Azenta

AZTA · Nasdaq · Health Care · Financials, fiscal 2016 to 2025

AZTA · Last close · October 26, 2026

$37.17

Azenta's revenue rose 3.5% to $594 million in fiscal 2025. Its operating margin was −4.5%, up from −8.9% a year earlier. Free cash flow was $38 million, up 210.3%. The diluted share count fell 13.7%.

AZENTA, INC. Latest fiscal year ended September 30, 2025 10-K filed December 4, 2025 · 0001437749-25-036931 Updated October 22, 2026

Revenue

$594M

3.5%

Operating margin

−4.5%

4.4 pts

Net income

−$56M

Free cash flow

$38M

210.3%

Return on equity

−3.2%

4.5 pts

Market cap

$1.7B

Oct 26 close

P/E

—

Loss: no P/E

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on equity is net income as a share of shareholders' equity. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2017 to 2022, earnings per share grew 100.0% a year and net income 102.5% a year, as new shares raised the share count by 6% and diluted each share's earnings. Azenta then lost money in fiscal 2023, 2024 and 2025.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Azenta yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Azenta's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

The example scenarios need Azenta's net cash, which its filings' structured data doesn't give for its latest year. You can enter your own figure in the calculator.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions Cash and short-term investments minus debt and finance leases at September 30, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Azenta's own revenue growth, as above. Cautious: growth of 0% then 1% a year, 2% after year 10, a 12% discount rate. Base: growth of 2% then 2% a year, 2.5% after year 10, a 11% discount rate. Optimistic: growth of 4% then 3.5% a year, 3% after year 10, a 10% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $37.17
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

The P/E method needs positive earnings, and Azenta's latest diluted earnings per share were negative or zero.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	228	1,570	1,105	491	546
Debt incl. finance leases	50	—	—	—	—
Net debt (negative means net cash)	−178	—	—	—	—
Net debt to EBITDA	−5.2x	—	—	—	—
Debt to equity	0.0x	—	—	—	—
Interest coverage	−15.3x	−5.4x	—	—	—
Current ratio	2.2x	10.7x	6.7x	4.0x	3.0x
Quick ratio	2.1x	10.3x	6.1x	3.7x	2.7x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, 2 insiders bought $171,897 of Azenta shares on the open market, and none sold any.

Date	Insider	Trade	Shares	Price	Value	Filing
Jul 31, 2026	Ephraim StarrSVP, Gen Counsel & Secretary	Bought	335	$24.17	$8,097	Form 4
May 18, 2026	William L CornogDirector	Bought	10,000	$16.38	$163,800	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Fail	Fail	Fail
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Fail	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	—	—	—
Current ratio rose	Fail	Fail	Fail
Share count didn't rise	Pass	Pass	Pass
Gross margin rose	Fail	Pass	Pass
Revenue rose relative to assets	Fail	Pass	Pass
F-score	—	—	—
Accruals ratio	−0.6%	−8.6%	−6.2%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Azenta side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Azenta	FY25	3.5%	−4.5%	6.5%	—	—	—
Bio-Techne	FY26	−0.4%	20.7%	21.7%	9.2%	−0.2x	9	Compare
Medpace	FY25	20.0%	21.1%	26.9%	—	−0.9x	4	Compare
Bio-Rad Laboratories	FY25	0.7%	1.8%	14.5%	0.5%	−1.6x	5	Compare
Waters	FY25	7.0%	25.4%	17.1%	21.0%	0.8x	6	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	434	528	632	334	388	514	556	552	573	594
Revenue growth	−21.5%	21.5%	19.7%	−47.1%	16.3%	32.2%	8.1%	−0.7%	4.0%	3.5%
Gross profit	157	199	246	135	172	244	256	239	255	270
Research and development	44	40	47	17	18	22	28	32	32	30
Operating income	−17	14	31	−47	−37	−31	−25	−61	−51	−27
Net income	−70	63	117	437	65	111	2,133	−15	−165	−56
Diluted EPS (US$)	−1.01	0.89	1.64	6.04	0.88	1.49	28.48	−0.22	−3.10	−1.22
Diluted shares (millions)	68	70	71	72	74	74	75	66	53	46
Cash flow
Cash from operations	40	96	74	91	38	150	−466	6	50	72
Capital expenditure	13	13	13	24	40	53	73	39	37	34
Free cash flow	27	84	61	67	−2	97	−539	−34	12	38
Dividends paid	28	28	28	29	30	30	8	0	0	0
Share buybacks	0	0	0	0	0	0	0	838	662	0
Acquisitions	125	45	86	443	16	94	126	386	0	0
Stock-based compensation	12	17	20	20	16	28	11	9	14	21
Balance sheet at fiscal year end
Cash and short-term investments	85	102	244	291	251	228	1,570	1,105	491	546
Debt incl. finance leases	—	—	196	51	52	50	—	—	—	—
Total assets	686	767	1,095	1,516	1,559	1,820	3,716	2,885	2,100	2,060
Total liabilities	132	159	377	377	346	494	353	351	332	333
Shareholders' equity	554	608	718	1,139	1,214	1,325	3,363	2,534	1,768	1,727
Margins and ratios
Gross margin	36.1%	37.7%	39.0%	40.3%	44.3%	47.5%	46.0%	43.4%	44.4%	45.5%
Operating margin	−3.9%	2.7%	5.0%	−14.2%	−9.4%	−6.0%	−4.5%	−11.1%	−8.9%	−4.5%
Net margin	−16.0%	11.9%	18.5%	130.9%	16.7%	21.6%	383.9%	−2.6%	−28.8%	−9.4%
Free cash flow margin	6.2%	15.8%	9.7%	20.1%	−0.5%	18.9%	−97.1%	−6.1%	2.1%	6.5%
Return on capital	—	—	—	−4.8%	−3.0%	−2.3%	—	—	—	—
Return on equity	−11.7%	10.8%	17.6%	47.1%	5.5%	8.7%	91.0%	−0.5%	−7.7%	−3.2%
Return on assets	−9.6%	8.6%	12.5%	33.5%	4.2%	6.6%	77.1%	−0.4%	−6.6%	−2.7%
Net debt to EBITDA	—	—	−0.7x	−34.1x	−6.9x	−5.2x	—	—	—	—

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Azenta's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Azenta.