Free cash flow remains highly volatile, with the company reporting a -4.3% FCF margin in 2026Q1, further complicated by capital expenditures that reached 9.3% of revenue in 2024Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Jan'23 | 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 | Dec'02 | Dec'01 | Dec'00 | Mar'99 | Mar'98 | Mar'97 | Mar'96 |
|---|
| Cash from Operations | 6.6M | 105.2M | 83M | 280.2M | 885.3M | 805.87M | 629.76M | 134.49M | 136.34M | 27.71M | 11.81M | 36.31M | 35.69M | 25.68M | 19.63M | 46.98M | -10.29M | 72.84M | 28.94M | 27.34M | 20.73M | 1.22M | 9.95M | 18.82M | 6.16M | 5.87M | 1.81M | 1.8M | 6.7M | 5.2M | 1M |
| Operating CF Margin % | - | 3.85% | 2.98% | 9.35% | 27.11% | 47.44% | 37.9% | 25.14% | 26.11% | 9.98% | 6.17% | 18.51% | 19.54% | 14.64% | 12.61% | 29.62% | -9.08% | 44.34% | 22.59% | 23.16% | 19.55% | 1.32% | 12.64% | 19.79% | 8.07% | 7.93% | 2.64% | 3.81% | 14.66% | 12.41% | 2.9% |
| Operating CF Growth % | -129.64% | 26.75% | -70.38% | -68.35% | 9.86% | 27.96% | 368.28% | -1.36% | 392.06% | 134.52% | -67.46% | 1.75% | 38.95% | 30.81% | -58.21% | 556.45% | -114.13% | 151.69% | 5.85% | 31.89% | 1596.48% | -87.72% | -47.15% | 205.65% | 4.83% | 225.25% | 0.33% | -73.13% | 28.85% | 420% | 900% |
| Net Income | -1.21B | -1.13B | -2.05B | -10.1M | 548.7M | 704.23M | 810.29M | 72.92M | 74.18M | -8.16M | -13.81M | -6.08M | -7.07M | 7.39M | 4.99M | 7.63M | -11.27M | 32.88M | 18.85M | 13.63M | 21.72M | -8.33M | 1.58M | 19.65M | 1.29M | 853K | -5.85M | 7.7M | 1.1M | 3.5M | 600K |
| Depreciation & Amortization | 447.8M | 442M | 453.4M | 457.2M | 283.6M | 54.38M | 49.09M | 47.83M | 46.27M | 30.76M | 22.8M | 23.39M | 28.36M | 24.69M | 23.26M | 17.81M | 12.33M | 6.37M | 4.48M | 9.85M | 9.11M | 5.47M | 6.21M | 6.6M | 6.15M | 8.15M | 6.53M | 3.3M | 3.1M | 2.5M | 2.1M |
| Stock-Based Compensation | 23.5M | 0 | 42.1M | 51.6M | 48.4M | 25.4M | 21.02M | 13.25M | 11.71M | 9.06M | 7.99M | 7.42M | 6.72M | 8.77M | 6.6M | 7.5M | 5.16M | 4.52M | 2.68M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 71K | 0 | 0 | 0 | 0 |
| Deferred Taxes | 5.3M | 6.3M | -99.3M | 0 | 0 | 24.67M | -20.21M | -1.74M | -20.46M | 365K | -2.6M | -4.03M | -2.74M | -1.93M | 1.47M | 1.22M | -239K | 2.63M | 8.07M | 5.52M | -6.08M | 2.89M | 441K | -10.86M | 1.35M | 0 | 0 | -6.4M | -2.7M | 0 | 0 |
| Other Non-Cash Items | 821.3M | 914.5M | 1.9B | -23.6M | 57.8M | -34K | 20.65M | 17.47M | 26.98M | 19.5M | 4.99M | 5M | 3.28M | -2.06M | -1M | 2M | 1.27M | -1.43M | -2.27M | 3.08M | 3.29M | 567K | -1.37M | 368K | 14K | 2.89M | 3.37M | 100K | 3.1M | 100K | 0 |
| Working Capital Changes | -80.4M | -125.8M | -158.7M | -194.9M | -53.2M | -2.78M | -251.07M | -15.24M | -2.33M | -23.81M | -7.54M | 10.61M | 7.14M | -11.18M | -15.69M | 10.82M | -17.54M | 27.87M | -2.86M | -4.87M | -5.97M | 629K | 3.09M | 3.06M | -2.65M | -6.02M | -2.32M | -2.9M | 2.1M | -900K | -1.7M |
| Change in Receivables | -119.7M | -117.5M | 5.4M | 160M | 150.2M | 118.85M | -402.09M | -36.06M | 8.24M | -42.05M | -6.26M | 16.06M | -4.55M | 2.91M | -17.92M | 8.89M | 3.08M | 15.6M | -2.16M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.47M | 0 | 0 | 0 | 0 |
