Revenue growth remains muted at 1.0% year-over-year, while structural inefficiencies have pushed operating margins into negative territory at -10.6% as of 2026Q2.
| Metric | TTM | Sep'25 | Sep'24 | Sep'23 | Sep'22 | Sep'21 | Sep'20 | Sep'19 | Sep'18 | Sep'17 | Sep'16 | Sep'15 | Sep'14 | Sep'13 | Sep'12 | Sep'11 | Sep'10 | Sep'09 | Sep'08 | Sep'07 | Sep'06 | Sep'05 | Sep'04 | Sep'03 | Sep'02 | Sep'01 | Sep'00 | Sep'99 | Sep'98 | Sep'97 | Sep'96 |
|---|
| Sales/Revenue | 596.57M | 593.82M | 573.45M | 665.07M | 555.5M | 513.7M | 388.54M | 780.85M | 631.56M | 527.5M | 560.32M | 552.71M | 482.85M | 422.44M | 519.45M | 688.11M | 592.97M | 218.71M | 526.37M | 743.26M | 607.49M | 463.75M | 535.05M | 343.61M | 304.25M | 381.72M | 321.1M | 103.9M | 99.9M | 86.4M | 90.4M |
| Revenue Growth % | 1.85% | 3.55% | -13.78% | 19.73% | 8.14% | 32.21% | -50.24% | 23.64% | 19.73% | -5.86% | 1.38% | 14.47% | 14.3% | -18.68% | -24.51% | 16.04% | 171.13% | -58.45% | -29.18% | 22.35% | 31% | -13.33% | 55.72% | 12.94% | -20.29% | 18.88% | 209.05% | 4% | 15.63% | -4.42% | 97.81% |
| Cost of Goods Sold | 330.8M | 323.54M | 318.83M | 431.82M | 324.88M | 299.19M | 243.66M | 488.82M | 404.82M | 341.84M | 373.04M | 371.3M | 315.11M | 288.22M | 348.17M | 465.08M | 426.68M | 224.7M | 399.54M | 523.66M | 420.84M | 303.61M | 335.92M | 239.94M | 221.21M | 229.33M | 159.66M | 47.8M | 64.3M | 53.6M | 49.5M |
| COGS % of Revenue | - | 54.48% | 55.6% | 64.93% | 58.48% | 58.24% | 62.71% | 62.6% | 64.1% | 64.8% | 66.58% | 67.18% | 65.26% | 68.23% | 67.03% | 67.59% | 71.96% | 102.74% | 75.91% | 70.46% | 69.28% | 65.47% | 62.78% | 69.83% | 72.71% | 60.08% | 49.72% | 46.01% | 64.36% | 62.04% | 54.76% |
| Gross Profit | 265.77M | 270.28M | 254.62M | 233.26M | 230.62M | 214.51M | 144.87M | 292.02M | 226.74M | 185.66M | 187.28M | 181.41M | 167.74M | 134.22M | 171.29M | 223.02M | 166.29M | -6M | 126.83M | 219.59M | 186.65M | 160.14M | 199.13M | 103.67M | 83.04M | 152.38M | 161.44M | 56.1M | 35.6M | 32.8M | 40.9M |
| Gross Margin % | 44.55% | 45.52% | 44.4% | 35.07% | 41.52% | 41.76% | 37.29% | 37.4% | 35.9% | 35.2% | 33.42% | 32.82% | 34.74% | 31.77% | 32.97% | 32.41% | 28.04% | -2.74% | 24.09% | 29.54% | 30.72% | 34.53% | 37.22% | 30.17% | 27.29% | 39.92% | 50.28% | 53.99% | 35.64% | 37.96% | 45.24% |
| Gross Profit Growth % | - | 6.15% | 9.16% | 1.14% | 7.51% | 48.07% | -50.39% | 28.79% | 22.13% | -0.87% | 3.24% | 8.15% | 24.97% | -21.64% | -23.2% | 34.11% | 2873.43% | -104.73% | -42.24% | 17.65% | 16.56% | -19.58% | 92.09% | 24.83% | -45.5% | -5.61% | 187.78% | 57.58% | 8.54% | -19.8% | 108.67% |
| Operating Expenses | 281.42M | 281.55M | 284.6M | 315.45M | 254.64M | 210.91M | 172.4M | 236.89M | 192.32M | 167.5M | 167.8M | 159.1M | 163.75M | 142.68M | 149.79M | 142.39M | 116.76M | 122.84M | 153.44M | 166.94M | 162.86M | 147.91M | 152.9M | 215.81M | 675.83M | 186.97M | 144.02M | 64.4M | 57.3M | 31.8M | 27.9M |
| OpEx % of Revenue | - | 47.41% | 49.63% | 47.43% | 45.84% | 41.06% | 44.37% | 30.34% | 30.45% | 31.75% | 29.95% | 28.79% | 33.91% | 33.77% | 28.84% | 20.69% | 19.69% | 56.17% | 29.15% | 22.46% | 26.81% | 31.89% | 28.58% | 62.81% | 222.13% | 48.98% | 44.85% | 61.98% | 57.36% | 36.81% | 30.86% |
