TakeoverPE & activists

QGENQIAGEN N.V.

Biological Products, (no Diagnostic Substances) · $11.9B market cap

0.9×

Less likely than average to be taken private

Top 22% of the Russell 3000 for a buyout by a private-equity firm, holdco or insiders. How it works

Takeover signals

What an activist or buyer would see: cheap, overpaid, diluted or under pressure.

1of 15 firedHow well they predict deals →
14 other checks
  • TSR below peersNo
    —
    3+ of last 5 years
  • High CEO pay despite TSRNo
    —
    Median CEO pay ≥ $15M while TSR trails
  • Earnings not backed by cashNo
    154% of net income
    Cash flow under 80% of net income
  • Dilutive SBCNo
    2% of revenue
    Over 10% of revenue
  • Payouts exceed cash flowNo
    51% of cash flow
    Buybacks + dividends over cash flow
  • Shareholder dissentNo
    —
    Any vote under 80% support
  • Low revenue per employeeNo
    —
    Bottom quartile of its SIC industry
  • Quiet on AINo
    —
    Bottom quartile of AI mentions in 10-Ks
  • Net cashNo
    1.2× EBITDA net debt
    More cash than debt, positive EBITDA
  • Buyout-sizedNo
    $11.9B market cap
    Market cap $500M–$5B
  • Recurring revenueNo
    —
    10-K business scored 7+ of 10 for recurring revenue
  • AI-rollup shapedNo
    —
    10-K business scored 5+ of 10 as an AI-rollup target
  • Active 13DNo
    0 filings
    Active-intent 13D in 18 months
  • Net insider sellingNo
    $0 net
    Net sales over $10M in 12 months

Deal filings

FiledFormAcquirerPricePremium
Aug 13, 2020SC TO-T/ATHERMO FISHER SCIENTIFIC INC.——
Aug 11, 2020SC TO-T/ATHERMO FISHER SCIENTIFIC INC.——
Aug 10, 2020SC TO-T/ATHERMO FISHER SCIENTIFIC INC.——
Aug 7, 2020SC TO-T/ATHERMO FISHER SCIENTIFIC INC.——
Aug 6, 2020SC TO-T/ATHERMO FISHER SCIENTIFIC INC.——
Aug 5, 2020SC TO-T/ATHERMO FISHER SCIENTIFIC INC.——
Aug 4, 2020SC TO-T/ATHERMO FISHER SCIENTIFIC INC.——
Aug 3, 2020SC TO-T/ATHERMO FISHER SCIENTIFIC INC.——
Jul 27, 2020SC TO-T/ATHERMO FISHER SCIENTIFIC INC.——
Jul 23, 2020SC TO-T/ATHERMO FISHER SCIENTIFIC INC.——
Jul 20, 2020SC TO-T/ATHERMO FISHER SCIENTIFIC INC.——
Jul 17, 2020SC TO-T/ATHERMO FISHER SCIENTIFIC INC.——
Jul 16, 2020SC TO-T/ATHERMO FISHER SCIENTIFIC INC.——
Jul 13, 2020SC TO-T/ATHERMO FISHER SCIENTIFIC INC.——
Jul 6, 2020SC TO-T/ATHERMO FISHER SCIENTIFIC INC.——
Jul 1, 2020SC TO-T/ATHERMO FISHER SCIENTIFIC INC.——
Jun 29, 2020SC TO-T/ATHERMO FISHER SCIENTIFIC INC.——
Jun 22, 2020SC TO-T/ATHERMO FISHER SCIENTIFIC INC.——
Jun 15, 2020SC TO-T/ATHERMO FISHER SCIENTIFIC INC.——
Jun 8, 2020SC TO-T/ATHERMO FISHER SCIENTIFIC INC.——

Key numbers

Revenue
$2.1BFY2021: $2.3BFY2022: $2.1BFY2023: $2.0BFY2024: $2.0BFY2025: $2.1B
5.7% YoY
Operating margin
22.3%FY2021: 28.0%FY2022: 24.8%FY2023: 20.9%FY2024: 4.9%FY2025: 22.3%
351% YoY
EBITDA
$660MFY2021: $845MFY2022: $740MFY2023: $615MFY2024: $301MFY2025: $660M
119% YoY
Net debt / EBITDA
1.2×
$815M net debt

Financials

MetricFY2021FY2022FY2023FY2024FY2025YoYTrend
Revenue$2.3B$2.1B$2.0B$2.0B$2.1B 5.7% FY2021: $2.3BFY2022: $2.1BFY2023: $2.0BFY2024: $2.0BFY2025: $2.1B
Operating income$630M$531M$410M$98M$466M 377% FY2021: $630MFY2022: $531MFY2023: $410MFY2024: $98MFY2025: $466M
Net income$513M$423M$341M$84M$425M 408% FY2021: $513MFY2022: $423MFY2023: $341MFY2024: $84MFY2025: $425M
Operating cash flow$639M$715M$459M$674M$654M 2.9% FY2021: $639MFY2022: $715MFY2023: $459MFY2024: $674MFY2025: $654M
Capex$190M$129M$150M$167M$201M 20% FY2021: $190MFY2022: $129MFY2023: $150MFY2024: $167MFY2025: $201M
Stock-based comp$38M$50M$47M$44M$50M 16% FY2021: $38MFY2022: $50MFY2023: $47MFY2024: $44MFY2025: $50M
Buybacks$100M$0$0$292M$280M 4.1% FY2021: $100MFY2022: $0FY2023: $0FY2024: $292MFY2025: $280M
Dividends——$0$0$54MFY2023: $0FY2024: $0FY2025: $54M

13D filers

FiledFilerFormStakeIntent
Jan 22, 2021DAVIDSON KEMPNER PARTNERSSC 13D/A4.2%Active
Aug 3, 2020DAVIDSON KEMPNER PARTNERSSC 13D8.0%Active

Insider trading

No open-market trades in the last 12 months.

Pay vs performance

No pay-versus-performance disclosure yet.