QGEN // Qiagen N.V.

DES <GO> NYSE CIK 0001015820 ↗

Health Care • Biotechnology: Biological Products (No Diagnostic Substances)

$50.34 ▲ +0.01 (+0.02%)

MKT CAP: $10.37B • VOL: 3.55M

52W L $33 52W H $58

ALTMAN Z

3.54 SAFE

PIOTROSKI

9 / 9

QGEN // ROARABLE RATING & 5-PILLAR RQD CONFIDENCE 02:00 EST DETERMINISTIC ENGINE

PRIOR: RQD 65/100 [C] (+0 PT) • UNCHANGED AS OF 2026-11-01

ROARABLE C

RQD CONFIDENCE

65 / 100 +0D

5 X 20-PT QUANT PILLARS

E 0 D 35 C 59 B 70 A 86+

Roarable Hold — Fair / Balanced Risk-Reward

01 MASSIVE / SEC XBRL

Forensic Fundamentals

11 / 20

NEUTRAL

FCF -10.5% vs NI +200% • ROIC-WACC -0.3% • Z 3.54

02 OPRA GEX + SEC 13F

Whale & Options Flow

[LOCKED] FLAGGED

UNLOCK BELOW TO REVEAL

03 SEC FORM 4 (90D)

Insider Conviction

[LOCKED] FLAGGED

UNLOCK BELOW TO REVEAL

04 FRED 90D r-MATRIX

Macro Regime Fit

16 / 20

STRONG

TAILWIND • r(10Y)=+0.00 (+23bp) • r(OAS)=+0.00

05 10-K REDLINE AUDIT

Forensic 10-K Risk

16 / 20

STRONG

20 BASE - 4 DEDUCT • 0 CRIT / 0 MED • STABLE

ALERT

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SIG <GO> CROSS-FEED TRIANGULATION // PROPRIETARY ANOMALY ENGINE (1 ACTIVE ON QGEN)

STAGE 2 DETERMINISTIC Z-SCORE + STAGE 3 GEEK DESK BRIEF ALL MARKET ANOMALIES <SIG>

▼ BEARISH // F-RATED EARNINGS MIRAGE // ACCRUAL WATCHSIFTER 02 // ACCRUAL & RECEIVABLES FORENSICS

SEVERITY: 92/100 Z-SCORE: +3.30σ

QGEN Accounting Gap: Net Income (+220%) Outpaced OCF (-2.9%) With +-16.5% Working-Capital Build

CASH CONVERSION GAP

+222.9% (NI vs OCF)

RECEIVABLES / WC BLOAT

-16.5% VS REV

60D C-SUITE FORM 4 SALES

0 OPEN-MKT DUMPS

[GEEK DESK FORENSIC NOTE // SEC XBRL × FORM 4 CROSS-CHECK]

SEC EDGAR XBRL CompanyFacts10-K/10-Q Working Capital ScheduleSEC Form 4 Executive Sales

SEC EDGAR XBRL triangulation on Qiagen N.V. (QGEN) exposes a +222.9% Cash Conversion Gap as YoY Net Income growth (+220.0%) diverged from Operating Cash Flow growth (-2.9%). Non-cash current assets and receivables expanded -16.5% relative to top-line revenue growth. Monitor upcoming 10-Q cash realization closely for accrual mean-reversion.

QGEN // CANDLESTICK & AUTO-TRENDLINE WORKSTATION6M: +45.23%▲ ASCENDING CHANNEL

2026-10-30O $50.35H $50.39L $50.07C $50.22VOL 4.17M

RES: $51.85SUP: $42.52SMA50: $45.11SMA200: $42.59

QGEN // INSTITUTIONAL BULL VS. BEAR FORENSIC DEBATE

NEUTRAL / PAIR TRADE CONVICTION: 47/100

BEAR 0

100 BULL

Qiagen N.V. (QGEN) exhibits 62.2% gross margins and 8.0% return on invested capital within Health Care (Biotechnology: Biological Products (No Diagnostic Substances)), balanced against a 17.6x enterprise multiple and 6.7% implied options volatility.

