Emergent BioSolutions Inc. (EBS) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.11	$0.6	+445.5%	—	$226.8M	—
Q1 26	-$0.25	$0.21	+184.0%	—	$149.7M	—
Q4 25	-$0.4	-$1	-150.0%	—	$143.8M	—
Q3 25	-$0.12	$1.06	+983.3%	—	$222M	—
Q2 25	-$0.49	$0.16	+132.7%	—	$130.3M	—
Q1 25	$0.44	$0.71	+61.4%	—	$209.1M	—
Q4 24	-$0.5	$0.05	+110.0%	—	$189.3M	—
Q3 24	$0.14	$1.37	+878.6%	—	$283.8M	—
Q2 24	-$0.97	-$2.32	-139.2%	—	$248.1M	—
Q1 24	-$0.86	$0.59	+168.6%	—	$292.4M	—
Q4 23	-$0.32	-$0.77	-140.6%	—	$269.9M	—
Q3 23	-$0.54	-$5.08	-840.7%	—	$264M	—
Q2 23	-$0.49	-$1.06	-116.3%	—	$331.3M	—
Q1 23	-$1.24	-$3.17	-155.6%	—	$157.8M	—
Q4 22	$0.04	-$0.31	-875.0%	—	$323.6M	—
Q3 22	-$0.06	-$1.27	-2016.7%	—	$222.5M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$0.98	—	—	$705.2M	—
FY24	—	-$3.6	—	—	$1B	—
FY23	—	-$14.8	—	—	$1B	—
FY22	—	-$4.47	—	—	$1.1B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$345.4M	$490.4M	$705.4M	$983.5M	$1.5B	$1.6B	$1.1B	$1B	$1B	$705.2M
YoY change	-7.13%	+42%	+43.8%	+39.4%	+48.7%	+12.1%	-34.4%	-4.93%	-0.92%	-30.4%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	345.4M	490.4M	705.4M	983.5M	1.5B	1.6B	1.1B	1B	1B	705.2M
Cost of revenue	126.3M	187.7M	322.3M	433.5M	537M	748.1M	693.1M	705.4M	681.3M	326.2M
Gross profit	219.1M	302.7M	383.1M	550M	925.2M	891.3M	383M	317.6M	332.3M	379M
Gross margin	63.4%	61.7%	54.3%	55.9%	63.3%	54.4%	35.6%	31%	32.8%	53.7%
Research & development	106.9M	97.4M	142.8M	226.2M	237.9M	235.2M	188.3M	111.4M	70.7M	53.2M
Selling, general & administrative	143.1M	142.9M	202.5M	273.5M	304.1M	348.7M	339.5M	368.4M	308M	186.1M
Operating expenses	106.6M	169.8M	268.3M	377.2M	426.9M	449.7M	486.4M	453.5M	348.7M	201.6M
Operating income	105.5M	124.3M	89.8M	114.1M	438.5M	383.1M	-163.3M	-201.5M	-81.5M	112.3M
Operating margin	30.5%	25.3%	12.7%	11.6%	30%	23.4%	-15.2%	-19.7%	-8.04%	15.9%
Non-operating income, net	1.3M	900K	1.6M	1.7M	4.7M	-45.4M	-18.4M	-441.8M	9.6M	29.8M
Pretax income	99.2M	118.6M	81.5M	77.4M	411.9M	303.2M	-219M	-731.2M	-142.9M	82.8M
Income tax	36.7M	36M	18.8M	22.9M	106.1M	83.7M	-7.4M	29.3M	47.7M	30.2M
Net income	51.8M	82.6M	62.7M	54.5M	305.8M	219.5M	-211.6M	-760.5M	-190.6M	52.6M
Net margin	15%	16.8%	8.89%	5.54%	20.9%	13.4%	-19.7%	-74.3%	-18.8%	7.46%
EBITDA	145M	167.8M	153.6M	226.5M	557.7M	503.2M	-31.7M	-67.5M	39.8M	262.3M
EPS	1.29	1.98	1.25	1.06	5.79	4.32	-4.47	-14.8	-3.6	0.98
Diluted EPS	1.13	1.71	1.22	1.04	5.67	4.27	-4.47	-14.8	-3.6	0.93

