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Emergent Biosolutions (EBS) Financials

Emergent Biosolutions logo
$7.63 -0.06 (-0.83%)
Closing price 07/17/2026 03:59 PM Eastern
Extended Trading
$7.81 +0.19 (+2.43%)
As of 07/17/2026 07:56 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for Emergent Biosolutions

Annual Income Statements for Emergent Biosolutions

This table shows Emergent Biosolutions' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 63 52 83 63 55 306 799 -594 -761 -191 53
Consolidated Net Income / (Loss)		 63 52 83 63 55 306 220 -212 -761 -191 53
Net Income / (Loss) Continuing Operations		 91 63 83 63 55 306 799 -594 -761 -191 53
Total Pre-Tax Income 		136 99 119 82 77 412 303 -219 -731 -143 83
Total Operating Income		 142 106 124 90 114 439 341 -170 -726 -109 100
Total Gross Profit		 382 363 373 460 673 1,040 3,075 4.90 344 362 417
Total Revenue		 489 489 561 782 1,106 1,577 4,571 4.90 1,049 1,044 743
Operating Revenue		 489 489 561 782 1,106 1,577 4,571 4.90 1,049 1,044 743
Total Cost of Revenue		 107 126 188 322 434 537 1,496 0.00 705 681 326
Operating Cost of Revenue		 107 126 188 322 434 537 1,496 0.00 705 681 326
Total Operating Expenses		 240 257 249 370 558 602 2,116 594 1,070 471 317
Selling, General & Admin Expense		 121 143 143 203 274 304 1,781 340 368 308 186
Research & Development Expense		 119 107 97 143 226 238 235 188 111 71 53
Amortization Expense		 - 7.00 8.60 25 59 60 59 60 66 65 65
Impairment Charge		 - - - - 0.00 0.00 42 6.70 525 27 12
Total Other Income / (Expense), net		 -5.80 -6.30 -5.70 -8.30 -37 -27 -76 -12 -4.80 -34 -17
Interest Expense		 6.52 7.60 6.60 9.90 38 31 35 - 85 70 72
Other Income / (Expense), net		 0.15 1.30 0.90 1.60 1.70 4.70 -42 -12 81 36 54
Income Tax Expense		 44 37 36 19 23 106 84 -7.40 29 48 30
Basic Earnings per Share		 $1.63 $1.29 $1.98 $1.25 $1.06 $5.80 $4.10 ($4.22) ($14.85) ($3.60) $0.98
Weighted Average Basic Shares Outstanding		 38.60M 40.20M 41.80M 50.10M 51.50M 52.70M 53.50M 50.10M 51.20M 53M 53.50M
Diluted Earnings per Share		 $1.41 $1.13 $1.71 $1.22 $1.04 $5.68 $4.06 ($4.22) ($14.85) ($3.60) $0.93
Weighted Average Diluted Shares Outstanding		 47.26M 49.30M 50.30M 51.40M 52.40M 53.80M 54.10M 50.10M 51.20M 53M 56.70M
Weighted Average Basic & Diluted Shares Outstanding		 38.60M 40.10M 41.70M 50.20M 52M 53.30M 50.50M 50.14M 52.20M 54.34M 51.77M

Quarterly Income Statements for Emergent Biosolutions

This table shows Emergent Biosolutions' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 -172 -146 9.00 -283 115 46 68 -12 51 -55 6.80
Consolidated Net Income / (Loss)		 -263 -50 9.00 -283 115 674 68 -12 51 -55 6.80
Net Income / (Loss) Continuing Operations		 -172 -146 9.00 -283 115 46 68 -12 51 -55 6.80
Total Pre-Tax Income 		-266 -55 12 -270 142 -28 93 -17 58 -51 13
Total Operating Income		 -242 -44 40 -204 65 -9.50 50 1.60 77 -28 11
Total Gross Profit		 166 -573 156 -41 171 91 134 74 145 64 84
Total Revenue		 519 -756 300 255 294 -1,000 222 141 231 149 156
Operating Revenue		 519 -756 300 255 294 -1,000 222 141 231 149 156
Total Cost of Revenue		 354 -182 145 296 123 -1,091 89 67 86 85 72
Operating Cost of Revenue		 354 -182 145 296 123 -1,091 89 67 86 85 72
Total Operating Expenses		 336 -496 116 162 107 86 84 72 69 92 74
Selling, General & Admin Expense		 86 -541 85 86 77 61 52 44 39 51 47
Research & Development Expense		 15 29 15 33 14 9.10 15 13 14 12 11
Amortization Expense		 16 16 16 16 16 16 16 16 16 16 17
Total Other Income / (Expense), net		 -4.10 -73 -28 -66 78 45 43 -18 -19 -23 2.90
Interest Expense		 - - 24 24 8.30 - 15 15 15 27 11
Other Income / (Expense), net		 -4.10 -34 -3.40 -43 86 -3.30 58 -3.70 -3.70 4.10 14
Income Tax Expense		 -2.50 -5.00 3.10 13 28 3.70 25 -4.80 6.40 3.90 6.60
Basic Earnings per Share		 ($5.08) ($0.90) $0.17 ($5.38) $2.16 ($0.55) $1.25 ($0.22) $0.96 ($1.01) $0.13
Weighted Average Basic Shares Outstanding		 51.80M 51.20M 52.20M 52.60M 53.10M 53M 54.40M 54.20M 53.20M 53.50M 51.90M
Diluted Earnings per Share		 ($5.08) ($0.90) $0.17 ($5.38) $2.06 ($0.45) $1.19 ($0.22) $0.91 ($0.95) $0.07
Weighted Average Diluted Shares Outstanding		 51.80M 51.20M 52.20M 52.60M 55.60M 53M 57.30M 54.20M 56.50M 56.70M 56.50M
Weighted Average Basic & Diluted Shares Outstanding		 51.88M 52.20M 52.40M 52.91M 54.18M 54.34M 54.28M 53.35M 52.52M 51.77M 51.60M

