Latest Ratios: P/E Ratio -1.0x · EV/EBITDA N/A · ROE -46.1%. (1995–2025 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 | $1.2B | $2.0B | $3.0B | $4.9B | $4.9B | $5.8B | $7.8B | $3.2B | $2.1B | $1.5B | $701M |
| Enterprise Value | $3.8B | $4.6B | $5.6B | $7.4B | $7.5B | $5.1B | $7.4B | $3.3B | $2.1B | $1.8B | $680M |
| P/E Ratio → | -1.02 | — | — | — | 8.96 | 8.22 | 9.66 | 43.37 | 28.06 | — | — |
| P/S Ratio | 0.42 | 0.73 | 1.07 | 1.64 | 1.51 | 3.41 | 4.71 | 6.05 | 3.98 | 5.27 | 3.66 |
| P/B Ratio | 0.60 | 1.03 | 1.00 | 0.98 | 1.00 | 3.00 | 5.88 | 5.78 | 4.88 | 6.44 | 3.49 |
| P/FCF | — | — | — | 69.44 | 6.61 | 11.28 | 13.86 | 30.16 | 19.85 | 143.38 | — |
| P/OCF | 11.00 | 18.88 | 35.83 | 17.57 | 5.55 | 7.18 | 12.44 | 24.05 | 15.24 | 52.78 | 59.30 |
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 | — | 1.69 | 2.00 | 2.47 | 2.29 | 3.02 | 4.48 | 6.16 | 4.10 | 6.57 | 3.55 |
| EV / EBITDA | — | — | — | 12.44 | 6.63 | 5.34 | 6.71 | 23.44 | 15.06 | 45.24 | 24.77 |
| EV / EBIT | — | — | — | 49.52 | 9.22 | 5.69 | 7.10 | 35.82 | 24.43 | 190.93 | — |
| EV / FCF | — | — | — | 104.63 | 10.04 | 9.99 | 13.19 | 30.71 | 20.46 | 178.81 | — |
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 | 46.7% | 46.7% | 46.2% | 49.9% | 59.3% | 75.3% | 81.2% | 60.0% | 60.4% | 56.2% | 61.7% |
| Operating Margin | -33.7% | -33.7% | -70.5% | 4.6% | 25.8% | 53.3% | 63.8% | 17.3% | 18.4% | 3.4% | -2.3% |
| Net Profit Margin | -41.5% | -41.5% | -73.7% | -0.3% | 16.8% | 41.5% | 48.8% | 13.6% | 14.2% | -2.9% | -7.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -46.1% | -46.1% | -51.4% | -0.2% | 16.0% | 43.2% | 85.6% | 14.8% | 22.7% | -3.8% | -6.6% |
| ROA | -18.6% | -18.6% | -27.4% | -0.1% | 9.7% | 32.7% | 58.3% | 8.5% | 8.5% | -1.2% | -3.5% |
| ROIC | -13.6% | -13.6% | -22.5% | 1.4% | 14.5% | 61.3% | 101.3% | 12.5% | 13.3% | 1.9% | -1.9% |
| ROCE | -18.0% | -18.0% | -29.8% | 1.8% | 16.9% | 49.8% | 91.4% | 13.0% | 13.2% | 1.6% | -1.2% |
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 | 1.46 | 1.46 | 0.90 | 0.52 | 0.58 | 0.07 | 0.08 | 0.20 | 0.25 | 1.75 | 0.74 |
| Debt / EBITDA | — | — | — | 4.38 | 2.53 | 0.15 | 0.10 | 0.80 | 0.76 | 9.86 | 5.41 |
| Net Debt / Equity | — | 1.37 | 0.87 | 0.50 | 0.52 | -0.34 | -0.29 | 0.11 | 0.15 | 1.59 | -0.11 |
| Net Debt / EBITDA | — | — | — | 4.18 | 2.27 | -0.69 | -0.34 | 0.42 | 0.45 | 8.96 | -0.77 |
| Debt / FCF | — | — | — | 35.19 | 3.43 | -1.29 | -0.68 | 0.55 | 0.61 | 35.43 | — |
| Interest Coverage | -5.24 | -5.24 | -10.32 | 0.84 | 10.88 | 1286.57 | 831.31 | 6.22 | 3.61 | 0.54 | -0.33 |
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 | 1.50 | 1.50 | 1.22 | 1.57 | 1.56 | 4.45 | 3.39 | 1.77 | 1.21 | 2.58 | 6.71 |
| Quick Ratio | 0.90 | 0.90 | 0.69 | 0.88 | 1.04 | 3.84 | 3.05 | 1.30 | 0.79 | 2.06 | 5.93 |
| Cash Ratio | 0.21 | 0.21 | 0.10 | 0.20 | 0.34 | 2.56 | 1.45 | 0.42 | 0.27 | 0.28 | 5.04 |
| Asset Turnover | — | 0.47 | 0.43 | 0.35 | 0.37 | 0.70 | 0.89 | 0.59 | 0.65 | 0.30 | 0.49 |
| Inventory Turnover | 2.52 | 2.52 | 2.80 | 2.60 | 2.54 | 2.11 | 2.75 | 3.69 | 3.07 | 1.81 | 2.82 |
| Days Sales Outstanding | — | 55.75 | 59.19 | 59.47 | 65.53 | 84.62 | 116.24 | 69.84 | 53.73 | 102.98 | 47.61 |
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 | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | 11.2% | 12.2% | 10.4% | 2.3% | 3.6% | — | — |
| FCF Yield | — | — | — | 1.4% | 15.1% | 8.9% | 7.2% | 3.3% | 5.0% | 0.7% | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.1% | 1.5% | 1.8% | 0.6% | 0.0% | 0.2% | 0.0% | 2.9% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.1% | 1.5% | 1.8% | 0.6% | 0.0% | 0.2% | 0.0% | 2.9% |
| Shares Outstanding | — | $68M | $67M | $67M | $57M | $43M | $44M | $43M | $43M | $34M | $33M |
Post-merger integration failure
