# Qiagen NV (QGEN.US)

Canonical: https://gigainvestors.com/s/QGEN

Analysis as of: 2026-10-16T07:36:02.832Z. Financial observations: FY1996–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $46.17 per share; close as of 2026-10-15.

Estimated value: low $26.24 per share, central $29.36 per share, high $33.51 per share. Buy at or below the central value $29.36 per share. Valuation as of 2026-10-16T07:36:02.832Z; scenarios are not confidence intervals.

Expected annual return: 7.2% at the stated quote. About 7.2% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 2 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 1

- Operating margin variation: 0.53×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.11×

- FY2018: 0.18×

- FY2019: -0.02×

- FY2020: 0.21×

- FY2021: 0.28×

- FY2022: 0.25×

- FY2023: 0.21×

- FY2024: 0.05×

- FY2025: 0.25×

- LTM to Jun 2026: 0.25×

### moat: fail

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 17.1%

- ROIC, second-lowest year: 4.2%

- Typical minus recent gross margin: 2.7 pp

- Typical gross margin (annual median): 64.5%

- Recent gross margin (lower of latest and 3-year median): 61.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 9.0%

- ROIC including acquisitions, ten-year median: 7.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 8.1%

- FY2017: 7.8%

- FY2018: 17.5%

- FY2019: -1.5%

- FY2020: 19.0%

- FY2021: 28.7%

- FY2022: 25.5%

- FY2023: 16.6%

- FY2024: 4.2%

- FY2025: 27.6%

### economics: pass

- Owner earnings / net income, 5-yr: 1.08×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $1.8B

- Net income, five-year total: $1.7B

- Return on incremental invested capital: 355.9%

- Working capital / revenue, annual change: -0.3 pp

- Working capital / revenue, change between three-year averages: -3.2 pp

- Working capital / revenue, final three-year average: 31.1%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 1.14×

- FY2023: 1.12×

- FY2024: 1.43×

- FY2025: 1.00×

- LTM to Jun 2026: 1.00×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 8.1% vs 16.6%

- Per-share earnings: 0.34 to 1.48 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.9%

- Ordinary dilution, 5-year annual growth: -1.3%

- Market cap gain: $2.9B

- Cumulative retained earnings: $1.8B

- Diluted shares, 10-year annual growth: -0.9%

- Diluted shares, 5-year annual growth: -1.3%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 20.3%

- Per-share value change: $1.14

- Per-share value, starting three-year median: $0.34

- Per-share value, ending three-year median: $1.48

- Buybacks concentrated in cheaper years (correlation): -0.15

- Average buyback yield: 1.2%

- Buyback history: 9 years

- Debt-funded buybacks: Yes

- Acquisition spending: $1.1B

- Cumulative net income, 10 years: $2.4B

- ROIC, first three-year median: 8.1%

- ROIC, last three-year median: 16.6%

Chart: Earnings per share; fiscal year observations.

- FY2016: $0.34

- FY2017: $0.17

- FY2018: $0.82

- FY2019: -$0.18

- FY2020: $1.53

- FY2021: $2.21

- FY2022: $1.84

- FY2023: $1.48

- FY2024: $0.37

- FY2025: $1.94

### accounting: pass

- Sloan accruals: -3.6%

- Receivables to sales index (DSRI): 0.83×

- Restructuring years, last five: 2

- Stock compensation / operating cash flow: 7.7%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.54×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.82×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -6.1%

- FY2017: -4.9%

- FY2018: -2.9%

- FY2019: -7.1%

- FY2020: -2.3%

- FY2021: -2.1%

- FY2022: -4.6%

- FY2023: -1.9%

- FY2024: -10.4%

- FY2025: -3.6%

## Holders

## Price story

Price needs cash profits to grow 7.2% a year for ten years · sales +0.5%

Story as of 2026-10-16T10:00:06.599Z; price observation 2026-10-15.