▲ INSTITUTIONAL BULL THESIS (LONG)

01. Operating Leverage & Capital Efficiency Moat

Sustained 62.2% gross profitability converts into 22.3% operating margin and 8.0% ROIC, outpacing sector cost of capital.

ROIC: 8.0% // GM: 62.2%

02. Top-Line Expansion & Cash Conversion

YoY revenue trajectory of +5.7% paired with 4.37% free cash flow yield supports self-funded R&D and capital return.

REV YOY: +5.7% // FCF YLD: 4.37%

03. Balance Sheet Solvency & Forensic Quality

Altman Z-Score of 3.54 and Piotroski F-Score of 9/9 indicate low near-term refinancing stress.

ALTMAN Z: 3.54 // F-SCORE: 9/9

▼ INSTITUTIONAL BEAR THESIS (SHORT / RISK)

01. Multiple Compression & Duration Sensitivity

Trading at 24.4x trailing P/E (22.7x Fwd P/E) leaves valuation vulnerable if real 10Y TIPS yields spike.

P/E: 24.4x // EV/EBITDA: 17.6x

02. Options Skew & Event Volatility Risk

Options market prices a ±6.7% implied move with a 0.84 put/call ratio around $49.00 max pain.

IMPL MOVE: ±6.7% // P/C: 0.84

03. Competitive Margin & CapEx Cycle Pressure

Elevated industry capital intensity and customer concentration in Biotechnology: Biological Products (No Diagnostic Substances) require continuous execution to defend 20.3% net margins.

NET MARGIN: 20.3% // D/E: 0.44x

KEY CATALYST // Upcoming 10-Q/10-K XBRL margin progression, guidance revision vs 22.7x forward consensus, and institutional 13F positioning.

MACRO REGIME // Monitor US 10Y Real Yields (DFII10) and High-Yield Credit Spreads (OAS) for beta-adjusted multiple impact (Beta 0.95).

FORM 4 & 13F FLOW OPEN OWN <GO>

FILER	SIDE	$ VALUE
INSPECT FULL OWNERSHIP LEDGER IN OWN <GO>

UNUSUAL OPTIONS TAPE OPEN OPT <GO>

STRIKE / EXP	TYPE	PREMIUM
INSPECT GEX & CHAIN IN OPT <GO>

KEY VALUATION & PROFITABILITY RATIOS XBRL FA <GO>

TRAILING P/E 24.4x

FORWARD P/E 22.7x

EV / EBITDA 17.6x

FCF YIELD 4.37%

GROSS MARGIN 62.2%

OPERATING MARGIN 22.3%

NET MARGIN 20.3%

ROIC % 8.0%

REV GROWTH YOY +5.7%

DILUTED EPS TTM $2.06

DEBT / EQUITY 0.44x

DIVIDEND YIELD 0.52%

RSI-14 MOMENTUM 71.9

5Y EQUITY BETA 0.95

FRED MACRO SENSITIVITY (PEARSON r) ECST <GO>

MACRO CORRELATION CALIBRATION ACTIVE BELOW.

FRED MACRO REGIME STRESS-TEST SIMULATOR // QGENPEARSON R VARIANCE ENGINE

01 // SELECT FEDERAL RESERVE & CREDIT SHOCK SCENARIO

02 // POSITION NOTIONAL EXPOSURE

HEADLINE STRESS SCORE

75/100SEVERE DRAWDOWN PRESSURE

PRIMARY FACTOR EXPOSURE

DFII10 // -0.61 r

Latest: 2.08%

EST. DIRECTIONAL MOVE

-8.50%

Implied Px: $46.06

EST. DOLLAR VARIANCE

-$4,248

On $50,000 Notional

[LOCKED // MULTI-FACTOR DRAWDOWN HEDGE & MACRO TRIGGER ALERT]

Unblur the exact $50,000 delta-adjusted ETF/options hedge ratio for QGEN & activate live FRED threshold breach alerts.

HEAD-TO-HEAD PEER COMPARISONS COMP <GO>

QGEN VS LLY

MARGINS ROIC VALUATION

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MARGINS ROIC VALUATION

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MARGINS ROIC VALUATION

QGEN VS UNH

MARGINS ROIC VALUATION