Qiagen NV
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
Buy today and you are buying undisputed quality at a price that assumes growth: about 19 times 2025 net income and about 16 times the company's own adjusted 2026 guidance, against a growth expectation of 1 to 2 percent. The bet is that the growth pillars (sample technologies with Parse, QIAcuity, QIAstat-Dx and the bioinformatics business) turn the picture in the second half of 2026, and that the QuantiFERON decline is a one-time rebasing rather than a trend. If you wait, check exactly three numbers in every quarterly update: is QuantiFERON coming back? Is constant-currency revenue growth moving above 1 to 2 percent again? And how much of the progress per share comes from the business rather than from the shrinking share count? The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
QIAGEN is the white-coat trap in its purest form: a genuinely excellent business — a 62.2 percent gross margin, 90 percent recurring revenue, more than 500,000 customers with no concentration risk — whose revenue curve has not regained its 2021 pandemic peak of $2,251.7 million and stood at $2,090.0 million in 2025. The annual report calls that "grown significantly," measured from 2020. On April 27, 2026, full-year guidance was cut from at least 5 percent to 1 to 2 percent because immigration testing demand for QuantiFERON (24 percent of revenue) fell away. Meanwhile earnings per share grow through a shrinking denominator: 232.0 million shares (2021) against 208.9 million (Q1 2026). Not investment advice.
Business quality
A razor-and-blade supplier model: $1,876.4 million of $2,090.0 million in 2025 sales (90 percent) is consumables and related revenue, spread across more than 500,000 customers in over 160 countries, with no single customer above ten percent in 2023-2025. Gross margin 62.2 percent, operating margin 22.3 percent (29.5 percent adjusted).
Growth
Four years after the peak of $2,251.7 million (2021), revenue of $2,090.0 million is still 7.2 percent below it; across five years that is 2.2 percent of growth a year. On April 27, 2026, QIAGEN cut full-year guidance from at least 5 percent to about 1 to 2 percent at constant currency, and first-quarter 2026 sales came in 1 percent below the prior year at constant currency.
Product dependency
QuantiFERON accounted for roughly $503 million in 2025, or 24 percent of group revenue. Part of that demand comes from immigration and visa procedures, and its decline in the United States and the Middle East was the main driver of the guidance cut. A sales channel that depends on government decisions cannot be managed by a sales force.
Earnings quality & capital structure
Earnings per share benefit from a shrinking denominator: diluted shares down from 232.0 million (2021) to 208.9 million (Q1 2026), funded by capital repayments totaling $1,072.0 million against $849.8 million of net income across 2023-2025. Add a 13.3 percent tax rate in 2025 including a one-time $29.0 million benefit, and a wide gap between reported and adjusted earnings ($0.37 versus $2.18 in 2024).
Balance sheet & funding
A solid base of $3,778.2 million in equity and $646.3 million of cash (March 31, 2026), but rising costs: the zero-coupon convertible was called back at 94.8 percent ($474.0 million) and replaced with 2.0 and 2.5 percent paper; put dates on September 10, 2029 and September 4, 2030 cover $1.25 billion combined. Net debt rose to 1.3 times adjusted EBITDA, and the 2024 balance sheet had to be reclassified by $498.4 million.
Worth Noting
QIAGEN reached our research list not through a scanner hit but through Form 13F-HR of Helikon Investments Ltd (London) as of March 31, 2026: 1,807,989 shares worth $72,391,880, a brand-new position in a portfolio that is more than half gold and silver miners. A 13F shows only U.S.-listed long positions with a 35- to 45-day delay, without shorts or derivatives — a rear-view mirror, not a road map.
With the SEC, QIAGEN is a foreign private issuer: there is no 10-K and no 10-Q. Audited figures appear once a year on Form 20-F (filed March 20, 2026 for fiscal 2025), while quarterly numbers are only furnished as an unaudited exhibit to a Form 6-K. The information base between annual reports is therefore thinner than for a U.S. competitor.