Price needs cash profits to grow 7.2% a year for ten years

- 2025-05-08: QGEN Q1 Earnings and Revenues Top, Operating Margin Expands, Stock Up ([finance.yahoo.com](https://finance.yahoo.com/news/qgen-q1-earnings-revenues-top-105200255.html))

- 2025-06-16: QGEN Stock Rises in After Market Following Partnership With Incyte ([finance.yahoo.com](https://finance.yahoo.com/news/qgen-stock-rises-market-following-122700457.html))

- 2025-11-05: Qiagen signals $2.38 adjusted EPS target and $500M share repurchase while advancing single-cell strategy ([seekingalpha.com](https://seekingalpha.com/news/4516348-qiagen-signals-2_38-adjusted-eps-target-and-500m-share-repurchase-while-advancing-single-cell?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2026-05-29: Is QGEN Stock a Hold After the 2026 Outlook Cut and Q1 Miss? ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/qgen-stock-hold-2026-outlook-131600293.html))

- 2026-08-05: QIAGEN Exceeds Q2 2026 Outlook as Pillars Deliver Solid Sales Growth; Reaffirms Full-Year Outlook ([finance.yahoo.com](https://finance.yahoo.com/healthcare/articles/qiagen-exceeds-q2-2026-outlook-200500285.html))

### Sales · FY2025–2026

sales +0.5%; source https://www.sec.gov/Archives/edgar/data/1015820/000101582026000018/qgen-20251231.htm; observed 2026-03-20.

- FY2017: $1.4B 

- FY2018: $1.5B 

- FY2019: $1.5B 

- FY2020: $1.9B 

- FY2021: $2.3B 

- FY2022: $2.1B 

- FY2023: $2.0B 

- FY2024: $2.0B 

- FY2025: $2.1B 

- FY2026: $2.1B 

### Gross margin · FY2025

gross margin 61.8%; source https://www.sec.gov/Archives/edgar/data/1015820/000101582026000018/qgen-20251231.htm; observed 2026-03-20.

- FY2016: 63.1% 

- FY2017: 65.1% 

- FY2018: 66.6% 

- FY2019: 65.9% 

- FY2020: 65.9% 

- FY2021: 64.4% 

- FY2022: 64.7% 

- FY2023: 62.8% 

- FY2024: 48.9% 

- FY2025: 61.8% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in diagnostics & research; annual sales are USD 2.1 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1015820/000101582026000018/qgen-20251231.htm (filed 2026-03-20); FY2025: revenue 2089998999; grossProfit 1291495000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); QGEN.US: Qiagen N.V. provides sample to insight solutions that transform biological samples into molecular insights worldwide. 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.

### Why customers stay

Margins ranged from 48.9% to 62.8% during 2023–25; it earns 17.1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-20); FY2023: grossProfit / revenue = 62.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-20); FY2024: grossProfit / revenue = 48.9%.

- Source: https://www.sec.gov/Archives/edgar/data/1015820/000101582026000018/qgen-20251231.htm (filed 2026-03-20); FY2025: grossProfit / revenue = 61.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-20); 10-year return on capital observations [[2016,0.08117247395059031],[2017,0.07847228943725866],[2018,0.1754199577342824],[2019,-0.015093753700803979],[2020,0.1897174519508284],[2021,0.287130795820265],[2022,0.25477092894319814],[2023,0.16570837250684572],[2024,0.04218701079256514],[2025,0.27612758200196535]]; median 0.17056416512056405. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 65% gross margin through 2022 cost inflation.

- Source: https://www.sec.gov/Archives/edgar/data/1015820/000101582026000018/qgen-20251231.htm (filed 2026-03-20); Gross margin observations: [[2021,0.6443343724199556],[2022,0.6465334402979569],[2023,0.6277316923377522]]; range within 2 percentage points.

