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QuidelOrtho

QDEL on Nasdaq. QuidelOrtho sells diagnostic tests and testing systems to hospitals, labs, and clinics. Market value $833m.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

What to watch out for

See Health care stocks that passed both tests

This is not advice. Check the numbers below.

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Cash yield
past 12 months to June 2026
-25.4%low

For every $100 of what the whole company costs, it produced $-25.37 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to June 2026
n/a

The filings do not give us enough to work this out.

Return on capital
five annual reports to December 2025
-7.5%five-year median

Each dollar kept in the business earns -7 cents a year. Above 10 is good.

Quality score: 26 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.

$12.14 a share, 22% above its 1-year low

Over the past year the price has ranged from $9.92 to $35.58.

Pays no dividend

Prices from Monday’s close (5 October).

Five years of cash, in billions

0.7
0.1
-0.1
-0.1
-0.2
202220232024202512 monthsto Jun '26

Spare cash swings from quarter to quarter here: a shortfall of $211 million in the past 12 months, a shortfall of $83 million in the year to December 2025.

Revenue
$3.3bn$3.0bn$2.8bn$2.7bn
Operating margin
25.8%4.6%-70.5%-33.7%
Debt to equity
0.530.480.831.38
Shares outstanding
0.07bn0.07bn0.07bn0.07bn

Health checks

  • Free cash flow positive2 of 4 years
  • Accounting looks honest (Beneish)Nothing unusual
  • Financial strength (Piotroski)5 of 9
  • Profit backed by cash (accruals)No
  • Debt1.38× equity
  • Revenue growth, five yearsShrinking, 5.8% a year
  • Buying back its own sharesRoughly flat

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $631 million last quarter, up 3% on a year ago.
  • A loss of $93 million, compared with a loss of $255 million a year ago.
  • It loses 31 cents on each $1 of sales, compared with 9 cents a year earlier.
  • Over the past 12 months it spent $211 million more cash than it brought in. A year earlier it had $13 million spare.
  • 1% more shares than a year ago. Each share owns a bit less of the company.
  • Debt is $2.8 billion more than cash, up from $2.5 billion a year ago.
  • Sales grew on a year ago in 2 of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$727m
December 2024$708m
March 2025$693m
June 2025$614m
September 2025$700m
December 2025$724m
March 2026$620m
June 2026$631m
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024-$20m
December 2024-$178m
March 2025-$13m
June 2025-$255m
September 2025-$733m
December 2025-$131m
March 2026-$92m
June 2026-$93m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
19 February 2026
Next quarterly (estimated, 10-Q)
6 November 2026

Who owns it

2 long-term investors we follow own it, down from 3 last quarter. 244 funds in all.

Jun '25
Dec '25
Jun '26

Sold out this quarter

Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

8 investors own more than 5%.

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

In the last 12 months, 6 insiders bought $1m of shares on the open market. 1 sold $111,963.

  • Busky Joseph M.
    Chief Financial Officer
    Bought
    Date
    13 February 2026
    Shares
    3,370
    Price
    $23.66
    Value
    $79,734
  • Blaser Brian J.
    President and CEO
    Bought
    Date
    13 February 2026
    Shares
    10,540
    Price
    $23.59
    Value
    $248,639
  • Strobeck Matthew
    Director
    Bought
    Date
    13 February 2026
    Shares
    10,000
    Price
    $23.96
    Value
    $239,600
  • RHOADS ANN D
    Director
    Bought
    Date
    10 December 2025
    Shares
    750
    Price
    $28.28
    Value
    $21,210
  • Wilkins Joseph D Jr.
    Director
    Bought
    Date
    26 November 2025
    Shares
    370
    Price
    $27.96
    Value
    $10,345
  • WIDDER KENNETH J
    Director
    Sold
    Date
    25 November 2025
    Shares
    4,026
    Price
    $27.81
    Value
    $111,963
  • Busky Joseph M.
    Chief Financial Officer
    Bought
    Date
    24 November 2025
    Shares
    4,770
    Price
    $26.06
    Value
    $124,306
  • POLAN MARY LAKE PH D
    Director
    Bought
    Date
    21 November 2025
    Shares
    1,000
    Price
    $22.43
    Value
    $22,430
  • Blaser Brian J.
    President and CEO
    Bought
    Date
    19 November 2025
    Shares
    23,500
    Price
    $21.34
    Value
    $501,490

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the serious warning signs we check for were found. 1 thing worth knowing.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 19 Feb 2026, plus the 10-Q filed 7 Aug 2026 and 7 later 8-Ks.

  • Changed auditor

    Worth knowing

    The company changed its auditor (the firm that checks its books) in the last two years.

    “This action effectively dismissed E&Y as the Company’s independent registered public accounting firm, effective as of February 28, 2025.”

    From an 8-K filed 4 March 2025: Change of auditor. Read it in the filing

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

  • Sales have shrunk: 5.8% a year.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.