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	264M	269.9M	292.4M	248.1M	283.8M	189.3M	209.1M	130.3M	222M	143.8M	149.7M	226.8M
Cost of revenue	176.8M	185.1M	144.6M	296.1M	122.6M	118M	88.5M	66.9M	85.9M	84.9M	72M	97.1M
Gross profit	87.2M	84.8M	147.8M	-48M	161.2M	71.3M	120.6M	63.4M	136.1M	58.9M	77.7M	129.7M
Gross margin	33%	31.4%	50.5%	-19.3%	56.8%	37.7%	57.7%	48.7%	61.3%	41%	51.9%	57.2%
Research & development	15.3M	29.4M	15.1M	32.7M	13.8M	9.1M	15.1M	12.5M	13.5M	12.1M	10.5M	9.2M
Selling, general & administrative	86M	89.7M	84.7M	85.9M	76.6M	60.8M	52.4M	43.7M	38.9M	51.1M	46.6M	44.6M
Operating expenses	94.8M	112.4M	91.8M	112M	80.4M	64.5M	54.4M	45.6M	43.3M	58.3M	50.7M	46.3M
Operating income	-23.9M	-43.8M	39.8M	-176.3M	64.5M	-9.5M	49.9M	1.6M	76.5M	-15.7M	10.5M	66.2M
Operating margin	-9.05%	-16.2%	13.6%	-71.1%	22.7%	-5.02%	23.9%	1.23%	34.5%	-10.9%	7.01%	29.2%
Non-operating income, net	-222.3M	11M	-3.4M	-69.9M	86.2M	-3.3M	57.5M	-3.7M	-3.7M	-20.3M	13.9M	-222.5M
Pretax income	-265.9M	-54.5M	12.1M	-269.8M	142.4M	-27.6M	92.7M	-16.8M	57.6M	-50.7M	13.4M	-166.3M
Income tax	-2.5M	-5M	3.1M	13.3M	27.6M	3.7M	24.7M	-4.8M	6.4M	3.9M	6.6M	13.9M
Net income	-263.4M	-49.5M	9M	-283.1M	114.8M	-31.3M	68M	-12M	51.2M	-54.6M	6.8M	-180.2M
Net margin	-99.8%	-18.3%	3.08%	-114.1%	40.5%	-16.5%	32.5%	-9.21%	23.1%	-38%	4.54%	-79.5%
EBITDA	700K	-3.2M	64.3M	-150.5M	112.8M	13.2M	145M	21.4M	96.2M	-300K	47.9M	90.2M
EPS	-5.08	-0.95	0.17	-5.38	2.16	-0.58	1.25	-0.22	0.96	-1.04	0.13	-3.49
Diluted EPS	-5.08	-0.95	0.17	-5.38	2.06	-0.58	1.19	-0.22	0.91	-1.04	0.07	-3.49

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	1.3B	1.9B	—	2.8B	4.7B	2.3B	591.7M	122.9M	506.7M	661.3M	351.7M
Enterprise value	1.3B	1.8B	—	3.4B	5B	2.6B	1.4B	871.4M	1.1B	1B	796.6M
Shares outstanding	40.2M	41.8M	50.1M	51.5M	52.7M	53.5M	50.1M	51.2M	53M	53.5M	53.5M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	25.5	23.5	—	51	15.4	10.6	—	—	—	12.6	8.59
P/S	3.82	3.96	—	2.83	3.23	1.42	0.55	0.12	0.5	0.94	0.45
P/B	2.21	2.13	—	2.55	3.26	1.44	0.43	0.19	1.05	1.27	1.01
EV/EBITDA	9.08	10.6	—	15.1	8.92	5.15	-42.7	-12.9	26.9	3.92	3.43
EV/Sales	3.81	3.63	—	3.48	3.4	1.58	1.26	0.85	1.06	1.46	1.03
Earnings yield	3.93%	4.25%	—	1.96%	6.48%	9.44%	—	—	—	7.95%	11.6%
FCF yield	-1.64%	7.89%	—	3.64%	8.37%	4.13%	-25.3%	-209.9%	7.07%	23.7%	10.7%
PEG	—	—	—	—	—	—	—	—	—	—	0.01

