Emergent BioSolutions Inc.
EBSHealthcare|Drug Manufacturers - Specialty & Generic|US
$6.06
+0.21 (+3.59%)
DCF Value
$3.57
Tangible Book / Share
$1.18
Cash / Share
$3.42
Financials
Financial Snapshot
Market Cap
$310.7M
Enterprise Value
$642.7M
Revenue (TTM)
$649.1M
Net Income (TTM)
-$260.7M
Cash & Investments
$175.7M
Net Cash
-$332.0M
Free Cash Flow (TTM)
$188.4M
Operating CF (TTM)
$200.1M
Debt/Equity
1.62
Cash Runway & Burn Rate
Company is cash-flow positive.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $271.5M | $178.3M | $112.2M | $168.0M | $621.3M | $576.3M | $642.6M | $111.7M | $99.5M | $205.4M | $175.7M | |
| Operating Cash Flow | $53.5M | $208.1M | $41.8M | $188.0M | $536.9M | $321.1M | -$34.1M | -$206.3M | $58.7M | $170.6M | $200.1M | |
| Free Cash Flow | -$22.8M | $153.3M | -$30.3M | $101.1M | $395.0M | $96.1M | -$149.9M | -$257.9M | $35.8M | $156.8M | $188.4M | |
| Capital Expenditure | -$76.3M | -$54.8M | -$72.1M | -$86.9M | -$141.9M | -$225.0M | -$115.8M | -$51.6M | -$22.9M | -$13.8M | -$11.7M | |
| Financing Cash Flow | -$18.6M | -$51.4M | $788.7M | -$35.9M | $69.5M | -$141.0M | $481.2M | -$535.7M | -$190.0M | -$136.6M | -$218.4M |
R&D Spending
R&D (TTM)
$41.2M
R&D Intensity
6.3%
R&D Growth vs Prior
-23.4%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $488.8M | $560.9M | $782.4M | $1.11B | $1.58B | $1.77B | $1.12B | $1.05B | $1.04B | $742.9M | $649.1M | |
| R&D Expense | $106.9M | $97.4M | $142.8M | $226.2M | $237.9M | $235.2M | $188.3M | $111.4M | $70.7M | $53.8M | $41.2M | |
| R&D % of Revenue | 21.9% | 17.4% | 18.3% | 20.5% | 15.1% | 13.3% | 16.9% | 10.6% | 6.8% | 7.2% | 6.3% | |
| SG&A | $143.1M | $142.9M | $202.5M | $273.5M | $304.1M | $348.7M | $339.5M | $356.7M | $298.7M | $186.6M | $188.8M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $488.8M | $560.9M | $782.4M | $1.11B | $1.58B | $1.77B | $1.12B | $1.05B | $1.04B | $742.9M | $649.1M | |
| Cost of Revenue | $244.0M | $277.3M | $462.0M | $622.9M | $714.2M | $980.4M | $644.5M | $689.3M | $668.2M | $392.3M | $379.1M | |
| Gross Profit | $244.8M | $283.6M | $320.4M | $483.1M | $863.1M | $793.2M | $473.0M | $360.0M | $375.4M | $350.6M | $270.0M | |
| R&D | $106.9M | $97.4M | $142.8M | $226.2M | $237.9M | $235.2M | $188.3M | $111.4M | $70.7M | $53.8M | $41.2M | |
| SG&A | $143.1M | $142.9M | $202.5M | $273.5M | $304.1M | $348.7M | $339.5M | $356.7M | $298.7M | $186.6M | $188.8M | |
| Operating Income | $105.5M | $124.3M | $89.8M | $114.1M | $438.5M | $341.4M | -$170.0M | -$726.4M | -$108.7M | $110.2M | -$168.5M | |
| Interest Expense | $7.6M | $6.6M | $9.9M | $38.4M | $31.3M | $34.5M | $37.3M | $87.9M | $71.0M | $59.3M | $45.4M | |
