QGENQIAGEN N.V.
Biological Products, (no Diagnostic Substances)
- Revenue
- $2.1B
- 5.7% YoY
- Operating margin
- 22.3%
- 351% YoY
- EBITDA
- $660M
- 119% YoY
- Market cap
- $11.9B
- Employees
- —
- Net debt / EBITDA
- 1.2×
- $815M net debt
- AI in 10-K
- —
Takeover score 1 of 13
Fixable underperformance 1 of 7
- TSR below peersNo—3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo154% of net incomeCash flow under 80% of net income
- Dilutive SBCNo2% of revenueOver 10% of revenue
- Payouts exceed cash flowNo51% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyYes43% of assetsOver 40% of assets
- Shareholder dissentNo—Any vote under 80% support
Buyer economics 0 of 4
- Low revenue per employeeNo—Bottom quartile of its SIC industry
- Quiet on AINo—Bottom quartile of AI mentions in 10-Ks
- Net cashNo1.2× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedNo$11.9B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo$0 netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $2.3B | $2.1B | $2.0B | $2.0B | $2.1B | 5.7% |
| Operating income | $630M | $531M | $410M | $98M | $466M | 377% |
| Net income | $513M | $423M | $341M | $84M | $425M | 408% |
| Operating cash flow | $639M | $715M | $459M | $674M | $654M | 2.9% |
| Capex | $190M | $129M | $150M | $167M | $201M | 20% |
| Stock-based comp | $38M | $50M | $47M | $44M | $50M | 16% |
| Buybacks | $100M | $0 | $0 | $292M | $280M | 4.1% |
| Dividends | — | — | $0 | $0 | $54M |
Deal filings
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Jan 22, 2021 | DAVIDSON KEMPNER PARTNERS | SC 13D/A | 4.2% | Active |
| Aug 3, 2020 | DAVIDSON KEMPNER PARTNERS | SC 13D | 8.0% | Active |
Insider trading
No open-market trades in the last 12 months.
Pay vs performance
No pay-versus-performance disclosure yet.