### Where the cash goes

Reinvests 70.3% of cash earnings; earns over 100% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-20); FY2016: growth capex 0; upkeep 93924000; cash acquisitions 90490000; owner earnings 199536000. Growth capex plus acquisitions / owner earnings = 0.4535021249298372.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-20); FY2017: growth capex 0; upkeep 124405000; cash acquisitions 50549000; owner earnings 132437000. Growth capex plus acquisitions / owner earnings = 0.3816833664308313.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-20); FY2018: growth capex 0; upkeep 150763000; cash acquisitions 172832000; owner earnings 246053000. Growth capex plus acquisitions / owner earnings = 0.7024177717808765.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-20); FY2020: growth capex 99223000; upkeep 205014000; cash acquisitions 239572000; owner earnings 359188000. Growth capex plus acquisitions / owner earnings = 0.9432247179749881.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-20); FY2021: growth capex 0; upkeep 206534000; cash acquisitions 0; owner earnings 520996000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-20); FY2022: growth capex 0; upkeep 149336000; cash acquisitions 63651000; owner earnings 482272000. Growth capex plus acquisitions / owner earnings = 0.13198153738968882.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-20); FY2023: growth capex 0; upkeep 162802000; cash acquisitions 149532000; owner earnings 383837000. Growth capex plus acquisitions / owner earnings = 0.3895716150345068.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-20); FY2024: growth capex 0; upkeep 167174000; cash acquisitions 0; owner earnings 119685000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1015820/000101582026000018/qgen-20251231.htm (filed 2026-03-20); FY2025: growth capex 7303000; upkeep 193746000; cash acquisitions 291227000; owner earnings 424880000. Growth capex plus acquisitions / owner earnings = 0.7026219167765017.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-20); Incremental return on capital 3.5587971312781645, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-20); Dividend observations: [[2016,0],[2017,769662000],[2018,567285000],[2019,0],[2020,622200000],[2021,0],[2022,25357000],[2023,0],[2024,0],[2025,54244000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1015820/000101582026000018/qgen-20251231.htm (filed 2026-03-20); FY2025: cash repurchases 307356000 USD.

### Are managers owners

Insiders own 0.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); QGEN.US SharesStats.PercentInsiders = 0.481 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 7.2% yearly over ten years; actual growth was 8.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-20); Ten-year compound average after fade. Initial solved rate 0.09043198220336357. Price 46.17; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.8554056828705159 → FY2025 1.941154970760234. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $25.16 per share

