# Uniqure NV (QURE.US)

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

Analysis as of: 2026-10-16T07:31:27.008Z. Financial observations: FY2011–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

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

Share price: $22.52 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 6 revenue declines in the last 10 years

- more than 5 revenue declines in ten years

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 6

- Years with a net loss: 9

- Operating margin variation: 0.81×

Chart: Operating margin; fiscal year observations.

- FY2016: -2.87×

- FY2017: -5.49×

- FY2018: -7.82×

- FY2019: -16.64×

- FY2020: -3.34×

- FY2021: 0.59×

- FY2022: -1.34×

- FY2023: -17.85×

- FY2024: -6.80×

- FY2025: -11.67×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC median below threshold

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

- Recent gross margin fell 28.6pp below the typical margin (limit 4pp)

- ROIC, median of available years: -66.2%

- ROIC, second-lowest year: -245.5%

- Typical minus recent gross margin: 28.6 pp

- Typical gross margin (annual median): 61.0%

- Recent gross margin (lower of latest and 3-year median): 32.4%

- Years with nonpositive capital: 5

- Capital spending / revenue: 31.5%

- ROIC including acquisitions, ten-year median: -163.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: -67.8%

- FY2017: -51.2%

- FY2018: -31.2%

- FY2019: -536.8%

- FY2020: -141.6%

- FY2021: >100%

- FY2022: -47.0%

- FY2023: -64.6%

- FY2024: -245.5%

- FY2025: -169.4%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- working capital as a share of revenue rose more than 10pp and ends positive

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: -$525M

- Net income, five-year total: -$544M

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: 3.2 pp

- Working capital / revenue, change between three-year averages: 21.5 pp

- Working capital / revenue, final three-year average: 20.0%

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: $330M

- FY2022: -$136M

- FY2023: -$304M

- FY2024: -$230M

- FY2025: -$185M

### management: fail

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

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: -51.2% vs -169.4%

- Per-share earnings: -2.98 to -4.92 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- five-year and ten-year diluted share growth both above threshold

- acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 10.0%

- Ordinary dilution, 5-year annual growth: 5.3%

- Market cap gain: $1.4B

- Cumulative retained earnings: -$933M

- Diluted shares, 10-year annual growth: 10.0%

- Diluted shares, 5-year annual growth: 5.3%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: -$1.95

- Per-share value, starting three-year median: -$2.98

- Per-share value, ending three-year median: -$4.92

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: $58M

- Cumulative net income, 10 years: -$1.0B

- ROIC, first three-year median: -51.2%

- ROIC, last three-year median: -169.4%

Chart: Earnings per share; fiscal year observations.

- FY2016: -$2.93

- FY2017: -$2.98

- FY2018: -$2.34

- FY2019: -$3.11

- FY2020: -$2.81

- FY2021: $7.04

- FY2022: -$2.71

- FY2023: -$6.47

- FY2024: -$4.92

- FY2025: -$3.46

### accounting: pass

- latest-year receivables to sales index (DSRI) exceeds 1.465

- Sloan accruals: -2.5%

- Receivables to sales index (DSRI): 1.68×

- Restructuring years, last five: 1

- Earnings backed by cash: Yes

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.49×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -0.6%

- FY2017: -7.7%

- FY2018: -2.7%

- FY2019: -5.7%

- FY2020: 2.9%

- FY2021: 5.1%

- FY2022: 2.6%

- FY2023: -19.5%

- FY2024: -10.2%

- FY2025: -2.5%

## Holders

- [Lee Ainslie](https://gigainvestors.com/mc): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 67% since Oct 2025 · "QURE Q2 Earnings Miss Estimates on Higher Costs, Revenues Rise Y/Y" (finance.yahoo.com, Jul 2026) · sales -40.6%

Story as of 2026-10-16T09:59:28.356Z; price observation 2026-10-15.

- 2025-09-24: uniQure succeeds in pivotal trial for one-time Huntington’s disease therapy ([seekingalpha.com](https://seekingalpha.com/news/4498295-uniqure-posts-trial-win-huntingtons-disease-drug?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2025-12-04: uniQure stock falls after FDA's notes on pre application of AMT-130 ([seekingalpha.com](https://seekingalpha.com/news/4528541-uniqure-stock-falls-after-fdas-notes-on-pre-application-of-amt-130?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2026-03-02: UniQure Says FDA Rejects AMT-130 Phase I/II Studies Data; Stock Plunges 42% ([nasdaq.com](https://www.nasdaq.com/articles/uniqure-says-fda-rejects-amt-130-phase-i-ii-studies-data-stock-plunges-42))

