NASDAQ · Healthcare

Hologic, Inc.

HOLX · Medical Instruments & Supplies

$76.01

▲ 0 (0%)

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Mr. Market is currently offering Hologic, Inc. at $76.01.

The business passes only 3 of 7 of Graham's defensive criteria — well below his required standard.

Overall Grade

Defensive

Enterprising

Profitability A

Gross Profit Margin 51.6%

Operating Margin 19.2%

Net Income Margin 13.8%

Fin. Health B

Years to Pay Off Debt 4.6 yrs

Working Capital vs Long-Term Debt $186M

Working Capital $2.7B

Valuation F

Margin of Safety 0.0%

Price-to-Book 3.36x

Cash Flow B

Free Cash Flow $905M

CapEx % of Net Income 26.9%

Owner Earnings $1.0B

3/7

Graham Score

Speculative

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $17.0B

Enterprise Value $17.1B

P/E (TTM) 31.54

Dividend Yield N/A

Exchange NASDAQ

Key Margins

Gross Profit 51.6%

Operating Margin 19.2%

Net Margin 13.8%

Company Info

Sector Healthcare

Industry Medical Instruments & Supplies

Employees 7070

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering Hologic, Inc. at $76.01.

The business passes only 3 of 7 of Graham's defensive criteria — well below his required standard.

At $76.01, the stock trades at a 114% premium to its Graham Number of $35.59. Graham would consider this price speculative.

There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign..

Conclusion: By Graham's standards, this stock is speculative at its current price. The intelligent investor would look elsewhere or wait.

About Hologic, Inc.

Hologic, Inc. engages in the development, manufacture, and supply of diagnostics products, medical imaging systems, and surgical products for women's health through early detection and treatment worldwide. It operates through four segments: Diagnostics, Breast Health, GYN Surgical, and Skeletal Health. The company provides Aptima molecular diagnostic assays to detect the infectious microorganisms; Aptima viral load assays for Hepatitis B virus, Hepatitis C virus, human immunodeficiency virus, and human cytomegalo virus; Aptima bacterial vaginosis and candida vaginitis assays for the diagnosis of vaginitis; Aptima SARS-CoV-2 and Panther Fusion SARS-CoV-2 assays to detect SARS-CoV-2; ThinPrep System for cytology applications; and Rapid Fetal Fibronectin Test that assists physicians in assessing the risk of pre-term birth. It also offers breast cancer care solutions in the areas of radiology, breast surgery, pathology, and treatment, such as 3D digital mammography systems, image analysis software, reading workstations, minimally invasive breast biopsy guidance systems, breast biopsy site markers, localization, and specimen radiology systems; and breast conserving surgery products. In addition, the company provides MyoSure Hysteroscopic Tissue Removal System for the removal of fibroids and polyps in the uterus; NovaSure Endometrial Ablation System to treat abnormal uterine bleeding; Fluent Fluid Management System that provides liquid distention during diagnostic and operative hysteroscopic procedures; Acessa ProVu system to treat various fibroids; and CoolSeal portfolio, such as bipolar vessel sealing devices. Further, it offers Horizon DXA, a dual energy X-ray system. The company sells its products through direct sales, service forces, independent distributors, and sales representatives. The company was incorporated in 1985 and is headquartered in Marlborough, Massachusetts.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022	2021
Gross Profit %	51.6% ▼	55.3%	51.4%	61.6%	N/A
Operating Margin %	19.2% ▼	23.1%	18.9%	33.5%	N/A
Net Income %	13.8% ▼	19.6%	11.3%	26.8%	N/A
Diluted EPS	2.49 ▼	3.32	1.83	5.13	N/A

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$9.0B	$9.2B	$9.1B	$9.1B	N/A
Total Debt	$2.6B ↓	$2.7B	$2.9B	$2.9B	N/A
Working Capital	$2.7B ▼	$2.8B	$3.0B	$2.9B	N/A
Years to Pay Debt	4.64	3.37	6.37	2.24	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	$905M ▼	$1.1B	$901M	$2.0B	N/A
Owner Earnings	$1.0B	$1.2B	$930M	$1.9B	N/A
CapEx % of Net Income	26.9%	17.8%	32.9%	9.8%	N/A