Annual Cash Flow Statements for Emergent Biosolutions

This table details how cash moves in and out of Emergent Biosolutions' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 32 -41 -93 -67 56 454 -45 66 -531 -6.10 104
Net Cash From Operating Activities		 43 55 208 42 188 537 320 -34 -206 59 171
Net Cash From Continuing Operating Activities		 43 55 208 42 188 540 320 -34 -206 59 171
Net Income / (Loss) Continuing Operations		 63 52 83 63 55 306 220 -212 -761 -191 53
Consolidated Net Income / (Loss)		 63 52 83 63 55 306 220 -212 -761 -191 53
Depreciation Expense		 35 38 43 62 111 115 124 143 125 109 96
Amortization Expense		 - - 1.70 0.90 3.00 3.50 4.10 4.10 21 7.40 9.80
Non-Cash Adjustments To Reconcile Net Income		 19 15 16 23 39 75 69 58 487 49 39
Changes in Operating Assets and Liabilities, net		 -75 -50 65 -107 -19 41 -96 -28 -79 84 -26
Net Cash From Investing Activities		 -45 -76 -250 -897 -97 -152 -224 -381 212 125 69
Net Cash From Continuing Investing Activities		 -45 -76 -250 -897 -97 -152 -224 -381 212 125 69
Purchase of Property, Plant & Equipment		 -45 -76 -132 -72 -87 -142 -224 -360 -52 -23 -14
Sale of Property, Plant & Equipment		 - 0.00 0.00 2.60 - - - 0.00 0.00 7.90 38
Divestitures		 - - - - - - 0.00 0.00 270 110 0.00
Other Investing Activities, net		 - - - 0.00 - -10 0.00 0.00 -6.30 30 45
Net Cash From Financing Activities		 35 -20 -51 789 -36 70 -141 481 -536 -190 -137
Net Cash From Continuing Financing Activities		 35 -20 -51 789 -36 70 -141 481 -536 -190 -137
Repayment of Debt		 0.00 0.00 -22 -16 -116 -396 -36 -34 -563 -497 -113
Repurchase of Common Equity		 -0.10 0.00 -33 -0.10 0.00 0.00 -106 -82 0.00 0.00 -25
Issuance of Debt		 2.00 0.00 0.00 798 130 450 0.00 598 20 284 2.20
Issuance of Common Equity		 - - - 16 8.20 32 16 5.00 10 24 0.00
Other Financing Activities, net		 33 -20 4.10 -8.90 -58 -17 -15 -5.90 -2.50 -1.20 -1.40
Effect of Exchange Rate Changes		 -0.15 0.10 - - 0.40 -1.00 -0.30 0.50 -1.20 0.00 0.10
Cash Interest Paid		 7.75 8.20 8.40 10 35 21 30 33 68 64 50
Cash Income Taxes Paid		 28 10 12 14 31 109 72 6.20 53 27 40

Quarterly Cash Flow Statements for Emergent Biosolutions

This table details how cash moves in and out of Emergent Biosolutions' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 -0.80 24 -33 -8.00 85 -51 47 118 -22 -40 -48
Net Cash From Operating Activities		 60 32 -63 48 154 -80 -11 106 -2.30 78 -34
Net Cash From Continuing Operating Activities		 60 32 -63 48 154 -80 -11 106 -2.30 78 -34
Net Income / (Loss) Continuing Operations		 -263 -50 9.00 -283 115 -31 68 -12 51 -55 6.80
Consolidated Net Income / (Loss)		 -263 -50 9.00 -283 115 -31 68 -12 51 -55 6.80
Depreciation Expense		 28 30 28 29 26 26 25 24 23 24 24
Amortization Expense		 5.70 5.70 6.90 5.00 -6.70 2.20 2.30 2.40 2.50 2.60 1.80
Non-Cash Adjustments To Reconcile Net Income		 222 8.10 2.80 91 -54 8.90 -6.80 11 12 23 -9.60
Changes in Operating Assets and Liabilities, net		 67 38 -109 206 73 -86 -100 82 -92 84 -56
Net Cash From Investing Activities		 -19 -11 -11 -4.60 112 29 60 17 -3.40 -3.90 -2.40
Net Cash From Continuing Investing Activities		 -19 -11 -11 -4.60 112 29 60 17 -3.40 -3.90 -2.40
Purchase of Property, Plant & Equipment		 -13 -11 -11 -4.60 -5.80 -1.70 -3.60 -2.90 -3.40 -3.90 -2.40
Sale of Property, Plant & Equipment		 - - 0.00 - 7.60 0.30 38 0.10 - - 0.00
Other Investing Activities, net		 - - 0.00 - - - 25 20 - - 0.00
Net Cash From Financing Activities		 -43 4.70 41 -51 -180 0.50 -0.40 -6.40 -16 -114 -11
Net Cash From Continuing Financing Activities		 -43 4.70 41 -51 -180 0.50 -0.40 -6.40 -16 -114 -11
Repurchase of Common Equity		 - - - - - - 0.00 - -8.90 -9.10 -9.00
Issuance of Common Equity		 - 0.70 0.00 0.70 23 0.80 0.10 0.70 0.20 -1.00 0.40
Other Financing Activities, net		 -0.10 -0.10 -0.40 -0.20 -0.30 -0.30 -0.50 -0.20 -0.30 -0.40 -2.80
Effect of Exchange Rate Changes		 1.10 -1.50 0.00 - - - -0.70 1.00 -0.20 - 0.00
Cash Interest Paid		 18 12 22 15 20 8.20 17 8.10 17 8.00 13
Cash Income Taxes Paid		 11 15 12 14 9.60 -9.00 15 2.10 11 13 5.30

Annual Balance Sheets for Emergent Biosolutions

This table presents Emergent Biosolutions' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 1,037 970 1,070 2,229 2,327 2,883 2,958 3,166 1,823 1,390 1,319
Total Current Assets		 537 510 485 621 686 1,196 1,270 1,210 680 599 663
Cash & Equivalents		 308 272 178 112 168 621 576 643 112 100 205
Restricted Cash		 - 0.00 1.00 0.20 0.20 0.20 0.20 - 0.00 6.10 3.70
Accounts Receivable		 114 138 144 263 271 231 279 159 191 155 84
Inventories, net		 61 74 143 206 223 307 345 351 329 312 343
Prepaid Expenses		 18 16 17 32 25 37 70 58 48 27 26
Plant, Property, & Equipment, net		 328 376 407 510 542 644 800 818 383 271 205
Total Noncurrent Assets		 172 83 178 1,098 1,099 1,043 888 1,138 761 520 451
Intangible Assets		 41 34 120 762 713 663 605 729 567 502 437
Other Noncurrent Operating Assets		 2.86 2.48 6.10 64 119 113 58 191 194 19 14
Total Liabilities & Shareholders' Equity		 1,037 970 1,070 2,229 2,327 2,883 2,958 3,166 1,823 1,390 1,319
Total Liabilities		 377 374 158 1,219 1,239 1,436 1,346 1,779 1,174 907 796
Total Current Liabilities		 100 106 100 200 216 385 374 1,229 651 162 132
Accounts Payable		 38 35 42 81 95 136 129 104 112 61 56
Accrued Expenses		 6.21 6.37 4.80 31 40 47 52 35 19 18 12
Current Deferred Revenue		 3.98 7.04 13 - - - - - - - 5.00
Current Deferred & Payable Income Tax Liabilities		 - - 0.00 - - - - - - 5.80 6.80
Current Employee Benefit Liabilities		 32 35 38 58 62 85 89 87 74 56 42
Other Current Liabilities		 2.11 3.27 2.40 21 6.70 83 73 46 33 22 11
Total Noncurrent Liabilities		 278 268 58 1,018 1,023 1,052 972 550 523 745 664
Long-Term Debt		 247 248 14 785 798 841 809 449 447 664 572
Noncurrent Deferred & Payable Income Tax Liabilities		 - - 0.00 68 64 53 93 60 47 42 38
Other Noncurrent Operating Liabilities		 24 12 15 104 75 102 70 42 29 39 54
Total Equity & Noncontrolling Interests		 660 596 912 1,011 1,089 1,447 1,612 1,388 649 483 523
Total Preferred & Common Equity		 660 596 912 1,011 1,089 1,447 1,612 1,388 649 483 523
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 660 596 912 1,011 1,089 1,447 1,612 1,388 649 483 523
Common Stock		 318 352 618 689 716 785 830 874 905 928 943
Retained Earnings		 351 254 337 367 422 727 950 739 -22 -212 -160
Treasury Stock		 -6.42 -6.42 -40 -40 -40 -40 -152 -228 -228 -228 -253
Accumulated Other Comprehensive Income / (Loss)		 -2.71 -4.33 -3.70 -5.50 -9.90 -25 -16 3.10 -5.70 -5.20 -7.50

