Latest Ratios: P/E Ratio 21.9x · EV/EBITDA 14.1x · ROE 11.6%. (1996–2025 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 | $9.2B | $9.8B | $10.0B | $10.0B | $11.8B | $13.3B | $12.7B | $7.9B | $8.5B | $7.6B | $7.1B |
| Enterprise Value | $10.0B | $10.7B | $11.0B | $11.0B | $13.1B | $14.5B | $14.1B | $9.0B | $9.5B | $8.7B | $7.7B |
| P/E Ratio → | 21.94 | 23.21 | 120.53 | 27.91 | 25.80 | 23.86 | 175.13 | — | 44.55 | 192.94 | 88.14 |
| P/S Ratio | 4.42 | 4.71 | 5.06 | 5.10 | 5.51 | 5.89 | 6.81 | 5.16 | 5.68 | 5.39 | 5.31 |
| P/B Ratio | 2.46 | 2.61 | 2.80 | 2.63 | 3.41 | 4.28 | 4.55 | 3.11 | 3.24 | 3.01 | 2.72 |
| P/FCF | 20.36 | 21.72 | 19.76 | 33.76 | 20.86 | 30.67 | 67.71 | 140.89 | 40.86 | 47.07 | 28.67 |
| P/OCF | 14.11 | 15.04 | 14.86 | 21.80 | 16.50 | 20.76 | 25.86 | 23.83 | 23.72 | 26.65 | 20.78 |
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 | — | 5.10 | 5.54 | 5.62 | 6.12 | 6.44 | 7.53 | 5.89 | 6.34 | 6.16 | 5.78 |
| EV / EBITDA | 14.07 | 14.93 | 36.39 | 17.94 | 17.71 | 17.16 | 23.81 | 43.76 | 20.12 | 23.61 | 24.81 |
| EV / EBIT | 19.31 | 20.36 | 66.38 | 22.84 | 22.94 | 21.32 | 27.56 | — | 32.48 | 53.22 | 80.67 |
| EV / FCF | — | 23.52 | 21.63 | 37.21 | 23.15 | 33.53 | 74.88 | 160.57 | 45.60 | 53.78 | 31.24 |
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 | 61.8% | 61.8% | 48.9% | 62.8% | 64.7% | 64.4% | 65.9% | 65.9% | 66.6% | 65.1% | 63.1% |
| Operating Margin | 24.9% | 24.9% | 4.9% | 20.9% | 24.8% | 28.0% | 20.7% | -1.7% | 17.8% | 10.8% | 7.4% |
| Net Profit Margin | 20.3% | 20.3% | 4.2% | 17.4% | 19.8% | 22.8% | 19.2% | -2.7% | 12.7% | 2.8% | 6.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 11.6% | 11.6% | 2.3% | 9.4% | 12.9% | 17.4% | 13.5% | -1.6% | 7.4% | 1.6% | 3.1% |
| ROA | 7.1% | 7.1% | 1.4% | 5.5% | 6.8% | 8.5% | 6.5% | -0.8% | 3.5% | 0.9% | 1.9% |
| ROIC | 8.6% | 8.6% | 1.6% | 6.4% | 8.8% | 11.1% | 7.4% | -0.5% | 5.5% | 3.3% | 2.3% |
| ROCE | 9.5% | 9.5% | 1.9% | 7.9% | 10.7% | 12.7% | 8.1% | -0.6% | 5.6% | 3.5% | 2.5% |
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 | 0.44 | 0.44 | 0.45 | 0.44 | 0.58 | 0.68 | 0.70 | 0.68 | 0.83 | 0.70 | 0.41 |
| Debt / EBITDA | 2.32 | 2.32 | 5.35 | 2.75 | 2.74 | 2.51 | 3.29 | 8.40 | 4.60 | 4.78 | 3.46 |
| Net Debt / Equity | — | 0.22 | 0.27 | 0.27 | 0.37 | 0.40 | 0.48 | 0.43 | 0.38 | 0.43 | 0.24 |
| Net Debt / EBITDA | 1.14 | 1.14 | 3.14 | 1.66 | 1.75 | 1.46 | 2.28 | 5.36 | 2.09 | 2.94 | 2.05 |
| Debt / FCF | — | 1.80 | 1.87 | 3.45 | 2.29 | 2.86 | 7.17 | 19.68 | 4.74 | 6.71 | 2.58 |
| Interest Coverage | 15.74 | 15.74 | 3.76 | 9.05 | 9.78 | 12.49 | 7.16 | -0.05 | 4.35 | 3.30 | 2.46 |
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 | 3.90 | 3.90 | 3.61 | 1.99 | 2.46 | 1.39 | 2.84 | 1.65 | 2.22 | 5.07 | 3.36 |
| Quick Ratio | 3.31 | 3.31 | 3.09 | 1.62 | 2.09 | 1.17 | 2.33 | 1.47 | 2.05 | 4.59 | 2.92 |
| Cash Ratio | 2.15 | 2.15 | 2.12 | 0.98 | 1.46 | 0.70 | 1.25 | 0.79 | 1.46 | 3.20 | 1.73 |
| Asset Turnover | — | 0.33 | 0.35 | 0.32 | 0.34 | 0.37 | 0.32 | 0.29 | 0.26 | 0.28 | 0.31 |
| Inventory Turnover | 2.65 | 2.65 | 3.62 | 1.84 | 2.11 | 2.45 | 2.19 | 3.05 | 3.07 | 3.17 | 3.61 |
| Days Sales Outstanding | — | 70.31 | 84.69 | 95.77 | 73.98 | 76.13 | 94.96 | 115.88 | 96.65 | 99.42 | 89.46 |
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 | 0.6% | 0.6% | — | — | — | — | — | — | — | — | — |
| Payout Ratio | 12.8% | 12.8% | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.6% | 4.3% | 0.8% | 3.6% | 3.9% | 4.2% | 0.6% | — | 2.2% | 0.5% | 1.1% |
| FCF Yield | 4.9% | 4.6% | 5.1% | 3.0% | 4.8% | 3.3% | 1.5% | 0.7% | 2.4% | 2.1% | 3.5% |
| Buyback Yield | 3.3% | 3.1% | 2.9% | 0.2% | 0.2% | 0.8% | 0.5% | 0.9% | 1.2% | 0.8% | 0.0% |
| Total Shareholder Yield | 3.9% | 3.7% | 2.9% | 0.2% | 0.2% | 0.8% | 0.5% | 0.9% | 1.2% | 0.8% | 0.0% |
| Shares Outstanding | — | $208M | $218M | $217M | $223M | $225M | $227M | $220M | $233M | $233M | $230M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying QGEN stock.
