Emergent BioSolutions Inc.
EBS NYSE Pharmaceutical Preparations Financials FY2016–FY2025
Revenue
Total sales reported in the income statement.
$743M
28.8%
vs prior year
Operating margin
Operating income as a share of revenue.
13.5%
23.9 pts
Net income
Profit after all expenses, interest and tax.
$52.6M
Free cash flow
Cash from operations minus capital spending.
$157M
338.0%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
7.2%
15.1 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On −$3.46 EPS (TTM)
What Emergent BioSolutions Inc. does
No business description yet.
- Legal name
- Emergent BioSolutions Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 27, 2026
- Accession · CIK
- 0001367644-26-000015
0001367644
Revenue and margins
Emergent BioSolutions Inc. had $743M of revenue in fiscal 2025, down 28.8% on the year before.
FY16
Revenue $489M
FY17
Revenue $561M
FY18
Revenue $782M
FY19
Revenue $1.1B
FY20
Revenue $1.6B
FY21
Revenue $1.8B
FY22
Revenue $1.1B
FY23
Revenue $1.0B
FY24
Revenue $1.0B
FY25
Revenue $743M
Q3 '23
Revenue $271M
Q4 '23
Revenue $277M
Q1 '24
Revenue $300M
Q2 '24
Revenue $255M
Q3 '24
Revenue $294M
Q4 '24
Revenue $195M
Q1 '25
Revenue $222M
Q2 '25
Revenue $141M
Q3 '25
Revenue $231M
Q4 '25
Revenue $149M
Q1 '26
Revenue $156M
Q2 '26
Revenue $234M
FY16
Gross 74.2%
Operating 21.6%
Net 10.6%
FCF −4.4%
FY17
Gross 66.5%
Operating 22.2%
Net 14.7%
FCF 27.3%
FY18
Gross 58.8%
Operating 11.5%
Net 8.0%
FCF −3.9%
FY19
Gross 60.8%
Operating 10.3%
Net 4.9%
FCF 9.1%
FY20
Gross 58.7%
Operating 27.8%
Net 19.4%
FCF 25.0%
FY21
Gross 50.3%
Operating 19.2%
Net 12.4%
FCF 5.4%
FY22
Gross 34.3%
Operating −15.2%
Net −18.9%
FCF −13.4%
FY23
Gross 30.3%
Operating −69.2%
Net −72.5%
FCF −24.6%
FY24
Gross 34.7%
Operating −10.4%
Net −18.3%
FCF 3.4%
FY25
Gross 56.1%
Operating 13.5%
Net 7.1%
FCF 21.1%
Gross
Operating
Net
FCF
Q3 '23
Gross 32.2%
Operating −89.5%
Net −97.4%
FCF 17.5%
Q4 '23
Gross 30.7%
Operating −15.8%
Net −17.9%
FCF 7.5%
Q1 '24
Gross 49.2%
Operating 13.2%
Net 3.0%
FCF −24.4%
Q2 '24
Gross −18.8%
Operating −79.9%
Net −111.2%
FCF 16.8%
Q3 '24
Gross 54.9%
Operating 22.0%
Net 39.1%
FCF 50.3%
Q4 '24
Gross 39.4%
Operating −4.9%
Net −16.1%
FCF −41.9%
Q1 '25
Gross 60.2%
Operating 22.5%
Net 30.6%
FCF −6.7%
Q2 '25
Gross 52.5%
Operating 1.1%
Net −8.5%
FCF 73.5%
Q3 '25
Gross 62.8%
Operating 33.1%
Net 22.2%
FCF −2.5%
Q4 '25
Gross 42.9%
Operating −18.8%
Net −36.7%
FCF 49.6%
Q1 '26
Gross 53.9%
Operating 6.7%
Net 4.4%
FCF −23.2%
Q2 '26
Gross 58.6%
Operating −53.4%
Net −76.9%
FCF 23.0%
Gross
Operating
Net
FCF
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew −2.1% a year. Loss periods are shown in red.