Quarterly Balance Sheets for Emergent Biosolutions

This table presents Emergent Biosolutions' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 1,893 1,804 1,514 1,478 1,426 1,417 1,461 1,320
Total Current Assets		 721 682 655 661 707 720 787 638
Cash & Equivalents		 88 79 70 150 149 267 246 160
Restricted Cash		 - 0.50 1.30 6.50 3.70 3.70 3.70 1.20
Accounts Receivable		 217 234 196 121 204 80 150 122
Inventories, net		 354 333 318 323 314 339 356 328
Prepaid Expenses		 62 37 36 61 30 24 26 27
Plant, Property, & Equipment, net		 395 379 306 278 221 216 210 199
Total Noncurrent Assets		 777 742 553 538 498 482 464 483
Intangible Assets		 583 550 534 518 485 469 453 470
Other Noncurrent Operating Assets		 194 191 19 21 13 13 12 13
Total Liabilities & Shareholders' Equity		 1,893 1,804 1,514 1,478 1,426 1,417 1,461 1,320
Total Liabilities		 1,196 1,140 1,127 969 873 881 879 797
Total Current Liabilities		 664 630 620 230 112 127 137 149
Accounts Payable		 113 100 96 82 58 64 57 40
Accrued Expenses		 17 14 17 16 13 14 14 60
Current Deferred Revenue		 - - - - - - - 12
Current Deferred & Payable Income Tax Liabilities		 - - - - - - - 7.20
Current Employee Benefit Liabilities		 83 42 67 63 25 32 37 22
Other Current Liabilities		 38 15 15 68 11 14 24 8.00
Total Noncurrent Liabilities		 532 510 508 740 762 754 742 649
Long-Term Debt		 448 447 447 662 666 668 663 574
Noncurrent Deferred & Payable Income Tax Liabilities		 52 35 35 42 60 47 36 33
Other Noncurrent Operating Liabilities		 31 28 26 36 35 40 43 42
Total Equity & Noncontrolling Interests		 697 664 386 508 553 536 583 523
Total Preferred & Common Equity		 697 664 386 508 553 536 583 523
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 697 664 386 508 553 536 583 523
Common Stock		 900 910 915 925 931 935 939 945
Retained Earnings		 28 -13 -296 -181 -144 -156 -105 -153
Treasury Stock		 -228 -228 -228 -228 -228 -235 -244 -262
Accumulated Other Comprehensive Income / (Loss)		 -2.60 -5.50 -5.50 -7.30 -6.10 -8.10 -7.50 -6.90