- 2016-11: $28.19 per share

- 2016-12: $28.92 per share

- 2017-01: $29.91 per share

- 2017-02: $29.37 per share

- 2017-03: $29.90 per share

- 2017-04: $31.05 per share

- 2017-05: $34.63 per share

- 2017-06: $34.60 per share

- 2017-07: $33.89 per share

- 2017-08: $33.20 per share

- 2017-09: $32.51 per share

- 2017-10: $34.94 per share

- 2017-11: $32.92 per share

- 2017-12: $31.92 per share

- 2018-01: $34.56 per share

- 2018-02: $34.78 per share

- 2018-03: $33.34 per share

- 2018-04: $33.76 per share

- 2018-05: $37.47 per share

- 2018-06: $37.32 per share

- 2018-07: $37.28 per share

- 2018-08: $40.22 per share

- 2018-09: $39.09 per share

- 2018-10: $37.46 per share

- 2018-11: $36.57 per share

- 2018-12: $35.55 per share

- 2019-01: $38.21 per share

- 2019-02: $39.66 per share

- 2019-03: $41.98 per share

- 2019-04: $40.21 per share

- 2019-05: $39.30 per share

- 2019-06: $41.85 per share

- 2019-07: $38.93 per share

- 2019-08: $35.80 per share

- 2019-09: $34.02 per share

- 2019-10: $30.76 per share

- 2019-11: $44.17 per share

- 2019-12: $34.88 per share

- 2020-01: $34.86 per share

- 2020-02: $37.05 per share

- 2020-03: $42.93 per share

- 2020-04: $43.02 per share

- 2020-05: $45.19 per share

- 2020-06: $44.18 per share

- 2020-07: $51.03 per share

- 2020-08: $52.59 per share

- 2020-09: $53.93 per share

- 2020-10: $48.96 per share

- 2020-11: $49.80 per share

- 2020-12: $54.54 per share

- 2021-01: $55.88 per share

- 2021-02: $51.60 per share

- 2021-03: $50.25 per share

- 2021-04: $49.67 per share

- 2021-05: $50.94 per share

- 2021-06: $49.93 per share

- 2021-07: $54.48 per share

- 2021-08: $57.61 per share

- 2021-09: $53.33 per share

- 2021-10: $57.54 per share

- 2021-11: $56.89 per share

- 2021-12: $57.36 per share

- 2022-01: $51.07 per share

- 2022-02: $51.28 per share

- 2022-03: $50.57 per share

- 2022-04: $46.82 per share

- 2022-05: $47.42 per share

- 2022-06: $48.71 per share

- 2022-07: $51.23 per share

- 2022-08: $46.88 per share

- 2022-09: $42.60 per share

- 2022-10: $44.95 per share

- 2022-11: $51.12 per share

- 2022-12: $51.47 per share

- 2023-01: $50.57 per share

- 2023-02: $47.42 per share

- 2023-03: $47.40 per share

- 2023-04: $46.04 per share

- 2023-05: $46.60 per share

- 2023-06: $46.47 per share

- 2023-07: $48.32 per share

- 2023-08: $46.95 per share

- 2023-09: $41.80 per share

- 2023-10: $38.63 per share

- 2023-11: $42.48 per share

- 2023-12: $44.82 per share

- 2024-01: $43.66 per share

- 2024-02: $42.79 per share

- 2024-03: $42.99 per share

- 2024-04: $42.33 per share

- 2024-05: $43.26 per share

- 2024-06: $41.09 per share

- 2024-07: $44.49 per share

- 2024-08: $45.71 per share

- 2024-09: $45.57 per share

- 2024-10: $42.10 per share

- 2024-11: $43.43 per share

- 2024-12: $44.53 per share

- 2025-01: $44.64 per share

- 2025-02: $38.40 per share

- 2025-03: $40.15 per share

- 2025-04: $42.75 per share

- 2025-05: $45.13 per share

- 2025-06: $48.06 per share

- 2025-07: $49.34 per share

- 2025-08: $46.50 per share

- 2025-09: $44.68 per share

- 2025-10: $46.85 per share

- 2025-11: $47.75 per share

- 2025-12: $44.97 per share

- 2026-01: $53.67 per share

- 2026-02: $49.80 per share

- 2026-03: $40.04 per share

- 2026-04: $34.58 per share

- 2026-05: $36.59 per share

- 2026-06: $39.10 per share

- 2026-07: $41.40 per share

- 2026-08: $43.29 per share

- 2026-09: $43.76 per share

- 2026-10: $46.17 per share

## Annual estimated value (USD per share)

- FY2016: low $5.39 per share, central $5.94 per share, high $6.57 per share

- FY2017: low $10.90 per share, central $12.39 per share, high $13.74 per share

- FY2018: low $16.98 per share, central $19.20 per share, high $21.38 per share

- FY2019: low $14.16 per share, central $15.67 per share, high $17.69 per share

- FY2020: low $16.81 per share, central $19.89 per share, high $22.71 per share

- FY2021: low $23.93 per share, central $29.52 per share, high $33.76 per share

- FY2022: low $27.49 per share, central $33.07 per share, high $37.61 per share

- FY2023: low $24.04 per share, central $28.60 per share, high $32.62 per share

- FY2024: low $23.75 per share, central $26.34 per share, high $29.79 per share

- FY2025: low $26.05 per share, central $28.97 per share, high $32.87 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:41:45.776Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 20-F filing](https://www.sec.gov/Archives/edgar/data/1015820/000101582026000018/qgen-20251231.htm); period 2025-12-31, filed 2026-03-20.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations