EBS Emergent BioSolutions Inc. Common Stock

NYSE · Biotechnology

$8.19

Price · May 1, 2026

Fundamentals as of Feb 27, 2026

EBS Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

Price

$8.19

Market Cap

$644M

P/E (TTM)

13.3

EPS (TTM)

$0.93

Revenue (TTM)

$743M

Div Yield

—

ROE

9.9%

Debt/Equity

1.1

52W Range

$5 – $14

EBS Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view

10-Year Performance Revenue, net income, margins and EPS trends

Revenue & Net Income $743M

2017-12-31 → 2025-12-31

EPS $0.93

2017-12-31 → 2025-12-31

Free Cash Flow $157M

2017-12-31 → 2025-12-31

Margins 7.1%

2022-12-31 → 2023-12-31

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Metric

5Y trend

EBS

Peer Median

P/E (TTM)

13.3

7.8

P/S (TTM)

0.9

7.0

P/B

1.2

1.5

EV / EBITDA

5.2

—

Price / FCF

4.1

—

Profitability Gross, operating and net margins; ROE, ROA, ROIC

Metric

5Y trend

EBS

Peer Median

Operating Margin

13.5%

—

Net Profit Margin

7.1%

-125.4%

ROA

3.9%

-30.4%

ROE

9.9%

-46.0%

ROIC

5.8%

—

Financial Health Debt, liquidity, solvency — balance sheet strength

Metric

5Y trend

EBS

Peer Median

Debt / Equity

1.1

Current Ratio

5.0

6.8

Quick Ratio

2.2

—

Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR

Metric

5Y trend

EBS

Peer Median

Revenue YoY

-28.8%

—

Revenue CAGR 3Y

-12.7%

—

Revenue CAGR 5Y

-14.0%

—

Per Share Metrics EPS, book value per share, cash flow per share, dividend per share

Metric

5Y trend

EBS

Peer Median

EPS (Diluted)

$0.93

—

Capital Efficiency Asset turnover, inventory turnover, receivables turnover

Metric

5Y trend

EBS

Peer Median

EBS Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

BUY 6 analysts

Strong Buy 1 16.7%
Buy 4 66.7%
Hold 1 16.7%
Sell 0 0.0%
Strong Sell 0 0.0%

12-Month Price Target

2 analysts · 2026-04-24

Low $12.00

High $12.00

Median target $12.00 +46.5%

Mean target $12.00 +46.5%

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

Avg Surprise

0.39%

Next Report

May 13, 2026

Period	EPS Actual	EPS Est	Surprise
Dec. 31, 2025	$-0.43	$0.11	-0.54%
Sept. 30, 2025	$1.06	$-0.12	1.2%
June 30, 2025	$0.16	$-0.49	0.65%
March 31, 2025	$0.71	$0.44	0.27%

Peer Comparison Key metrics vs sector peers

Ticker	Market Cap	P/E	Rev YoY	Net Margin	ROE	Gross Margin
EBS	$644M	13.3	-28.8%	7.1%	9.9%	—
MYGN	$575M	-1.6	-1.6%	-44.4%	-96.8%	69.9%
LRMR	$317M	-2.2	—	—	-167.4%	—
AURA	$347M	-3.1	-29.7%	-1601.4%	-68.2%	—
CLYM	$191M	-4.5	—	—	-34.6%	—
LXEO	$725M	-5.3	—	—	-51.9%	—
ASMB	$539M	-61.8	153.5%	-8.5%	-5.5%	—
VNDA	$521M	-2.4	8.7%	-102.0%	-54.2%	—
NGNE	$319M	-4.9	—	—	-33.6%	—
BNTC	$307M	-11.1	2.7%	—	-43.8%	—

