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Emergent Biosolutions Inc.

EBS Healthcare Drug Manufacturers Specialty & Generic

Emergent Biosolutions Inc.’s revenue for fiscal 2025 (year ended December 2025) was $742.9 million, down 28.8% from fiscal 2024.

Revenue
−52.4%
EPS
−166.4%
Free cash flow
+1,893.0%
Total debt
−23.4%

Quarter to September 2026, against a year earlier

5.92 0.02 +0.34%
Market cap
$300.8M
P/E
0.0×
Fwd P/E
−1.5×
Dividend yield
—
F-score
6/9
Altman Z
1.63
Beneish M
−3.56
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Sold, $m 0.99
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 1 — — — 2 3 — 1 — — 2 —
Insider Ownership 6.02%

Capital & Financial Ratios $m

Size
Market Cap 300.78
Revenue ttm 649.10
Net income ttm (260.70)
Free cash flow ttm 194.00
Net debt Q 330.80
Valuation
P/E 0.00
Forward P/E (1.47) (negative: loss-making)
Price / sales 0.47
Forward P/S Powerpack
Price / FCF 1.57
Price / book 0.97
Financial health
Current ratio Q 4.58 (at or above 1.5: strong)
Debt / equity Q 1.62
Interest coverage Q (3.85)
Growth
Revenue growth Q −52.40% (below 0%: shrinking)
Operating income growth Q −148.76% (below 0%: shrinking)
EPS, this year −81.07% (below 0%: weak)
EPS, next year A +261.33% (at or above 15%: strong)
Revenue, next year A −11.55% (below 0%: weak)
EPS, past 5 yrs −30.34% (below 0%: weak)
EPS, next 5 yrs A +0.83%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.0×, against a ten-year median of 2.1×; over the ten years it ranged from 0.8× in 2024 to 5.2× in 2020.
P/S against its own 10 years 21.53%
10-year low 10-year high
P/B against its own 10 years 30.84%
10-year low 10-year high
EV/Sales against its own 10 years 16.54%
10-year low 10-year high
EV/FCF against its own 10 years 0.10%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 112 106 209 177
Receivables 191 155 84 78
Inventory 329 312 343 281
Other — — — —
680 599 663 558
2023 2024 2025 Q'26
Payables 112 61 56 52
ST’ Debt 414 — — —
Other 33 22 16 10
651 162 132 122

Compound Annual Growth %

10y 5y 3y
Sales 4.26% (13.74%) (12.72%)
Cash Flow 14.91% (20.46%) 0.00%
Earnings (1.77%) (29.64%) 0.00%
Book Value (2.31%) (18.43%) (27.79%)

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate −0.37 Actual −0.36

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q2 FY25 −0.26 0.16 Beat by 0.42
Q3 FY25 −0.12 1.06 Beat by 1.18
Q1 FY26 −0.25 0.21 Beat by 0.46
Q3 FY26 −0.37 −0.36 Beat by 0.01
Q4 FY26 −0.11 — Reports 25 February 2027

