At a glance
Quidel Corporation is worth $960.7M. Revenue fell 1.9% to $2.73B in fiscal 2025, at a loss; over 5 years it has grown 10.4% a year. It pays no dividend; it spent $185.0M buying back its shares over FY2021–FY2025. The stock returned −50.3% over the past year with dividends reinvested and −36.2% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 17.3% in the 2020 crash (S&P 500: 33.7%) and 49.7% in the 2022 bear market (S&P 500: 24.5%).
The business in plain English
QuidelOrtho makes diagnostic tests and the instruments that run them. Doctors and labs use its products to check blood and other body fluids for infections, heart problems, diabetes, thyroid disorders and many other conditions. Customers range from hospitals and clinical laboratories to physician offices, urgent care clinics, pharmacies and blood banks, plus people testing at home with products such as the QuickVue at-home COVID-19 test. It reaches more than 140 countries and territories through its own sales force and distributors.
It has four business units. Labs supplies VITROS analyzers for clinical chemistry (measuring chemicals in body fluids) and immunoassays (tests that detect proteins such as antibodies). Point of Care offers rapid tests on SOFIA and TRIAGE instruments. Molecular Diagnostics offers PCR tests, which detect a germ's genetic material. Transfusion Medicine covers blood typing and donor screening. Under its reagent rental contracts, the company places an instrument with a customer and recovers its cost through test pricing over time.
In the fiscal year ended December 28, 2025, revenue was $2.73 billion. North America supplied 54.5%, EMEA (Europe, the Middle East and Africa) 13.2%, China 12.3%, JPAC (Japan and Asia Pacific) 10.7% and Latin America 9.3%. Revenue fell 1.9%, partly because of the wind-down, begun in February 2024, of its lower-margin U.S. donor screening products.
Price history
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QDEL -50.3% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By business segment
| North America | $1.49B | 54.5% |
| EMEA | $360.7M | 13.2% |
| China | $334.7M | 12.3% |
| JPAC | $293.0M | 10.7% |
| Latin America | $252.9M | 9.3% |
By geography
| Domestic | $1.44B | 52.6% |
| Foreign | $1.29B | 47.4% |
Latest results
- In Q2 FY2026 (ended Jun 28, 2026), revenue was $630.9M, up 2.8% from a year earlier, and net income was $-92.9M.
- For fiscal 2025, revenue was $2.73B (-1.9% year over year; +10.4% a year from FY2020 to FY2025) with a -41.5% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +10.4% good |
|---|---|
| Operating margin | -33.7% weak |
| Free cash flow margin | -3% weak |
| Return on equity (FY2025) | -58.9% weak |
| Return on assets (FY2025) | -19.6% weak |
| Net cash (cash minus debt) | $-2.77B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $1.66B | $810.3M | $564.8M |
| FY2021 | $1.70B | $704.2M | $513.1M |
| FY2022 | $3.27B | $548.7M | $744.4M |
| FY2023 | $3.00B | $-10.1M | $70.9M |
| FY2024 | $2.78B | $-2.05B | $-112.1M |
| FY2025 | $2.73B | $-1.13B | $-83.0M |
Valuation snapshot
| Market value | $960.7M |
|---|---|
| P/E ratio | — |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Quidel’s market value went from $5.66B at the end of 2022 to $960.7M on Oct 28, 2026, down 83%; since the end of 2025 it is down 50%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $960.7M | -50.5% |
| 2025 | $1.94B | -35.2% |
| 2024 | $3.00B | -39.2% |
| 2023 | $4.92B | -13.0% |
| 2022 | $5.66B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| QDEL price data to Oct 28, 2026 | -50.9% | -50.3% | -38.8% | -36.2% | -3.2% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -51.0% |
| 2025 | -35.9% |
| 2024 | -39.5% |
| 2023 | -14.0% |
| 2022 | -36.5% |
| 2021 | -24.9% |
| 2020 | +139.4% |
| 2019 | +53.7% |
| 2018 | +12.6% |
| 2017 | +102.4% |
| 2016 | +1.0% |
| 2015 | -26.7% |
| 2014 | -6.4% |
| 2013 | +65.5% |
| 2012 | +23.4% |
| 2011 | +4.7% |
| 2010 | +4.9% |
| 2009 | +5.4% |
| 2008 | -32.9% |
| 2007 | +43.0% |
| 2006 | +26.6% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 53.9% over that stretch · deepest drop along the way 56.6%, back to its old high 46 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Gained 7.4% over that stretch · deepest drop along the way 17.3%, back to its old high 0 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 49.7% over that stretch · deepest drop along the way 49.7%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 0 sales ($0.00).