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	63.4%	61.7%	54.3%	55.9%	63.3%	54.4%	35.6%	31%	32.8%	53.7%	57.2%
Operating margin	30.5%	25.3%	12.7%	11.6%	30%	23.4%	-15.2%	-19.7%	-8.04%	15.9%	28.3%
Net margin	15%	16.8%	8.89%	5.54%	20.9%	13.4%	-19.7%	-74.3%	-18.8%	7.46%	-23%
ROE	8.69%	9.05%	6.2%	5.01%	21.1%	13.6%	-15.2%	-117.1%	-39.5%	10.1%	-40.3%
ROA	5.34%	7.72%	2.81%	2.34%	10.6%	7.42%	-6.68%	-41.7%	-13.7%	3.99%	6.93%
ROIC	11.2%	11.6%	4.08%	4.64%	19.1%	14.8%	-7.59%	-14.4%	-7.78%	8.02%	17.5%
Return on tangible assets	6.31%	11.3%	72.2%	17.6%	29.9%	16.9%	-16.6%	-110.2%	-49.3%	11.8%	-29.8%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	4.82	4.85	3.1	3.17	3.11	3.4	0.98	1.04	3.69	5.01	5.42
Quick ratio	4.12	3.42	2.07	2.14	2.31	2.47	0.7	0.54	1.77	2.41	2.95
Debt / equity	0.45	0.01	0.79	0.75	0.6	0.52	1.01	1.32	1.37	1.09	1.72
Debt / assets	0.28	0.01	0.36	0.35	0.3	0.28	0.44	0.47	0.48	0.43	0.52
Net debt / EBITDA	-0.02	-0.98	4.44	2.84	0.45	0.53	-24.1	-11.1	14.2	1.4	1.89
Interest coverage	14.1	19	9.23	3.02	14.2	9.79	-4.87	-7.32	-1.01	2.4	-1.87
Effective tax rate	37%	30.4%	23.1%	29.6%	25.8%	27.6%	0%	0%	0%	36.5%	0%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	8.6	11.7	14.1	19.1	27.7	30.6	21.5	20	19.1	13.2	14.8
EPS (basic)	1.29	1.98	1.25	1.06	5.79	4.32	-4.47	-14.8	-3.6	0.98	0.98
EPS (diluted)	1.13	1.71	1.22	1.04	5.67	4.27	-4.47	-14.8	-3.6	0.93	-3.41
Book value per share	14.8	21.8	20.2	21.1	27.5	30.1	27.7	12.7	9.11	9.77	6.66
FCF per share	-0.54	3.67	-0.6	1.96	7.5	1.8	-2.99	-5.04	0.68	2.93	1.66
Cash per share	6.76	4.26	2.24	3.26	11.8	10.8	12.8	2.18	1.88	3.84	2.73
Capex per share	1.9	1.31	1.44	1.69	2.69	4.19	2.31	1.01	0.28	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	22.1%	11.2%	10.2%	8.84%	9.7%	13.7%	10.8%	5.04%	1.48%	—	—
Capex / operating cash flow	129.4%	26.5%	124.3%	38.5%	28.1%	76.4%	248.5%	-8.56%	-11.5%	—	—
Payout ratio	—	—	—	—	—	—	—	—	—	—	0%

