Revenue volatility and structural margin compression are evident, with gross margins plummeting to -1.0% in 2026Q1 from a 31.0% peak in 2025Q4.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 |
|---|
| Sales/Revenue | 745.24M | 757.26M | 796.97M | 781.43M | 751.45M | 618.03M | 500.92M | 446.44M | 375.4M | 257.63M | 164.51M | 127.68M | 89.5M | 85.94M | 87.27M | 80.13M | 55.26M | 42.68M | 39.61M | 32.88M | 67.35M | 64.11M | 1.94M | 3.57M |
| Revenue Growth % | -5.45% | -4.98% | 1.99% | 3.99% | 21.59% | 23.38% | 12.2% | 18.92% | 45.71% | 56.61% | 28.85% | 42.66% | 4.14% | -1.52% | 8.91% | 45% | 29.47% | 7.75% | 20.46% | -51.18% | 5.05% | 3211.02% | -45.81% | - |
| Cost of Goods Sold | 660.57M | 694.6M | 682.09M | 606.38M | 577.38M | 466.49M | 375.18M | 313.55M | 263.39M | 175.06M | 105.95M | 89.69M | 60.12M | 54.72M | 56.24M | 45.14M | 30.92M | 24.26M | 21.98M | 24.86M | 44.4M | 42.99M | 0 | 0 |
| COGS % of Revenue | - | 91.73% | 85.59% | 77.6% | 76.84% | 75.48% | 74.9% | 70.23% | 70.16% | 67.95% | 64.41% | 70.25% | 67.17% | 63.67% | 64.45% | 56.34% | 55.94% | 56.84% | 55.48% | 75.6% | 65.92% | 67.05% | - | - |
| Gross Profit | 84.67M | 62.66M | 114.88M | 175.05M | 174.06M | 151.54M | 125.74M | 132.89M | 112.02M | 82.57M | 58.55M | 37.99M | 29.38M | 31.22M | 31.02M | 34.98M | 24.35M | 18.42M | 17.64M | 8.02M | 22.95M | 21.13M | 1.94M | 3.57M |
| Gross Margin % | 11.36% | 8.27% | 14.41% | 22.4% | 23.16% | 24.52% | 25.1% | 29.77% | 29.84% | 32.05% | 35.59% | 29.75% | 32.83% | 36.33% | 35.55% | 43.66% | 44.06% | 43.16% | 44.52% | 24.4% | 34.08% | 32.95% | 100% | 100% |
| Gross Profit Growth % | - | -45.45% | -34.37% | 0.57% | 14.86% | 20.52% | -5.38% | 18.64% | 35.67% | 41.01% | 54.14% | 29.3% | -5.91% | 0.64% | -11.32% | 43.7% | 32.16% | 4.45% | 119.82% | -65.04% | 8.63% | 991.09% | -45.81% | - |
| Operating Expenses | 189.23M | 197.97M | 257.4M | 222.56M | 153.22M | 110.55M | 77.19M | 58.38M | 49.22M | 43.89M | 21.81M | 40.52M | 27.24M | 27.05M | 30.72M | 30.65M | 27.17M | 38.03M | 63.13M | 57.24M | 53.75M | 36.26M | -32.2M | -36.72M |
| OpEx % of Revenue | - | 26.14% | 32.3% | 28.48% | 20.39% | 17.89% | 15.41% | 13.08% | 13.11% | 17.04% | 13.26% | 31.74% | 30.43% | 31.48% | 35.2% | 38.25% | 49.16% | 89.11% | 159.37% | 174.05% | 79.8% | 56.55% | -1662.82% | -1027.8% |
| Selling, General & Admin | 172.36M | 123.65M | 188.2M | 169.61M | 156.19M | 105.44M | 77.2M | 66.43M | 57.01M | 42.38M | 27.01M | 25.17M | 17.99M | 16.6M | 16.3M | 15.76M | 15.96M | 16.7M | 19.95M | 17.81M | 18.58M | 15.54M | 6.1M | 5.27M |
| SG&A % of Revenue | - | 16.33% | 23.61% | 21.71% | 20.79% | 17.06% | 15.41% | 14.88% | 15.19% | 16.45% | 16.42% | 19.71% | 20.1% | 19.31% | 18.68% | 19.67% | 28.87% | 39.11% | 50.36% | 54.15% | 27.58% | 24.24% | 315.05% | 147.49% |
| Research & Development | 36.91M | 74.33M | 50.86M | 68.53M | 76.64M | 65.7M | 59.61M | 58.43M | 35.62M | 17.61M | 18.11M | 18.34M | 12.4M | 9.66M | 8.34M | 8.44M | 6.12M | 20.95M | 42.54M | 36.94M | 30.31M | 9.3M | 0 | 0 |
| R&D % of Revenue | - | 9.82% | 6.38% | 8.77% | 10.2% | 10.63% | 11.9% | 13.09% | 9.49% | 6.84% | 11.01% | 14.37% | 13.86% | 11.25% | 9.56% | 10.53% | 11.07% | 49.08% | 107.38% | 112.32% | 45% | 14.51% | - | - |