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 14.8% | Jun 30, 2025 |
| Newtyn Management, LLC | 9.7% | Jun 30, 2026 |
| Vanguard Portfolio Management | 6% | Mar 31, 2026 |
| FMR LLC | 5.8% | Sep 30, 2026 |
| Rubric Capital Management LP | 5.56% | Dec 31, 2025 |
| Vanguard Capital Management | 5.24% | Mar 31, 2026 |
| Invesco Ltd. | 5.1% | Jun 30, 2026 |
| Neuberger Berman Group LLC | 4.9% | Jul 31, 2026 |
| T. Rowe Price Investment Management, Inc. | 2.6% | Jun 30, 2026 |
ETFs with the most weight in QDEL
| EKG First Trust Nasdaq Lux Digital Health Solutions ETF | 0.72% |
| MGMT Ballast Small/Mid Cap ETF | 0.4% |
| SLYV SPDR S&P 600 Small Cap Value ETF | 0.32% |
| IJS iShares S&P Small-Cap 600 Value ETF | 0.32% |
| QSML WisdomTree U.S. SmallCap Quality Growth Fund | 0.3% |
| AVUV Avantis U.S. Small Cap Value ETF | 0.28% |
| MCDS JPMorgan Fundamental Data Science Mid Core ETF | 0.22% |
| NUSC Nuveen ESG Small-Cap ETF | 0.21% |
What could go wrong
- Swings in respiratory test demand. Sales of tests for flu, COVID-19 and other respiratory illnesses can swing sharply with how much illness circulates. Some rely on FDA emergency use authorization, granted during health emergencies, which could be withdrawn.
- A heavy debt load. As of June 28, 2026, debt was about $2.89 billion against $123 million of cash. The annual report warns cash flow may not cover debt payments, and loan terms restrict flexibility.
- Reagent rental deals delay cash. Under its reagent rental model, the company places instruments with customers and recovers the cost through test pricing over time. That reduces cash early in each contract and makes quarterly cash flow uneven.
- Fewer surgeries mean less blood testing. Fewer surgical procedures reduce demand for blood, which can cut sales of the company's blood typing and screening tests in its Transfusion Medicine unit.
- Reliance on a few large customers. A significant share of revenue comes from a relatively small number of customers. Customer consolidation, group purchasing organizations (which negotiate prices for many hospitals) and government tenders can squeeze pricing.
- Exposure to China, tariffs and currency swings. About 47% of revenue came from outside the U.S. in fiscal 2025, including 12.3% from China. Tariffs, sanctions, trade disputes and currency swings could reduce sales or profits.
Recent events
- Major agreement signed
- Quarterly results released
- Executive or board change; Investor presentation or announcement
- Shareholder vote results
- Quarterly results released
- Quarterly results released
- Executive or board change; Investor presentation or announcement
- Executive or board change
- Quarterly results released
- Investor presentation or announcement
For income and retirement investors
QuidelOrtho paid no dividends from fiscal 2021 through fiscal 2025 and had no dividend yield as of October 28, 2026. For an income investor, that means no regular cash payments: any return depends on the share price, and drawing cash from the holding means trimming shares. The company spent $185 million on share repurchases over those five years, but none in fiscal 2024 or 2025, when it posted net losses and negative free cash flow (cash left after running the business and paying for equipment). Shares outstanding rose 2.4% between July 2022 and July 2026.
Past downturns mostly hit the stock hard. It fell 56.6% in the 2008 financial crisis and took 46 months from its low to recover. It rose 7.4% during the 2020 COVID crash while the market fell. In the 2022 bear market it lost 49.7% and had not recovered as of October 28, 2026. Single stocks carry more risk than diversified funds.
Questions investors ask
Does QuidelOrtho pay a dividend?
No. QuidelOrtho paid no dividends from fiscal 2021 through fiscal 2025 and had no dividend yield as of October 28, 2026. It returned $185 million to shareholders through share repurchases over those five years instead, though it made none in fiscal 2024 or 2025. Investors who rely on their portfolio for regular income would receive nothing from this stock; any return depends on changes in the share price.
How does QuidelOrtho make money?
QuidelOrtho earns money by supplying diagnostic instruments and the tests that run on them. Its Labs unit offers VITROS analyzers for hospitals and laboratories, Point of Care offers rapid tests such as SOFIA and QuickVue, Molecular Diagnostics offers PCR tests (which detect a germ's genetic material) for infections, and Transfusion Medicine offers blood typing and donor screening. It also earns non-core revenue from contract manufacturing and collaborations. Revenue was $2.73 billion in the fiscal year ended December 28, 2025, with 54.5% from North America.
Is QuidelOrtho profitable?
No. In the fiscal year ended December 28, 2025, QuidelOrtho posted a net loss of $1.13 billion on $2.73 billion of revenue, or a loss of $16.69 per diluted share, after a $2.05 billion loss in fiscal 2024. Free cash flow (cash left after running and investing in the business) was negative $83 million. In the quarter ended June 28, 2026, it lost $92.9 million, while revenue rose 2.8% from a year earlier to $630.9 million.
How much debt does QuidelOrtho have?
QuidelOrtho had about $2.89 billion of total debt as of June 28, 2026, against $123.4 million of cash and investments, leaving net debt of about $2.77 billion. That compares with a stock market value of about $961 million as of October 28, 2026. The company's annual report lists debt among its main risks, warning that cash flow may not be enough to cover its debt payments and that its credit agreement limits its operating flexibility.
How has QuidelOrtho stock performed?
It has lost most of its value over five years. As of October 28, 2026, the share price was down 89% over five years and 50.3% over one year. It fell in every calendar year from 2021 through 2025, including drops of 39.6% in 2024 and 35.9% in 2025, and was down 50.9% for 2026 through October 28. Swings have been large: its deepest peak-to-trough fall over the past year was 71.8%.