FY16
Net income $51.8M
FY17
Net income $82.6M
FY18
Net income $62.7M
FY19
Net income $54.5M
FY20
Net income $306M
FY21
Net income $220M
FY22
Net income −$212M
FY23
Net income −$761M
FY24
Net income −$191M
FY25
Net income $52.6M
Q3 '23
Net income −$263M
Q4 '23
Net income −$49.5M
Q1 '24
Net income $9.0M
Q2 '24
Net income −$283M
Q3 '24
Net income $115M
Q4 '24
Net income −$31.3M
Q1 '25
Net income $68.0M
Q2 '25
Net income −$12.0M
Q3 '25
Net income $51.2M
Q4 '25
Net income −$54.6M
Q1 '26
Net income $6.8M
Q2 '26
Net income −$180M
FY16
Diluted EPS $1.13
FY17
Diluted EPS $1.71
FY18
Diluted EPS $1.22
FY19
Diluted EPS $1.04
FY20
Diluted EPS $5.68
FY21
Diluted EPS $4.06
FY22
Diluted EPS −$4.22
FY23
Diluted EPS −$14.85
FY24
Diluted EPS −$3.60
FY25
Diluted EPS $0.93
Q3 '23
Diluted EPS −$5.08
Q4 '23
Diluted EPS −$0.90
Q1 '24
Diluted EPS $0.17
Q2 '24
Diluted EPS −$5.38
Q3 '24
Diluted EPS $2.06
Q4 '24
Diluted EPS −$0.45
Q1 '25
Diluted EPS $1.19
Q2 '25
Diluted EPS −$0.22
Q3 '25
Diluted EPS $0.91
Q4 '25
Diluted EPS −$0.95
Q1 '26
Diluted EPS $0.07
Q2 '26
Diluted EPS −$3.49
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY16
Return on capital 12.0%
Return on equity 8.7%
Return on assets 5.3%
FY17
Return on capital 11.6%
Return on equity 11.0%
Return on assets 8.1%
FY18
Return on capital 4.0%
Return on equity 6.5%
Return on assets 3.8%
FY19
Return on capital 4.6%
Return on equity 5.2%
Return on assets 2.4%
FY20
Return on capital 19.0%
Return on equity 24.1%
Return on assets 11.7%
FY21
Return on capital 13.1%
Return on equity 14.3%
Return on assets 7.5%
FY22
Return on capital −6.2%
Return on equity −14.1%
Return on assets −6.9%
FY23
Return on capital −40.8%
Return on equity −74.7%
Return on assets −30.5%
FY24
Return on capital −7.9%
Return on equity −33.7%
Return on assets −11.9%
FY25
Return on capital 7.2%
Return on equity 10.5%
Return on assets 3.9%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was $157M in fiscal 2025, 21.1% of revenue. Cash from operations minus capital spending.
FY16
Free cash flow −$21.6M
FY17
Free cash flow $153M
FY18
Free cash flow −$30.3M
FY19
Free cash flow $101M
FY20
Free cash flow $395M
FY21
Free cash flow $96.1M
FY22
Free cash flow −$150M
FY23
Free cash flow −$258M
FY24
Free cash flow $35.8M
FY25
Free cash flow $157M
Q3 '23
Free cash flow $47.4M
Q4 '23
Free cash flow $20.7M
Q1 '24
Free cash flow −$73.4M
Q2 '24
Free cash flow $42.9M
Q3 '24
Free cash flow $148M
Q4 '24
Free cash flow −$81.6M
Q1 '25
Free cash flow −$14.8M
Q2 '25
Free cash flow $104M
Q3 '25
Free cash flow −$5.7M
Q4 '25
Free cash flow $73.8M
Q1 '26
Free cash flow −$36.2M
Q2 '26
Free cash flow $54.0M
FY16
Cash from operations $54.6M
Capital spending $76.2M
FY17
Cash from operations $208M
Capital spending $54.8M
FY18
Cash from operations $41.8M
Capital spending $72.1M
FY19
Cash from operations $188M
Capital spending $86.9M
FY20
Cash from operations $537M
Capital spending $142M
FY21
Cash from operations $320M
Capital spending $224M
FY22
Cash from operations −$34.1M
Capital spending $116M
FY23
Cash from operations −$206M
Capital spending $51.6M
FY24
Cash from operations $58.7M
Capital spending $22.9M
FY25
Cash from operations $171M
Capital spending $13.8M
Cash from operations
Capital spending
Q3 '23
Cash from operations $60.0M
Capital spending $12.6M
Q4 '23
Cash from operations $32.1M
Capital spending $11.4M
Q1 '24
Cash from operations −$62.6M
Capital spending $10.8M
Q2 '24
Cash from operations $47.5M
Capital spending $4.6M
Q3 '24
Cash from operations $154M
Capital spending $5.8M
Q4 '24
Cash from operations −$79.9M
Capital spending $1.7M
Q1 '25
Cash from operations −$11.2M
Capital spending $3.6M
Q2 '25
Cash from operations $106M
Capital spending $2.9M
Q3 '25
Cash from operations −$2.3M
Capital spending $3.4M
Q4 '25
Cash from operations $77.7M
Capital spending $3.9M
Q1 '26
Cash from operations −$33.8M
Capital spending $2.4M
Q2 '26
Cash from operations $56.1M
Capital spending $2.1M
Cash from operations
Capital spending
Dividends, buybacks and share count
Emergent BioSolutions Inc. returned $24.9M to shareholders in fiscal 2025, 16% of free cash flow. The diluted share count rose 7.0%.