EPS $

Mar Jun Sep Dec Year
’26 0.07 (3.49) (0.64) — —
’25 1.19 (0.22) 0.91 (1.04) 0.93
’24 0.17 (5.38) 2.06 (0.58) (3.60)
’23 (3.65) (5.15) (5.08) (0.95) (14.85)
’22 (0.07) (1.13) (1.52) (1.28) (4.47)
’21 1.28 0.09 (0.61) 3.50 4.27
’20 (0.24) 1.73 0.73 3.44 5.67
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 156 234 110 — —
’25 222 141 231 149 743
’24 300 255 294 195 1,044
’23 164 338 271 277 1,049
’22 308 243 240 327 1,118
’21 343 398 329 704 1,774
’20 193 395 385 583 1,555
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (34) 56 100 — —
’25 (11) 106 (2) 78 171
’24 (63) 48 154 (80) 59
’23 (184) (114) 60 32 (206)
’22 (37) (16) (74) 93 (34)
’21 5 (30) 17 328 320
’20 58 128 105 245 536
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (36) 54 102 — —
’25 23 104 (6) 74 195
’24 (73) 43 156 (81) 44
’23 (199) (127) 47 21 (258)
’22 (69) (48) (102) 69 (172)
’21 (51) (97) (38) 282 96
’20 34 93 60 209 395
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2.3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 489 561 782 1,106 1,555 1,774 1,118 1,049 1,044 743 649 +4.8% 657 703 628 (5.4%)
Gross margin, % 74.16 66.54 58.81 60.80 66.31 57.82 37.98 32.77 34.72 56.09 48.42 (18.1) pt
EBT 99 119 82 77 407 303 (219) (731) (143) 83 (240) (2.0%)
EBT margin, % 20.29 21.14 10.42 7.00 26.18 17.10 (19.60) (69.68) (13.69) 11.15 (36.97) (9.1) pt
Net income 52 83 63 55 305 220 (212) (760) (191) 53 (261) +0.2%
Per share, $
Per share, $ Revenue 12.16 13.42 15.62 21.48 29.51 33.15 22.31 20.49 19.69 13.89 12.65 +1.5%
Earnings 1.29 1.98 1.25 1.06 5.79 4.32 (4.47) (14.85) (3.60) 0.98 (5.04) (3.0%)
Cash flow 1.36 4.98 0.83 3.65 10.17 5.99 (0.68) (4.03) 1.11 3.19 3.90 +9.9%
Capex (1.90) (1.31) (1.39) (1.69) (2.68) (4.19) (2.75) (1.01) (0.28) 0.46 (0.12) n/m
Free cash flow (0.54) 3.67 (0.55) 1.96 7.50 1.80 (3.43) (5.04) 0.82 3.64 3.78 n/m
Book value 14.83 21.83 20.18 21.14 27.46 30.26 27.70 12.68 9.11 9.77 6.11 (4.5%)
Shares, m 40 42 50 52 53 54 50 51 53 54 52 +3.2%
Valuation, ×
Valuation, × P/E 28.90 24.60 47.42 50.90 15.50 10.04 0.00 0.00 0.00 13.01 0.00 19.0
P/S 2.73 3.57 3.80 2.51 3.04 1.31 0.54 0.13 0.49 0.89 0.47 1.9
P/B 2.24 2.20 2.94 2.55 3.26 1.44 0.43 0.20 1.05 1.27 0.97 1.8
EV/Sales 2.69 3.28 4.67 3.09 3.20 1.46 1.22 0.84 1.02 1.38 0.98 2.3
EV/FCF (60.88) 12.01 (131.85) 33.85 12.61 26.95 (9.11) (3.42) 24.38 5.26 3.27 (9.0)
Cash, $m
Cash, $m Operating cash flow 55 208 42 188 536 320 (34) (206) 59 171 200 +13.5%
Capex (76) (55) (69) (87) (141) (224) (138) (52) (15) 24 (6) n/m
Free cash flow (22) 153 (28) 101 395 96 (172) (258) 44 195 194 n/m
Balance, $m
Balance, $m Working capital 404 385 420 470 811 898 (18) 28 436 530 436 +3.1%
Net debt (3) (166) 682 643 259 265 763 749 558 363 331 n/m
Shareholders’ equity 596 912 1,011 1,089 1,447 1,619 1,388 649 483 523 313 (1.5%)
Returns, %
Returns, % ROA 5.16 8.10 3.80 2.39 11.71 7.51 (6.91) (30.48) (11.86) 3.88 (21.23) (1.3) pt
ROIC 11.12 10.41 3.31 4.12 15.90 11.33 (4.94) (32.48) (6.53) 7.06 (17.45) (4.1) pt
ROE 8.25 10.95 6.52 5.19 24.07 14.32 (14.08) (74.67) (33.67) 10.46 (58.21) +2.2 pt
People
People Employees 1,098 1,256 1,705 1,834 2,200 2,416 2,500 1,600 900 900 — (2.2%)
Revenue/emp, $m 0.45 0.45 0.46 0.60 0.71 0.73 0.45 0.66 1.16 0.83 — +7.1%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Emergent Biosolutions Inc. vs peers in Drug Manufacturers Specialty & Generic (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
KMDA Kamada Ltd. $428.1M 18.1× — (loss-making) +22.72% (above 0%: growing) +23.08% (above 0%: growing) +165.71% (above 0%: growing) 40.91% 17.32% Compare
ACB Aurora Cannabis Inc. $344.5M — (loss-making) — (loss-making) −31.15% (below 0%: shrinking) n/m −293.56% (below 0%: shrinking) 52.73% (12.92%) Compare
CGC Canopy Growth Corporation $315.4M — (loss-making) — (loss-making) +12.41% (above 0%: growing) n/m −117.60% (below 0%: shrinking) 27.40% (27.24%) Compare
EBS Emergent Biosolutions Inc. $302.5M — (loss-making) — (loss-making) −52.40% (below 0%: shrinking) n/m +1,892.98% (above 0%: growing) 26.55% (33.91%)
BIOA BioAge Labs, Inc. $273.1M — (loss-making) — (loss-making) +1.62% (above 0%: growing) n/m +2.68% (above 0%: growing) 100.00% (1,196.78%) Compare
ANIK Anika Therapeutics Inc. $273.0M — (loss-making) 599× +15.56% (above 0%: growing) n/m +61.58% (above 0%: growing) 65.15% 9.06% Compare
LFCR Lifecore Biomedical, Inc. $244.1M — (loss-making) — (loss-making) −18.60% (below 0%: shrinking) n/m +27,684.00% (above 0%: growing) 26.96% (3.53%) Compare
SIGA Siga Technologies Inc. $226.3M — (loss-making) 60.8× −49.45% (below 0%: shrinking) −66.00% (below 0%: shrinking) −75.95% (below 0%: shrinking) 57.17% 33.91% Compare
ADCT ADC Therapeutics SA $219.6M — (loss-making) — (loss-making) +2.17% (above 0%: growing) n/m +50.98% (above 0%: growing) 87.80% (132.03%) Compare
Median of peers $273.1M — — +1.90% — +26.83% 54.95% (8.22%)

