Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Aug 12, 2026
Quidelortho Corp (QDEL)
A forensic read on Quidelortho Corp built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Distress
Financial health
-0.8
Distress distance
Clean
Earnings quality
6
Forensic signals
-0.8
P / E (ttm)
-58.9%
ROE
$959M
Market cap
0.00%
Dividend yield
-1.9%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Quidelortho Corp earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads -0.8, placing it in the Distress zone. 6 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-15.1%
FY2025
Return on invested capital.Return on invested capital is -15.1% in the latest fiscal year and slipping from 8% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+5.7%/yr
FY2022–FY2025
Share-count dilution.Diluted share count changed +18% over the last 3 years to FY2025 (+5.7%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~5.7% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~15%.
stopped
FY2023→FY2025
Shareholder returns — halted.Capital returns have STOPPED — $7M of buybacks + dividends in FY2023, but ~$0 in FY2025. A halt usually means the company is conserving cash.
47d DSO
FY2024→FY2025
Receivables vs revenue.Days sales outstanding moved from 38 to 47 days FY2024→FY2025 (receivables +48% vs revenue -2%). Receivables are creeping up relative to sales. Across FY2023–FY2025 the day count ran 46 → 38 → 47 days, so the latest reading sits on top of a record that was flat or falling before it — one year's move, not a direction the business has been travelling in. Measured against the same quarter twelve months earlier — like-for-like on the calendar, so an ordinary seasonal build cannot produce it — receivables took longer to collect in 6 consecutive quarters (Mar 2025 +3, Jun 2025 +2, Sep 2025 +13, Dec 2025 +16, Mar 2026 +15, Jun 2026 +10 days). In the latest of them the receivable balance grew +28% against sales +3%, so more of a quarter's billings were still outstanding at the period end than a year earlier — money the company has recognized and not yet been paid.
Key fundamentals
Latest Revenue$2.73B
Revenue Growth YoY-1.9%
Revenue CAGR (3yr)-5.8%
Net Margin-41.5%
Free Cash Flow-$83.0M
Return on Equity-58.9%
Debt / Equity1.38x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Quidelortho Corp's actual 10-K/10-Q/8-K filings?
Data from SEC EDGAR public filings · metrics as of Aug 12, 2026. Forensic signals flag probability, not certainty.
1.7% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 1.7% of revenue in FY2025 — about $0.68 per diluted share. The cost of it is not in the cash flow — no cash left the business — it is in the count, and there it has run at about 6.0% a year and is falling.
$2.5B
FY2024–FY2025
Goodwill impairments.Took $2.5B of goodwill writedowns across 2 years (FY2024 ($1.8B), FY2025 ($701M)). Writedowns mean past acquisitions underperformed what was paid for them.