Valuation figures are dated and evergreen: the implied price of roughly $40 per share comes from the 13F as of March 31, 2026 ($72,391,880 for 1,807,989 shares) and serves as an order of magnitude, not a daily quote. Analyses are evergreen; daily prices are not a buy argument.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at QGEN since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 32.60 $ to 55.70 $ · Last price: 44.40 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Diagnostics & Research
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Qiagen NV QGEN | 9.5 | 24.2 | 13.7 | 66.4 | 23.8 | 5.7 | 3.9 |
| Thermo Fisher Scientific Inc TMO | 241.9 | 36.8 | 21.9 | 41.0 | 17.9 | 3.9 | 39.8 |
| Danaher Corporation DHR | 150.1 | 41.8 | 21.5 | 58.8 | 22.9 | 2.9 | 11.0 |
| Natera Inc NTRA | 52.8 | – | -26.8 | 65.2 | -12.4 | 35.9 | 97.3 |
| IQVIA Holdings Inc IQV | 45.2 | 33.9 | 16.6 | 33.0 | 13.6 | 5.9 | 43.9 |
| Agilent Technologies Inc A | 44.2 | 31.0 | 21.4 | 53.7 | 23.7 | 6.7 | 21.8 |
| Waters Corporation WAT | 42.2 | 53.4 | 46.7 | 56.3 | 2.8 | 7.0 | 38.1 |
| IDEXX Laboratories Inc IDXX | 40.3 | 37.7 | 25.4 | 62.5 | 31.8 | 10.4 | -20.5 |
| Illumina Inc ILMN | 37.1 | 43.7 | 23.7 | 67.9 | 18.3 | -0.8 | 143.1 |
| Median of companies shown | 44.2 | 37.2 | 21.5 | 58.8 | 18.3 | 5.9 | 38.1 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 1,338 | 99 | 80 | 0.35 | 342 | 2,607 | 4,308 |
| 2017 | 1,418 | 153 | 40 | 0.17 | 287 | 2,541 | 5,039 |
| 2018 | 1,502 | 267 | 190 | 0.82 | 360 | 2,635 | 5,748 |
| 2019 | 1,526 | -26 | -41 | -0.19 | 331 | 2,537 | 5,236 |
| 2020 | 1,870 | 386 | 359 | 1.58 | 492 | 2,798 | 5,870 |
| 2021 | 2,252 | 630 | 513 | 2.28 | 639 | 3,097 | 6,147 |
| 2022 | 2,142 | 531 | 423 | 1.90 | 715 | 3,467 | 6,288 |
| 2023 | 1,965 | 410 | 341 | 1.57 | 459 | 3,808 | 6,115 |
| 2024 | 1,978 | 98 | 84 | 0.38 | 674 | 3,567 | 5,690 |
| 2025 | 2,090 | 520 | 425 | 2.04 | 654 | 3,778 | 6,296 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | 0.41 | -7.20 | 521 | 2.40 | 16.90 | 192 | 142 |
| 2025: Q1 | 0.41 | 15.80 | 484 | 5.40 | 18.80 | 140 | 96 |
| 2025: Q2 | 0.44 | – | 534 | 7.50 | 18.00 | 161 | 121 |
| 2025: Q3 | 0.60 | 36.00 | 533 | 6.10 | 24.40 | 165 | 119 |
| 2025: Q4 | 0.52 | 28.10 | 540 | 3.70 | 20.00 | 188 | 117 |
| 2026: Q1 | 0.33 | -21.00 | 492 | 1.80 | 13.80 | 101 | 54 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 5 of our scanner strategies — each hit links to the scanner.
Quality & Balance Sheet
Momentum & Trend
Research
Risk & Weakness
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 2.43 | 2.42 – 2.45 | 2,137 | 2.3% | 13 |
| 12/31/2027 | 2.61 | 2.57 – 2.71 | 2,245 | 7.3% | 13 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
Today’s market value implies roughly 8.5% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).
| Free cash flow (last twelve months) | $447.7M |
|---|---|
| Market cap | $9.48B |
| Free cash flow in year ten | $1.01B |
| Terminal value as a share of market value | 56.2% |
For comparison: over the past five years free cash flow grew by 19.2% per year.
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Geprüft am 23.07.2026 gegen die Geschäftsberichte 20-F 2025 (eingereicht 20.03.2026) und 20-F 2024 (31.03.2025) sowie die Quartalsmitteilungen als 6-K (Q1 2026, Q3/Q2/Q1 2025). QIAGEN ist Foreign Private Issuer — es gibt kein 10-K und kein 10-Q; die Belegkette ist deshalb 20-F plus 6-K-Anhänge. Befund: KI ist bei QIAGEN eine belegte Umsatzquelle, nicht nur ein internes Werkzeug. Das 20-F 2024 sagt ausdrücklich, man setze KI und maschinelles Lernen „in our products, services and internal operations“ ein, namentlich in Bioinformatik, Molekulardiagnostik und klinischer Entscheidungsunterstützung. Das 20-F 2025 beschreibt die im Mai 2025 übernommene Tochter Genoox (GNX Data Systems Ltd., Kaufpreis 66,6 Mio. US-Dollar netto) als Anbieter von „AI-powered software“ beziehungsweise einer „cloud-based AI platform“ für klinische Labore, und der Lagebericht führt den Umsatzanstieg der Produktgruppe Genomics/NGS auf 241,8 Mio. US-Dollar ausdrücklich mit auf „contributions from Genoox“ zurück — damit ist ein KI-Produkt als Erlösquelle im Bericht benannt. Größenordnung ehrlich eingeordnet: Genomics/NGS sind 12 Prozent des Konzernumsatzes von 2.090,0 Mio. US-Dollar (2025), einen separaten KI-Umsatz weist QIAGEN nicht aus; die im April 2026 vorgestellte „QIAGEN Discovery Platform“ wird als KI-Grounding-Lösung mit erst künftigen KI-Funktionen beschrieben. Gegenläufig nennt das 20-F 2025 Fortschritte in der KI — „AI-driven bioinformatics, automated interpretation tools and competitive AI-curated data platforms“ — als Wettbewerbsrisiko für das eigene Geschäft. Nach der Vorrang-Regel (Verkauft KI > Bedroht > Nutzt KI > Neutral) gewinnt die belegte Umsatzquelle, weshalb die Einstufung „verkauft“ lautet und nicht „bedroht“ oder „nutzt“.