Income Statement

	2025	2024	2023	2022	2021
Tax Effect Of Unusual Items	-12,087	-4,211	-30,351	1,566
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	1,169,200	1,344,600	1,203,700	2,104,700
Total Unusual Items	-71,100	-48,400	-93,100	8,700
Total Unusual Items Excluding Goodwill	-71,100	-48,400	-93,100	8,700
Net Income From Continuing Operation Net Minority Interest	565,700	789,500	456,000	1,302,000
Reconciled Depreciation	299,800	309,000	323,400	430,100
Reconciled Cost Of Revenue	1,697,200	1,522,700	1,663,600	1,480,500
EBITDA	1,098,100	1,296,200	1,110,600	2,113,400
EBIT	798,300	987,200	787,200	1,683,300
Net Interest Income	-42,700	-13,400	9,400	-82,200
Interest Expense	117,100	122,100	111,100	95,100
Interest Income	74,400	108,700	120,500	12,900
Normalized Income	624,713	833,689	518,749	1,294,866
Net Income From Continuing And Discontinued Operation	565,700	789,500	456,000	1,302,000
Total Expenses	3,315,100	3,099,300	3,268,900	3,232,000
Total Operating Income As Reported	714,300	882,600	668,400	1,640,200
Diluted Average Shares	227,573	237,553	248,831	253,845
Basic Average Shares	226,156	235,723	246,772	251,527
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	565,700	789,500	456,000	1,302,000
Net Income Common Stockholders	565,700	789,500	456,000	1,302,000
Net Income	565,700	789,500	456,000	1,302,000
Minority Interests			0	0	1,800
Net Income Including Noncontrolling Interests	565,700	789,500	456,000	1,302,000
Net Income Continuous Operations	565,700	789,500	456,000	1,302,000
Tax Provision	115,500	75,600	220,100	286,200
Pretax Income	681,200	865,100	676,100	1,588,200
Other Income Expense	-61,500	-52,500	-94,800	39,600
Other Non Operating Income Expenses	9,600	-4,100	-1,700	30,900
Special Income Charges	-71,100	-48,400	-93,100	8,700
Gain On Sale Of Ppe	0	0	-51,700	0
Other Special Charges				700	21,600
Impairment Of Capital Assets	42,500	5,600	44,300	27,700
Restructuring And Mergern Acquisition	28,600	42,800	-2,900	-37,100
Net Non Operating Interest Income Expense	-42,700	-13,400	9,400	-82,200
Interest Expense Non Operating	117,100	122,100	111,100	95,100
Interest Income Non Operating	74,400	108,700	120,500	12,900
Operating Income	785,400	931,000	761,500	1,630,800
Operating Expense	1,332,500	1,296,800	1,310,000	1,366,600
Depreciation Amortization Depletion Income Statement	14,400	29,200	28,100	45,200
Depreciation And Amortization In Income Statement	14,400	29,200	28,100	45,200
Amortization	14,400	29,200	28,100	45,200
Amortization Of Intangibles Income Statement	14,400	29,200	28,100	45,200
Research And Development	248,200	272,800	294,300	283,400
Selling General And Administration	1,069,900	994,800	987,600	1,038,000
Selling And Marketing Expense	620,600	585,400	595,200	630,300
General And Administrative Expense	449,300	409,400	392,400	407,700
Other Gand A	449,300	409,400	392,400	407,700
Gross Profit	2,117,900	2,227,800	2,071,500	2,997,400
Cost Of Revenue	1,982,600	1,802,500	1,958,900	1,865,400
Total Revenue	4,100,500	4,030,300	4,030,400	4,862,800
Operating Revenue	4,100,500	4,030,300	4,030,400	4,862,800

