Qiagen N.V. key statistics and ratios

In fiscal 2025, Qiagen N.V. had return on equity of 11.6%, an operating margin of 22.3%, debt equal to 43.8% of equity and a current ratio of 3.90. 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.

Qiagen N.V.: 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
Gross margin	66.1%	65.8%	64.1%	65.7%	62.6%	64.3%	64.5%	63.1%	65.1%	66.6%	65.9%	65.9%	64.4%	64.7%	62.8%	48.9%	62.2%
Operating margin	17.8%	17.3%	8.5%	13.5%	4.9%	12.0%	14.0%	7.4%	10.8%	17.8%	−1.7%	20.7%	28.0%	24.8%	20.9%	4.9%	22.3%
Net margin	13.6%	13.3%	8.2%	10.3%	5.3%	8.7%	10.2%	6.0%	2.8%	12.7%	−2.7%	19.2%	22.8%	19.8%	17.4%	4.2%	20.3%
Free-cash-flow margin	16.3%	15.7%	13.5%	11.4%	13.4%	15.0%	17.2%	20.0%	13.9%	16.6%	13.9%	17.4%	19.9%	27.4%	15.8%	25.6%	21.7%
Return on equity	6.0%	6.1%	3.8%	4.9%	2.5%	4.3%	5.0%	3.1%	1.6%	7.4%	−1.6%	13.5%	17.4%	12.9%	9.4%	2.3%	11.6%
Return on assets	3.6%	3.7%	2.5%	3.3%	1.7%	2.7%	3.0%	1.9%	0.9%	3.5%	−0.8%	6.5%	8.5%	6.8%	5.5%	1.4%	7.1%
Asset turnover	0.27	0.28	0.31	0.32	0.32	0.31	0.30	0.32	0.30	0.28	0.28	0.34	0.37	0.34	0.32	0.34	0.35
Current ratio	3.55	3.51	1.65	3.72	2.73	2.66	3.58	3.36	5.07	2.22	1.65	2.84	1.39	2.46	1.99	1.88	3.90
Debt to equity	40.2%	35.3%	23.2%	31.2%	31.1%	44.2%	40.9%	40.9%	69.2%	82.5%	67.3%	68.7%	62.7%	53.7%	39.7%	39.0%	43.8%
Interest cover (operating income ÷ interest)	6.1x	6.8x	3.9x	7.2x	2.1x	4.1x	4.8x	2.5x	3.1x	4.0x	n/m	5.4x	11.6x	9.1x	7.7x	2.2x	14.0x
Effective tax rate	20.1%	16.6%	1.3%	10.8%	—	2.1%	4.7%	−41.1%	64.7%	15.7%	—	18.3%	18.1%	17.4%	20.6%	31.0%	13.3%
R&D as % of revenue	10.7%	11.6%	11.2%	9.8%	11.2%	12.2%	11.5%	11.2%	10.9%	10.8%	10.3%	8.0%	8.4%	8.9%	10.1%	9.8%	9.0%
Capital spending as % of revenue	5.2%	7.3%	7.4%	8.1%	6.5%	6.4%	7.6%	5.6%	6.4%	7.3%	7.7%	7.1%	8.4%	6.0%	7.6%	8.5%	9.6%
Free cash flow ÷ net income	119.6%	118.6%	164.5%	110.3%	252.6%	173.1%	168.8%	332.2%	486.9%	131.2%	—	90.5%	87.6%	138.5%	90.8%	605.8%	106.7%
Dividends ÷ net income	—	—	—	—	—	—	—	—	—	—	—	—	—	—	0.0%	0.0%	12.8%
Dividends and buybacks ÷ free cash flow	—	0.0%	0.0%	25.0%	49.3%	63.0%	9.5%	0.0%	31.0%	41.9%	35.0%	19.7%	22.3%	0.0%	0.0%	57.7%	73.8%

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

4 of 6 checks passed · December 31, 2025

What it owns · $6.3bn

Short-term assets $2.0bnLonger-term assets $4.3bn

What it owes, and who funded it · $4.3bn

Short-term liabilities $512mShareholders' equity $3.8bn

Short-term assets cover short-term liabilities $2.0bn of assets due within a year against $512m of liabilities due within a year.
Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
More cash than debt $839m of cash against $1.7bn of debt.
Debt below 40% of shareholders' equity Debt is 44% of equity.
Debt burden no higher than five years ago Debt to equity moved from 67% to 44% over five years.
A year's operating cash flow covers at least 20% of debt $654m of operating cash flow against $1.7bn of debt.
Operating profit covers interest at least five times over Operating income of $466m against $33m of interest.

From Qiagen N.V.'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

58 /100

Moderate moat

How hard Qiagen's competitive advantage looks for rivals to wear away, judged from 5 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Returns on capital 3 / 20

Net income has been a median 3.6% of total assets over 5 years.
Pricing power 20 / 20

Gross margin has been a median 64.4%, moving by 1.5 percentage points (standard deviation) across 5 years.
Durability 9 / 20

Operating margin has been a median 17.8%; its worst year was 4.9%.
Cash conversion 18 / 20

Free cash flow was positive in 5 of 5 years, at a median 16.3% 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 (63 before it).

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

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Figures from Qiagen N.V.'s SEC filings (10-K and 10-Q). How we read and check them: methodology and data sources. Not investment advice. Back to Qiagen N.V.