Qiagen NV (QGEN)
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symbol.quality_heading
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.
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.
symbol.quality_note
QIAGEN looks like the safest stock in the lab: a DAX 40 company, a 62 percent gross margin, 90 percent recurring revenue, more than 500,000 customers. Its annual report (20-F) for 2025 even states that the company has "grown significantly in recent years," from $1.87 billion in 2020 to $2.09 billion in 2025. That arithmetic skips the year 2021, when the books showed $2.25 billion: four years after the pandemic peak, revenue is still 7 percent below it. On April 27, 2026, QIAGEN cut its own full-year outlook from at least 5 percent growth to about 1 to 2 percent, because immigration testing demand for QuantiFERON — $503 million in sales, a quarter of the company — dropped away. Weeks earlier a London hedge fund had opened a brand-new position. At the end there is no advice, just one piece of arithmetic: what is left of "grown significantly" if you refuse to skip the year 2021?
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Stock Watch
This analysis is as of July 23, 2026. Stock Watch will tell you what's changed at QGEN since then.
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Appears in These Scanners
This stock currently matches 3 of our scanner strategies — each hit links to the scanner.
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Basics
Performance
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
Quality & Screener
AI Rating
Sells AIGeprüft 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.
„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.
„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.
„Sales in this product group rose 3% to $241.8 million in 2025, driven by higher sales from the QDI bioinformatics sales, with underlying strong growth in the portfolio enhanced by contributions from Genoox since its acquisition in mid-2025."
Der Umsatz dieser Produktgruppe stieg 2025 um 3 Prozent auf 241,8 Millionen US-Dollar, getragen von höheren Erlösen der QDI-Bioinformatik, wobei das starke Wachstum im Portfolio durch Beiträge von Genoox seit der Übernahme Mitte 2025 verstärkt wurde.
Filings Reviewed: 20-F 2026-03-20 · 20-F 2025-03-31 · 6-K 2026-05-08 · 6-K 2026-02-06 · 6-K 2025-11-06 · 6-K 2025-08-21
Rated on July 23, 2026 · How the Rating Is Built
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($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 |
- 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.
Assessment: Opportunities & Risks
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).
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.
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 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).
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.
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.
- 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.
About the Company
Qiagen N.V.
| Employees | 5,500 |
|---|---|
| Headquarters | Venlo, Netherlands |
| Website | qiagen.com |
| IPO Date | 28. Jun 1996 |
| Next Earnings | 4. Aug 2026 |
Management
| Name | Title | Birth Year |
|---|---|---|
| Thierry L. Bernard | CEO, MD & Member of Management Board | 1964 |
| Roland Sackers | CFO, MD & Member of Management Board | 1968 |
| 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 | – |
| Nitin Sood | Senior VP & Head of Product Portfolio & Innovation | 1973 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Chart
Interactive price chart (TradingView).
Data as of: July 31, 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.