| Change in Inventory | -95.2M | -148.3M | -134.1M | -211.6M | -116.9M | -85.04M | -54.9M | 9.14M | -3.97M | 362K | 859K | -1.64M | 2.86M | -11.97M | -1.07M | 3.05M | 2.42M | -3.34M | -665K | -1.41M | -1.13M | -860K | -1.03M | 1.4M | -989K | -1.05M | 889K | 100K | -2.1M | -300K | 1.4M |
| Change in Payables | 41.3M | 40M | -23.4M | 3M | 23.5M | 10.45M | 52.23M | 2.43M | -331K | 12.96M | 4.32M | -3.08M | 4.38M | -651K | 1.54M | -1.04M | -2.6M | 924K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 461K | 0 | 0 | 0 | 0 |
| Cash from Investing | -170.5M | -192.7M | -149.9M | -187.6M | -1.64B | -319.53M | -63.32M | -27.23M | 114.95M | -431.76M | -16.97M | -17.03M | -11.24M | -33.94M | -28.6M | -20.79M | -134.54M | -11.22M | -4.43M | -3.77M | -10.66M | -7.67M | -5.3M | -2.37M | -4.42M | -4.96M | -5.44M | -4.8M | -7.5M | -2.3M | -2.8M |
| Capital Expenditures | -88M | -188.2M | -195.1M | -209.3M | -140.9M | -292.72M | -64.93M | -27.23M | -31.69M | -17.51M | -11.91M | -17.03M | -11.24M | -22.5M | -27.72M | -20.79M | -10.48M | -7.1M | -4.48M | -3.75M | -10.97M | -3.16M | -5.44M | -2.49M | -4.26M | -5.7M | -3.37M | -4.2M | -4.2M | -5.1M | -1.9M |
| CapEx % of Revenue | 3.31% | 6.89% | 7.01% | 6.98% | 4.31% | 17.23% | 3.91% | 5.09% | 6.07% | 6.3% | 6.22% | 8.68% | 6.16% | 12.83% | 17.8% | 13.11% | 9.24% | 4.32% | 3.49% | 3.18% | 10.35% | 3.42% | 6.91% | 2.62% | 5.59% | 7.7% | 4.93% | 8.9% | 9.19% | 12.17% | 5.51% |
| Acquisitions | 0 | 6.5M | 0 | 0 | -1.51B | 0 | 0 | 0 | 146.64M | -414.25M | -5.06M | 0 | 0 | -11.43M | -1M | 0 | -128.14M | 0 | 0 | 0 | 0 | -4.3M | 0 | 0 | 0 | 0 | -2.08M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -82.5M | -11M | -10.7M | 3.5M | 18.4M | 36.88M | 1.6M | 0 | 146.64M | 0 | 0 | 0 | 0 | -1.68M | 122K | 0 | 3.08M | -126K | 49K | -21K | 308K | -211K | 137K | 128K | -153K | 742K | 0 | -600K | -2.4M | -400K | -300K |
| Cash from Financing | 175.8M | 155.8M | 48.8M | -265.8M | 252M | -173.18M | -130.28M | -98.28M | -244.06M | 270.61M | -16.8M | -28.68M | 168.06M | 1.79M | -37.51M | 28.35M | 62.62M | -30.52M | -12.09M | -14.71M | -8.4M | 5.13M | 5.96M | 6.03M | -2.3M | 1.14M | 854K | 200K | 400K | 4.7M | 500K |
| Debt Issued (Net) | 139.1M | 155.1M | 53.4M | -226.4M | 346.2M | -300K | -43.96M | -53.56M | -201.94M | 254.9M | -5M | -509K | 172.06M | -5.38M | -38.83M | -30.28M | 71.62M | -238K | -2.1M | -675K | -648K | -590K | -519K | -454K | -3.08M | -670K | -2.05M | -200K | -200K | -1.2M | -600K |
| Equity Issued (Net) | 3.1M | 6.1M | 5M | 4.4M | -47.9M | -95.89M | -38.28M | 14.78M | 12.7M | 24.89M | -11.59M | -28.02M | 2.83M | 5.77M | 1.26M | 58.62M | -8.03M | -31.65M | -16.47M | -15.07M | -7.87M | 5.72M | 6.48M | 6.48M | 780K | 1.81M | 2.91M | 200K | 600K | 5.9M | 1.2M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | -7.2M | -74.3M | -103.44M | -43.69M | 0 | -4.34M | -541K | -20.17M | -30.93M | -1.96M | -2.16M | -3.41M | -626K | -9.18M | -33.51M | -19.81M | -17.86M | -11.56M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 33.6M | -5.4M | -9.6M | -43.8M | -46.3M | -76.99M | -48.04M | -59.51M | -54.82M | -9.18M | -207K | -723K | -6.82M | 1.4M | 61K | 12K | -971K | 1.37M | 6.48M | 1.03M | 111K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -100K |
