Emergent BioSolutions Inc. (EBS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-48.4%

$3.44

vs $6.66 price

Levered DCF

-$7.39

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

0.4

Distress zone

Rating

C-

Overall 1 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	12.61×	-2.66×	-0.16×	-2.8×	10.6×	15.47×	50.9×	47.42×
P/B	1.27×	1.05×	0.19×	0.43×	1.44×	3.26×	2.55×	2.94×
P/S	0.89×	0.49×	0.12×	0.53×	1.31×	2.99×	2.51×	3.8×
EV / EBITDA	4.32×	19.14×	-20.26×	40.46×	5.14×	8.19×	13.18×	23.55×
Gross margin	47.2%	36.0%	34.3%	42.3%	44.7%	54.7%	43.7%	41.0%
Operating margin	14.8%	-10.4%	-69.2%	-15.2%	19.2%	27.8%	10.3%	11.5%
Net margin	7.1%	-18.3%	-72.5%	-18.9%	12.4%	19.4%	4.9%	8.0%
Current ratio	5.01×	3.69×	1.04×	0.98×	3.4×	3.11×	3.17×	3.1×
Debt / equity	1.09×	1.4×	1.32×	1.03×	0.54×	0.64×	0.77×	0.79×
Interest coverage	1.86×	-1.53×	-8.26×	-4.56×	9.9×	14.01×	2.97×	9.07×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	10.1%	-39.5%	-117.1%	-15.2%	13.6%	21.1%	5.0%	6.2%
Return on invested capital	5.9%	-8.8%	-45.8%	-5.7%	9.4%	12.8%	3.8%	3.4%
Return on assets	4.0%	-13.7%	-41.7%	-6.7%	7.4%	10.6%	2.3%	2.8%
Free cash flow yield	23.7%	7.1%	-209.9%	-25.3%	4.1%	8.4%	3.6%	-1.0%
Earnings yield	8.0%	-37.6%	-618.9%	-35.8%	9.4%	6.5%	2.0%	2.1%
Enterprise value	$1B	$1.1B	$871.4M	$1.4B	$2.6B	$5B	$3.4B	$3.7B
Net debt / EBITDA	1.54×	10.19×	-17.41×	23.05×	0.58×	0.49×	2.56×	4.4×
Cash conversion cycle (days)	309	191	181	192	138	141	166	221