| Other Operating Expenses | -2M | 0 | 18.34M | -15.58M | -79.62M | -60.6M | -59.63M | -66.6M | 257K | -209K | 4K | 263K | 39K | 16K | 171K | 1.49M | 1.8M | -3.29M | -11.87M | 149K | 274K | 614K | -38.3M | -41.99M |
| Operating Income | -104.57M | -135.31M | -142.52M | -47.51M | 20.85M | 41M | 48.56M | 62.59M | 77.46M | 37.49M | 31.34M | 11.64M | -6.38M | -21.35M | -3.2M | 5.21M | 1.72M | -42.3M | -73.21M | -58.12M | -36.76M | -32.97M | -30.26M | -33.15M |
| Operating Margin % | -14.03% | -17.87% | -17.88% | -6.08% | 2.77% | 6.63% | 9.69% | 14.02% | 20.63% | 14.55% | 19.05% | 9.12% | -7.13% | -24.84% | -3.67% | 6.5% | 3.1% | -99.1% | -184.81% | -176.72% | -54.58% | -51.42% | -1562.82% | -927.8% |
| Operating Income Growth % | - | 5.06% | -200% | -327.85% | -49.14% | -15.57% | -22.43% | -19.2% | 106.6% | 19.63% | 169.26% | 282.42% | 70.11% | -566.8% | -161.49% | 203.62% | 104.05% | 42.22% | -25.97% | -58.08% | -11.52% | -8.93% | 8.71% | - |
| EBITDA | -41.11M | -39.76M | -40.9M | 45.47M | 104.05M | 111.39M | 104.61M | 111.4M | 108.76M | 58.26M | 43.23M | 23.58M | 2.15M | -12.19M | 5.61M | 11.81M | 7.22M | -37.52M | -68.08M | -49.17M | -27.15M | -16.57M | -28.12M | -31.12M |
| EBITDA Margin % | -5.52% | -5.25% | -5.13% | 5.82% | 13.85% | 18.02% | 20.88% | 24.95% | 28.97% | 22.61% | 26.28% | 18.47% | 2.41% | -14.18% | 6.43% | 14.75% | 13.07% | -87.91% | -171.88% | -149.53% | -40.31% | -25.84% | -1452.23% | -870.96% |
| EBITDA Growth % | 70.72% | 2.79% | -189.95% | -56.3% | -6.6% | 6.48% | -6.09% | 2.43% | 86.67% | 34.75% | 83.35% | 994.25% | 117.68% | -317.06% | -52.48% | 63.6% | 119.25% | 44.89% | -38.46% | -81.12% | -63.89% | 41.09% | 9.64% | - |
| D&A (Non-Cash Add-back) | 73.11M | 95.55M | 101.62M | 92.98M | 83.2M | 70.4M | 56.06M | 48.81M | 31.29M | 20.77M | 11.89M | 11.94M | 8.54M | 9.16M | 8.82M | 6.61M | 5.51M | 4.78M | 5.13M | 8.94M | 9.61M | 16.4M | 2.14M | 2.03M |
| EBIT | -112.68M | -135.31M | -182.28M | -68.85M | -140.81M | 246.23M | 34.3M | 37.96M | 74.59M | 26.83M | 34.47M | 14.22M | -4.71M | -23.23M | -4.31M | 7.11M | 4.73M | -44.39M | -75.13M | -14.82M | -33.09M | -34.83M | -30.26M | -33.15M |
| Net Interest Income | -9.61M | -9.62M | -9.26M | -2.48M | -4.81M | -6.98M | -7.13M | -5.22M | -1.69M | -358K | -660K | -1.19M | -1.15M | -1.61M | -1.2M | -1.45M | -625K | 66K | 2.12M | 1.57M | 698K | 153K | 0 | 0 |
| Interest Income | 5.02M | 4.25M | 2.44M | 9.26M | 8.34M | 2.27M | 1.34M | 2.23M | 898K | 903K | 863K | 533K | 469K | 261K | 655K | 413K | 241K | 499K | 2.96M | 1.96M | 1.37M | 851K | 0 | 0 |
| Interest Expense | 14.63M | 13.87M | 11.7M | 11.74M | 13.15M | 9.25M | 8.46M | 7.46M | 2.59M | 1.26M | 1.52M | 1.73M | 1.62M | 1.87M | 1.86M | 1.86M | 866K | 433K | 839K | 483K | 671K | 698K | 0 | 0 |
| Other Income/Expense | -76.81M | 12M | -51.45M | -33.09M | -174.81M | 195.98M | -22.72M | -6.03M | -5.46M | -11.16M | 1.61M | 851K | 1.22M | -2.3M | -6.54M | 49K | 2.15M | -21.16M | -28.2M | 1.37M | -1.46M | -20.4M | 0 | 0 |
| Pretax Income | -181.38M | -123.31M | -193.98M | -80.59M | -153.96M | 236.98M | 25.84M | 56.56M | 72M | 26.33M | 32.95M | 12.49M | -5.16M | -23.65M | -5.01M | 5.26M | 3.87M | -44.82M | -75.97M | -54.41M | -35.98M | -35.53M | 0 | 0 |