| Selling, General & Admin | 247.85M | 251.16M | 253.08M | 281.5M | 227.1M | 188.5M | 156.28M | 180.52M | 145.38M | 127.62M | 116.26M | 106.87M | 111.1M | 96.47M | 102.32M | 102.54M | 85.6M | 91.23M | 110.52M | 115.22M | 117.22M | 84.8M | 87.07M | 98.31M | 101.2M | 95.92M | 70.86M | 31.6M | 26.5M | 12.8M | 12.4M |
| SG&A % of Revenue | - | 42.3% | 44.13% | 42.33% | 40.88% | 36.69% | 40.22% | 23.12% | 23.02% | 24.19% | 20.75% | 19.34% | 23.01% | 22.84% | 19.7% | 14.9% | 14.44% | 41.71% | 21% | 15.5% | 19.3% | 18.29% | 16.27% | 28.61% | 33.26% | 25.13% | 22.07% | 30.41% | 26.53% | 14.81% | 13.72% |
| Research & Development | 33.56M | 30.39M | 31.52M | 33.96M | 27.54M | 22.41M | 16.12M | 56.37M | 46.94M | 39.88M | 51.54M | 52.23M | 52.65M | 46.21M | 47.46M | 39.85M | 31.16M | 31.61M | 42.92M | 51.72M | 45.64M | 63.12M | 65.82M | 72.89M | 75.06M | 60.87M | 42.95M | 22.4M | 22.7M | 14.2M | 12.4M |
| R&D % of Revenue | - | 5.12% | 5.5% | 5.11% | 4.96% | 4.36% | 4.15% | 7.22% | 7.43% | 7.56% | 9.2% | 9.45% | 10.9% | 10.94% | 9.14% | 5.79% | 5.26% | 14.45% | 8.15% | 6.96% | 7.51% | 13.61% | 12.3% | 21.21% | 24.67% | 15.95% | 13.38% | 21.56% | 22.72% | 16.44% | 13.72% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 44.6M | 499.57M | 30.19M | 30.21M | 10.4M | 8.1M | 4.8M | 3.1M |
| Operating Income | -15.64M | -11.27M | -29.98M | -82.2M | -24.02M | 3.6M | -27.53M | 55.13M | 34.42M | 18.16M | 19.48M | 22.3M | 3.99M | -8.46M | 21.5M | 80.63M | 49.54M | -128.83M | -26.61M | 52.66M | 23.79M | 12.22M | 46.23M | -158.4M | -627.82M | -43.9M | 17.42M | -8.3M | -21.7M | 1M | 13M |
| Operating Margin % | -2.62% | -1.9% | -5.23% | -12.36% | -4.32% | 0.7% | -7.08% | 7.06% | 5.45% | 3.44% | 3.48% | 4.04% | 0.83% | -2% | 4.14% | 11.72% | 8.35% | -58.91% | -5.06% | 7.08% | 3.92% | 2.64% | 8.64% | -46.1% | -206.35% | -11.5% | 5.43% | -7.99% | -21.72% | 1.16% | 14.38% |
| Operating Income Growth % | - | 62.42% | 63.53% | -242.16% | -768.05% | 113.06% | -149.93% | 60.16% | 89.52% | -6.75% | -12.67% | 459.25% | 147.15% | -139.34% | -73.34% | 62.78% | 138.45% | -384.12% | -150.54% | 121.39% | 94.58% | -73.56% | 129.19% | 74.77% | -1329.98% | -351.99% | 309.92% | 61.75% | -2270% | -92.31% | 96.97% |
| EBITDA | 41.14M | 49.94M | 60.76M | 3.39M | 29.68M | 60.47M | 37.97M | 109.58M | 71.12M | 45.36M | 47.52M | 47.46M | 27.29M | 15.7M | 43.12M | 97.88M | 68.04M | -102.98M | 7.93M | 85.46M | 55.45M | 28.57M | 63.78M | -126.59M | -589.79M | 1.35M | 47.64M | 2.1M | -13.6M | 5.8M | 16.1M |
| EBITDA Margin % | 6.9% | 8.41% | 10.6% | 0.51% | 5.34% | 11.77% | 9.77% | 14.03% | 11.26% | 8.6% | 8.48% | 8.59% | 5.65% | 3.72% | 8.3% | 14.22% | 11.47% | -47.09% | 1.51% | 11.5% | 9.13% | 6.16% | 11.92% | -36.84% | -193.85% | 0.35% | 14.84% | 2.02% | -13.61% | 6.71% | 17.81% |
| EBITDA Growth % | -28.64% | -17.81% | 1694.54% | -88.59% | -50.92% | 59.25% | -65.35% | 54.07% | 56.79% | -4.55% | 0.13% | 73.93% | 73.84% | -63.6% | -55.95% | 43.87% | 166.07% | -1399.24% | -90.73% | 54.12% | 94.05% | -55.19% | 150.38% | 78.54% | -43755.66% | -97.16% | 2168.38% | 115.44% | -334.48% | -63.98% | 106.41% |
| D&A (Non-Cash Add-back) | 56.78M | 61.21M | 90.74M | 85.58M | 53.7M | 56.87M | 65.5M | 54.45M | 36.7M | 27.2M | 28.05M | 25.16M | 23.3M | 24.16M | 21.62M | 17.25M | 18.5M | 25.86M | 34.54M | 32.8M | 31.66M | 16.35M | 17.54M | 31.81M | 38.03M | 45.26M | 30.21M | 10.4M | 8.1M | 4.8M | 3.1M |