Qiagen N.V.'s current P/E ratio is 21.9x. The historical average is 62.3x.
Qiagen N.V.'s current EV/EBITDA is 14.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 30.3x.
Qiagen N.V.'s return on equity (ROE) is 11.6%. The historical average is 9.9%.
Based on historical data, Qiagen N.V. is trading at a P/E of 21.9x. Compare with industry peers and growth rates for a complete picture.
Qiagen N.V.'s current dividend yield is 0.58% with a payout ratio of 12.8%.
Qiagen N.V. has 61.8% gross margin and 24.9% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Qiagen N.V.'s Debt/EBITDA ratio is 2.3x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Valuation compression risk
Premium Valuation vs. Peers
Qiagen's forward P/E of 18.1x and EV/EBITDA of 14.0x appear elevated relative to unprofitable peers like Exact Sciences and Natera, suggesting the market is pricing in a premium for its profitability and stability despite near-zero revenue growth.
The PEG ratio of 0.48 implies the market is pricing in significant future earnings growth that is not yet visible in the recent deceleration to 0.3% revenue growth. Compared to the peer group, Qiagen is the only company with consistent profitability, justifying a relative premium, but the EV/EBITDA multiple of nearly 14x seems demanding for a business with stagnant top-line momentum.
Low, Stable Returns on Capital
Qiagen's ROIC has remained compressed in the 2.0%-2.6% range over the last ten quarters, indicating the company is not generating returns significantly above its cost of capital, which may limit its long-term value creation potential.
The persistence of ROIC well below historical norms and the ROE of 3.1% in 2026Q2, despite a healthy balance sheet, suggests the business model is capital-intensive and may be experiencing competitive or pricing pressures that erode earning power. This trend is concerning when contrasted with the substantial goodwill on the balance sheet, which represents past acquisition premiums that are not translating into high returns on invested capital.
Lengthy Cash Conversion Cycle
The cash conversion cycle has expanded to 177 days in 2026Q2, driven by a days inventory outstanding of 145, which appears inefficient compared to historical periods and may indicate inventory management challenges or shifting demand patterns.
A CCC of 177 days is notably longer than the 120 days seen in 2024Q2, suggesting that working capital efficiency has deteriorated. The high inventory levels, especially when compared to a relatively low DSO of 69 days, imply that the company may be holding excess stock or facing slower-than-expected turnover, which ties up cash and increases carrying costs.
Strong but Volatile Liquidity
While the current ratio of 2.85 in 2026Q2 indicates ample short-term liquidity, the significant swing from 1.61 in 2025Q2 suggests this position is volatile and dependent on working capital management, requiring investor monitoring.
The quick ratio of 2.31 confirms that liquidity is not reliant on inventory, which is positive. However, the dramatic fluctuation in the current ratio over the past year implies that Qiagen's liquidity position can shift quickly, possibly due to large, lumpy cash flows from operations or balance sheet actions, which introduces a degree of unpredictability to its financial flexibility.
Profitability Advantage in a Difficult Group
Qiagen is a clear outlier among its peers by being consistently profitable, with a 19.3% net margin versus negative margins for Exact Sciences and Natera, though this advantage does not offset its slower growth trajectory.
The peer comparison highlights a structural profitability gap. While competitors like Illumina trade at higher multiples (P/E of 41.3x), they also exhibit stronger ROIC (16.8%). Qiagen's advantage is in stability and cash generation, not in growth or capital efficiency. This suggests its premium over unprofitable peers like NTRA is justified, but it may lag high-growth, high-return peers like ILMN over the long term.
The Misleading Growth Narrative
The PEG ratio of 0.48 is likely misapplied here, as it presumes robust future earnings growth that is unsupported by the recent revenue deceleration to near zero, making the valuation appear deceptively attractive.
A PEG below 1.0 typically signals an undervalued growth stock, but for Qiagen, it may obscure the reality that its earnings growth is driven by margin expansion and cost control, not sustainable revenue growth. The most commonly misapplied metric is likely the PEG ratio; investors should instead focus on EV/FCF yield (5.0%) and ROIC trends to assess whether the company's limited reinvestment opportunities justify its current market price.