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

Income Statement 18

Annual Income Statement data for EBS
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Revenue	$743M	$1.04B	$1.05B	$1.12B	$1.77B	$1.58B	$1.11B	$782M	$561M	$489M	$489M	$404M
Cost of Revenue	$326M	$681M	$705M	$693M	$748M	$537M	$434M	$322M	$188M	$126M	$107M	$102M
Gross Profit	·	·	$318M	$383M	$891M	$925M	·	·	·	·	·	·
R&D Expense	$53M	$71M	$111M	$188M	$235M	$238M	$226M	$143M	$97M	$107M	$119M	$105M
SG&A Expense	$186M	$308M	$368M	$340M	$349M	$304M	$274M	$202M	$143M	$143M	$121M	$109M
Operating Expenses	·	·	·	·	·	·	$992M	$693M	$437M	$383M	·	·
Operating Income	$100M	$-109M	$-726M	$-170M	$341M	$438M	$114M	$90M	$124M	$106M	$142M	$89M
Interest Expense	·	·	$88M	$37M	$34M	$31M	$38M	$10M	$7M	$8M	$7M	$8M
Interest Income	·	·	·	·	·	·	·	·	$2M	$1M	$572.0K	$320.0K
Other Non-op	$54M	$12M	$6M	$-12M	$-4M	$5M	$2M	$2M	$900.0K	$1M	$153.0K	$3M
Pretax Income	$83M	$-143M	$-731M	$-219M	$303M	$412M	$77M	$82M	$119M	$99M	$136M	$84M
Income Tax	$30M	$48M	$29M	$-7M	$84M	$106M	$23M	$19M	$36M	$37M	$44M	$30M
Net Income	$53M	$-191M	$-760M	$-212M	$220M	$306M	$54M	$63M	$83M	$52M	$63M	$37M
EPS (Basic)	$0.98	$-3.60	$-14.85	$-4.22	$4.10	$5.80	$1.06	$1.25	$1.98	$1.29	$1.63	$0.98
EPS (Diluted)	$0.93	$-3.60	$-14.85	$-4.22	$4.06	$5.68	$1.04	$1.22	$1.71	$1.13	$1.41	$0.88
Shares (Basic)	53,500,000	53,000,000	51,200,000	50,100,000	53,500,000	52,700,000	51,500,000	50,100,000	41,800,000	40,200,000	38,595,435	37,344,891
Shares (Diluted)	56,700,000	53,000,000	51,200,000	50,100,000	54,100,000	53,800,000	52,400,000	51,400,000	50,300,000	49,300,000	47,255,842	45,802,807
EBITDA	$196M	$100.0K	$-601M	$-170M	$353M	$484M	$164M	$126M	$157M	$134M	$121M	$81M

Balance Sheet 30

Annual Balance Sheet data for EBS
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Cash & Equivalents	$205M	$100M	$112M	$643M	$576M	$621M	$168M	$112M	$178M	$272M	$313M	$280M
Receivables	$84M	$154M	$191M	$159M	$279M	$231M	$271M	$262M	$144M	$138M	$114M	$59M
Inventory	$343M	$312M	$329M	$351M	$344M	$307M	$222M	$206M	$143M	$74M	$61M	$66M
Prepaid Expense	$26M	$27M	$48M	$58M	$70M	$36M	$25M	$32M	$17M	$16M	$18M	$24M
Current Assets	$662M	$599M	$680M	$1.21B	$1.27B	$1.20B	$686M	$621M	$485M	$510M	$537M	$432M
PP&E (Net)	$205M	$271M	$383M	$818M	$800M	$644M	$542M	$510M	$407M	$376M	$328M	$314M
PP&E (Gross)	$510M	$668M	$794M	$1.20B	$1.12B	$903M	$753M	$682M	$540M	$488M	$422M	$393M
Accum. Depreciation	$304M	$397M	$411M	$384M	$319M	$259M	$210M	$172M	$132M	$112M	$94M	$79M
Goodwill	$0	$0	$0	$218M	$225M	$267M	$267M	$260M	$49M	$41M	$41M	$53M
Intangibles	$436M	$502M	$567M	$729M	$605M	$663M	$713M	$762M	$120M	$34M	$41M	$58M
Other Non-current Assets	$14M	$19M	$194M	$191M	$58M	$113M	$90M	$14M	$6M	$2M	$2M	$8M
Total Assets	$1.32B	$1.39B	$1.82B	$3.17B	$2.96B	$2.88B	$2.33B	$2.23B	$1.07B	$970M	$1.04B	$939M
Accounts Payable	$56M	$61M	$112M	$104M	$129M	$136M	$95M	$81M	$42M	$35M	$38M	$41M
Accrued Liabilities	$12M	$18M	$19M	$35M	$52M	$47M	$40M	$31M	$5M	$6M	$6M	$6M
Short-term Debt	·	$0	$414M	$957M	$32M	$34M	$13M	$10M	$0	$20M	$0	·
Current Liabilities	$132M	$162M	$651M	$1.23B	$374M	$384M	$216M	$200M	$100M	$106M	$100M	$93M
Capital Leases	$9M	$10M	$14M	$15M	$24M	$28M	$22M	·	·	·	·	·
Deferred Tax	$38M	$42M	$47M	$60M	$93M	$53M	$64M	$68M	$0	·	·	·
Other Non-current Liabilities	$54M	$39M	$29M	$42M	$70M	$68M	$49M	$49M	$5M	$2M	$1M	$1M
Total Liabilities	$796M	$907M	$1.17B	$1.78B	$1.35B	$1.44B	$1.24B	$1.22B	$158M	$374M	$377M	$385M
Long-term Debt	$590M	$700M	$868M	$1.41B	$850M	$886M	$822M	$809M	$14M	·	·	·
Total Debt	$572M	$664M	$1.27B	·	$873M	$909M	$824M	$805M	$13M	$268M	$253M	$251M
Common Stock	$100.0K	$100.0K	$100.0K	$100.0K	$100.0K	$100.0K	$100.0K	$100.0K	$100.0K	$41.0K	$40.0K	$38.0K
Paid-in Capital	$942M	$928M	$904M	$874M	$829M	$785M	$716M	$689M	$618M	$352M	$318M	$274M
Retained Earnings	$-160M	$-212M	$-22M	$739M	$950M	$727M	$422M	$367M	$337M	$254M	$351M	$288M
Treasury Stock	$253M	$228M	$228M	$228M	$152M	$40M	$40M	$40M	$40M	$6M	$6M	$6M
AOCI	$-8M	$-5M	$-6M	$3M	$-16M	$-25M	$-10M	$-6M	$-4M	$-4M	$-3M	$-3M
Stockholders' Equity	$523M	$483M	$649M	$1.39B	$1.61B	$1.45B	$1.09B	$1.01B	$912M	$596M	$660M	$553M
Liabilities + Equity	$1.32B	$1.39B	$1.82B	$3.17B	$2.96B	$2.88B	$2.33B	$2.23B	$1.07B	$970M	$1.04B	$939M
Shares Outstanding	52,100,000	54,300,000	52,200,000	50,100,000	51,300,000	54,300,000	51,700,000	51,200,000	49,400,000	41,000,000	39,800,000	38,129,872

Cash Flow 19

Annual Cash Flow data for EBS
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
D&A	$96M	$109M	$125M	$143M	$124M	$50M	$50M	$36M	$32M	$28M	$24M	$22M
Stock-based Comp	$16M	$18M	$23M	$45M	$42M	$52M	$27M	$23M	$15M	$18M	$16M	$13M
Deferred Tax	$-4M	$-6M	$-7M	$-34M	$43M	$-3M	$-1M	$9M	$3M	$5M	$3M	$16M
Amort. of Intangibles	$65M	$65M	$66M	$60M	$58M	$60M	$59M	$25M	$9M	$7M	$7M	$7M
Restructuring	$-2M	$22M	$29M	·	·	·	·	·	·	·	·	$0
Other Non-cash	$10M	$128M	$413M	·	·	$132M	$58M	$-89M	$75M	$-50M	$-62M	$23M
Operating Cash Flow	$171M	$59M	$-206M	$-34M	$320M	$537M	$188M	$42M	$208M	$55M	$43M	$112M
CapEx	$14M	$23M	$52M	$116M	$224M	$142M	$87M	$72M	$55M	$76M	$45M	$31M
Investing Cash Flow	$69M	$125M	$212M	$-381M	$-224M	$-152M	$-97M	$-897M	$-250M	$-76M	$-45M	$-210M
Debt Issued	·	·	·	·	·	·	·	$798M	$0	$0	$2M	$1M
Net Debt Issued	·	·	·	·	·	·	·	$795M	$0	$0	$0	$-62M
Stock Issued	$0	$0	$8M	$0	$0	·	·	·	·	·	·	·
Stock Repurchased	$25M	$0	$0	$82M	$106M	$0	$0	$100.0K	$33M	$0	$100.0K	$200.0K
Net Stock Activity	$-25M	$0	$8M	$-82M	$-106M	$0	$0	$-100.0K	$-33M	$0	$-100.0K	$-200.0K
Financing Cash Flow	$-137M	$-190M	$-536M	$481M	$-141M	$70M	$-36M	$789M	$-51M	$-20M	$35M	$199M
Net Change in Cash	$104M	$-6M	$-531M	$66M	$-45M	$454M	$56M	$-67M	$-93M	$-41M	$32M	$101M
Taxes Paid	$40M	·	·	·	·	·	·	·	·	·	·	·
Free Cash Flow	$157M	$36M	$-258M	$-150M	$96M	$395M	$101M	$-30M	$153M	$-23M	$-353.0K	$82M
Levered FCF	·	·	$-349M	$-186M	$71M	$372M	$74M	$-38M	$149M	$-28M	$-5M	$76M

Profitability 8

Annual Profitability data for EBS
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Gross Margin	·	·	30.3%	34.3%	·	·	·	·	·	·	·	·
Operating Margin	13.5%	-10.4%	-69.2%	-15.2%	19.7%	27.9%	10.3%	11.5%	22.2%	21.6%	18.4%	12.9%
Net Margin	7.1%	-18.3%	-72.5%	-18.9%	12.9%	19.6%	4.9%	8.0%	14.7%	10.6%	12.0%	8.2%
Pretax Margin	11.2%	-13.7%	-69.7%	-19.6%	17.5%	26.2%	7.0%	10.4%	21.1%	20.3%	17.2%	11.8%
EBITDA Margin	26.4%	0.01%	-57.3%	-15.2%	19.7%	31.1%	14.8%	16.1%	27.9%	27.3%	23.1%	18.0%
ROA	3.9%	-11.9%	-30.5%	·	7.9%	11.7%	2.4%	3.8%	8.1%	5.2%	6.4%	4.7%
ROE	9.9%	-38.5%	-113.0%	·	14.7%	22.6%	5.1%	6.3%	10.9%	8.2%	10.4%	7.0%
ROIC	5.8%	-12.7%	-39.3%	·	10.4%	13.8%	4.2%	3.8%	9.3%	7.7%	7.4%	5.0%

Liquidity & Solvency 5

Annual Liquidity & Solvency data for EBS
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Current Ratio	5.0	3.7	1.0	·	3.4	3.1	3.2	3.1	4.9	4.8	5.4	4.7
Quick Ratio	2.2	1.6	0.5	·	2.3	2.2	2.0	1.9	3.2	3.9	4.4	3.7
Debt / Equity	1.1	1.4	2.0	·	0.5	0.6	0.8	0.8	0.0	0.4	0.4	0.5
LT Debt / Equity	1.1	1.4	0.7	·	0.5	0.6	0.7	0.8	0.0	0.4	0.4	0.5
Interest Coverage	·	·	-8.3	-4.6	10.2	13.9	3.0	9.1	18.9	13.9	14.7	7.0

Efficiency 3

Annual Efficiency data for EBS
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Asset Turnover	0.5	0.6	0.4	·	0.6	0.6	0.5	0.5	0.5	0.5	0.5	0.6
Inventory Turnover	1.0	·	2.1	·	·	2.0	2.0	1.8	1.8	1.9	1.7	2.9
Receivables Turnover	6.2	6.0	6.0	·	7.1	6.2	4.1	3.9	4.0	3.9	5.8	7.5

Per Share 5

Annual Per Share data for EBS
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Book Value / Share	$10.03	$8.89	$12.44	·	$31.56	$27.25	$21.05	$19.74	$18.47	$14.69	$16.75	$14.67
Revenue / Share	$13.10	$19.69	$20.49	$22.31	$33.14	$28.91	$21.11	$15.22	$11.14	$9.91	$11.06	$9.83
Cash Flow / Share	$3.01	$1.11	$-4.03	$-0.68	$5.94	$9.96	$3.59	$0.81	$4.14	$1.08	$0.94	$2.45
Cash / Share	$3.94	$1.83	$2.14	·	$11.23	$11.70	$3.25	$2.19	$3.61	$6.69	$7.94	$7.44
EPS (TTM)	$0.93	$-3.60	$-14.85	$-4.22	$4.06	$5.68	$1.04	$1.22	$1.71	$1.13	$1.41	$0.88

Growth Rates 7

Annual Growth Rates data for EBS
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Revenue YoY	-28.8%	-0.54%	-6.1%	-37.0%	12.4%	·	·	·	·	·	·	·
Revenue CAGR 3Y	-12.7%	-16.2%	-12.7%	·	·	·	·	·	·	·	·	·
Revenue CAGR 5Y	-14.0%	·	·	·	·	·	·	·	·	·	·	·
EPS YoY	·	·	·	·	-28.5%	·	·	·	·	·	·	·
EPS CAGR 5Y	-30.4%	·	·	·	·	·	·	·	·	·	·	·
Net Income YoY	·	·	·	·	-28.2%	·	·	·	·	·	·	·
Net Income CAGR 5Y	-29.7%	·	·	·	·	·	·	·	·	·	·	·

Valuation (TTM) 14

Annual Valuation (TTM) data for EBS
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Revenue TTM	$743M	$1.04B	$1.05B	$1.12B	$1.77B	$1.58B	$1.11B	$782M	$561M	$489M	$489M	$404M
Net Income TTM	$53M	$-191M	$-760M	$-212M	$220M	$306M	$54M	$63M	$83M	$52M	$63M	$37M
Market Cap	$644M	$519M	$125M	·	$2.23B	$4.76B	$2.79B	$3.04B	$2.30B	$1.33B	$1.58B	$1.03B
Enterprise Value	$1.01B	$1.08B	$1.29B	·	$2.53B	$5.05B	$3.45B	$3.73B	$2.13B	$1.33B	$1.52B	$997M
P/E	13.3	-2.7	-0.2	-2.8	10.7	15.8	51.9	48.6	27.2	29.1	28.4	30.9
P/S	0.9	0.5	0.1	·	1.3	3.0	2.5	3.9	4.1	2.7	3.2	2.5
P/B	1.2	1.1	0.2	·	1.4	3.3	2.6	3.0	2.5	2.2	2.4	1.9
P / Tangible Book	7.5	·	1.5	1.3	2.9	9.1	·	·	·	·	·	·
P / Cash Flow	3.8	8.8	-0.6	·	6.9	8.9	14.8	72.6	11.0	24.9	35.5	9.1
P / FCF	4.1	14.5	-0.5	·	23.2	12.0	27.6	-100.2	15.0	-58.5	-4466.5	12.6
EV / EBITDA	5.2	10833.1	-2.1	·	7.2	10.4	21.1	29.6	13.6	10.0	12.6	12.3
EV / FCF	6.4	30.3	-5.0	·	26.3	12.8	34.1	-123.0	13.9	-58.4	-4297.1	12.2
EV / Revenue	1.4	1.0	1.2	·	1.4	3.2	3.1	4.8	3.8	2.7	3.1	2.5
Earnings Yield	7.5%	-37.7%	-618.8%	-35.7%	9.3%	6.3%	1.9%	2.1%	3.7%	3.4%	3.5%	3.2%