Based on current market data, QDEL trades at a forward P/E of 7.51 and a P/S of 0.34, suggesting that investors are heavily discounting the company's future earnings potential relative to historical diagnostic sector norms and the broader peer group's valuation multiples.
The depressed valuation multiples appear to reflect deep market skepticism regarding the company's ability to restore profitability following the Ortho Clinical Diagnostics merger. While the forward P/E may appear attractive, it likely assumes a successful turnaround that remains unproven, and the low P/S ratio indicates that the market is pricing in a permanent reset of revenue growth expectations.
According to recent financial disclosures, QDEL's ROIC has trended into negative territory, reaching -0.7% in 2026Q1, which highlights a significant decay in capital efficiency compared to the company's pre-merger performance and the robust returns generated by industry peers like IDEXX Laboratories.
The persistent inability to generate positive returns on invested capital suggests that the capital-intensive nature of the reagent rental model is currently failing to cover the cost of the underlying asset base. This trend warrants further investigation into whether the current asset deployment strategy is fundamentally misaligned with the company's post-pandemic revenue reality.
As reported in quarterly filings, the company's cash conversion cycle has remained elevated, peaking at 705 days in 2026Q1, which suggests significant inefficiencies in inventory management and a potential disconnect between the placement of diagnostic hardware and the subsequent realization of reagent revenue.
The extreme volatility in the cash conversion cycle, particularly the massive spike in days inventory outstanding, implies that the company may be struggling to optimize its supply chain for the combined entity. Investors should monitor whether these inefficiencies are structural or merely a temporary byproduct of the ongoing integration of disparate logistics networks.
Based on reported figures, the debt-to-equity ratio has surged to 1.46 in 2025Q4, indicating that the company's financial leverage has increased substantially, which may limit management's ability to fund necessary R&D and platform innovation in a high-interest rate environment.
The rising leverage profile, combined with negative interest coverage ratios in several recent periods, suggests that debt service is becoming increasingly burdensome. This financial structure appears to leave little room for error, making the company particularly sensitive to any further operational underperformance or macroeconomic headwinds.
The P/E ratio is the most commonly misapplied metric for QuidelOrtho, as it obscures the company's current negative earnings and the heavy impact of non-recurring integration charges, which makes traditional earnings-based valuation models largely irrelevant for assessing the firm's true economic value.
Investors should instead focus on EV/EBITDA or free cash flow yield, as these metrics better account for the company's capital structure and the cash-generative potential of the installed base. Relying on P/E in this context may lead to a false sense of value, as it fails to capture the underlying cash burn and the significant debt obligations currently weighing on the balance sheet.
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Quick answers to the most common questions about buying QDEL stock.
QuidelOrtho Corporation's current P/E ratio is -1.0x. The historical average is 51.2x.
QuidelOrtho Corporation's return on equity (ROE) is -46.1%. The historical average is 6.2%.
Based on historical data, QuidelOrtho Corporation is trading at a P/E of -1.0x. Compare with industry peers and growth rates for a complete picture.
QuidelOrtho Corporation has 46.7% gross margin and -33.7% operating margin.