Balance Sheet

	2025	2024	2023	2022	2021
Treasury Shares Number	79,874	69,460	58,231	51,401
Ordinary Shares Number	222,564	231,725	241,709	247,132
Share Issued	302,438	301,185	299,940	298,533
Net Debt	548,400	374,400	95,700	483,900
Total Debt	2,626,800	2,658,000	2,904,100	2,921,600
Tangible Book Value	818,200	842,300	847,000	359,100
Invested Capital	7,555,800	7,664,600	7,835,100	7,699,600
Working Capital	2,690,900	2,786,100	2,977,200	2,924,300
Net Tangible Assets	818,200	842,300	847,000	359,100
Capital Lease Obligations	118,900	123,400	85,900	98,200
Common Stock Equity	5,047,900	5,130,000	5,016,900	4,876,200
Total Capitalization	7,552,900	7,627,100	7,548,100	7,684,600
Total Equity Gross Minority Interest	5,047,900	5,130,000	5,016,900	4,876,200
Stockholders Equity	5,047,900	5,130,000	5,016,900	4,876,200
Gains Losses Not Affecting Retained Earnings	-100,800	-111,500	-147,600	-238,200
Other Equity Adjustments	-100,800	-111,500	-147,600	-238,200
Treasury Stock	4,611,200	3,851,500	3,036,000	2,531,500
Retained Earnings	3,411,500	2,845,800	2,056,300	1,600,300
Additional Paid In Capital	6,345,400	6,244,200	6,141,200	6,042,600
Capital Stock	3,000	3,000	3,000	3,000
Common Stock	3,000	3,000	3,000	3,000
Total Liabilities Net Minority Interest	3,967,000	4,026,000	4,122,400	4,195,000
Total Non Current Liabilities Net Minority Interest	2,989,800	2,988,800	2,915,100	3,257,300
Other Non Current Liabilities	10,200	10,600	13,200	25,300
Derivative Product Liabilities				0	7,600
Employee Benefits				6,800	10,000
Non Current Pension And Other Postretirement Benefit Plans				6,800	10,000
Non Current Deferred Liabilities	386,200	385,000	308,300	351,800
Non Current Deferred Revenue	12,400	13,800	13,800	9,400
Non Current Deferred Taxes Liabilities	373,800	371,200	294,500	342,400
Long Term Debt And Capital Lease Obligation	2,593,400	2,593,200	2,593,600	2,880,200
Long Term Capital Lease Obligation	88,400	96,100	62,400	71,800
Long Term Debt	2,505,000	2,497,100	2,531,200	2,808,400
Long Term Provisions				11,400	58,800
Current Liabilities	977,200	1,037,200	1,207,300	937,700
Other Current Liabilities			8,200	175,700	168,100
Current Deferred Liabilities	199,700	212,900	199,200	186,500
Current Deferred Revenue	199,700	212,900	199,200	186,500
Current Debt And Capital Lease Obligation	33,400	64,800	310,500	41,400
Current Capital Lease Obligation	30,500	27,300	23,500	26,400
Current Debt	2,900	37,500	287,000	15,000
Other Current Borrowings	2,900	37,500	287,000	15,000
Pensionand Other Post Retirement Benefit Plans Current	294,200	289,000	280,100	292,200
Current Provisions				12,000	16,300
Payables And Accrued Expenses	449,900	470,500	409,300	417,600
Current Accrued Expenses	183,700	197,300	171,800	175,700
Interest Payable				7,300	16,900
Payables	266,200	273,200	237,500	241,900
Total Tax Payable	72,800	69,400	62,300	44,200
Accounts Payable	193,400	203,800	175,200	197,700
Total Assets	9,014,900	9,156,000	9,139,300	9,071,200
Total Non Current Assets	5,346,800	5,332,700	4,954,800	5,209,200
Other Non Current Assets	29,100	27,000	44,000	40,300
Defined Pension Benefit	78,600	71,000	56,100	49,200
Non Current Deferred Assets	239,800	128,800	56,600	16,200
Non Current Deferred Taxes Assets	239,800	128,800	56,600	16,200
Non Current Accounts Receivable	37,400	37,500	33,000	30,400
Investments And Advances	78,500	150,700	15,500	5,500
Other Investments		96,400	0
Investmentin Financial Assets	78,500	150,700	15,500	5,500
Available For Sale Securities	78,500	150,700	15,500	5,500
Goodwill And Other Intangible Assets	4,229,700	4,287,700	4,169,900	4,517,100
Other Intangible Assets	589,100	844,600	888,600	1,280,600
Goodwill	3,640,600	3,443,100	3,281,300	3,236,500
Net PPE	653,700	630,000	579,700	550,500
Accumulated Depreciation	-792,800	-728,700	-714,000	-705,600
Gross PPE	1,446,500	1,358,700	1,293,700	1,256,100
Leases	49,100	44,000	44,400	44,800
Other Properties	1,073,900	1,002,200	959,000	957,700
Machinery Furniture Equipment	26,500	24,600	19,200	16,700
Buildings And Improvements	256,100	247,100	230,000	196,000
Land And Improvements	40,900	40,800	41,100	40,900
Current Assets	3,668,100	3,823,300	4,184,500	3,862,000
Other Current Assets	152,000	156,200	175,300	232,200
Assets Held For Sale Current		0	11,900	0
Prepaid Assets	33,200	53,300	31,600	49,000
Inventory	679,400	679,800	617,600	623,700
Finished Goods	363,200	366,400	312,700	310,700
Work In Process	68,400	62,000	66,300	60,100
Raw Materials	247,800	251,400	238,600	252,900
Receivables	600,800	600,400	625,600	617,600
Accounts Receivable	600,800	600,400	625,600	617,600
Allowance For Doubtful Accounts Receivable	-38,200	-41,400	-38,500	-37,700
Gross Accounts Receivable	639,000	641,800	664,100	655,300
Cash Cash Equivalents And Short Term Investments	2,202,700	2,333,600	2,722,500	2,339,500
Other Short Term Investments	243,200	173,400	0
Cash And Cash Equivalents	1,959,500	2,160,200	2,722,500	2,339,500
Cash Equivalents	829,800	723,100
Cash Financial	1,129,700	1,437,100