Annual Metrics And Ratios for Emergent Biosolutions

This table displays calculated financial ratios and metrics derived from Emergent Biosolutions' official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 20.98% -0.11% 14.75% 39.49% 41.36% 42.61% 189.81% -99.89% 21,314.29% -75.44% -28.81%
EBITDA Growth		 42.09% -18.08% 16.90% -8.85% 48.54% 144.53% -23.84% -108.03% -1,355.98% 108.92% 494.74%
EBIT Growth		 53.80% -24.61% 17.23% -27.00% 26.70% 282.73% -32.42% -160.67% -255.42% 88.82% 312.83%
NOPAT Growth		 65.82% -30.27% 30.24% -20.20% 16.29% 305.20% -24.08% -148.15% -327.29% 85.04% 183.57%
Net Income Growth		 71.12% -17.61% 59.46% -24.09% -13.08% 461.10% -28.22% -196.40% -259.40% 74.94% 127.60%
EPS Growth		 60.23% -19.86% 51.33% -28.66% -14.75% 446.15% -28.52% -203.94% -251.90% 75.76% 125.83%
Operating Cash Flow Growth		 -62.15% 28.42% 281.14% -79.91% 349.76% 185.59% -40.36% -110.65% -504.99% 128.45% 190.63%
Free Cash Flow Firm Growth		 211.75% -112.11% -425.52% -1,206.91% 104.75% 757.43% -80.04% -652.53% 162.13% 14.79% -22.05%
Invested Capital Growth		 -1.94% 15.43% 25.93% 126.81% 2.29% -1.82% 10.35% 14.64% -35.01% -25.53% -14.92%
Revenue Q/Q Growth		 8.64% 2.19% 8.13% 10.91% 8.82% 66.45% 121.94% -99.89% 2.89% 100.18% 393.29%
EBITDA Q/Q Growth		 6.07% -18.21% 3.89% -15.98% 45.16% 50.01% -6.29% -113.78% -5.72% 492.04% -4.80%
EBIT Q/Q Growth		 6.64% -23.53% 1.62% -31.83% 145.86% 72.18% -8.80% -268.24% -4.13% 46.58% -6.65%
NOPAT Q/Q Growth		 11.73% -26.84% 1.44% -31.93% 276.03% 83.60% -14.79% -355.84% 2.06% 23.99% -25.13%
Net Income Q/Q Growth		 5.42% 8.52% -4.03% -37.33% 1,167.44% 83.66% -3.60% -789.25% 1.92% 79.15% -30.70%
EPS Q/Q Growth		 4.44% -1.74% -8.56% -38.38% 1,385.71% 82.05% -3.79% -1,305.71% 2.43% 11.11% -34.97%
Operating Cash Flow Q/Q Growth		 -76.05% 442.99% 76.41% -85.34% 288.19% 30.00% 34.48% -116.95% -41.69% -65.61% 1,212.31%
Free Cash Flow Firm Q/Q Growth		 83.09% -110.31% -315.50% -2,806.90% 103.74% 51.09% 86.80% -70.30% -4.04% -21.23% 108.60%
Invested Capital Q/Q Growth		 -6.56% 14.77% 30.81% 164.65% -2.42% -0.90% -4.65% -4.20% -4.99% 2.59% -10.96%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 78.03% 74.16% 66.54% 58.81% 60.80% 65.95% 67.27% 100.00% 32.77% 100.00% 56.09%
EBITDA Margin		 36.17% 29.66% 30.22% 19.75% 20.75% 35.58% 9.35% -700.00% -47.59% 3,164.29% 34.98%
Operating Margin		 28.92% 21.58% 22.16% 11.48% 10.32% 27.80% 7.47% -3,469.39% -69.23% -7,764.29% 13.47%
EBIT Margin		 28.95% 21.85% 22.32% 11.68% 10.47% 28.10% 6.55% -3,708.16% -61.55% -5,135.71% 20.77%
Profit (Net Income) Margin		 12.85% 10.60% 14.73% 8.01% 4.93% 19.39% 4.80% -4,318.37% -72.48% -13,614.29% 7.08%
Tax Burden Percent		 46.32% 52.22% 69.65% 76.93% 70.41% 74.24% 72.39% 96.62% 104.01% 133.38% 63.53%
Interest Burden Percent		 95.80% 92.88% 94.73% 89.17% 66.84% 92.94% 101.24% 120.53% 113.22% 198.75% 53.66%
Effective Tax Rate		 32.64% 37.00% 30.35% 23.07% 29.59% 25.76% 27.61% 0.00% 0.00% 0.00% 36.47%
Return on Invested Capital (ROIC)		 18.38% 12.02% 12.93% 5.66% 4.69% 18.97% 13.82% -5.91% -28.66% -6.24% 6.60%
ROIC Less NNEP Spread (ROIC-NNEP)		 55.26% 31.59% 17.62% 3.19% 0.79% 14.57% 3.14% -23.93% -62.00% -23.77% 4.22%
Return on Net Nonoperating Assets (RNNOA)		 -8.02% -3.77% -1.98% 0.86% 0.50% 5.15% 0.53% -8.20% -46.01% -27.43% 3.86%
Return on Equity (ROE)		 10.36% 8.25% 10.95% 6.52% 5.19% 24.12% 14.35% -14.11% -74.67% -33.67% 10.46%
Cash Return on Invested Capital (CROIC)		 20.34% -2.31% -10.03% -71.94% 2.43% 20.81% 3.98% -19.55% 13.79% 23.03% 22.72%
Operating Return on Assets (OROA)		 14.34% 10.64% 12.27% 5.54% 5.08% 17.01% 10.26% -5.93% -25.89% -4.48% 11.39%
Return on Assets (ROA)		 6.36% 5.16% 8.10% 3.80% 2.39% 11.74% 7.52% -6.91% -30.48% -11.86% 3.88%
Return on Common Equity (ROCE)		 10.36% 8.25% 10.95% 6.52% 5.19% 24.12% 14.35% -14.11% -74.67% -33.67% 10.46%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -39.48% 0.00%
Net Operating Profit after Tax (NOPAT)		 95 66 87 69 80 326 247 -119 -508 -76 64
NOPAT Margin		 19.48% 13.60% 15.43% 8.83% 7.26% 20.64% 5.41% -2,428.57% -48.46% -5,435.00% 8.56%
Net Nonoperating Expense Percent (NNEP)		 -36.88% -19.57% -4.69% 2.47% 3.90% 4.41% 10.68% 18.02% 33.34% 17.53% 2.39%
Return On Investment Capital (ROIC_SIMPLE)		 10.51% 7.69% 9.35% 3.83% 4.23% 14.02% 10.08% -4.26% -33.69% -6.64% 5.81%
Cost of Revenue to Revenue		 21.97% 25.84% 33.46% 41.19% 39.20% 34.05% 32.73% 0.00% 67.23% 0.00% 43.91%
SG&A Expenses to Revenue		 24.76% 29.28% 25.48% 25.88% 24.73% 19.28% 38.96% 6,928.57% 35.11% 22,000.00% 25.05%
R&D to Revenue		 24.36% 21.87% 17.36% 18.25% 20.45% 15.08% 5.15% 3,842.86% 10.62% 5,050.00% 7.16%
Operating Expenses to Revenue		 49.11% 52.58% 44.38% 47.33% 50.49% 38.15% 46.30% 12,130.61% 102.00% 33,642.86% 42.62%
Earnings before Interest and Taxes (EBIT)		 142 107 125 91 116 443 300 -182 -646 -72 154
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 177 145 170 155 230 561 427 -34 -499 44 260
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 2.36 2.23 2.11 2.99 2.56 3.28 1.45 0.42 0.19 1.07 1.24
Price to Tangible Book Value (P/TBV)		 2.69 2.55 2.59 0.00 25.55 9.18 2.99 1.34 1.51 0.00 7.54
Price to Revenue (P/Rev)		 3.18 2.72 3.43 3.86 2.52 3.01 0.51 120.24 0.12 370.00 0.87
Price to Earnings (P/E)		 24.78 25.67 23.29 48.17 51.10 15.53 2.93 0.00 0.00 0.00 12.34
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 4.04% 3.89% 4.29% 2.08% 1.96% 6.44% 34.14% 0.00% 0.00% 0.00% 8.10%
Enterprise Value to Invested Capital (EV/IC)		 2.91 2.24 2.35 2.19 1.98 2.94 1.39 0.63 0.62 1.03 1.14
Enterprise Value to Revenue (EV/Rev)		 3.06 2.71 3.13 4.73 3.10 3.17 0.57 276.00 0.83 768.64 1.36
Enterprise Value to EBITDA (EV/EBITDA)		 8.46 9.15 10.37 23.96 14.94 8.91 6.09 0.00 0.00 24.29 3.89
Enterprise Value to EBIT (EV/EBIT)		 10.57 12.42 14.04 40.51 29.61 11.29 8.69 0.00 0.00 0.00 6.56
Enterprise Value to NOPAT (EV/NOPAT)		 15.70 19.96 20.31 53.59 42.67 15.36 10.53 0.00 0.00 0.00 15.92
Enterprise Value to Operating Cash Flow (EV/OCF)		 35.20 24.30 8.45 88.57 18.24 9.32 8.13 0.00 0.00 18.33 5.93
Enterprise Value to Free Cash Flow (EV/FCFF)		 14.19 0.00 0.00 0.00 82.33 14.01 36.54 0.00 3.57 3.83 4.62
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.37 0.45 0.01 0.79 0.75 0.60 0.52 1.01 1.32 1.37 1.09