- 2026-04-30: UniQure Advances Toward UK Filing For AMT-130 After Positive MHRA Pre-Submission Meeting; Stock Up ([nasdaq.com](https://www.nasdaq.com/articles/uniqure-advances-toward-uk-filing-amt-130-after-positive-mhra-pre-submission-meeting-stock))

- 2026-06-19: QURE Soars as FDA Backs AMT-130 Data for Accelerated Approval ([finance.yahoo.com](https://finance.yahoo.com/healthcare/articles/qure-soars-fda-backs-amt-181900157.html))

- 2026-07-30: QURE Q2 Earnings Miss Estimates on Higher Costs, Revenues Rise Y/Y ([finance.yahoo.com](https://finance.yahoo.com/healthcare/articles/qure-q2-earnings-miss-estimates-145800936.html))

### Sales · FY2024–2025

sales -40.6%; source https://www.sec.gov/Archives/edgar/data/1590560/000110465926021898/qure-20251231x10k.htm; observed 2026-03-02.

- FY2016: $25M 

- FY2017: $13M 

- FY2018: $11M 

- FY2019: $7.3M 

- FY2020: $38M 

- FY2021: $524M 

- FY2022: $106M 

- FY2023: $16M 

- FY2024: $27M 

- FY2025: $16M 

### Gross margin · FY2025

gross margin 89.5%; source https://www.sec.gov/Archives/edgar/data/1590560/000110465926021898/qure-20251231x10k.htm; observed 2026-03-02.

- FY2021: 95.2% 

- FY2022: 96.9% 

- FY2023: 14.0% 

- FY2024: 32.4% 

- FY2025: 89.5% 

## Owner memo

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

### How it makes money

Operates in biotechnology; annual sales are USD 16.1 million.

- Source: https://www.sec.gov/Archives/edgar/data/1590560/000110465926021898/qure-20251231x10k.htm (filed 2026-03-02); FY2025: revenue 16098000; grossProfit 14412000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); QURE.US: uniQure N.V. develops treatments for patients suffering from rare and other devastating diseases in the United States. The company offers HEMGENIX that allows people living with hemophilia B to produce factor IX, which can lower the risk of bleeding. Its lead product candidate is AMT-130, a gene therapy candidate, which is in Phase I/II clinical study for the treatment of Huntington's disease. The company also develops AMT-260, which is in Phase I/IIa clinical trial for the treatment of mesial temporal lobe epilepsy; AMT-162, which is in Phase I/IIa clinical trial to treat superoxide dismutase enzyme-amyotrophic lateral sclerosis; and AMT-191, an investigational gene therapy candidate which is in phase I/IIa clinical trial for the treatment of fabry disease. It has a licensing agreement with Apic Bio to develop, manufacture, and commercialize intrathecally administered investigational gene therapy for ALS caused by mutations in SOD-1; and development and commercial supply agreement with CLS Bhering. uniQure N.V. was founded in 1998 and is headquartered in Amsterdam, the Netherlands.

### Why customers stay

Margins ranged from 14% to 89.5% during 2023–25; it lost 66.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); FY2023: grossProfit / revenue = 14%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); FY2024: grossProfit / revenue = 32.4%.

- Source: https://www.sec.gov/Archives/edgar/data/1590560/000110465926021898/qure-20251231x10k.htm (filed 2026-03-02); FY2025: grossProfit / revenue = 89.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); 10-year return on capital observations [[2016,-0.6777080377264001],[2017,-0.5123664239103003],[2018,-0.3124656729799395],[2019,-5.367693084300858],[2020,-1.4160277241872097],[2021,2.0839603802463182],[2022,-0.4702969930596273],[2023,-0.6457140999598358],[2024,-2.454808882294424],[2025,-1.6939316414945718]]; median -0.6617110688431179. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid no dividends in 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); FY2021: growth capex 10139000; upkeep 7299000; cash acquisitions 49949000; owner earnings 329589000. Growth capex plus acquisitions / owner earnings = 0.18231190968145175.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); Dividend observations: [[2016,0],[2017,0],[2018,0],[2019,0],[2020,0],[2021,0],[2022,0],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 1.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); QURE.US SharesStats.PercentInsiders = 1.261 percentage points; cache date 2026-10-15.

### What the price says

The price is 80.4 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); Closing price 22.52 USD; reporting-to-trading FX 1; FY2025 annual sales per share 0.27995514874351995; price multiple 80.44145678717854. FY2025 cash earnings/share -3.2112062473996588. Closing-price date 2026-10-15.