Income Statement 16

Quarterly Income Statement data for EBS
Metric	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022	Q1 2022
Revenue	$149M	$231M	$141M	$222M	$195M	$294M	$255M	$300M	$277M	$270M	$338M	$164M	$330M	$240M	$243M	$305M
Cost of Revenue	$85M	$86M	$67M	$88M	$118M	$123M	$296M	$145M	$185M	$177M	$191M	$153M	·	$147M	$170M	$156M
Gross Profit	·	·	·	·	·	$161M	$-48M	$148M	·	$87M	$141M	$5M	·	$75M	$66M	$142M
R&D Expense	$12M	$14M	$12M	$15M	$9M	$14M	$33M	$15M	$29M	$15M	$26M	$41M	$50M	$42M	$50M	$46M
SG&A Expense	$51M	$39M	$44M	$52M	$61M	$77M	$86M	$85M	$90M	$86M	$91M	$101M	$92M	$82M	$81M	$85M
Operating Income	$-28M	$76M	$2M	$50M	$-10M	$64M	$-204M	$40M	$-44M	$-242M	$-293M	$-148M	$-55M	$-45M	$-76M	$7M
Interest Expense	·	·	·	·	·	·	·	$24M	·	$20M	$29M	$18M	·	$8M	$8M	$8M
Other Non-op	$-8M	$-4M	$-4M	$70M	$-4M	$22M	$-3M	$-3M	$8M	$-3M	$-4M	$5M	$7M	$-13M	$-3M	$-2M
Pretax Income	$-51M	$58M	$-17M	$93M	$-28M	$142M	$-270M	$12M	$-54M	$-266M	$-250M	$-161M	$-65M	$-67M	$-83M	$-4M
Income Tax	$4M	$6M	$-5M	$25M	$4M	$28M	$13M	$3M	$-5M	$-2M	$11M	$26M	$-800.0K	$20M	$-26M	$-100.0K
Net Income	$-55M	$51M	$-12M	$68M	$-31M	$115M	$-283M	$9M	$-50M	$-263M	$-261M	$-186M	$-67M	$-87M	$-53M	$-5M
EPS (Basic)	$-1.01	$0.96	$-0.22	$1.25	$-0.55	$2.16	$-5.38	$0.17	$-0.90	$-5.08	$-5.16	$-3.71	$-1.32	$-1.75	$-1.06	$-0.09
EPS (Diluted)	$-0.95	$0.91	$-0.22	$1.19	$-0.45	$2.06	$-5.38	$0.17	$-0.90	$-5.08	$-5.16	$-3.71	$-1.32	$-1.75	$-1.06	$-0.09
Shares (Basic)	-108,300,000	53,200,000	54,200,000	54,400,000	-104,900,000	53,100,000	52,600,000	52,200,000	-101,500,000	51,800,000	50,700,000	50,200,000	-100,500,000	49,900,000	50,000,000	50,700,000
Shares (Diluted)	-111,300,000	56,500,000	54,200,000	57,300,000	-107,400,000	55,600,000	52,600,000	52,200,000	-101,500,000	51,800,000	50,700,000	50,200,000	-100,500,000	49,900,000	50,000,000	50,700,000
EBITDA	·	$76M	$2M	$75M	·	$64M	$-204M	$68M	·	$-242M	$-293M	$-114M	·	$-42M	$-72M	$37M

Balance Sheet 30

Quarterly Balance Sheet data for EBS
Metric	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022	Q1 2022
Cash & Equivalents	$205M	$246M	$267M	$149M	$100M	$150M	$70M	$78M	$112M	$88M	$89M	$430M	$643M	$241M	$358M	$436M
Receivables	$84M	$150M	$80M	$204M	$154M	$121M	$196M	$234M	·	$216M	$290M	$156M	·	$191M	$175M	$182M
Inventory	$343M	$356M	$339M	$314M	$312M	$323M	$318M	$333M	·	$354M	$354M	$368M	·	$546M	$426M	$401M
Prepaid Expense	$26M	$26M	$24M	$30M	$27M	$61M	$36M	$36M	·	$62M	$45M	$42M	·	$140M	$125M	$82M
Current Assets	$662M	$787M	$720M	$707M	$599M	$661M	$654M	$682M	·	$721M	$778M	$1.22B	·	$1.12B	$1.08B	$1.10B
PP&E (Net)	$205M	$210M	$216M	$221M	$271M	$278M	$306M	$379M	·	$395M	$396M	$717M	·	$807M	$798M	$808M
PP&E (Gross)	$510M	$500M	$516M	$518M	$668M	$672M	$707M	$802M	·	$796M	$787M	$1.09B	·	$1.17B	$1.16B	$1.14B
Accum. Depreciation	$304M	$291M	$300M	$297M	$397M	$394M	$401M	$423M	·	$401M	$391M	$375M	·	$366M	$358M	$330M
Goodwill	$0	·	·	·	$0	$0	$0	$0	$0	$0	$218M	$218M	·	$225M	$225M	$225M
Intangibles	$436M	$453M	$469M	$485M	$502M	$518M	$534M	$550M	·	$583M	$593M	$609M	·	$723M	$577M	$591M
Other Non-current Assets	$14M	$12M	$12M	$13M	$19M	$20M	$19M	$191M	·	$194M	$195M	$185M	·	$36M	$51M	$57M
Total Assets	$1.32B	$1.46B	$1.42B	$1.43B	$1.39B	$1.48B	$1.51B	$1.80B	·	$1.89B	$2.18B	$2.95B	·	$2.91B	$2.74B	$2.78B
Accounts Payable	$56M	$57M	$64M	$58M	$61M	$82M	$96M	$100M	·	$113M	$108M	$124M	·	$104M	$106M	$107M
Accrued Liabilities	$12M	$14M	$14M	$13M	$18M	$16M	$17M	$14M	·	$17M	$31M	$21M	·	$36M	$40M	$29M
Short-term Debt	·	·	·	·	·	$800.0K	$415M	$459M	·	$414M	$455M	$951M	·	$21M	$32M	$32M
Current Liabilities	$132M	$136M	$127M	$112M	$162M	$230M	$620M	$630M	·	$664M	$693M	$1.22B	·	$268M	$277M	$249M
Capital Leases	$9M	$6M	$6M	$5M	$10M	$11M	$12M	$13M	·	$15M	$13M	$13M	·	$16M	$21M	$23M
Deferred Tax	$38M	$36M	$46M	$60M	$42M	$42M	$35M	$35M	·	$52M	$58M	$60M	·	$114M	$93M	$95M
Other Non-current Liabilities	$54M	$43M	$40M	$35M	$39M	$36M	$26M	$28M	·	$31M	$23M	$24M	·	$45M	$58M	$49M
Total Liabilities	$796M	$878M	$881M	$873M	$907M	$969M	$1.13B	$1.14B	·	$1.20B	$1.22B	$1.75B	·	$1.46B	$1.22B	$1.21B
Long-term Debt	$590M	$693M	$700M	$700M	$700M	$701M	$864M	$909M	·	$866M	$909M	$1.41B	·	$1.06B	$833M	$841M
Total Debt	·	$663M	$668M	$666M	·	$663M	$1.28B	$1.37B	·	$1.28B	$1.36B	$2.35B	·	$1.07B	$857M	$865M
Common Stock	$100.0K	$100.0K	$100.0K	$100.0K	$100.0K	$100.0K	$100.0K	$100.0K	·	$100.0K	$100.0K	$100.0K	·	$100.0K	$100.0K	$100.0K
Paid-in Capital	$942M	$939M	$935M	$931M	$928M	$924M	$915M	$910M	·	$900M	$896M	$878M	·	$860M	$849M	$835M
Retained Earnings	$-160M	$-105M	$-156M	$-144M	$-212M	$-181M	$-296M	$-13M	·	$28M	$290M	$551M	·	$822M	$898M	$954M
Treasury Stock	$253M	$244M	$235M	$228M	$228M	$228M	$228M	$228M	·	$228M	$228M	$228M	·	$228M	$228M	$204M
AOCI	$-8M	$-8M	$-8M	$-6M	$-5M	$-7M	$-6M	$-6M	·	$-3M	$-2M	$1M	·	$-5M	$-6M	$-9M
Stockholders' Equity	$523M	$582M	$536M	$553M	$483M	$508M	$386M	$664M	$649M	$697M	$956M	$1.20B	$1.39B	$1.45B	$1.51B	$1.58B
Liabilities + Equity	$1.32B	$1.46B	$1.42B	$1.43B	$1.39B	$1.48B	$1.51B	$1.80B	·	$1.89B	$2.18B	$2.95B	·	$2.91B	$2.74B	$2.78B
Shares Outstanding	52,100,000	52,700,000	53,700,000	54,500,000	54,300,000	54,100,000	52,900,000	52,400,000	·	51,800,000	51,800,000	50,400,000	·	49,900,000	49,900,000	50,400,000

