GeneDx Holdings Corp.
WGS Nasdaq Services-Health Services Financials FY2019–FY2025
Revenue
Total sales reported in the income statement.
$428M
40.0%
vs prior year
Operating margin
Operating income as a share of revenue.
−3.1%
4.5 pts
Net income
Profit after all expenses, interest and tax.
−$21.0M
Free cash flow
Cash from operations minus capital spending.
$14.3M
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
−5.4%
6.1 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 −$3.62 EPS (TTM)
What GeneDx Holdings Corp. does
No business description yet.
- Legal name
- GeneDx Holdings Corp.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 23, 2026
- Accession · CIK
- 0001818331-26-000015
0001818331
Revenue and margins
GeneDx Holdings Corp. had $428M of revenue in fiscal 2025, up 40.0% on the year before.
FY19
Revenue $196M
FY20
Revenue $179M
FY21
Revenue $212M
FY22
Revenue $235M
FY23
Revenue $203M
FY24
Revenue $305M
FY25
Revenue $428M
Q3 '23
Revenue $53.3M
Q4 '23
Revenue $57.4M
Q1 '24
Revenue $62.4M
Q2 '24
Revenue $70.5M
Q3 '24
Revenue $76.9M
Q4 '24
Revenue $95.6M
Q1 '25
Revenue $87.1M
Q2 '25
Revenue $103M
Q3 '25
Revenue $117M
Q4 '25
Revenue $121M
Q1 '26
Revenue $102M
Q2 '26
Revenue $114M
FY19
Gross 42.2%
Operating −15.5%
Net −15.1%
FCF −15.6%
FY20
Gross 2.2%
Operating −134.9%
Net −134.6%
FCF −65.4%
FY21
Gross −7.8%
Operating −210.3%
Net −115.6%
FCF −94.2%
FY22
Gross −11.4%
Operating −284.5%
Net −233.9%
FCF −139.0%
FY23
Gross 44.4%
Operating −89.2%
Net −86.8%
FCF −91.5%
FY24
Gross 63.6%
Operating −7.6%
Net −17.1%
FCF −11.1%
FY25
Gross 69.7%
Operating −3.1%
Net −4.9%
FCF 3.3%
Gross
Operating
Net
FCF
Q3 '23
Gross 47.4%
Operating −80.6%
Net −79.3%
FCF −77.6%
Q4 '23
Gross 53.6%
Operating −44.7%
Net −44.9%
FCF −56.1%
Q1 '24
Gross 59.9%
Operating −21.9%
Net −32.4%
FCF −27.0%
Q2 '24
Gross 60.9%
Operating −15.0%
Net −41.4%
FCF −8.3%
Q3 '24
Gross 62.2%
Operating −10.1%
Net −10.8%
FCF −6.6%
Q4 '24
Gross 69.2%
Operating 9.2%
Net 5.7%
FCF −6.5%
Q1 '25
Gross 67.1%
Operating −5.2%
Net −7.5%
FCF 4.7%
Q2 '25
Gross 69.0%
Operating 8.7%
Net 10.5%
FCF 7.8%
Q3 '25
Gross 72.4%
Operating −2.8%
Net −6.5%
FCF 8.2%
Q4 '25
Gross 69.6%
Operating −11.8%
Net −14.6%
FCF −6.1%
Q1 '26
Gross 66.7%
Operating −56.2%
Net −61.9%
FCF −38.0%
Q2 '26
Gross 68.4%
Operating −15.3%
Net −15.5%
FCF −34.2%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY19
Net income −$29.7M
FY20
Net income −$241M
FY21
Net income −$245M
FY22
Net income −$549M
FY23
Net income −$176M
FY24
Net income −$52.3M
FY25
Net income −$21.0M
Q3 '23
Net income −$42.3M
Q4 '23
Net income −$25.8M
Q1 '24
Net income −$20.2M
Q2 '24
Net income −$29.2M
Q3 '24
Net income −$8.3M
Q4 '24
Net income $5.4M
Q1 '25
Net income −$6.5M
Q2 '25
Net income $10.8M
Q3 '25
Net income −$7.6M
Q4 '25
Net income −$17.7M
Q1 '26
Net income −$63.3M
Q2 '26
Net income −$17.7M
FY19
Diluted EPS −$264,056.00
FY20
Diluted EPS −$47,036.00
FY21
Diluted EPS −$2.27
FY22
Diluted EPS −$53.63
FY23
Diluted EPS −$7.23
FY24
Diluted EPS −$1.94
FY25
Diluted EPS −$0.73
Q3 '23
Diluted EPS −$1.64
Q4 '23
Diluted EPS −$0.71
Q1 '24
Diluted EPS −$0.78
Q2 '24
Diluted EPS −$1.10
Q3 '24
Diluted EPS −$0.31
Q4 '24
Diluted EPS $0.25
Q1 '25
Diluted EPS −$0.23