Long-Term Debt to Equity		 0.37 0.42 0.01 0.78 0.73 0.58 0.50 0.32 0.69 1.37 1.09
Financial Leverage		 -0.15 -0.12 -0.11 0.27 0.63 0.35 0.17 0.34 0.74 1.15 0.92
Leverage Ratio		 1.63 1.60 1.35 1.72 2.17 2.06 1.91 2.04 2.45 2.84 2.69
Compound Leverage Factor		 1.56 1.48 1.28 1.53 1.45 1.91 1.93 2.46 2.77 5.64 1.45
Debt to Total Capital		 27.22% 31.02% 1.46% 44.01% 42.70% 37.68% 34.29% 50.32% 56.99% 57.89% 52.26%
Short-Term Debt to Total Capital		 0.00% 2.31% 0.00% 0.56% 0.68% 1.46% 1.29% 34.27% 27.41% 0.00% 0.00%
Long-Term Debt to Total Capital		 27.22% 28.70% 1.46% 43.45% 42.03% 36.22% 33.00% 16.06% 29.58% 57.89% 52.26%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 72.78% 68.98% 98.54% 55.99% 57.30% 62.32% 65.71% 49.68% 43.01% 42.11% 47.74%
Debt to EBITDA		 1.39 1.85 0.08 5.14 3.54 1.56 1.97 -40.99 -1.72 14.98 2.20
Net Debt to EBITDA		 -0.35 -0.02 -0.98 4.42 2.80 0.45 0.62 -22.25 -1.50 12.60 1.40
Long-Term Debt to EBITDA		 1.39 1.71 0.08 5.08 3.48 1.50 1.89 -13.08 -0.89 14.98 2.20
Debt to NOPAT		 2.59 4.03 0.16 11.50 10.10 2.69 3.40 -11.81 -1.69 -8.72 9.00
Net Debt to NOPAT		 -0.64 -0.05 -1.92 9.87 8.01 0.78 1.07 -6.41 -1.47 -7.33 5.71
Long-Term Debt to NOPAT		 2.59 3.73 0.16 11.36 9.94 2.58 3.27 -3.77 -0.88 -8.72 9.00
Altman Z-Score		 4.38 3.87 9.09 2.43 2.48 3.73 3.74 0.33 -0.53 0.34 1.75
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 5.40 4.82 4.85 3.10 3.17 3.11 3.40 0.98 1.04 3.69 5.01
Quick Ratio		 4.24 3.87 3.22 1.87 2.03 2.22 2.29 0.65 0.46 1.56 2.19
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 105 -13 -67 -878 42 357 71 -394 245 281 219
Operating Cash Flow to CapEx		 94.88% 71.65% 157.18% 60.14% 216.34% 378.37% 142.88% -9.49% -399.81% 391.33% 0.00%
Free Cash Flow to Firm to Interest Expense		 16.17 -1.68 -10.17 -88.64 1.08 11.41 2.07 0.00 2.86 0.00 3.06
Operating Cash Flow to Interest Expense		 6.52 7.18 31.53 4.22 4.90 17.15 9.28 0.00 -2.42 0.00 2.39
Operating Cash Flow Less CapEx to Interest Expense		 -0.35 -2.84 11.47 -2.80 2.63 12.62 2.79 0.00 -3.02 0.00 2.73
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.50 0.49 0.55 0.47 0.49 0.61 1.57 0.00 0.42 0.00 0.55
Accounts Receivable Turnover		 5.67 3.87 3.98 3.85 4.15 6.29 17.93 0.02 5.99 0.01 6.22
Inventory Turnover		 1.70 1.87 1.73 1.85 2.02 2.03 4.59 0.00 2.08 0.00 1.00
Fixed Asset Turnover		 1.52 1.39 1.43 1.71 2.10 2.66 6.33 0.01 1.75 0.00 3.12
Accounts Payable Turnover		 2.72 3.48 4.91 5.26 4.94 4.65 11.29 0.00 6.54 0.00 5.60
Days Sales Outstanding (DSO)		 64.42 94.23 91.81 94.75 87.98 58.04 20.35 16,316.99 60.91 45,038.39 58.64
Days Inventory Outstanding (DIO)		 214.89 194.91 210.80 197.39 180.31 179.95 79.47 0.00 175.83 0.00 366.51
Days Payable Outstanding (DPO)		 133.96 104.93 74.33 69.36 73.88 78.47 32.32 0.00 55.81 0.00 65.18
Cash Conversion Cycle (CCC)		 145.35 184.21 228.28 222.78 194.41 159.52 67.50 16,316.99 180.93 45,038.39 359.97
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 514 593 747 1,693 1,732 1,700 1,876 2,151 1,398 1,041 886
Invested Capital Turnover		 0.94 0.88 0.84 0.64 0.65 0.92 2.56 0.00 0.59 0.00 0.77
Increase / (Decrease) in Invested Capital		 -10 79 154 947 39 -32 176 275 -753 -357 -155
Enterprise Value (EV)		 1,497 1,327 1,758 3,702 3,428 5,002 2,603 1,352 873 1,076 1,012
Market Capitalization		 1,558 1,330 1,924 3,020 2,785 4,749 2,339 589 125 518 649
Book Value per Share		 $16.95 $14.72 $22.04 $19.84 $21.09 $27.30 $29.95 $27.82 $12.51 $8.91 $9.95
Tangible Book Value per Share		 $14.85 $12.87 $17.96 ($0.20) $2.11 $9.76 $14.54 $8.83 $1.59 ($0.35) $1.64
Total Capital		 907 864 926 1,806 1,900 2,322 2,453 2,794 1,510 1,147 1,095
Total Debt		 247 268 14 795 811 875 841 1,406 860 664 572
Total Long-Term Debt		 247 248 14 785 798 841 809 449 447 664 572
Net Debt		 -61 -3.42 -166 682 643 253 265 763 749 558 363
Capital Expenditures (CapEx)		 45 76 132 70 87 142 224 360 52 15 -24
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 129 153 206 318 315 224 351 296 330 331 321
Debt-free Net Working Capital (DFNWC)		 438 424 385 431 483 845 928 939 442 436 530
Net Working Capital (NWC)		 438 404 385 420 470 811 896 -19 28 436 530
Net Nonoperating Expense (NNE)		 32 15 3.97 6.39 26 20 28 93 252 115 11
Net Nonoperating Obligations (NNO)		 -146 -3.42 -166 682 643 253 265 763 749 558 363
Total Depreciation and Amortization (D&A)		 35 38 44 63 114 118 128 147 146 116 106
Debt-free, Cash-free Net Working Capital to Revenue		 26.46% 31.27% 36.73% 40.66% 28.46% 14.18% 7.68% 6,044.90% 31.47% 23,621.43% 43.24%
Debt-free Net Working Capital to Revenue		 89.47% 86.82% 68.69% 55.02% 43.65% 53.59% 20.29% 19,159.18% 42.11% 31,164.29% 71.38%
Net Working Capital to Revenue		 89.47% 82.73% 68.69% 53.73% 42.49% 51.44% 19.60% -377.55% 2.69% 31,164.29% 71.38%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $1.53 $1.29 $1.98 $1.25 $1.06 $5.79 $4.32 $0.00 ($14.85) ($3.60) $0.98
Adjusted Weighted Average Basic Shares Outstanding		 41.25M 40.18M 41.82M 50.10M 51.50M 52.70M 53.50M 0.00 51.20M 53M 53.50M
Adjusted Diluted Earnings per Share		 $1.32 $1.13 $1.71 $1.22 $1.04 $5.67 $4.27 $0.00 ($14.85) ($3.60) $0.93
Adjusted Weighted Average Diluted Shares Outstanding		 50.50M 49.34M 50.33M 51.40M 52.40M 53.80M 54.10M 0.00 51.20M 53M 56.70M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 40.69M 49.49M 51.20M 52M 53.30M 50.50M 0.00 52.20M 54.34M 51.77M
Normalized Net Operating Profit after Tax (NOPAT)		 95 66 87 69 80 326 277 -114 -141 -57 71
Normalized NOPAT Margin		 19.48% 13.60% 15.43% 8.83% 7.26% 20.64% 6.07% -2,332.86% -13.44% -4,075.00% 9.60%
Pre Tax Income Margin		 27.74% 20.29% 21.14% 10.42% 7.00% 26.11% 6.63% -4,469.39% -69.68% -10,207.14% 11.15%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 21.72 14.05 18.97 9.23 3.02 14.16 8.68 0.00 -7.56 0.00 2.16
NOPAT to Interest Expense		 14.61 8.75 13.12 6.98 2.09 10.40 7.16 0.00 -5.95 0.00 0.89
EBIT Less CapEx to Interest Expense		 14.85 4.03 -1.09 2.21 0.75 9.63 2.19 0.00 -8.17 0.00 2.50
NOPAT Less CapEx to Interest Expense		 7.74 -1.28 -6.94 -0.04 -0.17 5.87 0.67 0.00 -6.56 0.00 1.23
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.16% 0.00% 40.07% 0.16% 0.00% 0.00% 48.29% -38.80% 0.00% 0.00% 47.34%