| Pretax Income | $99.2M | $118.6M | $81.5M | $77.4M | $411.9M | $303.2M | -$219.0M | -$731.2M | -$142.9M | $82.8M | -$240.0M | |
| Net Income | $51.8M | $82.6M | $62.7M | $54.5M | $305.8M | $219.5M | -$211.6M | -$760.5M | -$190.6M | $52.6M | -$260.7M | |
| EPS (Diluted) | 1.13 | 1.71 | 1.22 | 1.04 | 5.67 | 4.06 | -4.22 | -14.85 | -3.60 | 0.93 | -5.10 | |
| EBITDA | $132.9M | $174.7M | $155.1M | $261.6M | $613.7M | $509.8M | $34.0M | -$43.0M | $56.6M | $237.9M | -$117.2M | |
| Shares Out. (M) | 49.34 | 50.33 | 51.40 | 52.40 | 53.80 | 54.10 | 50.10 | 51.20 | 53.00 | 56.70 | 51.30 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $271.5M | $178.3M | $112.2M | $168.0M | $621.3M | $576.3M | $642.6M | $111.7M | $99.5M | $205.4M | $175.7M | |
| Short-Term Investments | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Current Assets | $510.2M | $485.4M | $620.8M | $686.2M | $1.20B | $1.27B | $1.21B | $679.5M | $598.7M | $662.5M | $558.2M | |
| Total Assets | $970.1M | $1.07B | $2.23B | $2.33B | $2.88B | $2.96B | $3.17B | $1.82B | $1.39B | $1.32B | $995.2M | |
| Total Current Liabilities | $105.9M | $100.1M | $200.4M | $216.3M | $384.5M | $374.0M | $1.23B | $651.3M | $162.4M | $132.2M | $122.0M | |
| Long-Term Debt | $248.1M | $13.5M | $784.5M | $798.4M | $850.3M | $809.4M | $448.5M | $446.5M | $663.7M | $572.1M | $507.7M | |
| Total Liabilities | $373.9M | $157.9M | $1.22B | $1.24B | $1.44B | $1.35B | $1.78B | $1.17B | $906.9M | $796.0M | $682.0M | |
| Stockholders' Equity | $596.2M | $912.3M | $1.01B | $1.09B | $1.45B | $1.61B | $1.39B | $649.3M | $482.8M | $522.6M | $313.2M | |
| Retained Earnings | $254.5M | $337.1M | $367.3M | $421.8M | $726.9M | $950.3M | $738.7M | -$21.8M | -$212.4M | -$159.8M | -$365.9M |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $53.5M | $208.1M | $41.8M | $188.0M | $536.9M | $321.1M | -$34.1M | -$206.3M | $58.7M | $170.6M | $200.1M | |
| Capital Expenditure | -$76.3M | -$54.8M | -$72.1M | -$86.9M | -$141.9M | -$225.0M | -$115.8M | -$51.6M | -$22.9M | -$13.8M | -$11.7M | |
| Free Cash Flow | -$22.8M | $153.3M | -$30.3M | $101.1M | $395.0M | $96.1M | -$149.9M | -$257.9M | $35.8M | $156.8M | $188.4M | |
| Investing Cash Flow | -$76.3M | -$249.9M | -$897.2M | -$96.9M | -$151.9M | -$225.0M | -$381.3M | $212.3M | $125.2M | $69.4M | -$54.0M | |
| Financing Cash Flow | -$18.6M | -$51.4M | $788.7M | -$35.9M | $69.5M | -$141.0M | $481.2M | -$535.7M | -$190.0M | -$136.6M | -$218.4M | |
| Issuance of Stock | $17.1M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $8.4M | $9.3M | $2.2M | $2.7M | |
| Repurchase of Stock | -$1.1M | -$33.1M | -$100.0K | $0.00 | $0.00 | -$106.0M | -$82.1M | $0.00 | $0.00 | -$24.9M | -$27.2M | |