All 84 Drug Manufacturers Specialty & Generic stocks →

Pay and ownership Proxy statement filed 20 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 5.32m 9.36m 13.79

Ownership

Directors and executive officers, together 6.00%
BlackRock, Inc. 7.70%
Oak Hill Advisors, L.P. 7.00%
The Vanguard Group 6.90%
State Street Corporation 5.20%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Emergent Biosolutions Inc. (EBS) Latest News

5 Nov

Impact 3 · · GuruFocus.com

3 Nov

Impact 3 · · Moby
Impact 3 · · The Motley Fool
Impact 3 · · The Motley Fool transcript

2 Nov

Impact 3 · · MarketBeat transcript
Impact 3 · · Business Wire

16 Oct

Impact 3 · · Investing.com
Impact 3 · · Business Wire

6 Oct

Impact 3 · · Zacks

31 Aug

Impact 3 ·

12 Aug

Impact 4 · · The Motley Fool transcript

8 Aug

Impact 3 · · MarketBeat transcript

6 Aug

Impact 3 · · Moby transcript

5 Aug

Impact 3 ·
Impact 3 ·

29 Jun

Impact 3 ·

28 May

Impact 3 · · GlobeNewswire

20 May

Impact 4 · · Insider Monkey

2 May

Impact 4 · · MarketBeat

1 May

Impact 4 · · GuruFocus.com
Impact 3 · · Moby
Impact 3 · · MarketBeat

30 Apr

Impact 4 · · GlobeNewswire
Impact 3 · · GlobeNewswire

29 Apr

Impact 4 · · GlobeNewswire

28 Apr

Impact 4 · · GlobeNewswire

23 Apr

Impact 4 · · Simply Wall St.

16 Apr

Impact 4 · · GlobeNewswire

9 Apr

Impact 3 · · GlobeNewswire
Impact 3 · · Moby
stockrow.com/EBS · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com