View the full file — quotes, sources, reviewed filings
„We are increasingly leveraging Artificial Intelligence (AI) and machine learning (ML) technologies in our products, services and internal operations, including in bioinformatics, molecular diagnostics, clinical decision support, automation and supply chain optimization."
Wir setzen Technologien der Künstlichen Intelligenz (KI) und des maschinellen Lernens zunehmend in unseren Produkten, Dienstleistungen und internen Abläufen ein, unter anderem in der Bioinformatik, der Molekulardiagnostik, der klinischen Entscheidungsunterstützung, der Automatisierung und der Optimierung der Lieferkette.
20-F · 2025-03-31 · View SEC filing
„Genoox, a privately held company founded in 2014 and headquartered in Tel Aviv, Israel, provides AI-powered software that enables clinical labs to scale and accelerate the processing of complex genetic tests."
Genoox, ein 2014 gegründetes, nicht börsennotiertes Unternehmen mit Sitz in Tel Aviv, Israel, bietet KI-gestützte Software an, mit der klinische Labore die Bearbeitung komplexer Gentests skalieren und beschleunigen können.
20-F · 2026-03-20 · View SEC filing
„Genoox provides a cloud-based AI platform that connects clinicians, genetic counselors, and healthcare organizations, allowing them to extract actionable insights from genomic data."
Genoox betreibt eine cloudbasierte KI-Plattform, die Ärztinnen und Ärzte, genetische Beraterinnen und Berater sowie Gesundheitsorganisationen verbindet und es ihnen ermöglicht, aus genomischen Daten handlungsrelevante Erkenntnisse zu gewinnen.
20-F · 2026-03-20 · View SEC filing
„Sales in this product group rose 3% to $241.8 million in 2025, driven by higher sales from the QDI bioinformatics sales, with underlying strong growth in the portfolio enhanced by contributions from Genoox since its acquisition in mid-2025."
Der Umsatz dieser Produktgruppe stieg 2025 um 3 Prozent auf 241,8 Millionen US-Dollar, getragen von höheren Erlösen der QDI-Bioinformatik, wobei das starke Wachstum im Portfolio durch Beiträge von Genoox seit der Übernahme Mitte 2025 verstärkt wurde.
20-F · 2026-03-20 · View SEC filing
Filings Reviewed: 20-F 2026-03-20 · 20-F 2025-03-31 · 6-K 2026-05-08 · 6-K 2026-02-06 · 6-K 2025-11-06 · 6-K 2025-08-21
Rated on July 23, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years -0.8%
- More than 10% revenue growth is expected for the coming year 5.4%
- Share count grows by less than 3% a year -2.3%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 27.3%
- Gross margin at 40% or higher and without meaningful erosion 61.8%
- Goodwill from acquisitions does not grow faster than revenue 42.9%
- Net debt below twice EBITDA 0.8 x EBITDA
- Operating cash flow covers the profits of the last three years 938 m
- Return on capital at 15% or higher, or up versus two years ago 9.0%
- Insiders hold at least 10% or are net buyers 0.5%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
6/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 5.1%
- Exp. sales growth 3Y > 5% 3.6%
- EBIT growth 10Y > 5% 20.3%
- Exp. EBIT growth 3Y > 5% 13.1%
- Net debt < 4x EBIT 1.1x
- EBIT positive, 10Y straight 9
- Max. EBIT decline < 50% 100.0%
- Return on equity > 15% 61.5%
- ROCE > 15% 9.0%
- Expected return > 10% 18.5%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
The company
About the Company
Qiagen N.V.
- Employees
- 5,500
- Headquarters
- Venlo, Netherlands
- Address
- Hulsterweg 82, 5912 PL Venlo, Netherlands
- Phone
- 31 77 355 6600
- Website
- qiagen.com
- IPO Date
- 06/28/1996
- ISIN
- NL0015002SN0
- Stock Split
- 19:20 on 01/08/2026
- Stock Split
- 35:36 on 01/29/2025
- Stock Split
- 97:100 on 01/30/2024
Management
| Name | Title | Birth Year |
|---|---|---|
| Roland Sackers | CFO, MD & Member of Management Board | 1968 |
| Thierry L. Bernard | Member of Management Board | 1964 |
| Jonathan M. Pratt | CEO & Member of Management Board | 1970 |
| Antonio Santos | Senior VP & Head of Global Operations | – |
| Daniel Wendorff CEFA, CIIA | VP & Head of Investor Relations | – |
| John Gilardi | VP & Head of Corporate Communications | – |
| Stephany Foster | Senior VP & Head of Human Resources | 1979 |
| Thomas Schweins | Senior Vice President of Life Science Business Area | – |
| Thomas Theuringer | Senior Director & Head of External Communications | – |
| Jean-Pascal Viola | Senior VP & Head of Corporate Strategy and Business Development | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.