QG

Qiagen NV

QGEN
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Qiagen NV AI Insights

Informational only. Not investment advice.
As of 2026-01-15

Snapshot

  • Goodwill of 2.6B is 70% of equity (3.6B) - acquisition-heavy model creates impairment risk if molecular diagnostics growth slows[Goodwill]
  • Operating margin TTM 26.1% vs industry median 0% - exceptional cost discipline in fragmented diagnostics sector[Operating Margin TTM]
  • FCF of 472.5M (22.8% margin) funds operations while debt/equity at 0.58 - conservative leverage for M&A optionality[Free Cash Flow TTM]

Watch Triggers

  • Total Revenue 5Y Growth: Accelerates above 5%Would validate premium multiple; current 1.9% suggests ex-growth status
  • Goodwill: Impairment charge announced2.6B goodwill is 70% of equity - any write-down destroys tangible book
  • Operating Margin TTM: Falls below 22%Margin compression would signal pricing pressure in core diagnostics

Bull Case

Profitability moat: 26.1% operating margin and 63.1% gross margin TTM dwarf industry medians (0% and 51%), creating reinvestment capacity competitors lack

Operating Margin TTMGross Margin TTMROIC TTM

Cash generation engine: 472.5M FCF TTM (22.8% yield on revenue) with 1.4B cash provides M&A firepower without dilution

Free Cash Flow TTMCash and EquivalentsNet Debt

Bear Case

Revenue growth of 1.9% 5Y CAGR trails industry median 9.4% - mature business in consolidating market may struggle to justify P/E of 23.6x

Total Revenue 5Y GrowthP/E Ratio

Intangibles of 2.9B (78% of equity) from acquisitions - any write-down materially impairs book value of 16.71/share

Goodwill and Other Intangible AssetsBook Value Per Share

Bull vs Bear Balance

AI-generated sentiment analysis based on fundamental metrics and market conditions.

BearBull
55%

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Forward Thesis

Margin expansion to continue as R&D (9.1% of revenue) yields higher-margin consumables mix

1-3ymed
  • R&D spend of 188.9M TTM sustains innovation pipeline
  • Gross margin 63.1% indicates pricing power
  • Operating leverage from installed base
Operating margin 26.1% TTM already top-tierNet margin 19.6% vs industry median 0%ROIC 7.2% positive vs industry -22%
Valuation Context
Caveats

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