| EBIT | -7.61M | -7.14M | -19.13M | -30.43M | -5.35M | -46.93M | -37.35M | 31.69M | 29.99M | 14.93M | 4.11M | 18.21M | -1.49M | -14.54M | 11.42M | 127.58M | 56.06M | -226.92M | -235.75M | 56.22M | 33.45M | 6.72M | 44.95M | -109.04M | -592.79M | -34.59M | 20.08M | -9.1M | -25.5M | -3M | 13.5M |
| Net Interest Income | 19.48M | 18.78M | 33.18M | 43.73M | 15.7M | -1.41M | -2.1M | -20.8M | -7.64M | 56K | 295K | 504K | 748K | 1.03M | 1.2M | 1.09M | 1.04M | 2.27M | 7M | 11.31M | 4.33M | -185K | -4.51M | -5.97M | -450K | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 19.48M | 18.78M | 33.18M | 43.73M | 20.29M | 632K | 849K | 1.45M | 1.88M | 464K | 452K | 899K | 950K | 1.03M | 1.21M | 1.15M | 1.12M | 2.72M | 7.4M | 11.9M | 13.71M | 9.28M | 4.98M | 4.07M | 9.84M | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 4.59M | 2.04M | 2.94M | 22.25M | 9.52M | 408K | 157K | 395K | 202K | 2K | 14K | 65K | 80K | 454K | 407K | 583K | 9.38M | 9.47M | 9.49M | 10.04M | 10.29M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -134.03M | 4.13M | 10.86M | 51.77M | 14.09M | -52.56M | -12.77M | -45.69M | -13.96M | -4.1M | -13.14M | -4.65M | -4.45M | -3.64M | -7.95M | 49.73M | 6.74M | -98.3M | -208.83M | 4M | 1.27M | -14.97M | -10.78M | -22.24M | 680K | 7.8M | 8.36M | -2.5M | -2.5M | -700K | 200K |
| Pretax Income | -149.67M | -7.14M | -19.13M | -30.43M | -9.94M | -48.97M | -40.29M | 9.44M | 20.47M | 14.07M | 6.33M | 17.65M | -460K | -12.1M | 13.55M | 130.36M | 56.28M | -227.13M | -235.44M | 56.66M | 25.05M | -2.75M | 35.46M | -180.85M | -627.41M | -36.1M | 25.51M | -8.9M | -22.7M | 400K | 13M |
| Pretax Margin % | -25.09% | -1.2% | -3.34% | -4.58% | -1.79% | -9.53% | -10.37% | 1.21% | 3.24% | 2.67% | 1.13% | 3.19% | -0.1% | -2.86% | 2.61% | 18.94% | 9.49% | -103.85% | -44.73% | 7.62% | 4.12% | -0.59% | 6.63% | -52.63% | -206.21% | -9.46% | 7.94% | -8.57% | -22.72% | 0.46% | 14.38% |
| Income Tax | -39.79M | -31.6M | 5.24M | -17.55M | 1.35M | -20.1M | -13.93M | -111K | -47.25M | 3.38M | 75.81M | 3.43M | -1.98M | -4.99M | -123.28M | 1.95M | -2.75M | 643K | 1.23M | 2.29M | 3.37M | 5.2M | 8.05M | 4.91M | 92.82M | -6.44M | 12.75M | -1M | -4.3M | -400K | 4.5M |
| Effective Tax Rate % | 26.58% | 442.41% | -27.4% | 57.67% | -13.59% | 41.05% | 34.57% | -1.18% | -230.88% | 24.03% | 1196.87% | 19.43% | 430.43% | 41.2% | -909.63% | 1.5% | -4.88% | -0.28% | -0.52% | 4.04% | 13.46% | -189.17% | 22.71% | -2.71% | -14.79% | 17.84% | 50% | 11.24% | 18.94% | -100% | 34.62% |
| Net Income | -178.16M | -55.76M | -164.9M | -14.26M | -428.96M | 110.75M | 64.85M | 28.82M | 116.58M | 62.61M | -69.48M | 14.22M | 4.46M | -2.21M | 136.79M | 128.35M | 58.98M | -227.86M | -236.63M | 67.57M | 25.93M | -8.1M | 27.2M | -185.76M | -719.95M | -29.66M | 12.75M | -7.9M | -18.4M | 800K | 8.5M |
| Net Margin % | -29.86% | -9.39% | -28.76% | -2.14% | -77.22% | 21.56% | 16.69% | 3.69% | 18.46% | 11.87% | -12.4% | 2.57% | 0.92% | -0.52% | 26.33% | 18.65% | 9.95% | -104.18% | -44.95% | 9.09% | 4.27% | -1.75% | 5.08% | -54.06% | -236.63% | -7.77% | 3.97% | -7.6% | -18.42% | 0.93% | 9.4% |
