Emergent Biosolutions Inc. key statistics and ratios

In fiscal 2025, Emergent Biosolutions Inc. had return on equity of 10.5%, an operating margin of 13.5%, debt equal to 112.8% of equity and a current ratio of 5.01. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Emergent Biosolutions Inc.: financial ratios, annual
Fiscal year	2009Dec 2009	2010Dec 2010	2011Dec 2011	2012Dec 2012	2013Dec 2013	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMSept 2026
Gross margin	—	—	—	—	—	—	—	74.2%	66.5%	58.8%	60.8%	58.7%	50.3%	34.3%	30.3%	34.7%	56.1%	48.4%
Operating margin	17.1%	25.7%	11.7%	10.6%	13.7%	19.8%	27.1%	21.6%	22.2%	11.5%	10.3%	27.8%	19.2%	−15.2%	−69.2%	−10.4%	13.5%	−27.7%
Net margin	13.3%	18.1%	8.4%	8.3%	10.0%	8.2%	12.0%	10.6%	14.7%	8.0%	4.9%	19.4%	12.4%	−18.9%	−72.5%	−18.3%	7.1%	−40.2%
Free-cash-flow margin	−1.5%	26.5%	−15.3%	−5.0%	17.6%	18.1%	−0.4%	−4.4%	27.3%	−3.9%	9.1%	25.0%	5.4%	−13.4%	−24.6%	3.4%	21.1%	29.0%
Return on equity	12.8%	16.9%	5.9%	5.5%	6.7%	7.0%	10.4%	8.2%	11.0%	6.5%	5.2%	24.1%	14.3%	−14.1%	−74.7%	−33.7%	10.5%	−62.4%
Return on assets	—	10.3%	4.4%	4.2%	5.2%	4.7%	6.4%	5.2%	8.1%	3.8%	2.4%	11.7%	7.5%	−6.9%	−30.5%	−11.9%	3.9%	−22.5%
Asset turnover	—	0.57	0.52	0.51	0.53	0.58	0.53	0.49	0.55	0.47	0.49	0.61	0.61	0.36	0.42	0.65	0.55	0.56
Current ratio	—	3.22	3.58	4.25	4.82	4.65	5.40	4.82	4.85	3.10	3.17	3.11	3.40	0.98	1.04	3.69	5.01	4.58
Debt to equity	0.0%	12.8%	14.4%	14.2%	12.7%	45.4%	37.4%	45.0%	1.5%	81.0%	76.6%	63.4%	54.7%	101.3%	132.5%	145.0%	112.8%	164.2%
Interest cover (operating income ÷ interest)	—	—	—	—	—	10.8x	21.7x	13.9x	18.8x	9.1x	3.0x	14.0x	9.9x	n/m	n/m	n/m	1.7x	n/m
Effective tax rate	36.1%	35.7%	49.6%	43.4%	30.2%	35.5%	32.6%	37.0%	30.4%	23.1%	29.6%	25.8%	27.6%	—	—	—	36.5%	—
R&D as % of revenue	31.8%	31.2%	45.7%	42.7%	38.3%	23.3%	22.8%	21.9%	17.4%	18.3%	20.5%	15.1%	13.3%	16.9%	10.6%	6.8%	7.2%	6.3%
SG&A as % of revenue	31.4%	26.6%	27.2%	27.0%	28.1%	24.1%	23.2%	29.3%	25.5%	25.9%	24.7%	19.3%	19.7%	30.4%	35.1%	29.5%	25.1%	29.1%
Capital spending as % of revenue	14.2%	7.7%	19.8%	19.1%	13.4%	6.8%	8.6%	15.6%	9.8%	9.2%	7.9%	9.0%	12.6%	10.4%	4.9%	2.2%	1.9%	1.8%
Free cash flow ÷ net income	−11.0%	146.9%	−181.8%	−60.4%	176.5%	222.2%	−3.7%	−41.7%	185.6%	−48.3%	185.5%	129.2%	43.8%	—	—	—	298.1%	—
Dividends and buybacks ÷ free cash flow	—	0.0%	—	—	0.4%	0.2%	—	—	21.6%	—	0.0%	0.0%	110.3%	—	—	0.0%	15.9%	14.4%

US$ thousands unless shown otherwise. Fiscal quarters.

Emergent Biosolutions Inc.: financial ratios, quarterly
Quarter	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026	2026 Q3Sept 2026
Gross margin	39.4%	60.2%	52.5%	62.8%	42.9%	53.9%	58.6%	26.5%
Operating margin	−4.9%	22.5%	1.1%	33.1%	−18.8%	6.7%	−53.4%	−33.9%
Net margin	−16.1%	30.6%	−8.5%	22.2%	−36.7%	4.4%	−76.9%	−29.7%
Free-cash-flow margin	−41.9%	−6.7%	73.5%	−2.5%	49.6%	−23.2%	23.0%	88.0%
Current ratio	3.69	6.32	5.66	5.76	5.01	4.29	5.42	4.58
Debt to equity	137.5%	120.4%	124.5%	113.8%	109.5%	109.7%	170.4%	162.1%
R&D as % of revenue	4.7%	6.8%	8.9%	5.8%	8.1%	6.7%	3.9%	8.5%
SG&A as % of revenue	31.2%	23.6%	31.0%	16.8%	34.4%	29.9%	19.0%	42.3%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

2 of 7 checks passed · September 30, 2026

What it owns · $995m

Short-term assets $558mLonger-term assets $437m

What it owes, and who funded it · $995m

Short-term liabilities $122mLonger-term liabilities $560mShareholders' equity $313m

Short-term assets cover short-term liabilities $558m of assets due within a year against $122m of liabilities due within a year.
Short-term assets cover long-term liabilities $558m short-term assets against $560m of longer-dated liabilities.
More cash than debt $176m of cash against $508m of debt.
Debt below 40% of shareholders' equity Debt is 162% of equity.
Debt burden no higher than five years ago Debt to equity moved from 51% to 162% over five years.
A year's operating cash flow covers at least 20% of debt $200m of operating cash flow against $508m of debt.
Operating profit covers interest at least five times over Operating income of −$180m against $45m of interest.

From Emergent Biosolutions Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

27 /100

Weak moat

How hard Emergent Biosolutions's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Returns on capital 0 / 20

Cash operating profit has been a median 0.9% of total assets over 10 years.
Pricing power 3 / 20

Gross margin has been a median 29.0%, moving by 14.5 percentage points (standard deviation) across 10 years.
Durability 2 / 20

Operating margin has been a median 9.9%; its worst year was -66.9%.
Cash conversion 12 / 20

Free cash flow was positive in 8 of 10 years, at a median 7.4% of revenue.
Discipline 16 / 20

The diluted share count rose 0.3% over five years; stock-based pay has been a median 2.8% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (32 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

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Figures from Emergent Biosolutions Inc.'s SEC filings (10-K and 10-Q), retrieved November 3, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Emergent Biosolutions Inc.