| Net Debt Issuance | $0.00 | -$20.0M | $795.2M | $13.7M | $62.9M | -$35.9M | $564.2M | -$543.4M | -$198.4M | -$112.5M | -$190.1M | |
| Stock Based Comp. | $18.5M | $15.2M | $23.2M | $26.7M | $51.8M | $42.4M | $45.1M | $23.1M | $18.0M | $16.2M | $18.3M | |
| Net Change in Cash | -$41.3M | -$93.2M | -$66.9M | $55.6M | $453.5M | -$45.2M | $66.3M | -$530.9M | -$6.1M | $103.5M | -$72.3M |
Dilution Tracker
Shares Outstanding
51M
5-Year Share Growth
+5.4%
Stock Issuance (TTM)
$2.7M
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 49.34 | 50.33 | 51.40 | 52.40 | 53.80 | 54.10 | 50.10 | 51.20 | 53.00 | 56.70 | 51.30 | |
| Change vs Prior % | — | 2.0% | 2.1% | 1.9% | 2.7% | 0.6% | -7.4% | 2.2% | 3.5% | 7.0% | -9.5% | |
| Stock Issuance | $17.1M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $8.4M | $9.3M | $2.2M | $2.7M | |
| Stock Repurchase | -$1.1M | -$33.1M | -$100.0K | $0.00 | $0.00 | -$106.0M | -$82.1M | $0.00 | $0.00 | -$24.9M | -$27.2M | |
| Stock Based Comp. | $18.5M | $15.2M | $23.2M | $26.7M | $51.8M | $42.4M | $45.1M | $23.1M | $18.0M | $16.2M | $18.3M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 50.1% | 50.6% | 41.0% | 43.7% | 54.7% | 44.7% | 42.3% | 34.3% | 36.0% | 47.2% | 41.6% | |
| Operating Margin % | 21.6% | 22.2% | 11.5% | 10.3% | 27.8% | 19.2% | -15.2% | -69.2% | -10.4% | 14.8% | -26.0% | |
| Net Margin % | 10.6% | 14.7% | 8.0% | 4.9% | 19.4% | 12.4% | -18.9% | -72.5% | -18.3% | 7.1% | -40.2% | |
| EBITDA Margin % | 27.2% | 31.1% | 19.8% | 23.7% | 38.9% | 28.7% | 3.0% | -4.1% | 5.4% | 32.0% | -18.1% | |
| FCF Margin % | -4.7% | 27.3% | -3.9% | 9.1% | 25.0% | 5.4% | -13.4% | -24.6% | 3.4% | 21.1% | 29.0% | |
| ROE % | 8.7% | 9.1% | 6.2% | 5.0% | 21.1% | 13.6% | -15.2% | -117.1% | -39.5% | 10.1% | -61.3% | |
| ROA % | 5.3% | 7.7% | 2.8% | 2.3% | 10.6% | 7.4% | -6.7% | -41.7% | -13.7% | 4.0% | -26.2% | |
| ROIC % | 7.5% | 8.9% | 3.4% | 3.8% | 12.8% | 9.4% | -5.7% | -45.8% | -8.8% | 5.9% | -19.3% | |
| R&D / Revenue % | 21.9% | 17.4% | 18.3% | 20.5% | 15.1% | 13.3% | 16.9% | 10.6% | 6.8% | 7.2% | 6.3% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | -0.1% | 14.8% | 39.5% | 41.4% | 42.6% | 12.4% | -37.0% | -6.1% | -0.5% | -28.8% | |
| Gross Profit | -10.2% | 15.8% | 13.0% | 50.8% | 78.7% | -8.1% | -40.4% | -23.9% | 4.3% | -6.6% | |
| Operating Income | -25.4% | 17.8% | -27.8% | 27.1% | 284.3% | -22.1% | -149.8% | -327.3% | 85.0% | 201.4% | |
| Net Income | -17.6% | 59.5% | -24.1% | -13.1% | 461.1% | -28.2% | -196.4% | -259.4% | 74.9% | 127.6% | |
| EPS (Diluted) | -19.9% | 51.3% | -28.7% | -14.8% | 445.2% | -28.4% | -203.9% | -251.9% | 75.8% | 125.8% | |