Q2 '25
Diluted EPS $0.36
Q3 '25
Diluted EPS −$0.27
Q4 '25
Diluted EPS −$0.59
Q1 '26
Diluted EPS −$2.16
Q2 '26
Diluted EPS −$0.60
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY19
Return on capital —
Return on equity —
Return on assets —
FY20
Return on capital —
Return on equity —
Return on assets −95.9%
FY21
Return on capital —
Return on equity −845.4%
Return on assets −60.9%
FY22
Return on capital −374.7%
Return on equity −171.1%
Return on assets −105.1%
FY23
Return on capital −92.6%
Return on equity −73.0%
Return on assets −38.6%
FY24
Return on capital −11.5%
Return on equity −22.1%
Return on assets −12.5%
FY25
Return on capital −5.4%
Return on equity −7.6%
Return on assets −4.5%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was $14.3M in fiscal 2025, 3.3% of revenue. Cash from operations minus capital spending.
FY19
Free cash flow −$30.7M
FY20
Free cash flow −$117M
FY21
Free cash flow −$200M
FY22
Free cash flow −$326M
FY23
Free cash flow −$185M
FY24
Free cash flow −$34.0M
FY25
Free cash flow $14.3M
Q3 '23
Free cash flow −$41.3M
Q4 '23
Free cash flow −$32.2M
Q1 '24
Free cash flow −$16.9M
Q2 '24
Free cash flow −$5.9M
Q3 '24
Free cash flow −$5.0M
Q4 '24
Free cash flow −$6.2M
Q1 '25
Free cash flow $4.1M
Q2 '25
Free cash flow $8.1M
Q3 '25
Free cash flow $9.6M
Q4 '25
Free cash flow −$7.4M
Q1 '26
Free cash flow −$38.9M
Q2 '26
Free cash flow −$39.1M
FY19
Cash from operations −$18.7M
Capital spending $11.9M
FY20
Cash from operations −$93.1M
Capital spending $24.1M
FY21
Cash from operations −$190M
Capital spending $9.4M
FY22
Cash from operations −$319M
Capital spending $7.2M
FY23
Cash from operations −$180M
Capital spending $5.3M
FY24
Cash from operations −$28.5M
Capital spending $5.5M
FY25
Cash from operations $33.3M
Capital spending $19.0M
Cash from operations
Capital spending
Q3 '23
Cash from operations −$41.2M
Capital spending $0.1M
Q4 '23
Cash from operations −$29.9M
Capital spending $2.4M
Q1 '24
Cash from operations −$16.4M
Capital spending $0.4M
Q2 '24
Cash from operations −$4.5M
Capital spending $1.4M
Q3 '24
Cash from operations −$4.4M
Capital spending $0.6M
Q4 '24
Cash from operations −$3.2M
Capital spending $3.1M
Q1 '25
Cash from operations $10.2M
Capital spending $6.1M
Q2 '25
Cash from operations $10.4M
Capital spending $2.4M
Q3 '25
Cash from operations $15.8M
Capital spending $6.2M
Q4 '25
Cash from operations −$3.1M
Capital spending $4.3M
Q1 '26
Cash from operations −$32.4M
Capital spending $6.5M
Q2 '26
Cash from operations −$29.0M
Capital spending $10.1M
Cash from operations
Capital spending
Dividends, buybacks and share count
GeneDx Holdings Corp. returned — to shareholders in fiscal 2025. The diluted share count rose 6.5%.
FY19
Dividends —
Buybacks —
FY20
Dividends —
Buybacks —
FY21
Dividends —
Buybacks —
FY22
Dividends —
Buybacks —
FY23
Dividends —
Buybacks —
FY24
Dividends —
Buybacks —
FY25
Dividends —
Buybacks —
Dividends
Buybacks
FY19
Diluted shares 0.00B
FY20
Diluted shares 0.00B
FY21
Diluted shares 0.11B
FY22
Diluted shares 0.01B
FY23
Diluted shares 0.02B
FY24
Diluted shares 0.03B
FY25
Diluted shares 0.03B
Balance sheet
Cash, debt and the ratios that show how comfortably GeneDx Holdings Corp. can carry it.