| Net Change in Cash | 13.2M | 71.3M | -21M | -174.4M | -508.9M | 312.81M | 437.17M | 9.08M | 7.61M | -133.42M | -21.96M | -9.42M | 192.51M | -6.47M | -46.48M | 54.54M | -82.22M | 31.09M | 12.42M | 8.86M | 1.7M | -1.39M | 10.7M | 22.72M | -486K | 1.5M | -2.77M | -2.8M | -400K | 7.6M | -1.3M |
| Free Cash Flow | -75.2M | -83M | -112.1M | 70.9M | 744.4M | 513.14M | 564.84M | 107.26M | 104.66M | 10.2M | -94K | 19.28M | 24.45M | 3.18M | -8.09M | 26.2M | -20.77M | 65.74M | 24.46M | 23.59M | 9.76M | -1.94M | 4.51M | 16.33M | 1.9M | 174K | -1.56M | -2.4M | 2.5M | 100K | -900K |
| FCF Margin % | -2.83% | -3.04% | -4.03% | 2.37% | 22.79% | 30.21% | 33.99% | 20.05% | 20.04% | 3.67% | -0.05% | 9.83% | 13.39% | 1.81% | -5.19% | 16.52% | -18.33% | 40.02% | 19.09% | 19.98% | 9.21% | -2.1% | 5.73% | 17.17% | 2.48% | 0.24% | -2.29% | -5.08% | 5.47% | 0.24% | -2.61% |
| FCF Growth % | -347.37% | 25.96% | -258.11% | -90.48% | 45.07% | -9.15% | 426.62% | 2.48% | 926.14% | 10950% | -100.49% | -21.14% | 668.47% | 139.33% | -130.88% | 226.12% | -131.59% | 168.74% | 3.69% | 141.68% | 604.5% | -142.9% | -72.38% | 761.64% | 989.08% | 111.14% | 34.92% | -196% | 2400% | 111.11% | 62.5% |
| FCF per Share | -1.10 | -1.22 | -1.67 | 1.06 | 12.97 | 11.97 | 12.96 | 2.49 | 2.46 | 0.30 | -0.00 | 0.57 | 0.71 | 0.09 | -0.24 | 0.79 | -0.73 | 2.16 | 0.75 | 0.72 | 0.28 | -0.06 | 0.14 | 0.54 | 0.06 | 0.01 | -0.06 | -0.10 | 0.11 | 0.00 | -0.05 |
| FCF Conversion (FCF/Net Income) | 0.06x | -0.09x | -0.04x | -27.74x | 1.61x | 1.14x | 0.78x | 1.84x | 1.84x | -3.39x | -0.86x | -5.97x | -5.04x | 3.48x | 3.93x | 6.16x | 0.91x | 2.22x | 1.54x | 2.01x | 0.95x | -0.13x | -1.58x | 0.96x | 4.77x | 6.88x | -0.31x | 0.23x | 6.09x | 1.49x | 1.67x |
| Interest Paid | 0 | 0 | 177.5M | 150M | 95.1M | 0 | 500K | 2.29M | 7.93M | 9.14M | 6.49M | 7M | 981K | 1.81M | 0 | 2.08M | 2.35M | 767K | 671K | 736K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 177.5M | 86.6M | 264.8M | 235.6M | 109.91M | 2.19M | 6.92M | 1.27M | 490K | 1.92M | 327K | 2.21M | 0 | 350K | 7.71M | 10.34M | 3.42M | 362K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Persistent post-merger integration losses
According to reported financial statements, QDEL exhibits a profound disconnect between net income and operating cash flow, with the OCF/NI ratio frequently oscillating into negative territory, suggesting that accounting losses are not being fully mitigated by cash-generative operations following the complex Ortho Clinical Diagnostics integration process.
The persistent gap between net income and operating cash flow indicates that the company's reported losses are heavily influenced by non-cash charges, yet the underlying cash generation remains insufficient to cover operational requirements. Investors should monitor whether this volatility in conversion is a temporary artifact of merger-related restructuring or a structural inability to convert core diagnostic revenue into reliable cash inflows.
As indicated by recent quarterly filings, QuidelOrtho's free cash flow trajectory remains highly erratic, with the company alternating between positive and negative FCF margins, such as the -20.9% margin observed in 2024Q2, reflecting the ongoing difficulty in stabilizing cash generation post-merger in a post-pandemic market environment.
The inability to maintain consistent positive free cash flow suggests that the company's capital-intensive reagent rental model is currently failing to generate the necessary surplus to fund its own operations. This instability warrants further investigation into whether the current cost structure can be rationalized to support sustainable cash flow growth without further reliance on external financing.
Based on reported figures, QuidelOrtho's capital expenditure as a percentage of revenue has fluctuated significantly, reaching as high as 9.3% in 2024Q1, which highlights the heavy burden of maintaining and deploying the proprietary hardware systems essential to the company's long-term reagent rental business model.
The high capital intensity relative to revenue suggests that the company is locked into a cycle of continuous investment to keep its installed base operational. This level of spending appears to be a significant drag on cash flow, and investors should assess whether these expenditures are effectively driving future reagent volume or merely maintaining legacy assets.
As reported in financial statements, working capital changes have been a major source of cash flow volatility, including a significant $129.1M inflow in 2025Q4 followed by substantial outflows in other periods, indicating potential inefficiencies in inventory management and the timing of collections across the company's diverse diagnostic segments.
The erratic nature of working capital movements suggests that the company may be struggling to align its inventory levels with actual demand, particularly in the Point-of-Care segment. This volatility may indicate that the company is susceptible to channel inventory build-ups, which could necessitate future write-downs and further pressure cash liquidity.
Based on an analysis of the cash flow statement, the company's reliance on substantial depreciation and amortization, often exceeding $110M per quarter, obscures the true cash cost of maintaining its diagnostic platform, potentially masking the underlying economic reality of the business's capital-intensive nature.
While D&A is a non-cash expense, the scale of these charges relative to the company's operating cash flow suggests that the replacement cost of the installed base is a critical, yet often overlooked, factor in the company's long-term cash viability. Investors should be cautious of relying on headline cash flow figures that do not fully account for the ongoing reinvestment required to sustain the reagent rental model.
Quick answers to the most common questions about buying QDEL stock.
QuidelOrtho Corporation (QDEL) generated $105.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
QuidelOrtho Corporation (QDEL) reported negative free cash flow of $83.0M in 2025, indicating capital requirements exceeded cash from operations.
QuidelOrtho Corporation (QDEL) spent $188.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.