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	904,700	1,145,000	901,000	1,998,500
Repurchase Of Capital Stock	-752,900	-835,100	-474,800	-542,100
Repayment Of Debt	-1,200,800	-291,300	-19,000	-1,703,500
Issuance Of Debt	1,161,000	0	0	1,491,200
Capital Expenditure	-152,400	-140,200	-150,200	-127,200
Interest Paid Supplemental Data		117,100	105,400	99,700	93,200
Income Tax Paid Supplemental Data		137,900	296,100	36,200	615,100
End Cash Position	1,959,500	2,160,200	2,755,700	2,339,500
Beginning Cash Position	2,160,200	2,755,700	2,339,500	1,170,300
Effect Of Exchange Rate Changes	2,100	8,900	300	5,800
Changes In Cash	-202,800	-604,400	415,900	1,163,400
Financing Cash Flow	-777,200	-1,108,600	-483,200	-756,000
Cash Flow From Continuing Financing Activities	-777,200	-1,108,600	-483,200	-756,000
Net Other Financing Charges	-23,300	-20,000	-32,400	-35,100
Proceeds From Stock Option Exercised	38,800	37,800	43,000	33,500
Net Common Stock Issuance	-752,900	-835,100	-474,800	-542,100
Common Stock Payments	-752,900	-835,100	-474,800	-542,100
Net Issuance Payments Of Debt	-39,800	-291,300	-19,000	-212,300
Net Short Term Debt Issuance		0	0	-248,500	-250,000
Short Term Debt Payments		0	0	-248,500	-250,000
Short Term Debt Issuance				0	320,000
Net Long Term Debt Issuance	-39,800	-291,300	-19,000	36,200
Long Term Debt Payments	-1,200,800	-291,300	-19,000	-1,455,000
Long Term Debt Issuance	1,161,000	0	0	1,491,200
Investing Cash Flow	-482,700	-781,000	-152,100	-206,300
Cash Flow From Continuing Investing Activities	-482,700	-781,000	-152,100	-206,300
Net Other Investing Changes	-2,900	-2,000	13,100	79,500
Net Investment Purchase And Sale	-5,900	-310,200	-10,000	0
Sale Of Investment	176,000	0	0
Purchase Of Investment	-181,900	-310,200	-10,000	0
Net Business Purchase And Sale	-321,500	-328,600	-5,000	-158,600
Purchase Of Business	-321,500	-328,600	-5,000	-158,600
Net Intangibles Purchase And Sale	-15,400	-10,000	0	0
Purchase Of Intangibles	-15,400	-10,000	0	0
Net PPE Purchase And Sale	-78,200	-57,800	-58,400	-56,600
Purchase Of PPE	-78,200	-57,800	-58,400	-56,600
Capital Expenditure Reported	-58,800	-72,400	-91,800	-70,600
Operating Cash Flow	1,057,100	1,285,200	1,051,200	2,125,700
Cash Flow From Continuing Operating Activities	1,057,100	1,285,200	1,051,200	2,125,700
Change In Working Capital	-20,400	84,100	11,800	454,200
Change In Other Working Capital	-15,300	9,300	14,400	-12,300
Change In Payables And Accrued Expense	-43,600	95,600	-37,200	-30,200
Change In Accrued Expense	-32,300	73,400	-14,200	-15,800
Change In Payable	-11,300	22,200	-23,000	-14,400
Change In Account Payable	-11,300	22,200	-23,000	-14,400
Change In Prepaid Assets	32,000	-14,400	41,000	361,000
Change In Inventory	-1,300	-47,400	-4,900	-136,600
Change In Receivables	7,800	41,000	-1,500	272,300
Changes In Account Receivables	7,800	41,000	-1,500	272,300
Other Non Cash Items	43,400	47,600	14,000	-6,900
Stock Based Compensation	84,300	82,300	79,600	66,700
Asset Impairment Charge	225,900	44,800	223,800	45,100
Deferred Tax	-141,600	-72,100	-109,100	-166,200
Deferred Income Tax	-141,600	-72,100	-109,100	-166,200
Depreciation Amortization Depletion	299,800	309,000	323,400	430,100
Depreciation And Amortization	299,800	309,000	323,400	430,100
Amortization Cash Flow	190,900	209,700	233,800	340,900
Amortization Of Intangibles	190,900	209,700	233,800	340,900
Depreciation	108,900	99,300	89,600	89,200
Operating Gains Losses			51,700	700	21,600
Net Income From Continuing Operations	565,700	789,500	456,000	1,302,000