FY19
Cash $115M
Debt —
FY20
Cash $108M
Debt $20.7M
FY21
Cash $401M
Debt $11.0M
FY22
Cash $124M
Debt $30.3M
FY23
Cash $130M
Debt $76.1M
FY24
Cash $141M
Debt $74.7M
FY25
Cash $171M
Debt $72.3M
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $401M | $124M | $130M | $141M | $171M |
| Debt incl. finance leases | $11.0M | $30.3M | $76.1M | $74.7M | $72.3M |
| Debt / equity | 0.0x | 0.0x | 0.2x | 0.2x | 0.2x |
| Interest coverage | −157.4x | −208.2x | — | — | — |
| Current ratio | 4.8x | 1.5x | 3.1x | 3.6x | 2.5x |
| Quick ratio | 4.4x | 1.4x | 3.0x | 3.4x | 2.3x |
| Total assets | $554M | $491M | $419M | $419M | $524M |
| Total liabilities | $166M | $237M | $191M | $174M | $216M |
| Shareholders' equity | $388M | $254M | $228M | $245M | $308M |
| Net debt (− = net cash) | −$390M | −$93.7M | −$54.1M | −$66.5M | −$98.9M |
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
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Net income is positive | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ |
| Cash from operations is positive | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✓ |
| Return on assets rose | — | — | ✓ | ✕ | ✓ | ✓ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ | ✓ | ✕ | ✓ | ✓ |
| Debt fell relative to assets | — | — | ✓ | ✕ | ✕ | ✓ | ✓ |
| Current ratio rose | — | — | ✓ | ✕ | ✓ | ✓ | ✕ |
| Share count didn't rise | — | ✕ | ✕ | ✓ | ✕ | ✕ | ✕ |
| Gross margin rose | — | ✕ | ✕ | ✕ | ✓ | ✓ | ✓ |
| Revenue rose relative to assets | — | — | ✕ | ✓ | ✓ | ✓ | ✓ |
| F-score | — / 3 | — / 5 | 4 / 9 | 3 / 9 | 4 / 9 | 6 / 9 | 6 / 9 |
| Accruals ratio | — | −58.9% | −13.6% | −44.0% | 1.0% | −5.7% | −11.5% |
| Altman Z'' | — | −9.52 | −1.82 | −14.57 | −9.83 | −7.17 | −5.22 |
7 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | $196M | $179M | $212M | $235M | $203M | $305M | $428M |
| Net interest income | — | — | — | −$0.7M | $1.1M | — | — |
| Gross profit | $82.8M | $4.0M | −$16.6M | −$26.8M | $90.0M | $194M | $298M |
| Research and development | $34.9M | $72.7M | $105M | $86.2M | $58.3M | $45.7M | $72.0M |
| Operating income | −$30.4M | −$242M | −$446M | −$668M | −$181M | −$23.2M | −$13.1M |
| Interest expense | $0.8M | $2.5M | $2.8M | $3.2M | — | — | — |
| Pretax income | −$29.7M | −$241M | −$245M | −$598M | −$177M | −$52.6M | −$21.1M |
| Income tax | $0.0M | $0.0M | $0.0M | −$49.1M | −$0.9M | −$0.3M | −$0.1M |
| Net income | −$29.7M | −$241M | −$245M | −$549M | −$176M | −$52.3M | −$21.0M |
| Net income to common | −$32.7M | −$241M | −$245M | — | — | — | — |
| Diluted EPS | −$264,056.00 | −$47,036.00 | −$2.27 | −$53.63 | −$7.23 | −$1.94 | −$0.73 |
| Diluted shares | 0.00B | 0.00B | 0.11B | 0.01B | 0.02B | 0.03B | 0.03B |
| Cash flow | |||||||
| Cash from operations | −$18.7M | −$93.1M | −$190M | −$319M | −$180M | −$28.5M | $33.3M |
| Capital expenditure | $11.9M | $24.1M | $9.4M | $7.2M | $5.3M | $5.5M | $19.0M |
| Free cash flow | −$30.7M | −$117M | −$200M | −$326M | −$185M | −$34.0M | $14.3M |
| Depreciation and amortization | $6.4M | $11.7M | $21.8M | $50.0M | $19.7M | $7.9M | $9.6M |