Quarterly Metrics And Ratios for Emergent Biosolutions

This table displays calculated financial ratios and metrics derived from Emergent Biosolutions' official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 51,807,027.00 51,884,398.00 52,203,433.00 52,401,850.00 52,906,624.00 - 54,337,026.00 54,277,827.00 53,351,099.00 - 51,770,857.00
DEI Adjusted Shares Outstanding		 51,807,027.00 51,884,398.00 52,203,433.00 52,401,850.00 52,906,624.00 - 54,337,026.00 54,277,827.00 53,351,099.00 - 51,770,857.00
DEI Earnings Per Adjusted Shares Outstanding		 -3.31 -7.64 0.17 -5.40 2.17 - 1.25 -0.22 0.96 - 0.13
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 116.47% 3.76% -2.37% -73.96% -43.42% 44.43% -26.03% -44.68% -21.34% -23.63% -29.75%
EBITDA Growth		 -736.61% -171.97% 166.48% -55.14% 180.19% 138.31% 89.75% 111.19% -42.08% -84.46% -63.21%
EBIT Growth		 -319.42% -48.86% 125.51% -37.62% 161.21% 83.05% 195.05% 99.15% -51.69% -77.61% -77.28%
NOPAT Growth		 -434.44% 25.89% 128.65% 30.52% 130.68% 78.31% 23.65% 100.79% 30.77% -193.68% -85.44%
Net Income Growth		 -202.41% 23.14% 104.83% -8.30% 143.58% 1,461.82% 655.56% 95.76% -55.40% -74.44% -90.00%
EPS Growth		 -190.29% 29.13% 104.58% -4.26% 140.55% 50.00% 600.00% 95.91% -55.83% -111.11% -94.12%
Operating Cash Flow Growth		 181.08% -65.41% 65.98% 141.52% 156.17% -348.91% 82.11% 124.00% -101.50% 197.25% -201.79%
Free Cash Flow Firm Growth		 295.41% 328.57% 558.99% 11,280.10% -15.88% -51.52% -11.20% -52.92% -82.70% -61.24% -70.97%
Invested Capital Growth		 -34.48% -35.01% -24.81% -34.84% -31.04% -25.53% -28.61% -19.27% -1.97% -14.92% -12.13%
Revenue Q/Q Growth		 -46.90% -245.52% 116.70% -15.21% 15.35% -277.62% 14.12% -36.59% 64.02% -35.66% 4.98%
EBITDA Q/Q Growth		 -55.00% 79.91% 277.11% -398.74% 180.11% -90.96% 812.84% -82.38% 314.71% -97.67% 2,060.87%
EBIT Q/Q Growth		 -37.62% 68.32% 148.21% -776.37% 161.21% -108.49% 901.49% -101.96% 3,566.67% -132.69% 202.52%
NOPAT Q/Q Growth		 17.34% 81.91% 196.55% -581.20% 136.50% -112.79% 650.44% -96.94% 5,971.43% -128.72% 127.28%
Net Income Q/Q Growth		 -0.77% 81.21% 118.18% -3,245.56% 140.55% 487.20% 317.25% -117.65% 526.67% -206.64% 112.45%
EPS Q/Q Growth		 1.55% 82.28% 118.89% -3,264.71% 138.29% -121.84% 364.44% -118.49% 513.64% -204.40% 107.37%
Operating Cash Flow Q/Q Growth		 152.45% -46.50% -295.02% 175.88% 223.58% -151.98% 85.98% 1,050.00% -102.16% 3,478.26% -143.50%
Free Cash Flow Firm Q/Q Growth		 14,399.52% 19.48% -27.81% -9.00% 7.17% -31.13% 32.22% -51.76% -60.61% 54.28% -0.99%
Invested Capital Q/Q Growth		 -16.92% -4.99% 6.65% -22.60% -12.07% 2.59% 2.25% -12.47% 6.76% -10.96% 5.60%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 31.91% 0.00% 51.86% -16.25% 58.27% 0.00% 60.17% 52.52% 62.83% 42.91% 53.88%
EBITDA Margin		 -40.92% 0.00% 23.70% -83.51% 58.00% 0.00% 60.80% 16.89% 42.71% 1.55% 31.84%
Operating Margin		 -46.62% 0.00% 13.25% -79.90% 21.95% 0.00% 22.46% 1.14% 33.10% -18.76% 6.73%
EBIT Margin		 -47.41% 0.00% 12.12% -96.66% 51.29% 0.00% 48.33% -1.49% 31.50% -16.01% 15.63%
Profit (Net Income) Margin		 -50.72% 0.00% 3.00% -111.15% 39.07% 0.00% 30.60% -8.52% 22.15% -36.72% 4.36%
Tax Burden Percent		 99.06% 90.83% 74.38% 104.93% 80.62% -2,442.39% 73.35% 71.43% 88.89% 107.69% 50.75%
Interest Burden Percent		 108.00% 69.87% 33.24% 109.59% 94.49% 215.63% 86.31% 800.00% 79.12% 213.03% 54.92%
Effective Tax Rate		 0.00% 0.00% 25.62% 0.00% 19.38% 0.00% 26.65% 0.00% 11.11% 0.00% 49.25%
Return on Invested Capital (ROIC)		 -17.91% 0.00% 0.00% 0.00% 0.00% 0.00% 12.45% 0.00% 0.00% -10.13% 2.31%
ROIC Less NNEP Spread (ROIC-NNEP)		 -29.75% 0.00% 0.00% 0.00% 0.00% 0.00% 17.14% 0.00% 0.00% -17.74% 2.63%
Return on Net Nonoperating Assets (RNNOA)		 -22.16% 0.00% 0.00% 0.00% 0.00% 0.00% 18.86% 0.00% 0.00% -16.26% 2.26%
Return on Equity (ROE)		 -40.07% 0.00% -60.57% -87.44% -34.64% 0.00% 31.31% 30.24% 13.92% -26.39% 4.57%
Cash Return on Invested Capital (CROIC)		 13.72% 13.79% 6.60% 20.67% 28.68% 23.03% 27.98% 28.79% 10.45% 22.72% -2.01%
Operating Return on Assets (OROA)		 -20.19% 0.00% 0.00% 0.00% 0.00% 0.00% 28.90% 0.00% 0.00% -8.78% 7.70%
Return on Assets (ROA)		 -21.60% 0.00% 0.00% 0.00% 0.00% 0.00% 18.30% 0.00% 0.00% -20.14% 2.15%
Return on Common Equity (ROCE)		 -40.07% 0.00% -60.57% -87.44% -34.64% 0.00% 31.31% 30.24% 13.92% -26.39% 4.57%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -169 -31 30 -142 52 -6.65 37 1.12 68 -20 5.33
NOPAT Margin		 -32.63% 0.00% 9.85% -55.93% 17.70% 0.00% 16.47% 0.79% 29.42% -13.13% 3.41%
Net Nonoperating Expense Percent (NNEP)		 11.84% 2.49% 2.56% 17.78% -9.81% -104.20% -4.69% 2.26% 3.66% 7.61% -0.32%
Return On Investment Capital (ROIC_SIMPLE)		 -10.87% -2.03% 1.89% -11.41% 4.44% -0.58% 3.00% 0.09% 5.46% -1.78% 0.49%
Cost of Revenue to Revenue		 68.09% 0.00% 48.14% 116.25% 41.73% 0.00% 39.83% 47.48% 37.17% 57.09% 46.12%
SG&A Expenses to Revenue		 16.56% 0.00% 28.20% 33.73% 26.07% 0.00% 23.58% 31.01% 16.83% 34.36% 29.85%
R&D to Revenue		 2.95% 0.00% 5.03% 12.84% 4.70% 0.00% 6.80% 8.87% 5.84% 8.14% 6.73%
Operating Expenses to Revenue		 64.66% 0.00% 38.62% 63.64% 36.32% 0.00% 37.71% 51.38% 29.73% 61.67% 47.15%
Earnings before Interest and Taxes (EBIT)		 -246 -78 36 -246 151 -13 107 -2.10 73 -24 24
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -213 -43 71 -213 170 15 135 24 99 2.30 50
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.25 0.19 0.20 0.93 0.87 1.07 0.48 0.65 0.81 1.24 0.82
Price to Tangible Book Value (P/TBV)		 1.54 1.51 1.16 0.00 0.00 0.00 3.91 5.15 3.63 7.54 8.15
Price to Revenue (P/Rev)		 0.17 0.12 0.00 0.00 0.00 370.00 0.27 0.00 0.00 0.87 0.63
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 12.34 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 8.10% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.65 0.62 0.64 1.00 0.93 1.03 0.73 0.80 0.89 1.14 0.90
Enterprise Value to Revenue (EV/Rev)		 0.93 0.83 0.00 0.00 0.00 768.64 0.80 0.00 0.00 1.36 1.24
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 24.29 7.22 2.16 3.24 3.89 4.82
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 3.06 5.35 6.56 11.81
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 9.54 10.41 15.92 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 14.92 5.55 18.33 7.06 4.40 68.04 5.93 5.69
