Qiagen N.V.

QGEN

Medical - Diagnostics & Research · Healthcare

Price

$41.15

-0.36 (-0.87%)

Market Cap

$8.49B

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Share count falling — buybacks

−7.6% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 225.1M (2021) → 207.9M (2025)

Qiagen is a life sciences company that helps scientists and doctors work with DNA, RNA, and proteins. Its main products are sample preparation kits — tools that extract and purify biological material so it can be analyzed — along with diagnostic test systems used in hospitals, research labs, and public health agencies. The company is one of the largest providers of molecular sample technology in the world, and its QIAcube and QIAsymphony instruments are widely used in clinical and research settings.

Qiagen makes money by selling consumable kits and reagents that customers must reorder regularly, as well as the instruments those kits run on — a classic "razor and blades" model that creates recurring revenue. The company operates globally, with significant sales in the Americas, Europe, and Asia-Pacific, and generates roughly $2 billion in annual revenue. Its large installed base of instruments and deep integration into lab workflows create switching costs, but a key risk is that demand for its COVID-related products has declined sharply, putting pressure on the company to grow its non-COVID business.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+1.8% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-21.4% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$188M/ year

→ Flat (-3% vs prior year)

9.0% of revenue

Below sector average (18%)

Steady R&D investment year-over-year

Insider Activity

0.7%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$646M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

Qiagen N.V. is growing revenue at 2% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin

62.5%

Premium pricing power — 62.5% gross margin

Operating Margin

23.8%

Excellent — 23.8% operating margin

ROCE

2.4%

Weak — 2.4% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+4.8%

Slow sales growth (4.8% YoY)

EPS YoY

+329.5%

Earnings growing fast (329.5% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion

153%

Turns 153% of profit into real cash

FCF Margin

19.6%

Converts sales into free cash efficiently (19.6%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity

0.49

Conservative — low debt load (0.49)

Interest Cover

14.11x

Comfortably covers interest (14.1x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

21.8x

Growth-priced — P/E 21.8

P/E above the market average. People are paying up for expected growth.

P/E vs Forward

+7.8

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (21.8 → 14.0)

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Dividends

Dividend Yield

6.33%

Healthy income — 6.33% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend Growth

N/A

no trend

Data not available

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