These metrics estimate what Hologic, Inc. is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$35.59

Margin of Safety

Market Cap ÷ Company Value

1.50

P/B Ratio

3.36

Warren's Owner Earnings

$1.0B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

3/7 — Speculative Investor

✅ Adequate Size

$4.1B

vs > $1.5B revenue

✅ Strong Financial Condition

3.75x

vs Current Ratio > 2.0x

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

❌ Dividend Record

No dividend

vs Uninterrupted dividends

❌ Earnings Growth

-51.5% EPS growth

vs > 33% EPS growth

❌ Moderate P/E Ratio

31.5x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

3.36x P/B (P/E×P/B: 106.0)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$-1.34

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

$39.09

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	26.9%	17.8%	32.9%	9.8%	N/A
Repurchase of Capital Stock	-$753M	-$835M	-$475M	-$542M	N/A
Free Cash Flow	$905M ▼	$1.1B ▲	$901M ▼	$2.0B •	N/A •
Warren's Owner Earnings	$1.0B	$1.2B	$930M	$1.9B	N/A

Peers & Industry

No auto-detected peers for Medical Instruments & Supplies. You can manually compare HOLX against any stock using the Compare tool.

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

0.84%

Low — management has little skin in the game

Return on Equity (ROE)

11.2%

Adequate — returns are moderate

Return on Assets (ROA)

6.3%

Strong — management uses assets efficiently

Share Buybacks (Latest Year)

$753M

Management is returning capital to shareholders via buybacks

Debt Trend YoY

-1.2% YoY

Debt is declining — management is deleveraging

Leadership Team

Michael Watts

Corporate Vice President of Investor Relations

Diana De Walt SPHR

Senior Vice President of Global Human Resources

Age 70

Scott Christensen

Senior Vice President of Global Supply Chain & Regulatory Affairs

Brandon Schnittker

President of GYN Surgical Solutions

Age 40

Mark Horvath

President of Breast & Skeletal Health Solutions

Age 62

Top Institutional Holders

Institution	% Owned	Shares
Vanguard Group Inc	11.69%	26,089,403
Blackrock Inc.	9.90%	22,098,417
State Street Corporation	4.42%	9,875,663
Manufacturers Life Insurance Co.	4.23%	9,441,848
HBK Investments L P	3.76%	8,400,000
T. Rowe Price Investment Management, Inc.	2.66%	5,932,301
Geode Capital Management, LLC	2.65%	5,919,013
Victory Capital Management Inc.	2.51%	5,609,912

Risk Analysis

Beta (Market Risk)

0.70

Low volatility — more stable than the market

Short Interest

3.7% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

0.48x

Conservative balance sheet — low financial risk

Current Ratio

4.04x

Strong liquidity — Graham approved

52-Week Price Range

Low: $51.90 Current: $76.01 High: $76.07

Currently at 100% of 52-week range

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