EBS Financials Emergent BioSolutions Inc.

15 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Aug 9, 2026, 10:14 UTC Overview →

Growth & profitability

Revenue has declined 13.7% per year over the past 5 years.
Net income has grown slower than revenue (-29.7% vs -13.7% per year).
Operating margin has contracted, at 13.5% in the latest year.
Free cash flow has declined 16.9% per year over the past 5 years.

Financial health

Total debt ($590M) exceeds cash ($205M); net debt is $384M.
Total debt has grown faster than revenue (-7.8% vs -13.7% per year).
Operating income covered interest expense 1.7× in the latest year.
Total debt is 3.0× EBITDA.

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key annual figures

FY	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
2025	$743M	$53M	56.1%	13.5%	10.1%	4.0%	$157M	$590M	$205M
2024	$1.0B	-$191M	34.7%	-10.4%	-39.5%	-13.7%	$36M	$700M	$100M
2023	$1.0B	-$761M	30.3%	-69.2%	-117.1%	-41.7%	-$258M	$868M	$112M
2022	—	-$212M	—	—	-15.2%	-6.7%	-$150M	$1.4B	$643M
2021	—	$220M	—	—	13.6%	7.4%	$96M	$850M	$576M
2020	$1.6B	$306M	59.5%	28.2%	21.1%	10.6%	$395M	$886M	$621M
2019	$1.1B	$55M	60.8%	10.3%	5.0%	2.3%	$101M	$823M	$168M
2018	$782M	$63M	58.8%	11.5%	6.2%	2.8%	-$30M	$809M	$112M
2017	$561M	$83M	66.5%	22.2%	9.1%	7.7%	$153M	$14M	$178M
2016	$489M	$52M	74.2%	21.6%	8.7%	5.3%	-$22M	$248M	$272M
2015	—	$63M	—	—	—	6.1%	-$2M	$247M	$313M
2014	—	$37M	—	—	6.6%	3.9%	$82M	$251M	$280M
2013	—	$31M	—	—	6.4%	5.0%	$55M	$62M	$179M
2012	—	$24M	—	—	5.3%	4.2%	-$14M	$63M	$142M
2011	—	$23M	—	—	5.6%	4.2%	-$42M	$59M	$144M

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex, quarterly)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key quarterly figures

Quarter	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
Jun '26	$234M	-$180M	58.6%	-53.4%	-52.8%	-16.1%	$54M	$590M	$140M
Mar '26	$156M	$7M	53.9%	6.7%	1.3%	0.5%	-$36M	$590M	$160M
Dec '25	$149M	-$55M	42.9%	-18.8%	-10.4%	-4.1%	$74M	$590M	$205M
Sep '25	$231M	$51M	62.8%	33.1%	8.8%	3.5%	-$6M	$693M	$246M
Jun '25	$141M	-$12M	52.5%	1.1%	-2.2%	-0.8%	$104M	$700M	$267M
Mar '25	$222M	$68M	60.2%	22.5%	12.3%	4.8%	-$15M	$700M	$149M
Dec '24	$195M	-$31M	39.4%	-4.9%	-6.5%	-2.3%	-$82M	$700M	$100M
Sep '24	$294M	$115M	54.9%	22.0%	22.6%	7.8%	$148M	$701M	$150M
Jun '24	$255M	-$283M	-18.8%	-79.9%	-73.3%	-18.7%	$43M	$864M	$70M
Mar '24	$300M	$9M	49.2%	13.2%	1.4%	0.5%	-$73M	$909M	$79M
Dec '23	—	-$50M	—	—	-7.6%	-2.7%	$21M	$868M	$112M
Sep '23	—	-$263M	—	—	-37.8%	-13.9%	$47M	$866M	$88M
Jun '23	—	-$261M	—	—	-27.3%	-12.0%	-$127M	$909M	$89M
Mar '23	—	-$186M	—	—	-15.5%	-6.3%	-$199M	$1.4B	$430M
Dec '22	—	-$67M	—	—	-4.8%	-2.1%	$69M	$1.4B	$643M
Sep '22	—	-$87M	—	—	-6.1%	-3.0%	-$102M	$1.1B	$241M
Jun '22	—	-$53M	—	—	-3.5%	-1.9%	-$48M	$833M	$358M
Mar '22	—	-$4M	—	—	-0.2%	-0.1%	-$70M	$841M	$436M
Dec '21	—	$193M	—	—	12.0%	6.5%	$282M	$850M	$576M
Sep '21	—	-$40M	—	—	-2.7%	-1.4%	-$39M	$858M	$404M

Valuation over time

How the market has priced EBS against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.

The price-to-earnings ratio has fallen from 12.1× (Dec '25) to 6.3× (Nov '26).
The price-to-sales ratio has risen from 0.1× (Jan '24) to 0.4× (Nov '26).

Price / earnings (P/E)

P/E

Price / sales (P/S)

P/S

Frequently asked questions

Is EBS growing its revenue and profit?

Over the past 5 years, Emergent BioSolutions Inc.'s revenue has declined 13.7% per year, and net income declined 29.7% per year. These are computed facts, not advice.

How much debt does EBS have?

As of FY2025, Emergent BioSolutions Inc. reported $590M of total debt against $205M of cash; operating income covered interest expense 1.7×.

What is EBS's profit margin?

In FY2025, gross margin was 56.1%, operating margin 13.5%, and net margin 7.1%.

Where does this data come from?

All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.

Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), split-adjusted; price return — dividends not reinvested · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.