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

- 2016-10: $6.79 per share

- 2016-11: $6.28 per share

- 2016-12: $5.60 per share

- 2017-01: $5.52 per share

- 2017-02: $6.36 per share

- 2017-03: $5.78 per share

- 2017-04: $5.36 per share

- 2017-05: $5.54 per share

- 2017-06: $6.19 per share

- 2017-07: $8.02 per share

- 2017-08: $8.06 per share

- 2017-09: $9.60 per share

- 2017-10: $14.90 per share

- 2017-11: $15.14 per share

- 2017-12: $19.59 per share

- 2018-01: $18.50 per share

- 2018-02: $25.42 per share

- 2018-03: $23.50 per share

- 2018-04: $29.20 per share

- 2018-05: $35.04 per share

- 2018-06: $37.80 per share

- 2018-07: $30.89 per share

- 2018-08: $42.43 per share

- 2018-09: $36.39 per share

- 2018-10: $25.73 per share

- 2018-11: $29.28 per share

- 2018-12: $28.82 per share

- 2019-01: $34.25 per share

- 2019-02: $53.99 per share

- 2019-03: $59.65 per share

- 2019-04: $56.19 per share

- 2019-05: $59.31 per share

- 2019-06: $78.15 per share

- 2019-07: $58.65 per share

- 2019-08: $54.25 per share

- 2019-09: $39.36 per share

- 2019-10: $50.04 per share

- 2019-11: $55.66 per share

- 2019-12: $71.66 per share

- 2020-01: $57.56 per share

- 2020-02: $51.46 per share

- 2020-03: $47.45 per share

- 2020-04: $63.64 per share

- 2020-05: $67.16 per share

- 2020-06: $45.06 per share

- 2020-07: $41.73 per share

- 2020-08: $40.77 per share

- 2020-09: $36.83 per share

- 2020-10: $40.43 per share

- 2020-11: $48.08 per share

- 2020-12: $36.13 per share

- 2021-01: $35.41 per share

- 2021-02: $36.70 per share

- 2021-03: $33.69 per share

- 2021-04: $32.27 per share

- 2021-05: $34.73 per share

- 2021-06: $30.80 per share

- 2021-07: $29.01 per share

- 2021-08: $29.00 per share

- 2021-09: $32.01 per share

- 2021-10: $30.47 per share

- 2021-11: $27.85 per share

- 2021-12: $20.74 per share

- 2022-01: $18.05 per share

- 2022-02: $16.99 per share

- 2022-03: $18.07 per share

- 2022-04: $14.94 per share

- 2022-05: $14.36 per share

- 2022-06: $18.64 per share

- 2022-07: $25.35 per share

- 2022-08: $19.54 per share

- 2022-09: $18.76 per share

- 2022-10: $18.62 per share

- 2022-11: $26.46 per share

- 2022-12: $22.67 per share

- 2023-01: $21.25 per share

- 2023-02: $20.96 per share

- 2023-03: $20.14 per share

- 2023-04: $19.41 per share

- 2023-05: $19.29 per share

- 2023-06: $11.46 per share

- 2023-07: $10.37 per share

- 2023-08: $8.71 per share

- 2023-09: $6.71 per share

- 2023-10: $5.70 per share

- 2023-11: $6.78 per share

- 2023-12: $6.77 per share

- 2024-01: $5.56 per share

- 2024-02: $5.75 per share

- 2024-03: $5.20 per share

- 2024-04: $4.41 per share

- 2024-05: $4.95 per share

- 2024-06: $4.48 per share

- 2024-07: $7.66 per share

- 2024-08: $5.85 per share

- 2024-09: $4.93 per share

- 2024-10: $5.72 per share

- 2024-11: $5.97 per share

- 2024-12: $17.66 per share

- 2025-01: $15.74 per share

- 2025-02: $13.15 per share

- 2025-03: $10.60 per share

- 2025-04: $14.76 per share

- 2025-05: $14.47 per share

- 2025-06: $13.94 per share

- 2025-07: $13.92 per share

- 2025-08: $16.33 per share

- 2025-09: $58.37 per share

- 2025-10: $67.69 per share

- 2025-11: $27.51 per share

- 2025-12: $23.93 per share

- 2026-01: $22.72 per share

- 2026-02: $15.63 per share

- 2026-03: $16.35 per share

- 2026-04: $19.95 per share

- 2026-05: $28.53 per share

- 2026-06: $46.06 per share

- 2026-07: $43.63 per share

- 2026-08: $48.68 per share

- 2026-09: $24.16 per share

- 2026-10: $22.52 per share

## Annual estimated value (USD 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

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1590560/000110465926021898/qure-20251231x10k.htm); period 2025-12-31, filed 2026-03-02.

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.