| Operating Cash Flow | 20.3% | 289.1% | -79.9% | 349.8% | 185.6% | -40.2% | -110.6% | -505.0% | 128.5% | 190.6% | |
| Free Cash Flow | -6350.4% | 773.3% | -119.8% | 433.7% | 290.7% | -75.7% | -256.0% | -72.0% | 113.9% | 338.0% | |
| R&D Expense | -10.3% | -8.9% | 46.6% | 58.4% | 5.2% | -1.1% | -19.9% | -40.8% | -36.5% | -23.9% | |
| SG&A Expense | 18.1% | -0.1% | 41.7% | 35.1% | 11.2% | 14.7% | -2.6% | 5.1% | -16.3% | -37.5% | |
| Total Assets | -7.0% | 10.3% | 108.3% | 4.4% | 23.9% | 2.6% | 7.1% | -42.4% | -23.8% | -5.1% | |
| Book Value / Share | -13.2% | 47.1% | -7.5% | 4.7% | 29.9% | 9.7% | -8.0% | -54.2% | -28.2% | 7.2% | |
| Debt | 6.0% | -95.0% | 5804.7% | 5.3% | 10.3% | -5.6% | 63.8% | -39.7% | -21.4% | -15.4% | |
| Diluted Shares | 4.4% | 2.0% | 2.1% | 1.9% | 2.7% | 0.6% | -7.4% | 2.2% | 3.5% | 7.0% |
Valuation
P/E (TTM)At Loss
10Y Low / Med / High10.60 / 23.47 / 50.90
P/S0.48
10Y Low / Med / High0.12 / 2.51 / 3.80
P/B0.99
10Y Low / Med / High0.19 / 2.13 / 3.26
EV/EBITDAAt Loss
10Y Low / Med / High4.32 / 10.18 / 40.46
EV/Revenue0.99
10Y Low / Med / High0.83 / 2.69 / 4.67
P/FCF1.65
10Y Low / Med / High4.22 / 14.15 / 27.48
Intrinsic Value Models (per share)
DCF Value
$3.57
Tangible Book / Share
$1.18
Cash / Share
$3.42
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | 25.46 | 23.47 | 47.42 | 50.90 | 15.47 | 10.60 | -2.80 | -0.16 | -2.66 | 12.61 | -1.20 | |
| P/S Ratio | 2.70 | 3.46 | 3.80 | 2.51 | 2.99 | 1.31 | 0.53 | 0.12 | 0.49 | 0.89 | 0.48 | |
| P/B Ratio | 2.21 | 2.13 | 2.94 | 2.55 | 3.26 | 1.44 | 0.43 | 0.19 | 1.05 | 1.27 | 0.99 | |
| EV/EBITDA | 9.90 | 10.18 | 23.55 | 13.18 | 8.19 | 5.14 | 40.46 | -20.26 | 19.14 | 4.32 | -5.48 | |
| EV/Revenue | 2.69 | 3.17 | 4.67 | 3.12 | 3.18 | 1.48 | 1.23 | 0.83 | 1.04 | 1.38 | 0.99 |
Analyst Estimates & Quality
Altman Z-Score
0.26
Distress
Piotroski F-Score
4
Moderate
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $646.8M | $703.3M | $628.1M |
| Net Income | $15.6M | $59.4M | $89.0M |
| EPS | $0.29 | $1.05 | $1.57 |
| # Analysts (EPS) | 2 | 1 | 1 |
Revenue Segments
By Product
| Segment | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Contract Development And Manufacturing | $450.5M | $634.6M | $113.3M | $78.5M | $104.9M | — |
| Contracts and Grants | $115.1M | $134.2M | $41.4M | $26.3M | $30.0M | $37.7M |
| Product | $989.8M | $1.02B | $966.2M | $944.5M | $908.7M | $705.2M |
By Geography
| Segment | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Non-US | $566.9M | $894.9M | — | — | — | — |
| UNITED STATES | $988.5M | $897.8M | $889.5M | — | — | $531.1M |
| CANADA | — | — | $148.6M | — | — | $75.0M |
| Other Geographical Area | — | — | $82.8M | — | — | $136.8M |
| Services Segment | — | — | — | $78.5M | $104.9M | — |