 by gross profitability (GP/assets 0.21) · ROE 11.2% · Piotroski F-Score 7 / 9.

As-of 2026-09-15 · CIK 0001015820 · all metrics point-in-time as of the filing date.

About

Qiagen N.V. provides sample to insight solutions that transform biological samples into molecular insights worldwide.

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The company offers sample technology consumables, such as nucleic acid stabilization and purification kits for sample materials, manual and automated processing for genotyping, gene expression, and viral and bacterial analysis, as well as silica membranes and magnetic bead technologies; secondary sample technology consumables, including kits and components for purification of nucleic acids; and instruments for nucleic acid purification, quality control, and accessories. It also provides Immune response consumables, such as interferon-gamma release assay for TB testing, and assays for post-transplant testing and viral load monitoring; oncology and sexual and reproductive health consumables, inclsuing assays for prenatal testing and detection of sexually transmitted diseases and HPV; assays for analysis of genomic variants; and sample to insight instruments, including one-step molecular analysis of hard-to-diagnose syndromes, and integrated PCR testing. The company offers research PCR consumables, such as quantitative PCR, reverse transcription, and combinations kits for analysis of gene expression, genotyping and gene regulation, and running on QIAGEN instruments and technologies; human ID/forensics assay consumables comprising short tandem repeat assays for human ID, and assays for food contamination; PCR instruments, including digital PCR and qPCR solutions; and developed and configured enzymes and PCR solutions. It offers NGS gene panels, library prep kits and components, and whole genome amplification; DNA methylation analysis; QIAGEN consumables and instruments; bioinformatics solutions; and sequence-based assays forensic genetic genealog services. it provides software-as-a-service. It serves molecular diagnostics and life sciences sectors.

The company was founded in 1984 and is headquartered in Venlo, the Netherlands.

Industry
Diagnostics & Research
Sector
Healthcare
State
P7
Filer Category
Large accelerated filer
Fiscal Year End
December 31
Website
qiagen.com

Price History

QGEN-24.0% · -5.3% CAGRSPY+80.5% · +12.5% CAGR

Company Snapshot

P/E and reverse DCF are the primary valuation lenses at this stage.

Market Cap

$8.88B

P/E (annual)

22.2

P/S (annual)

4.2

P/B

2.4

P/OCF (annual)

13.6

Shareholder Yield

3.2%

Employees

5,500

Industry

Diagnostics & Research

Exchange

NYSE

Signal Flags

3 green
Revenue growth acceleratingGrowth rate increasing year over year
Operating leverage expandingOperating income growing faster than revenue
Deferred revenue growingRevenue and deferred revenue both growing — retention signal

Quality Profile

Profitability

1/1 pass
GP / assets
0.21
Return on equity
11.2%
Gross margin trend
PASS

Safety

1/1 pass
Balance-sheet safety
PASS
Debt / equity
0.66
Current ratio
3.90×
Net cash
-$555.51M

Cash Flow

3/3 pass
Positive FCF
PASS
Cash-backed earnings
PASS
Accruals healthy
PASS
SBC / revenue
2.4%

Growth

2/2 pass
Revenue growth
5.7%
Piotroski F-Score
7 / 9
Share dilution
-2.6%

Terry Smith quality gate

Passes 3/5 Terry Smith thresholds

1 of 5 threshold not computable from filed data.

What Growth Is Priced In

Implied revenue growth (10Y)

8.2%

incredible deal

The annual FCF growth rate today's price requires over a 10-year horizon (discount rate 10%, terminal growth 2.5%).

Buyback tailwind: -2.6% — per-share value needs a total required return of 5.6% once share-count change is priced in.

vs. own 6-year median revenue growth: 3.2%

priced above its own history

Cost-of-equity sensitivity (implied growth at different discount rates)

r = 8%

3.9%

r = 10% (base)

8.2%

r = 12%

12.0%

Net debt / market cap: 5.9%

Base FCF: $453.3M3Y mean FCF: $423.1M

Valuation History

Current multiple vs historical range at each filing date. Band spans 25th-75th percentile.

P / E

Price / diluted EPS

20.6xCheap
20.6xmed 32.1x238.3x

P / S

Price / revenue per share

4.2xCheap
4.2xmed 5.4x7.2x

P / B

Price / book value per share

2.3xCheap
2.3xmed 3.4x4.1x

P / GP

Price / gross profit per share

6.7xCheap
6.7xmed 8.9x11.5x

P / FCF

Price / free cash flow per share

19.3xCheap
17.8xmed 34.4x48.0x

FCF yield, shareholder yield, and buyback activity are the primary reads at this stage.

Profitability

Gross profitability (GP / assets)

0.21

Primary signal (Novy-Marx).

42nd pctl of 34 SIC 28 peers

Return on equity

11.2%

Gross margin

62.2%

67th pctl of 34 SIC 28 peers

Revenue growth (YoY)

5.7%

Gross margin improving

Margin trend vs prior year.

PASS

Operating Leverage

2022202320242025
Revenue vs COGS
Revenue vs OpEx
Op. Income vs Revenue

Growth

Revenue CAGR (3Y)

-0.8%

Revenue CAGR (5Y)

2.2%

Earnings CAGR (3Y)

0.1%

FCF CAGR (3Y)

-8.2%

Anti-fragile safety

Balance-sheet safety

Composite anti-fragile check.

PASS

Debt / equity

0.66

63rd pctl of 31 SIC 28 peers (best = lowest)

Current ratio

3.90×

76th pctl of 34 SIC 28 peers

Quick ratio

2.93×

Net cash

-$555.51M

Cash & equivalents minus total debt.

Cash-flow health

Free cash flow

$453.28M

Operating cash flow minus capex.

Positive free cash flow

PASS

FCF / net income

0.07

Cash-backing of earnings.

FCF/NI divergence

Unfavorable divergence (yellow flag).

PASS

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

2.4%

Stock-based comp intensity.

Dividend safety

Composite score

3.2 / 5

Good
Payout ratio
12.8%5/5 Strong
FCF coverage
8.36×5/5 Strong
Dividend growth streak
1 yr1/5 Weak
Balance-sheet health
D/E 0.66 · IC N/A2/5 Fair

Piotroski F-Score

F-Score

7 / 9

Fundamental-strength score (0-9).

Lifecycle Phase History

20202025
Hypergrowth
Value
Decline
Capital Return