| Pretax Margin % | -24.34% | -16.28% | -24.34% | -10.31% | -20.49% | 38.34% | 5.16% | 12.67% | 19.18% | 10.22% | 20.03% | 9.78% | -5.76% | -27.52% | -5.75% | 6.56% | 7% | -105% | -191.78% | -165.44% | -53.41% | -55.42% | - | - |
| Income Tax | 14.64M | -23.88M | 2.1M | 3.32M | 21.7M | 21.47M | 19.56M | 19.33M | -12.06M | 2.33M | 6.11M | -4.03M | 1.82M | 1.78M | -7.49M | -1.4M | 882K | 678K | 2.32M | -6.35M | 320K | -4.53M | -798.91K | 96.08K |
| Effective Tax Rate % | -8.07% | 19.37% | -1.08% | -4.12% | -14.09% | 9.06% | 75.7% | 34.18% | -16.75% | 8.86% | 18.55% | -32.22% | -35.26% | -7.55% | 149.42% | -26.54% | 22.81% | -1.51% | -3.05% | 11.68% | -0.89% | 12.74% | - | - |
| Net Income | -196.02M | -99.43M | -196.08M | -83.91M | -175.66M | 215.51M | 6.28M | 38.16M | 84.17M | 24.26M | 27.53M | 16.52M | -6.98M | -25.43M | 2.48M | 6.75M | 3.26M | -45.5M | -78.29M | -11.16M | -32.47M | -33.58M | -29.46M | -33.25M |
| Net Margin % | -26.3% | -13.13% | -24.6% | -10.74% | -23.38% | 34.87% | 1.25% | 8.55% | 22.42% | 9.42% | 16.73% | 12.94% | -7.8% | -29.59% | 2.84% | 8.42% | 5.9% | -106.59% | -197.63% | -33.92% | -48.2% | -52.38% | -1521.56% | -930.49% |
| Net Income Growth % | 5.3% | 49.29% | -133.67% | 52.23% | -181.51% | 3332.78% | -83.55% | -54.67% | 247% | -11.89% | 66.69% | 336.69% | 72.56% | -1126.35% | -63.28% | 107.02% | 107.17% | 41.88% | -601.75% | 65.64% | 3.32% | -13.98% | 11.38% | - |
| Net Income (Continuing) | -196.02M | -99.43M | -196.08M | -83.91M | -175.66M | 215.51M | 6.28M | 37.31M | 84.06M | 25M | 27.21M | 16.52M | -6.98M | -25.43M | 2.48M | 6.65M | 2.98M | -45.5M | -78.29M | -48.05M | -36.3M | -31M | -29.46M | -33.25M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 876K | 992K | 901K | 1.59M | 0 | 0 | 0 | 0 | 476K | 613K | 0 | 0 | -6K | 0 | 0 | 0 |
| EPS (Diluted) | -0.55 | -0.28 | -0.56 | -0.23 | -0.49 | 0.65 | 0.02 | 0.13 | 0.28 | 0.08 | 0.10 | 0.06 | -0.03 | -0.10 | 0.01 | 0.03 | 0.02 | -0.21 | -0.41 | -0.08 | -0.56 | -0.62 | -0.68 | -18.50 |
| EPS Growth % | 5.31% | 50% | -143.48% | 53.06% | -175.38% | 3150% | -84.62% | -53.57% | 250% | -20% | 66.67% | 326.42% | 73.5% | -1100% | -66.67% | 100% | 107.14% | 48.78% | -412.5% | 85.71% | 9.68% | 8.82% | 96.32% | - |
| EPS (Basic) | - | -0.28 | -0.56 | -0.23 | -0.49 | 0.65 | 0.02 | 0.13 | 0.28 | 0.08 | 0.10 | 0.07 | -0.03 | -0.10 | 0.01 | 0.03 | 0.02 | -0.21 | -0.41 | -0.08 | -0.56 | -0.62 | -0.68 | -18.50 |
| Diluted Shares Outstanding | 355.12M | 355.16M | 354.59M | 353.87M | 353.41M | 332.81M | 307.5M | 299.45M | 294.96M | 290.02M | 265.01M | 275.27M | 262.58M | 242.43M | 234.59M | 232.04M | 218.03M | 213.69M | 190.4M | 143.66M | 58.69M | 53.78M | 43.41M | 1.8M |
| Basic Shares Outstanding | 355.12M | 355.16M | 353.29M | 353.87M | 353.35M | 332.81M | 307.5M | 299.45M | 294.96M | 290.02M | 265.01M | 263.36M | 262.58M | 242.43M | 234.59M | 232.04M | 218.03M | 213.69M | 190.4M | 143.66M | 58.69M | 53.74M | 43.41M | 1.8M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | 3.34% | - | - | 121.07% | - | 11.75% | - | - | - | - | - | - | - |
High Operating Leverage Sensitivity