Cash Flow 16

Quarterly Cash Flow data for EBS
Metric	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022	Q1 2022
D&A	$24M	$23M	$24M	$25M	$26M	$26M	$28M	$28M	$30M	$28M	$33M	$35M	$36M	$32M	$44M	$31M
Stock-based Comp	$5M	$5M	$5M	$2M	$4M	$2M	$6M	$6M	$4M	$4M	$8M	$7M	$12M	$11M	$12M	$10M
Deferred Tax	·	·	·	·	·	·	·	·	·	·	·	·	$-57M	$20M	$700.0K	$2M
Amort. of Intangibles	$16M	$16M	$16M	$16M	$16M	$16M	$16M	$16M	$16M	$16M	$16M	$17M	$18M	$14M	$14M	$14M
Restructuring	$0	$300.0K	$-1M	$-1M	$-400.0K	$6M	$17M	$-500.0K	$-600.0K	$20M	$-100.0K	$10M	·	·	·	·
Other Non-cash	·	·	·	$-106M	·	·	·	$-105M	·	·	·	$-42M	·	·	·	$-76M
Operating Cash Flow	$78M	$-2M	$106M	$-11M	$-80M	$154M	$48M	$-63M	$32M	$60M	$-114M	$-184M	$93M	$-74M	$-16M	$-37M
CapEx	$4M	$3M	$3M	$4M	$2M	$6M	$5M	$11M	$11M	$13M	$12M	$15M	$24M	$28M	$32M	$32M
Investing Cash Flow	$-4M	$-3M	$17M	$60M	$29M	$112M	$-5M	$-11M	$-11M	$-19M	$258M	$-15M	$-45M	$-272M	$-32M	$-32M
Stock Issued	$-1M	·	·	·	$0	$0	·	·	$200.0K	$0	·	·	$0	$0	·	·
Stock Repurchased	$9M	$9M	·	·	$0	$0	·	·	$0	$0	$0	$0	$200.0K	$0	$24M	$58M
Net Stock Activity	·	·	·	·	·	·	·	·	·	·	·	$0	·	·	·	$-58M
Financing Cash Flow	$-114M	$-16M	$-6M	$-400.0K	$500.0K	$-180M	$-51M	$41M	$5M	$-43M	$-487M	$-10M	$353M	$229M	$-31M	$-70M
Net Change in Cash	$-40M	$-22M	$118M	$47M	$-51M	$85M	$-8M	$-33M	$24M	$-800.0K	$-344M	$-210M	$402M	$-117M	$-78M	$-140M
Free Cash Flow	·	·	·	$-15M	·	·	·	$-73M	·	·	·	$-199M	·	·	·	$-70M
Levered FCF	·	·	·	·	·	·	·	$-91M	·	·	·	$-219M	·	·	·	$-77M

Profitability 8

Quarterly Profitability data for EBS
Metric	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022	Q1 2022
Gross Margin	·	·	·	·	·	54.9%	-18.9%	49.2%	·	32.2%	41.6%	2.1%	·	30.8%	27.0%	46.2%
Operating Margin	·	33.1%	1.1%	22.5%	·	21.9%	-79.9%	13.2%	·	-89.5%	-86.7%	-89.7%	·	-17.5%	-29.7%	2.1%
Net Margin	·	22.1%	-8.5%	30.6%	·	39.1%	-111.1%	3.0%	·	-97.4%	-77.3%	-110.8%	·	-31.5%	-23.2%	-1.2%
Pretax Margin	·	24.9%	-11.9%	41.7%	·	48.5%	-105.9%	4.0%	·	-98.3%	-74.1%	-97.6%	·	-26.6%	-34.1%	-1.2%
EBITDA Margin	·	33.1%	1.1%	33.9%	·	21.9%	-79.9%	22.5%	·	-89.5%	-86.7%	-68.8%	·	-17.5%	-29.7%	12.1%
ROA	·	3.5%	-0.82%	4.2%	·	6.8%	-15.3%	0.38%	·	-11.0%	-10.6%	-6.4%	·	-2.6%	-2.0%	-0.13%
ROE	·	9.4%	-2.6%	11.2%	·	19.0%	-42.2%	0.96%	·	-24.5%	-21.2%	-13.2%	·	-5.1%	-3.7%	-0.24%
ROIC	·	5.5%	0.09%	3.0%	·	4.4%	-12.8%	1.5%	·	-12.2%	-13.2%	-4.7%	·	-2.0%	-2.1%	0.26%

Liquidity & Solvency 5

Quarterly Liquidity & Solvency data for EBS
Metric	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022	Q1 2022
Current Ratio	·	5.8	5.7	6.3	·	2.9	1.1	1.1	·	1.1	1.1	1.0	·	4.2	3.9	4.4
Quick Ratio	·	2.9	2.7	3.2	·	1.2	0.4	0.5	·	0.5	0.5	0.5	·	1.6	1.9	2.5
Debt / Equity	·	1.1	1.2	1.2	·	1.3	3.3	2.1	·	1.8	1.4	2.0	·	0.7	0.6	0.5
LT Debt / Equity	·	1.1	1.2	1.2	·	1.3	1.2	0.7	·	0.6	0.5	0.4	·	0.7	0.5	0.5
Interest Coverage	·	·	·	·	·	·	·	1.6	·	-12.3	-10.2	-8.3	·	-4.9	-9.2	0.8

Efficiency 3

Quarterly Efficiency data for EBS
Metric	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022	Q1 2022
Asset Turnover	·	0.2	0.1	0.1	·	0.2	0.1	0.1	·	0.1	0.1	0.1	·	0.1	0.1	0.1
Inventory Turnover	·	0.3	0.2	0.3	·	0.4	0.9	0.4	·	0.4	0.5	0.4	·	·	·	·
Receivables Turnover	·	1.7	1.0	1.0	·	1.7	1.0	1.5	·	1.3	1.5	1.0	·	1.1	1.1	1.7

Per Share 5

Quarterly Per Share data for EBS
Metric	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022	Q1 2022
Book Value / Share	·	$11.05	$9.99	$10.14	·	$9.40	$7.30	$12.67	·	$13.46	$18.46	$23.86	·	$29.04	$30.32	$31.26
Revenue / Share	·	$4.09	$2.60	$3.88	·	$5.28	$4.84	$5.75	·	$5.22	$6.66	$3.29	·	$4.81	$4.85	$6.07
Cash Flow / Share	·	·	·	$-0.20	·	·	·	$-1.20	·	·	·	$-3.67	·	·	·	$-0.74
Cash / Share	·	$4.66	$4.98	$2.74	·	$2.77	$1.32	$1.50	·	$1.70	$1.71	$8.54	·	$4.83	$7.18	$8.65
EPS (TTM)	·	$3.94	$-2.35	$-1.96	·	$-8.23	$-15.45	$-13.78	·	$-15.29	$-11.96	$-7.86	·	$0.70	$1.70	$2.75

Valuation (TTM) 14

Quarterly Valuation (TTM) data for EBS
Metric	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022	Q1 2022
Revenue TTM	·	$888M	$912M	$1.07B	·	$1.12B	$1.16B	$1.07B	·	$1.10B	$1.07B	$977M	·	$1.52B	$1.57B	$1.70B
Net Income TTM	·	$222M	$-112M	$-91M	·	$-423M	$-799M	$-702M	·	$-778M	$-602M	$-393M	·	$48M	$95M	$148M
Market Cap	·	$465M	$343M	$265M	·	$452M	$361M	$133M	·	$176M	$381M	$522M	·	$1.05B	$1.55B	$2.07B
Enterprise Value	·	$882M	$743M	$781M	·	$965M	$1.57B	$1.42B	·	$1.36B	$1.65B	$2.44B	·	$1.88B	$2.05B	$2.50B
P/E	·	2.2	-2.7	-2.5	·	-1.0	-0.4	-0.2	·	-0.2	-0.6	-1.3	·	30.0	18.3	14.9
P/S	·	0.5	0.4	0.2	·	0.4	0.3	0.1	·	0.2	0.4	0.5	·	0.7	1.0	1.2
P/B	·	0.8	0.6	0.5	·	0.9	0.9	0.2	·	0.3	0.4	0.4	·	0.7	1.0	1.3
P / Tangible Book	·	3.6	5.1	3.9	·	·	·	1.2	·	1.5	2.6	1.4	·	2.1	2.2	2.7
P / Cash Flow	·	·	·	-23.6	·	·	·	-2.1	·	·	·	-2.8	·	·	·	-55.5
P / FCF	·	·	·	-17.9	·	·	·	-1.8	·	·	·	-2.6	·	·	·	-29.8
EV / EBITDA	·	11.5	464.4	10.4	·	15.0	-7.7	21.0	·	-5.6	-5.6	-21.5	·	-44.8	-28.4	67.0
EV / FCF	·	·	·	-52.8	·	·	·	-19.3	·	·	·	-12.3	·	·	·	-35.9
EV / Revenue	·	1.0	0.8	0.7	·	0.9	1.3	1.3	·	1.2	1.5	2.5	·	1.2	1.3	1.5
Earnings Yield	·	44.7%	-36.8%	-40.3%	·	-98.6%	-226.5%	-544.7%	·	-449.7%	-162.7%	-75.9%	·	3.3%	5.5%	6.7%

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

Income Statement

	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2022-09-30
Revenue	$743M	$1.04B	$1.05B	$1.12B	—
Gross Margin %	—	—	30.3%	34.3%	—
Operating Margin %	13.5%	-10.4%	-69.2%	-15.2%	—
Net Income	$53M	$-191M	$-760M	$-212M	—
Diluted EPS	$0.93	$-3.60	$-14.85	$-4.22	—

Balance Sheet

	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2022-09-30
Debt / Equity	1.1	1.4	2.0	—	—
Current Ratio	5.0	3.7	1.0	—	—
Quick Ratio	2.2	1.6	0.5	—	—

Cash Flow

	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2022-09-30
Free Cash Flow	$157M	$36M	$-258M	$-150M	—

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