| Net Income Growth % | -175.49% | 66.18% | -1056.6% | 96.68% | -487.33% | 70.77% | 125.06% | -75.28% | 86.19% | 190.12% | -588.55% | 218.78% | 301.4% | -101.62% | 6.57% | 117.61% | 125.89% | 3.71% | -450.17% | 160.6% | 420.28% | -129.77% | 114.64% | 74.2% | -2327.36% | -332.57% | 261.43% | 57.07% | -2400% | -90.59% | 84.78% |
| Net Income (Continuing) | -109.88M | 24.46M | -24.37M | -12.88M | -11.29M | -28.87M | -26.36M | 9.55M | 67.72M | 10.69M | -69.48M | 14.22M | 1.52M | -7.11M | 136.84M | 128.4M | 59.02M | -227.77M | -236.68M | 54.37M | 21.68M | -7.96M | 27.41M | -182.66M | -719.95M | -29.66M | 15.11M | -9.8M | -23.3M | -4.2M | 8.6M |
| Discontinued Operations | -3.78M | -80.22M | -140.53M | -1.37M | -417.68M | 139.62M | 91.22M | 19.26M | 48.75M | 51.92M | 0 | 0 | 3.1M | 4.96M | 0 | 0 | 0 | 0 | 0 | 13.27M | 3.58M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 700K | 635K | 589K | 537K | 494K | 409K | 463K | 394K | 1.06M | 918K | 707K | 493K | 762K | 1.19M | 1.5M | 0 | 0 | 0 |
| EPS (Diluted) | -3.87 | -1.22 | -3.09 | -0.22 | -0.15 | -0.39 | 0.88 | 0.14 | 1.64 | 0.89 | -1.01 | 0.21 | 0.46 | -0.03 | 2.08 | 2.01 | 0.93 | -3.62 | -3.66 | 2.04 | 0.36 | -0.22 | 0.41 | -5.05 | -27.90 | -1.65 | 0.88 | -0.71 | -1.78 | -0.66 | 0.94 |
| EPS Growth % | -184.89% | 60.52% | -1304.55% | -46.67% | 61.54% | -144.32% | 528.57% | -91.46% | 84.27% | 188.12% | -580.95% | -54.35% | 1469.05% | -101.62% | 3.48% | 116.13% | 125.69% | 1.09% | -279.41% | 466.67% | 263.64% | -153.66% | 108.12% | 81.9% | -1590.91% | -287.5% | 223.94% | 60.11% | -169.7% | -170.21% | 30.56% |
| EPS (Basic) | - | -1.22 | -3.09 | -0.22 | -0.15 | -0.39 | 0.88 | 0.14 | 1.65 | 0.90 | -1.02 | 0.21 | 0.47 | -0.03 | 2.10 | 2.02 | 0.94 | -3.62 | -3.66 | 2.06 | 0.36 | -0.22 | 0.41 | -5.05 | -27.90 | -1.65 | 0.96 | -0.71 | -1.78 | -0.66 | 1.06 |
| Diluted Shares Outstanding | 46.06M | 45.9M | 53.17M | 66.25M | 74.9M | 74.45M | 73.85M | 72.39M | 70.94M | 70.48M | 68.51M | 68.55M | 67.64M | 65.91M | 65.72M | 65M | 64.17M | 62.91M | 64.54M | 74.07M | 72.53M | 44.92M | 43.47M | 36.77M | 25.81M | 18.02M | 17.19M | 11.19M | 10.34M | 7.88M | 8.62M |
| Basic Shares Outstanding | 46.06M | 45.74M | 53.17M | 66.25M | 74.9M | 74.23M | 73.56M | 71.99M | 70.49M | 69.58M | 68.37M | 67.41M | 66.65M | 65.26M | 65.13M | 64.55M | 63.78M | 62.91M | 64.54M | 73.49M | 72.32M | 44.92M | 43.01M | 36.77M | 25.81M | 18.02M | 15.66M | 11.19M | 10.34M | 7.88M | 7.64M |
| Dividend Payout Ratio | - | - | - | - | - | 26.84% | 45.51% | 100.27% | 24.26% | 44.61% | - | 189.8% | 512.78% | - | 15.32% | 4.04% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 1.18% |
Geopolitical and R&D cyclicality
According to recent quarterly filings, Azenta's revenue growth has remained largely stagnant, with the most recent period showing a marginal 1.0% year-over-year increase to $144.8 million, reflecting the ongoing difficulty in scaling top-line performance within a cautious biotechnology capital expenditure environment.
The revenue trajectory appears to be struggling to find momentum, as the company oscillates between low single-digit growth and periodic contractions. This suggests that the core business is highly sensitive to the R&D spending cycles of its pharmaceutical clients, which may be deferring large-scale automation investments.