As evidenced by the most recent quarterly data, Evotec's revenue contracted by 20.4% year-over-year in 2026Q1, highlighting the inherent instability of a business model heavily reliant on non-recurring milestone payments rather than consistent, organic service-based growth across its core EVT Execute and Innovate segments.
The sharp revenue decline suggests that the company's reliance on project-based milestones creates significant top-line unpredictability. Investors should monitor whether this contraction reflects a broader cyclical downturn in biotech R&D spending or a specific loss of momentum in the company's partnered pipeline.
Based on reported financial statements, Evotec's gross margin plummeted to -1.0% in 2026Q1, a stark departure from the 31.0% peak observed in 2025Q4, indicating that the company's high fixed-cost infrastructure is failing to achieve the necessary scale to support profitable operations.
The extreme volatility in gross margins suggests that the company's J.POD facilities and specialized laboratory assets are highly sensitive to utilization rates. This lack of margin stability implies that the current cost structure may be fundamentally misaligned with the company's ability to generate consistent, high-margin revenue.
According to recent SEC filings, Evotec reported an operating margin of -35.4% in 2026Q1, demonstrating that the company's administrative and research overhead continues to outpace its ability to generate gross profit, thereby preventing any meaningful path toward operational self-sufficiency in the near term.
The persistent negative operating income suggests that the company's SG&A and R&D expenses are not scaling efficiently with revenue. This trend warrants further investigation into whether management can implement sufficient cost-discipline measures to offset the high fixed-cost burden inherent in their platform model.
Based on the provided income statement data, the recurring inability to maintain positive operating margins suggests that the company's 'End-to-End' platform may be structurally over-capitalized, raising concerns about the long-term viability of its current business model without significant and sustained external capital injections.
Short-sellers would likely focus on the widening gap between revenue generation and operational costs, which appears to be accelerating rather than narrowing. The reliance on milestone-driven income creates a precarious financial profile that may struggle to survive prolonged periods of industry-wide R&D budget tightening.
Quick answers to the most common questions about buying EVO stock.
For fiscal year 2025, Evotec SE (EVO) reported total revenue of $757.3M. This represents a 21093.1% increase compared to $3.6M in 2003.
Evotec SE (EVO) reported a net loss of $99.4M for the fiscal year ending 2025.
Evotec SE (EVO) reported an operating income of $-135.3M, resulting in an operating profit margin of -17.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Evotec SE (EVO) generated $62.7M in gross profit for the year, representing a gross profit margin of 8.3%. This demonstrates the company's core pricing power and production efficiency.