Enterprise Value to Free Cash Flow (EV/FCFF)		 3.73 3.57 8.37 3.80 2.66 3.83 2.17 2.48 8.43 4.62 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 1.24 1.32 1.36 2.23 1.30 1.37 1.20 1.25 1.14 1.09 1.10
Long-Term Debt to Equity		 0.64 0.69 0.67 1.16 1.30 1.37 1.20 1.25 1.14 1.09 1.10
Financial Leverage		 0.74 0.74 0.86 1.18 1.06 1.15 1.10 1.26 0.84 0.92 0.86
Leverage Ratio		 2.25 2.45 2.55 2.75 2.80 2.84 2.65 3.18 2.69 2.69 2.55
Compound Leverage Factor		 2.43 1.71 0.85 3.01 2.64 6.12 2.29 25.41 2.13 5.74 1.40
Debt to Total Capital		 55.28% 56.99% 57.71% 69.06% 56.58% 57.89% 54.64% 55.47% 53.24% 52.26% 52.30%
Short-Term Debt to Total Capital		 26.53% 27.41% 29.25% 33.26% 0.07% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 28.75% 29.58% 28.46% 35.80% 56.52% 57.89% 54.64% 55.47% 53.24% 52.26% 52.30%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 44.72% 43.01% 42.29% 30.94% 43.42% 42.11% 45.36% 44.53% 46.76% 47.74% 47.70%
Debt to EBITDA		 -1.82 -1.72 -2.84 -2.19 -58.64 14.98 6.19 1.94 2.43 2.20 3.29
Net Debt to EBITDA		 -1.64 -1.50 -2.60 -2.01 -44.80 12.60 4.77 1.15 1.52 1.40 2.36
Long-Term Debt to EBITDA		 -0.95 -0.89 -1.40 -1.13 -58.57 14.98 6.19 1.94 2.43 2.20 3.29
Debt to NOPAT		 -1.66 -1.69 -2.40 -2.74 -6.62 -8.72 -9.65 8.57 7.81 9.00 -3.85
Net Debt to NOPAT		 -1.49 -1.47 -2.19 -2.51 -5.06 -7.33 -7.43 5.09 4.87 5.71 -2.76
Long-Term Debt to NOPAT		 -0.86 -0.88 -1.18 -1.42 -6.61 -8.72 -9.65 8.57 7.81 9.00 -3.85
Altman Z-Score		 0.25 0.50 0.16 -1.07 0.15 0.48 1.47 0.44 0.75 1.31 1.18
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 1.09 1.04 1.08 1.06 2.88 3.69 6.32 5.66 5.76 5.01 4.29
Quick Ratio		 0.46 0.46 0.50 0.43 1.18 1.56 3.15 2.73 2.89 2.19 1.90
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 605 722 522 475 509 350 463 223 88 136 134
Operating Cash Flow to CapEx		 476.19% 281.58% -579.63% 1,032.61% 0.00% -5,707.14% 0.00% 3,800.00% -67.65% 1,992.31% -1,408.33%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 21.46 20.11 61.28 0.00 31.50 15.20 5.79 5.05 12.22
Operating Cash Flow to Interest Expense		 0.00 0.00 -2.58 2.01 18.52 0.00 -0.76 7.24 -0.15 2.89 -3.07
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 -3.02 1.82 18.73 0.00 1.59 7.05 -0.38 2.74 -3.29
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.43 0.42 0.00 0.00 0.00 0.00 0.60 0.00 0.00 0.55 0.49
Accounts Receivable Turnover		 5.03 5.99 0.00 0.00 0.00 0.01 4.42 0.00 0.00 6.22 4.16
Inventory Turnover		 0.94 2.08 0.00 0.00 0.00 0.00 1.93 0.00 0.00 1.00 0.97
Fixed Asset Turnover		 1.70 1.75 0.00 0.00 0.00 0.00 3.22 0.00 0.00 3.12 3.22
Accounts Payable Turnover		 3.88 6.54 0.00 0.00 0.00 0.00 7.90 0.00 0.00 5.60 6.35
Days Sales Outstanding (DSO)		 72.60 60.91 0.00 0.00 0.00 45,038.39 82.65 0.00 0.00 58.64 87.72
Days Inventory Outstanding (DIO)		 388.19 175.83 0.00 0.00 0.00 0.00 188.98 0.00 0.00 366.51 378.08
Days Payable Outstanding (DPO)		 94.02 55.81 0.00 0.00 0.00 0.00 46.21 0.00 0.00 65.18 57.51
Cash Conversion Cycle (CCC)		 366.77 180.93 0.00 0.00 0.00 45,038.39 225.42 0.00 0.00 359.97 408.29
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 1,471 1,398 1,491 1,154 1,015 1,041 1,064 932 995 886 935
Invested Capital Turnover		 0.55 0.59 0.00 0.00 0.00 0.00 0.76 0.00 0.00 0.77 0.68
Increase / (Decrease) in Invested Capital		 -774 -753 -492 -617 -457 -357 -427 -222 -20 -155 -129
Enterprise Value (EV)		 950 873 959 1,149 948 1,076 777 743 884 1,012 842
Market Capitalization		 176 125 132 357 442 518 264 346 471 649 430
Book Value per Share		 $13.46 $12.51 $12.72 $7.37 $9.61 $8.91 $10.17 $9.88 $10.92 $9.95 $10.10
Tangible Book Value per Share		 $2.21 $1.59 $2.17 ($2.82) ($0.18) ($0.35) $1.24 $1.24 $2.43 $1.64 $1.02
Total Capital		 1,559 1,510 1,570 1,249 1,171 1,147 1,218 1,204 1,246 1,095 1,097
Total Debt		 862 860 906 862 663 664 666 668 663 572 574
Total Long-Term Debt		 448 447 447 447 662 664 666 668 663 572 574
Net Debt		 774 749 827 791 506 558 513 397 414 363 412
Capital Expenditures (CapEx)		 13 11 11 4.60 -1.80 1.40 -35 2.80 3.40 3.90 2.40
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 383 330 432 379 276 331 442 321 401 321 327
Debt-free Net Working Capital (DFNWC)		 470 442 511 450 432 436 595 592 650 530 489
Net Working Capital (NWC)		 57 28 52 35 432 436 595 592 650 530 489
Net Nonoperating Expense (NNE)		 94 19 21 141 -63 -681 -31 13 17 35 -1.47
Net Nonoperating Obligations (NNO)		 774 749 827 768 506 558 512 395 412 363 412
Total Depreciation and Amortization (D&A)		 34 35 35 34 20 28 28 26 26 26 25
Debt-free, Cash-free Net Working Capital to Revenue		 37.52% 31.47% 0.00% 0.00% 0.00% 23,621.43% 45.79% 0.00% 0.00% 43.24% 48.37%
Debt-free Net Working Capital to Revenue		 46.13% 42.11% 0.00% 0.00% 0.00% 31,164.29% 61.62% 0.00% 0.00% 71.38% 72.24%
Net Working Capital to Revenue		 5.57% 2.69% 0.00% 0.00% 0.00% 31,164.29% 61.62% 0.00% 0.00% 71.38% 72.24%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($5.08) ($0.90) $0.17 ($5.38) $2.16 ($0.55) $1.25 ($0.22) $0.96 ($1.01) $0.13
Adjusted Weighted Average Basic Shares Outstanding		 51.80M 51.20M 52.20M 52.60M 53.10M 53M 54.40M 54.20M 53.20M 53.50M 51.90M
Adjusted Diluted Earnings per Share		 ($5.08) ($0.90) $0.17 ($5.38) $2.06 ($0.45) $1.19 ($0.22) $0.91 ($0.95) $0.07
Adjusted Weighted Average Diluted Shares Outstanding		 51.80M 51.20M 52.20M 52.60M 55.60M 53M 57.30M 54.20M 56.50M 56.70M 56.50M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 51.88M 52.20M 52.40M 52.91M 54.18M 54.34M 54.28M 53.35M 52.52M 51.77M 51.60M
Normalized Net Operating Profit after Tax (NOPAT)		 -17 -31 30 -123 52 -6.65 37 1.12 68 -20 5.33
Normalized NOPAT Margin		 -3.22% 0.00% 9.85% -48.45% 17.70% 0.00% 16.47% 0.79% 29.42% -13.13% 3.41%
Pre Tax Income Margin		 -51.20% 0.00% 4.03% -105.93% 48.47% 0.00% 41.72% -11.92% 24.92% -34.10% 8.58%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 1.50 -10.43 18.16 0.00 7.31 -0.14 4.79 -0.88 2.22
NOPAT to Interest Expense		 0.00 0.00 1.22 -6.04 6.26 0.00 2.49 0.08 4.47 -0.73 0.48
EBIT Less CapEx to Interest Expense		 0.00 0.00 1.05 -10.63 18.37 0.00 9.65 -0.33 4.57 -1.03 2.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.77 -6.23 6.48 0.00 4.84 -0.11 4.25 -0.87 0.27
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 4.95% 20.82% 47.34% -394.19%