As reported in financial statements, Azenta's gross margin has hovered around 42.8% to 45.5% over the last ten quarters, indicating that the company's premium positioning is currently insufficient to overcome the high fixed-cost burden inherent in its global laboratory and biorepository infrastructure.
The inability to consistently expand gross margins suggests that the company may lack the necessary pricing power to offset rising operational costs. Investors should monitor whether the 'Ascend' transformation program can successfully drive efficiency, or if the current margin profile is structurally capped by the nature of its service-heavy business model.
Based on Azenta's reported figures, operating income has frequently dipped into negative territory, including a $15.3 million loss in 2026Q2, which highlights a lack of meaningful operating leverage as SG&A expenses continue to consume a significant portion of the company's gross profit.
The persistent operating losses suggest that the company's cost structure is not scaling efficiently with revenue. This indicates that management's efforts to streamline operations have yet to yield the desired bottom-line impact, leaving the company vulnerable to further earnings volatility.
Analysis of the income statement reveals that Azenta's net income is subject to extreme fluctuations, such as the $160.8 million loss reported in 2026Q2, which appears to be driven by non-operating items rather than core operational performance, complicating the assessment of true earnings power.
The significant disparity between operating results and net income suggests that investors should be cautious when evaluating EPS, as restructuring charges and other non-recurring items frequently distort the bottom line. The reliance on non-operating factors to explain net income swings warrants further investigation into the company's underlying profitability.
Short-sellers may focus on the fact that Azenta has struggled to maintain positive operating margins, with the most recent data showing a -10.6% operating margin, suggesting that the company's business model may be fundamentally challenged by its high-cost laboratory footprint and reliance on volatile biotech spending.
The counter-narrative suggests that the 'annuity-like' storage business may not be enough to offset the capital-intensive nature of the products segment. If the company fails to demonstrate a clear path to sustained profitability, the market may continue to discount the stock as a low-margin hardware provider rather than a high-value infrastructure play.
Quick answers to the most common questions about buying AZTA stock.
For fiscal year 2025, Azenta, Inc. (AZTA) reported total revenue of $593.8M. This represents a 556.9% increase compared to $90.4M in 1996.
Azenta, Inc. (AZTA) reported a net loss of $55.8M for the fiscal year ending 2025.
Azenta, Inc. (AZTA) reported an operating income of $-11.3M, resulting in an operating profit margin of -1.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Azenta, Inc. (AZTA) generated $270.3M in gross profit for the year, representing a gross profit margin of 45.5%. This demonstrates the company's core pricing power and production efficiency.