Yield

—

trailing twelve months

Frequency

—

Last dividend

$1.855

ex-dividend Aug 1, 2016

Payout ratio

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 1, 2016	$1.855

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$264M	$269.9M	$292.4M	$248.1M	$283.8M	$189.3M	$209.1M	$130.3M	$222M	$143.8M	$149.7M	$226.8M
YoY change	+18.7%	-16.6%	+85.3%	-25.1%	+7.5%	-29.9%	-28.5%	-47.5%	-21.8%	-24%	-28.4%	+74.1%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	271.5M	178.3M	112.2M	167.8M	621.3M	576.1M	642.6M	111.7M	99.5M	205.4M
Receivables	90.4M	118.9M	234M	227.3M	172.7M	230.5M	102.7M	141.8M	135.4M	66.8M
Inventory	74M	142.8M	205.8M	222.5M	307M	344.5M	350.7M	328.9M	311.7M	343.4M
Total current assets	510.2M	485.4M	620.8M	686.2M	1.2B	1.3B	1.2B	679.5M	598.7M	662.5M
Property, plant & equipment	229.3M	247.2M	294M	307.5M	397.8M	530.4M	489.7M	152.9M	74.5M	44.9M
Goodwill & intangibles	149.7M	337.4M	2.1B	2B	1.9B	1.7B	1.9B	1.1B	1B	873M
Total assets	970.1M	1.1B	2.2B	2.3B	2.9B	3B	3.2B	1.8B	1.4B	1.3B
Accounts payable	34.6M	41.8M	80.7M	94.8M	136.1M	128.9M	103.5M	112.2M	60.9M	55.6M
Short-term debt	20M	—	10.1M	12.9M	33.8M	31.6M	957.3M	413.7M	—	—
Total current liabilities	105.9M	100.1M	200.4M	216.3M	384.5M	374M	1.2B	651.3M	162.4M	132.2M
Long-term debt	248.1M	13.5M	784.5M	798.4M	841M	809.4M	448.5M	446.5M	663.7M	572.1M
Total liabilities	373.9M	157.9M	1.2B	1.2B	1.4B	1.3B	1.8B	1.2B	906.9M	796M
Shareholders' equity	596.2M	912.3M	1B	1.1B	1.4B	1.6B	1.4B	649.3M	482.8M	522.6M
Total debt	268.1M	13.5M	794.6M	811.3M	874.8M	841M	1.4B	860.2M	663.7M	572.1M
Net debt	-3.4M	-164.8M	682.4M	643.5M	253.5M	264.9M	763.2M	748.5M	564.2M	366.7M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	—	—	—	—	—	—	—	—	245.5M	205.4M	160.3M	139.7M
Receivables	—	—	—	—	—	—	—	—	131.5M	66.8M	104.1M	170M
Inventory	—	—	—	—	—	—	—	—	356.3M	343.4M	327.6M	303.6M
Total current assets	—	—	—	—	—	—	—	—	786.9M	662.5M	637.6M	666M
Property, plant & equipment	—	—	—	—	—	—	—	—	50.4M	44.9M	38.9M	37.7M
Goodwill & intangibles	—	—	—	—	—	—	—	—	905.4M	873M	940.8M	523.6M
Total assets	—	—	—	—	—	—	—	—	1.5B	1.3B	1.3B	1.1B
Accounts payable	112.7M	112.2M	100.2M	95.9M	82.1M	60.9M	58.1M	63.7M	57.4M	55.6M	39.5M	50.2M
Short-term debt	—	—	—	—	—	—	—	—	—	—	—	—
Total current liabilities	—	—	—	—	—	—	—	—	136.5M	132.2M	148.7M	122.8M
Long-term debt	—	—	—	—	—	—	—	—	663.1M	572.1M	573.6M	581.8M