Financials Breakdown Chart

Key Financial Trends

Emergent BioSolutions (NYSE:EBS) shows a mixed but improving short-term operating picture, while the balance sheet remains heavily leveraged and cash flow is still uneven. Revenue and profits improved sharply in Q1 2026 versus the weak Q4 2025 period, but the company is still dealing with a large debt load, volatile operating cash flow, and a long multi-quarter history of earnings swings.

What stands out positively is that Q1 2026 revenue reached $156.1 million and net income was $6.8 million, a big rebound from the prior quarter’s $54.6 million loss. Gross margin also looked solid in the quarter, with $84.1 million of gross profit on $156.1 million of revenue. Management also kept operating expenses below gross profit, generating $10.5 million of operating income.

That said, the cash flow profile remains a concern. Despite the return to profitability, Q1 2026 operating cash flow was negative $33.8 million because working capital changes absorbed $56.3 million. The quarter also ended with a net cash decline of $47.6 million. This suggests earnings quality is not yet strong and cash generation can still swing sharply from quarter to quarter.

On the balance sheet, Emergent ended Q1 2026 with $160.3 million in cash and equivalents against $797.3 million in total liabilities, including $573.6 million of long-term debt. Current assets of $637.6 million exceeded current liabilities of $148.7 million, which is a positive liquidity sign, but the debt burden remains substantial relative to equity and earnings power.

Over the last several quarters, the company has been highly volatile. In 2025, EBS moved from a strong Q1 and Q3 to a weak Q2 and a loss in Q4. Revenue trends were also choppy, with quarterly sales falling from $300.4 million in Q1 2024 to $156.1 million in Q1 2026. This kind of volatility makes the stock more dependent on execution, product mix, and large non-operating items.

  • Q1 2026 returned to profitability with $6.8 million in net income, reversing the Q4 2025 loss.
  • Operating income improved to $10.5 million in Q1 2026 after a $27.9 million loss in Q4 2025.
  • Gross profit was $84.1 million on $156.1 million of revenue in Q1 2026, indicating healthy gross margin.
  • Current assets of $637.6 million exceeded current liabilities of $148.7 million at the end of Q1 2026.
  • Long-term debt fell from $663.1 million in Q3 2025 to $573.6 million in Q1 2026, showing some deleveraging.
  • Revenue remains volatile quarter to quarter, with a wide swing from $300.4 million in Q1 2024 to $156.1 million in Q1 2026.
  • The company still carries a large amount of intangible assets on the balance sheet, which can be vulnerable to write-downs.
  • Operating cash flow was negative $33.8 million in Q1 2026 despite positive net income.
  • Cash and equivalents fell to $160.3 million from $245.5 million in Q3 2025.
  • Total liabilities of $797.3 million remain heavy relative to equity of $523.1 million, leaving the company meaningfully leveraged.

Bottom line: EBS showed meaningful near-term operating improvement in Q1 2026, but the story is still one of turnaround execution rather than consistency. Investors should watch whether the company can sustain positive operating income and convert earnings into durable cash flow while continuing to reduce debt.

07/18/26 01:22 AM ETAI Generated. May Contain Errors.

Emergent Biosolutions Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Emergent Biosolutions' fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Emergent Biosolutions' net income appears to be on an upward trend, with a most recent value of $52.60 million in 2025, falling from $62.87 million in 2015. The previous period was -$190.60 million in 2024. See where experts think Emergent Biosolutions is headed by visiting Emergent Biosolutions' forecast page.

Emergent Biosolutions' total operating income in 2025 was $100.10 million, based on the following breakdown:
  • Total Gross Profit: $416.70 million
  • Total Operating Expenses: $316.60 million

Over the last 10 years, Emergent Biosolutions' total revenue changed from $489.33 million in 2015 to $742.90 million in 2025, a change of 51.8%.

Emergent Biosolutions' total liabilities were at $796 million at the end of 2025, a 12.2% decrease from 2024, and a 110.9% increase since 2015.

In the past 10 years, Emergent Biosolutions' cash and equivalents has ranged from $99.50 million in 2024 to $642.60 million in 2022, and is currently $205.40 million as of their latest financial filing in 2025.

Over the last 10 years, Emergent Biosolutions' book value per share changed from 16.95 in 2015 to 9.95 in 2025, a change of -41.3%.


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Financial statements for NYSE:EBS last updated on 7/2/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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