FY16
Dividends —
Buybacks $0.0M
FY17
Dividends —
Buybacks $33.1M
FY18
Dividends —
Buybacks $0.1M
FY19
Dividends —
Buybacks $0.0M
FY20
Dividends —
Buybacks $0.0M
FY21
Dividends —
Buybacks $106M
FY22
Dividends —
Buybacks $82.1M
FY23
Dividends —
Buybacks $0.0M
FY24
Dividends —
Buybacks $0.0M
FY25
Dividends —
Buybacks $24.9M
Dividends
Buybacks
Q3 '23
Dividends —
Buybacks $0.0M
Q4 '23
Dividends —
Buybacks $0.0M
Q1 '24
Dividends —
Buybacks —
Q2 '24
Dividends —
Buybacks —
Q3 '24
Dividends —
Buybacks $0.0M
Q4 '24
Dividends —
Buybacks $0.0M
Q1 '25
Dividends —
Buybacks $0.0M
Q2 '25
Dividends —
Buybacks $6.9M
Q3 '25
Dividends —
Buybacks $8.9M
Q4 '25
Dividends —
Buybacks $9.1M
Q1 '26
Dividends —
Buybacks $9.0M
Q2 '26
Dividends —
Buybacks $9.0M
Dividends
Buybacks
FY16
Diluted shares 0.05B
FY17
Diluted shares 0.05B
FY18
Diluted shares 0.05B
FY19
Diluted shares 0.05B
FY20
Diluted shares 0.05B
FY21
Diluted shares 0.05B
FY22
Diluted shares 0.05B
FY23
Diluted shares 0.05B
FY24
Diluted shares 0.05B
FY25
Diluted shares 0.06B
Balance sheet
Cash, debt and the ratios that show how comfortably Emergent BioSolutions Inc. can carry it.
FY16
Cash $272M
Debt $248M
FY17
Cash $178M
Debt $13.6M
FY18
Cash $112M
Debt $809M
FY19
Cash $168M
Debt $823M
FY20
Cash $621M
Debt $886M
FY21
Cash $576M
Debt $850M
FY22
Cash $643M
Debt $1.4B
FY23
Cash $112M
Debt $868M
FY24
Cash $99.5M
Debt $700M
FY25
Cash $205M
Debt $590M
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $576M | $643M | $112M | $99.5M | $205M |
| Debt incl. finance leases | $850M | $1.4B | $868M | $700M | $590M |
| Net debt / EBITDA | 0.6x | — | — | 6,005.0x | 2.0x |
| Debt / equity | 0.5x | 1.0x | 1.3x | 1.4x | 1.1x |
| Interest coverage | 9.9x | −4.6x | −8.3x | −1.5x | 1.7x |
| Current ratio | 3.4x | 1.0x | 1.0x | 3.7x | 5.0x |
| Quick ratio | 2.5x | 0.7x | 0.5x | 1.8x | 2.4x |
| Total assets | $3.0B | $3.2B | $1.8B | $1.4B | $1.3B |
| Total liabilities | $1.3B | $1.8B | $1.2B | $907M | $796M |
| Shareholders' equity | $1.6B | $1.4B | $649M | $483M | $523M |
| Net debt (− = net cash) | $274M | $771M | $757M | $601M | $384M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✕ | ✕ | ✕ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✕ | ✕ | ✓ | ✓ |
| Return on assets rose | — | ✓ | ✕ | ✕ | ✓ | ✕ | ✕ | ✕ | ✓ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✕ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | ✓ | ✕ | ✓ | ✓ | ✓ | ✕ | ✕ | ✕ | ✓ |
| Current ratio rose | — | ✓ | ✕ | ✓ | ✕ | ✓ | ✕ | ✓ | ✓ | ✓ |
| Share count didn't rise | — | ✕ | ✕ | ✕ | ✕ | ✕ | ✓ | ✕ | ✕ | ✕ |
| Gross margin rose | — | ✕ | ✕ | ✓ | ✕ | ✕ | ✕ | ✕ | ✓ | ✓ |
| Revenue rose relative to assets | — | ✓ | ✕ | ✓ | ✓ | ✓ | ✕ | ✓ | ✓ | ✕ |
| F-score | — / 3 | 7 / 9 | 2 / 9 | 7 / 9 | 6 / 9 | 6 / 9 | 2 / 9 | 3 / 9 | 6 / 9 | 7 / 9 |
| Accruals ratio | −0.3% | −12.3% | 1.3% | −5.9% | −8.9% | −3.4% | −5.8% | −22.2% | −15.5% | −8.7% |