| Stock-based compensation | $5.5M | $120M | $219M | $42.0M | −$0.3M | $9.1M | $32.2M |
| Acquisitions | — | $0.0M | $0.0M | $127M | $12.1M | $0.0M | — |
| Balance sheet | |||||||
| Cash and short-term investments | $115M | $108M | $401M | $124M | $130M | $141M | $171M |
| Total debt | — | $20.7M | $11.0M | $11.0M | $56.3M | $55.8M | $54.5M |
| Finance lease liabilities | — | — | — | $19.3M | $19.8M | $18.9M | $17.8M |
| Current assets | — | $174M | $484M | $213M | $182M | $198M | $268M |
| Current liabilities | — | $73.4M | $101M | $144M | $58.8M | $54.8M | $109M |
| Inventory | — | $25.0M | $33.5M | $13.7M | $8.8M | $10.7M | $14.0M |
| Property and equipment, net | — | $63.1M | $62.7M | $51.5M | $32.5M | $32.9M | $45.7M |
| Goodwill | — | $0.0M | $0.0M | — | — | $0.0M | $13.5M |
| Intangible assets | — | — | $0.0M | $187M | $173M | $159M | $168M |
| Total assets | — | $252M | $554M | $491M | $419M | $419M | $524M |
| Total liabilities | — | $247M | $166M | $237M | $191M | $174M | $216M |
| Preferred stock | — | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Shareholders' equity | −$88.7M | −$330M | $388M | $254M | $228M | $245M | $308M |
| Margins | |||||||
| Gross margin | 42.2% | 2.2% | −7.8% | −11.4% | 44.4% | 63.6% | 69.7% |
| Operating margin | −15.5% | −134.9% | −210.3% | −284.5% | −89.2% | −7.6% | −3.1% |
| EBITDA margin | −12.2% | −128.4% | −200.0% | −263.2% | −79.4% | −5.0% | −0.8% |
| Net margin | −15.1% | −134.6% | −115.6% | −233.9% | −86.8% | −17.1% | −4.9% |
| FCF margin | −15.6% | −65.4% | −94.2% | −139.0% | −91.5% | −11.1% | 3.3% |
| Net interest share of revenue | — | — | — | −0.3% | 0.5% | — | — |
| Returns | |||||||
| Return on capital | — | — | — | −374.7% | −92.6% | −11.5% | −5.4% |
| Return on capital employed | — | −135.8% | −98.5% | −192.6% | −50.2% | −6.4% | −3.2% |
| Return on equity | — | — | −845.4% | −171.1% | −73.0% | −22.1% | −7.6% |
| Return on assets | — | −95.9% | −60.9% | −105.1% | −38.6% | −12.5% | −4.5% |
| Return on tangible equity | — | — | −63.2% | −818.7% | −317.3% | −60.3% | −16.7% |
| Growth | |||||||
| Revenue growth | — | −8.6% | 18.3% | 10.6% | −13.7% | 50.8% | 40.0% |
| Share count change | — | 5,000.0% | 2,119,064.7% | −90.5% | 137.5% | 10.6% | 6.5% |
| Financial health | |||||||
| Debt / equity | — | — | 0.0x | 0.0x | 0.2x | 0.2x | 0.2x |
| Interest coverage | −38.8x | −97.8x | −157.4x | −208.2x | — | — | — |
| Current ratio | — | 2.4x | 4.8x | 1.5x | 3.1x | 3.6x | 2.5x |
| Quick ratio | — | 2.0x | 4.4x | 1.4x | 3.0x | 3.4x | 2.3x |
| Capital allocation | |||||||
| Capex / revenue | 6.1% | 13.4% | 4.4% | 3.0% | 2.6% | 1.8% | 4.4% |
| Stock comp / revenue | 2.8% | 67.0% | 103.4% | 17.9% | −0.2% | 3.0% | 7.5% |
| Quality scores | |||||||
| Piotroski F-score | — | — | 4.0 | 3.0 | 4.0 | 6.0 | 6.0 |
| Altman Z'' | — | −9.5 | −1.8 | −14.6 | −9.8 | −7.2 | −5.2 |
| Accruals ratio | — | −58.9% | −13.6% | −44.0% | 1.0% | −5.7% | −11.5% |
Source: SEC EDGAR XBRL filings (CIK 0001818331). 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.