Latest Ratios: P/E Ratio -0.6x · EV/EBITDA N/A · ROE -46.1%. (1995–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $705M | $2.0B | $3.0B | $4.9B | $4.9B | $5.8B | $7.8B | $3.2B | $2.1B | $1.5B | $701M |
| Enterprise Value | $3.4B | $4.7B | $5.6B | $7.4B | $7.5B | $5.1B | $7.4B | $3.3B | $2.1B | $1.8B | $680M |
| P/E Ratio → | -0.62 | — | — | — | 8.96 | 8.22 | 9.66 | 43.37 | 28.06 | — | — |
| P/S Ratio | 0.26 | 0.73 | 1.07 | 1.64 | 1.51 | 3.41 | 4.71 | 6.05 | 3.98 | 5.27 | 3.66 |
| P/B Ratio | 0.36 | 1.03 | 1.00 | 0.98 | 1.00 | 3.00 | 5.88 | 5.78 | 4.88 | 6.44 | 3.49 |
| P/FCF | — | — | — | 69.44 | 6.61 | 11.28 | 13.86 | 30.16 | 19.85 | 143.38 | — |
| P/OCF | 6.70 | 18.88 | 35.83 | 17.57 | 5.55 | 7.18 | 12.44 | 24.05 | 15.24 | 52.78 | 59.30 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.70 | 2.00 | 2.47 | 2.29 | 3.02 | 4.48 | 6.16 | 4.10 | 6.57 | 3.55 |
| EV / EBITDA | — | — | — | 12.44 | 6.63 | 5.34 | 6.71 | 23.44 | 15.06 | 45.24 | 24.77 |
| EV / EBIT | — | — | — | 49.52 | 9.22 | 5.69 | 7.10 | 35.82 | 24.43 | 190.93 | — |
| EV / FCF | — | — | — | 104.63 | 10.04 | 9.99 | 13.19 | 30.71 | 20.46 | 178.81 | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 46.7% | 46.7% | 46.2% | 49.9% | 59.3% | 75.3% | 81.2% | 60.0% | 60.4% | 56.2% | 61.7% |
| Operating Margin | -33.7% | -33.7% | -70.5% | 4.6% | 25.8% | 53.3% | 63.8% | 17.3% | 18.4% | 3.4% | -2.3% |
| Net Profit Margin | -41.5% | -41.5% | -73.7% | -0.3% | 16.8% | 41.5% | 48.8% | 13.6% | 14.2% | -2.9% | -7.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -46.1% | -46.1% | -51.4% | -0.2% | 16.0% | 43.2% | 85.6% | 14.8% | 22.7% | -3.8% | -6.6% |
| ROA | -18.6% | -18.6% | -27.4% | -0.1% | 9.7% | 32.7% | 58.3% | 8.5% | 8.5% | -1.2% | -3.5% |
| ROIC | -13.6% | -13.6% | -22.5% | 1.4% | 14.5% | 61.3% | 101.3% | 12.5% | 13.3% | 1.9% | -1.9% |
| ROCE | -18.0% | -18.0% | -29.8% | 1.8% | 16.9% | 49.8% | 91.4% | 13.0% | 13.2% | 1.6% | -1.2% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.48 | 1.48 | 0.90 | 0.52 | 0.58 | 0.07 | 0.08 | 0.20 | 0.25 | 1.75 | 0.74 |
| Debt / EBITDA | — | — | — | 4.38 | 2.53 | 0.15 | 0.10 | 0.80 | 0.76 | 9.86 | 5.41 |
| Net Debt / Equity | — | 1.39 | 0.87 | 0.50 | 0.52 | -0.34 | -0.29 | 0.11 | 0.15 | 1.59 | -0.11 |
| Net Debt / EBITDA | — | — | — | 4.18 | 2.27 | -0.69 | -0.34 | 0.42 | 0.45 | 8.96 | -0.77 |
| Debt / FCF | — | — | — | 35.19 | 3.43 | -1.29 | -0.68 | 0.55 | 0.61 | 35.43 | — |
| Interest Coverage | -5.24 | -5.24 | -10.32 | 0.84 | 10.88 | 1286.57 | 831.31 | 6.22 | 3.61 | 0.54 | -0.33 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.50 | 1.50 | 1.22 | 1.57 | 1.56 | 4.45 | 3.39 | 1.77 | 1.21 | 2.58 | 6.71 |
| Quick Ratio | 0.90 | 0.90 | 0.69 | 0.88 | 1.04 | 3.84 | 3.05 | 1.30 | 0.79 | 2.06 | 5.93 |
| Cash Ratio | 0.21 | 0.21 | 0.10 | 0.20 | 0.34 | 2.56 | 1.45 | 0.42 | 0.27 | 0.28 | 5.04 |
| Asset Turnover | — | 0.47 | 0.43 | 0.35 | 0.37 | 0.70 | 0.89 | 0.59 | 0.65 | 0.30 | 0.49 |
| Inventory Turnover | 2.52 | 2.52 | 2.80 | 2.60 | 2.54 | 2.11 | 2.75 | 3.69 | 3.07 | 1.81 | 2.82 |
| Days Sales Outstanding | — | 55.75 | 59.19 | 59.47 | 65.53 | 84.62 | 116.24 | 69.84 | 53.73 | 102.98 | 47.61 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | 11.2% | 12.2% | 10.4% | 2.3% | 3.6% | — | — |
| FCF Yield | — | — | — | 1.4% | 15.1% | 8.9% | 7.2% | 3.3% | 5.0% | 0.7% | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.1% | 1.5% | 1.8% | 0.6% | 0.0% | 0.2% | 0.0% | 2.9% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.1% | 1.5% | 1.8% | 0.6% | 0.0% | 0.2% | 0.0% | 2.9% |
| Shares Outstanding | — | $68M | $67M | $67M | $57M | $43M | $44M | $43M | $43M | $34M | $33M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying QDEL stock.
QuidelOrtho Corporation's current P/E ratio is -0.6x. The historical average is 51.2x.
QuidelOrtho Corporation's return on equity (ROE) is -46.1%. The historical average is 6.2%.
Based on historical data, QuidelOrtho Corporation is trading at a P/E of -0.6x. Compare with industry peers and growth rates for a complete picture.
QuidelOrtho Corporation has 46.7% gross margin and -33.7% operating margin.
Key Metrics
Top Statement Risk
Sustained cash burn and integration risk
Metrics are mathematically derived from official filings.
Margin Compression Masks Structural Shift
Gross margin fell from 49.6% in Q1 2025 to 43.3% in Q2 2026, a 630 bps decline, while operating margin remained negative at -3.5%, indicating a persistent mix shift toward lower-margin products.
The gross margin erosion appears to reflect the fading of high-margin COVID-19 rapid tests and a greater reliance on clinical chemistry and transfusion medicine, which carry structurally lower margins. Operating margin has been negative in eight of the last ten quarters, with Q3 2025's -100.7% distorted by a large impairment, but even excluding that, the underlying operating losses suggest that fixed costs are not being adequately covered. The net margin of -14.7% in Q2 2026, despite a positive gross profit, implies that non-operating charges, likely interest and amortization, continue to weigh heavily on the bottom line.
Return on Capital Trapped in Negative Zone
ROIC has been negative for eight of the last ten quarters, with Q2 2026 at -0.4%, while ROE deteriorated to -5.1%, reflecting a capital base eroded by cumulative losses and rising debt.
The return on invested capital has not recovered from the pandemic-era peak, and the recent trend shows a slight improvement from the -10.3% in Q3 2025 (which included impairment charges) but remains firmly negative. The negative ROE is driven by a shrinking equity base, as retained earnings have turned negative, and the company continues to post net losses. The gap between ROIC and ROE suggests that financial leverage is amplifying the negative returns, as debt levels have risen while the asset base has contracted.
Working Capital Cycle Stretches on Inventory
Cash conversion cycle extended to 164 days in Q2 2026 from 136 days a year earlier, driven by DIO rising to 156 days, while DSO remained elevated at 69 days, indicating slower inventory turnover.
The lengthening cash conversion cycle suggests that QuidelOrtho is holding inventory for longer periods, which may reflect softer demand for respiratory tests or deliberate stockpiling ahead of seasonal peaks. DSO has hovered in the high 60s, indicating that customers are taking longer to pay, possibly due to distributor terms or collection challenges. The negative FCF margin of -21.6% in Q2 2026 is partly a result of this working capital drag, as cash is tied up in receivables and inventory rather than being converted to cash.
Leverage Climbs as Interest Coverage Turns Negative
Debt-to-equity rose from 0.79 in Q1 2024 to 1.73 in Q2 2026, while interest coverage fell to -0.48, indicating that operating income is insufficient to cover interest expense.
The rising leverage is a direct consequence of the Ortho acquisition and the subsequent cash burn, as total debt increased to $3.1 billion while equity shrank to $1.8 billion. Interest coverage has been negative for the last three quarters, meaning that the company is not generating enough operating income to service its debt, which may increase refinancing risk. The D/EBITDA ratio of 33.62 in Q1 2026 is distorted by negative EBITDA, but the trend suggests that creditors are becoming more exposed, and any further deterioration could strain covenant compliance.
Liquidity Cushion Thins Amidst Cash Burn
Current ratio fell to 1.39 in Q2 2026 from 1.50 in Q4 2025, while quick ratio dropped to 0.76, indicating that inventory is becoming a larger share of current assets and cash reserves are shrinking.
The quick ratio below 1.0 suggests that QuidelOrtho may struggle to meet short-term obligations without selling inventory, which is concerning given the inventory buildup. Cash and cash equivalents declined to $123.4 million in Q2 2026, and with negative free cash flow of -$136.1 million in the same quarter, the liquidity buffer is being consumed. The company's ability to weather a prolonged downturn appears limited, and it may need to rely on external financing or asset sales to maintain liquidity.
P/E Misleads on Post-Merger Earnings
The trailing P/E of -0.88 is meaningless given negative earnings, while the forward P/E of 8.06 may overstate value if the market's earnings estimates prove optimistic, as recent guidance cuts suggest.
The most commonly misapplied ratio for QuidelOrtho is the P/E, because the company's earnings are heavily distorted by non-cash charges such as impairments and amortization, making the ratio either negative or artificially low. A more appropriate metric would be EV/EBITDA, but even that is problematic given the negative EBITDA in recent quarters; instead, investors should focus on EV/Sales or a normalized earnings power that adjusts for one-time items. The forward P/E of 8.06 implies a sharp earnings recovery that may not materialize if the China weakness and integration challenges persist, as evidenced by the recent EPS miss and guidance cut.