Hologic Inc.

HOLX
Financial Analysis · Updated May 13, 2026 · Coverage 2026-Q2
TTM ROIC
15.2%
FY2024 · Net Income / Invested Capital (estimated) · WACC ~9% · Moat spread +6.2pp

Financial Snapshot


ticker: HOLX step: 04 generated: 2026-05-12 source: quick-research note: HOLX taken private by Blackstone/TPG on April 7, 2026 at $76+CVR/share (~$17.3B EV). Historical financials preserved for research reference.

Hologic, Inc. (HOLX) — Financial Snapshot (Historical — Taken Private April 2026)

Income Statement Summary

Metric FY2022 FY2023 FY2024 YoY
Revenue $4.88B $3.91B $4.03B +3.1%
Gross Margin ~57% ~55% ~56%
Operating Margin ~32% ~25% ~27%
Net Income ~$1.5B ~$840M ~$900M
EPS (diluted) ~$6.00 ~$3.55 ~$3.90

FY2022 peak includes ~$1.3B COVID-19 molecular testing revenue (Panther platform). FY2023–2024 reflect normalized base after COVID testing winddown. Non-GAAP operating margins held ~30% even in the post-COVID normalization period, demonstrating underlying business quality.

Cash Flow & Balance Sheet (FY2024)

Metric Value
Operating Cash Flow ~$1.1B
Free Cash Flow ~$950M
Capital Expenditures ~$150M
Cash & Equivalents ~$2.7B
Total Debt ~$2.8B

Key Ratios (at time of acquisition, April 2026)

  • Acquisition Price: $76/share + CVR | Implied EV: ~$17.3B
  • EV/Revenue: ~4.3x (FY2024) | EV/EBITDA: ~14x | FCF Yield: ~5.5% at deal price
  • Revenue Growth (FY2024): +3.1% | FCF Margin: ~24%
  • Non-GAAP Operating Margin: ~30% (consistent across FY2022–FY2025)

Growth Profile

Hologic's revenue peaked in FY2022 at $4.88B due to extraordinary COVID testing volumes through its Panther molecular diagnostics platform. Post-COVID normalization reduced revenue ~20% in FY2023, but the underlying diagnostics, breast health, and GYN surgical segments continued growing mid-single digits organically. By FY2024, HOLX returned to modest growth on a cleaner base. The non-COVID franchise was generating ~$4B in annual revenue with ~30% non-GAAP operating margins and $1B+ in annual FCF — premium economics that made the company a natural LBO candidate.

Forward Estimates (Pre-Acquisition Consensus)

  • FY2025 Revenue: ~$4.2B (+4% YoY) — consensus before acquisition announcement
  • FY2025 Non-GAAP EPS: ~$4.20/share
  • Acquisition completed April 7, 2026 at $76/share + CVR ($3.00 contingent on regulatory milestone)
  • Deal represented ~19x forward non-GAAP EPS and ~4.2x revenue — premium to medtech sector comps

Deeper Financial Analysis

The fundamental tier adds 9 additional research dimensions for $HOLX.

Revenue Breakdown
Segment revenue, geographic mix, product-line contribution margins, and cohort dynamics.
Financial Trends
Quarter-over-quarter momentum, leading indicators, and inflection point analysis.
Balance Sheet
Debt structure, liquidity runway, dilution risk, and working capital dynamics.
Capital Allocation
Buyback cadence, M&A appetite, dividend policy, and reinvestment priorities.
Returns on Capital (ROIC)
Multi-year ROIC vs. WACC, marginal returns on reinvestment, sales-to-invested-capital efficiency, and moat spread.
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