QGENQiagen N.V.
Is the business good?
A genuinely good business: earnings fully cash-backed (1.6×) and margins widening.
Operating profit is fully backed by cash. Conversion is worsening vs a year ago.
Operating margin has widened over the past few years, the business is getting more profitable per dollar of sales.
Margin-driven, fat margins on slower asset turns. ROE 11% = margin × turnover × leverage.
Unless marked, from derived.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is QGEN?
Qiagen N.V. earns 8.5% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
Return on invested capital · cost of capital 9.0% · 0.51 points below what the capital costs: growth destroys value
- Operating margin
- 22%
Operating margin · Diagnostics & Research median 3.6% · fiscal year to FY2025
- Cash conversion
- 1.62×
Cash conversion · 9.99× a year ago · operating cash flow covers the operating profit after tax
- Share count, year on year
- −2.6%
Share count, year on year · bought back, each share owns more of the company
| Year | Operating margin |
|---|---|
| FY2020 | 21% |
| FY2021 | 28% |
| FY2022 | 25% |
| FY2023 | 21% |
| FY2024 | 4.9% |
| FY2025 | 22% |
Details›
- Gross marginfiscal year to FY2025
- 62%
- Operating marginfiscal year to FY2025
- 22%
- Net marginfiscal year to FY2025
- 20%
- Free cash flow margin
- 22%
- R&D as % of revenue
- 9.0%
- Revenue, trailing twelve months
- $2.09B
- Free cash flow, trailing twelve months
- $453M
- Net income, trailing twelve months
- $425M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 8.5%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Diagnostics & Research
Ranks #2 of 21 by RyuScore