| Altman Z'' | 5.99 | 10.24 | 2.92 | 3.17 | 4.75 | 5.07 | 1.18 | −2.03 | 1.59 | 3.44 |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $489M | $561M | $782M | $1.1B | $1.6B | $1.8B | $1.1B | $1.0B | $1.0B | $743M |
| Gross profit | $363M | $373M | $460M | $673M | $925M | $891M | $383M | $318M | $362M | $417M |
| Research and development | $107M | $97.4M | $143M | $226M | $238M | $235M | $188M | $111M | $70.7M | $53.2M |
| Operating income | $106M | $124M | $89.8M | $114M | $439M | $341M | −$170M | −$726M | −$109M | $100M |
| Interest expense | $7.6M | $6.6M | $9.9M | $38.4M | $31.3M | $34.5M | $37.3M | $87.9M | $71.0M | $59.3M |
| Pretax income | $99.2M | $119M | $81.5M | $77.4M | $412M | $303M | −$219M | −$731M | −$143M | $82.8M |
| Income tax | $36.7M | $36.0M | $18.8M | $22.9M | $106M | $83.7M | −$7.4M | $29.3M | $47.7M | $30.2M |
| Net income | $51.8M | $82.6M | $62.7M | $54.5M | $306M | $220M | −$212M | −$761M | −$191M | $52.6M |
| Diluted EPS | $1.13 | $1.71 | $1.22 | $1.04 | $5.68 | $4.06 | −$4.22 | −$14.85 | −$3.60 | $0.93 |
| Diluted shares | 0.05B | 0.05B | 0.05B | 0.05B | 0.05B | 0.05B | 0.05B | 0.05B | 0.05B | 0.06B |
| Cash flow | ||||||||||
| Cash from operations | $54.6M | $208M | $41.8M | $188M | $537M | $320M | −$34.1M | −$206M | $58.7M | $171M |
| Capital expenditure | $76.2M | $54.8M | $72.1M | $86.9M | $142M | $224M | $116M | $51.6M | $22.9M | $13.8M |
| Free cash flow | −$21.6M | $153M | −$30.3M | $101M | $395M | $96.1M | −$150M | −$258M | $35.8M | $157M |
| Depreciation and amortization | $28.0M | $32.2M | $36.3M | $49.5M | $50.1M | $124M | $143M | $125M | $109M | $95.8M |
| Stock-based compensation | $18.5M | $15.2M | $23.2M | $26.7M | $51.8M | $42.4M | $45.1M | $23.1M | $18.0M | $16.2M |
| Acquisitions | $0.0M | $118M | $828M | $0.0M | $0.0M | — | — | — | — | — |
| Share buybacks | $0.0M | $33.1M | $0.1M | $0.0M | $0.0M | $106M | $82.1M | $0.0M | $0.0M | $24.9M |
| Dividends and buybacks | $0.0M | $33.1M | $0.1M | $0.0M | $0.0M | $106M | $82.1M | $0.0M | $0.0M | $24.9M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $272M | $178M | $112M | $168M | $621M | $576M | $643M | $112M | $99.5M | $205M |
| Total debt | $248M | $13.6M | $809M | $823M | $886M | $850M | $1.4B | $868M | $700M | $590M |
| Current assets | $510M | $485M | $621M | $686M | $1.2B | $1.3B | $1.2B | $680M | $599M | $663M |
| Current liabilities | $106M | $100M | $200M | $216M | $385M | $374M | $1.2B | $651M | $162M | $132M |
| Inventory | $74.0M | $143M | $206M | $223M | $307M | $345M | $351M | $329M | $312M | $343M |
| Property and equipment, net | $376M | $407M | $510M | $542M | $644M | $800M | $818M | $383M | $271M | $205M |
| Goodwill | $41.0M | $49.1M | $260M | $267M | $267M | $225M | $218M | $0.0M | $0.0M | $0.0M |
| Intangible assets | $33.9M | $120M | $762M | $713M | $663M | $605M | $729M | $567M | $502M | $437M |
| Total assets | $970M | $1.1B | $2.2B | $2.3B | $2.9B | $3.0B | $3.2B | $1.8B | $1.4B | $1.3B |
| Total liabilities | $374M | $158M | $1.2B | $1.2B | $1.4B | $1.3B | $1.8B | $1.2B | $907M | $796M |
| Preferred stock | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Shareholders' equity | $596M | $912M | $1.0B | $1.1B | $1.5B | $1.6B | $1.4B | $649M | $483M | $523M |
| Margins | ||||||||||
| Gross margin | 74.2% | 66.5% | 58.8% | 60.8% | 58.7% | 50.3% | 34.3% | 30.3% | 34.7% | 56.1% |
| Operating margin | 21.6% | 22.2% | 11.5% | 10.3% | 27.8% | 19.2% | −15.2% | −69.2% | −10.4% | 13.5% |
| EBITDA margin | 27.3% | 27.9% | 16.1% | 14.8% | 31.0% | 26.2% | −2.4% | −57.3% | 0.0% | 26.4% |
| Net margin | 10.6% | 14.7% | 8.0% | 4.9% | 19.4% | 12.4% | −18.9% | −72.5% | −18.3% | 7.1% |
| FCF margin | −4.4% | 27.3% | −3.9% | 9.1% | 25.0% | 5.4% | −13.4% | −24.6% | 3.4% | 21.1% |
| Returns | ||||||||||
| Return on capital | 12.0% | 11.6% | 4.0% | 4.6% | 19.0% | 13.1% | −6.2% | −40.8% | −7.9% | 7.2% |
| Return on capital employed | 12.2% | 12.8% | 4.4% | 5.4% | 17.5% | 13.2% | −8.8% | −62.0% | −8.9% | 8.4% |
| Return on equity | 8.7% | 11.0% | 6.5% | 5.2% | 24.1% | 14.3% | −14.1% | −74.7% | −33.7% | 10.5% |
| Return on assets | 5.3% | 8.1% | 3.8% | 2.4% | 11.7% | 7.5% | −6.9% | −30.5% | −11.9% | 3.9% |
| Return on tangible equity | 9.9% | 11.1% | — | 48.7% | 58.7% | 28.1% | −48.0% | −919.6% | — | 61.1% |
| Growth | ||||||||||
| Revenue growth | — | 14.8% | 39.5% | 41.4% | 42.6% | 12.4% | −37.0% | −6.1% | −0.5% | −28.8% |
| Net income growth | — | 59.5% | −24.1% | −13.1% | 461.1% | −28.2% | −196.4% | — | — | — |
| EPS growth | — | 51.3% | −28.7% | −14.8% | 446.2% | −28.5% | −203.9% | — | — | — |
| FCF growth | — | — | −119.8% | — | 290.7% | −75.7% | −256.0% | — | — | 338.0% |
| Share count change | — | 2.0% | 2.2% | 1.9% | 2.7% | 0.6% | −7.4% | 2.2% | 3.5% | 7.0% |
| Financial health | ||||||||||
| Net debt / EBITDA | −0.2x | −1.1x | 5.5x | 4.0x | 0.5x | 0.6x | — | — | 6,005.0x | 2.0x |
| Debt / equity | 0.4x | 0.0x | 0.8x | 0.8x | 0.6x | 0.5x | 1.0x | 1.3x | 1.4x | 1.1x |
| Interest coverage | 13.9x | 18.8x | 9.1x | 3.0x | 14.0x | 9.9x | −4.6x | −8.3x | −1.5x | 1.7x |
| Current ratio | 4.8x | 4.8x | 3.1x | 3.2x | 3.1x | 3.4x | 1.0x | 1.0x | 3.7x | 5.0x |
| Quick ratio | 4.1x | 3.4x | 2.1x | 2.1x | 2.3x | 2.5x | 0.7x | 0.5x | 1.8x | 2.4x |
| Capital allocation | ||||||||||
| Capex / revenue | 15.6% | 9.8% | 9.2% | 7.9% | 9.0% | 12.6% | 10.4% | 4.9% | 2.2% | 1.9% |
| Stock comp / revenue | 3.8% | 2.7% | 3.0% | 2.4% | 3.3% | 2.4% | 4.0% | 2.2% | 1.7% | 2.2% |
| Payouts / FCF | — | 21.6% | — | 0.0% | 0.0% | 110.3% | — | — | 0.0% | 15.9% |
| Quality scores | ||||||||||
| Piotroski F-score | — | 7.0 | 2.0 | 7.0 | 6.0 | 6.0 | 2.0 | 3.0 | 6.0 | 7.0 |
| Altman Z'' | 6.0 | 10.2 | 2.9 | 3.2 | 4.8 | 5.1 | 1.2 | −2.0 | 1.6 | 3.4 |
| Accruals ratio | −0.3% | −12.3% | 1.3% | −5.9% | −8.9% | −3.4% | −5.8% | −22.2% | −15.5% | −8.7% |
Source: SEC EDGAR XBRL filings (CIK 0001367644). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.