Total liabilities	—	1.2B	1.1B	1.1B	969.4M	906.9M	873.4M	880.9M	878.5M	796M	797.3M	775.4M
Shareholders' equity	—	—	—	—	—	—	—	—	582.5M	522.6M	523.1M	341.4M
Total debt	—	—	—	—	—	—	—	—	663.1M	572.1M	573.6M	581.8M
Net debt	—	—	—	—	—	—	—	—	417.6M	366.7M	413.3M	442.1M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	51.8M	82.6M	62.7M	54.5M	305.8M	219.5M	-211.6M	-760.5M	-190.6M	52.6M
Depreciation & amortization	38.2M	42.6M	62.2M	110.7M	114.5M	123.8M	143.3M	125.1M	108.8M	95.8M
Stock-based compensation	18.5M	15.2M	23.2M	26.7M	51.8M	42.4M	45.1M	23.1M	18M	16.2M
Change in working capital	-45M	52.5M	-102.9M	7.6M	6.1M	-147.5M	85.3M	-15.9M	-75.3M	-6.6M
Operating cash flow	58.9M	206.9M	58M	226M	504.5M	293.2M	46.6M	-602.6M	-130.1M	170.6M
Capital expenditure	-76.2M	-54.8M	-72.1M	-86.9M	-141.9M	-224.1M	-115.8M	-51.6M	-15M	—
Investing cash flow	-76.2M	-249.9M	-897.2M	-96.9M	-151.9M	-224.1M	-381.3M	212.3M	125.2M	45M
Dividends paid	—	—	—	—	—	—	—	—	—	—
Share repurchases	0	-33.1M	-100K	0	0	-106M	-82.1M	0	0	-24.9M
Financing cash flow	-36.9M	-70.7M	772.8M	-149.1M	-335.1M	-156.9M	1.1B	-537.5M	-204.9M	-138.8M
Net change in cash	-54.2M	-113.7M	-66.4M	-20M	17.5M	-87.8M	739.5M	-927.8M	-209.8M	76.8M
Free cash flow	-21.6M	153.3M	-30.3M	101.1M	395M	96.1M	-149.9M	-257.9M	35.8M	156.8M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	-263.4M	-49.5M	9M	-283.1M	114.8M	-31.3M	68M	-12M	51.2M	-54.6M	6.8M	-180.2M
Depreciation & amortization	28M	29.6M	27.9M	28.5M	26.4M	26M	25.4M	23.5M	23.4M	23.5M	23.5M	24M
Stock-based compensation	4M	4M	5.9M	5.5M	2.3M	4.3M	1.5M	4.6M	4.8M	5.3M	1.9M	6.9M
Change in working capital	71.1M	51.6M	-59.3M	10.9M	53.1M	-80M	-88.8M	91.2M	-85.1M	76.1M	-29.3M	-31.8M
Operating cash flow	-167.5M	40.9M	-24.4M	-214.7M	201.5M	-76.6M	15.7M	106.4M	-2.3M	77.7M	-33.8M	56.1M
Capital expenditure	-12.6M	-11.4M	-10.8M	-4.6M	1.8M	-1.4M	34.5M	—	—	—	—	—
Investing cash flow	-12.6M	-11.4M	-10.8M	-4.6M	112M	-1.4M	59.5M	20M	0	0	—	—
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	0	0	—	—	—	—	—	-6.9M	-8.9M	-9.1M	-9M	-9M
Financing cash flow	-82M	-15.8M	35.7M	-66.6M	-193.7M	-300K	-500K	-7.1M	-16.1M	-115.1M	-11.8M	-20.9M
Net change in cash	-262.1M	13.7M	500K	-285.9M	119.8M	-78.3M	74.7M	119.3M	-18.4M	-37.4M	-45.6M	35.2M
Free cash flow	47.4M	20.7M	-73.4M	42.9M	147.9M	-81.6M	-14.8M	103.5M	-5.7M	73.8M	-36.2M	54M

Emergent BioSolutions Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement