MeritValue

QuidelOrtho Corp

QDELdata completeness 100%6 fiscal years on file
The thesis, from the filings

QuidelOrtho Corp earns about 4% on invested capital, but has diluted owners by 58% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2022FY 2023FY 2023FY 2024FY 2025
Revenue$1.7B1$3.27B1$3B1$2.78B2$2.73B2
Net income$704.2M3$548.7M4−$10.1M5−$2.05B5−$1.13B5
Operating cash flow$805.9M6$885.3M7$280.2M8$83M8$105.2M8
Capital expenditure$292.8M9$140.9M10$209.3M11$195.1M11$188.2M11
Free cash flow (derived)$513.1M6$744.4M7$70.9M8−$112.1M8−$83M8
Total debt$600,00012$3.06B13$2.7B14$3.17B15$3.05B15
Cash & equivalents$802.8M16$292.9M17$118.9M18$98.3M19$169.8M19
Diluted shares42.9M57.4M66.8M67.2M67.8M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$283.26
your share of equity
Profit it earned you last year
−$166.93
Free cash flow it threw off
−$12.24
Debt you’d be carrying
$450.49

10 shares is a claim on $283.26 of net worth that earned you −$166.93 and generated −$12.24 of cash last year, against $450.49 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
4% avg · 5y
FY22 62%FY23 6%FY23 -2%FY24 -30%FY25 -18%

It earned an average 4% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+58% shares · 5y

Share count is up 58% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 508950% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K/A · period ending 2022-01-02 · accession 0001906324-24-000043 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2024-12-29 · accession 0001906324-26-000008 (Revenues)
  3. 10-K/A · period ending 2022-01-02 · accession 0001906324-24-000043 (NetIncomeLoss)
  4. 10-K · period ending 2023-01-01 · accession 0001906324-25-000035 (NetIncomeLoss)
  5. 10-K · period ending 2023-12-31 · accession 0001906324-26-000008 (NetIncomeLoss)
  6. 10-K/A · period ending 2022-01-02 · accession 0001906324-24-000043 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2023-01-01 · accession 0001906324-25-000035 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-12-31 · accession 0001906324-26-000008 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K/A · period ending 2022-01-02 · accession 0001906324-24-000043 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K · period ending 2023-01-01 · accession 0001906324-25-000035 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-12-31 · accession 0001906324-26-000008 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2022-01-02 · accession 0001906324-23-000014 (LongTermDebtCurrent)
  13. 10-K/A · period ending 2023-01-01 · accession 0001906324-24-000043 (LongTermDebtCurrent)
  14. 10-K · period ending 2023-12-31 · accession 0001906324-25-000035 (LongTermDebtCurrent)
  15. 10-K · period ending 2024-12-29 · accession 0001906324-26-000008 (LongTermDebtCurrent)
  16. 10-K · period ending 2022-01-02 · accession 0001906324-23-000014 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K/A · period ending 2023-01-01 · accession 0001906324-24-000043 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-12-31 · accession 0001906324-25-000035 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-12-29 · accession 0001906324-26-000008 (CashAndCashEquivalentsAtCarryingValue)