Azenta, Inc. (AZTA)

Price$31.33Cached quoteAs of 2026-09-05 11:57 UTC

AI: Fair-priced

Price checkThe shares look fairly priced because strong liquidity offsets thin profits and demanding cash expectations.

With 43.8 million shares outstanding, the observed price implies an equity value near $1.35 billion. Subtracting $522 million of June cash and marketable securities and adding $54 million of debt values the operating business near $882 million. That is about 15 times management's $59-$62 million adjusted EBITDA guide; adjusted EBITDA is a management-defined profit measure that adds back financing, taxes, asset wear and selected charges. It is also 20-21 times guided free cash flow of roughly $42-$44 million: reasonable, but not cheap.

Big pictureSales are growing slowly, while profits and cash still depend on uneven demand and timing.

Revenue climbed from $551 million in 2023 to $594 million in 2025, but Azenta posted operating losses in every supplied year from 2020 through 2025. Free cash flow—cash left after running and investing in the business—improved from negative $34 million in 2023 to $12 million in 2024 and $38 million in 2025. Yet it was only $16 million for the first nine months of 2026, so the full-year $42-$44 million expectation requires a strong final quarter. The record is improving, not yet durable.

Business strengthA cash-rich balance sheet limits financing risk, but acquisition write-downs weaken the asset cushion.

At June, Azenta held $522 million of cash and marketable securities against only $54 million of debt, while current assets exceeded current liabilities by $409 million. However, $547 million of its $1.51 billion equity was goodwill, even after a $149 million impairment showed earlier acquisition assumptions were too optimistic. Buybacks spent $1.50 billion during 2023-2024 and reduced shares from 57.8 million to 45.6 million; another $50 million lowered June shares to 43.8 million. Fiscal 2025 stock compensation of $21 million still diluted owners economically.

What could change the storySustained growth and cleaner execution could unlock value; another setback would expose the premium.

The bull evidence is third-quarter underlying sales growth of 9% and Multiomics' adjusted operating loss narrowing to $0.3 million. At roughly $615 million of annual revenue, a hypothetical 15% adjusted operating-cash-profit margin would produce about $92 million and lower the operating-business valuation to roughly ten times that profit. That is a scenario, not guidance. The bear evidence is full-year underlying growth guidance of only flat to 1%, expected slight fourth-quarter contraction and Automated Stores rework costs. The current price therefore appears to assume that the rebound becomes repeatable and annual free cash flow rises beyond $44 million.

AI: News

Quarterly rebound, mixed marginsThird-quarter sales rebounded, but weaker margins and modest yearly guidance temper the good news.

On August 4, Azenta reported June-quarter revenue of $161 million, up 12%, including 9% underlying growth excluding currency and UK Biocentre. Both main units grew, but the reported operating loss was $4.2 million and adjusted margin declined. Management narrowed annual revenue guidance to $613-$618 million and improved underlying growth guidance to flat-to-1%. Shares gained 5.6% the next session while Nasdaq fell 0.8%; that timing is consistent with a favorable response, though it does not prove causation.

Chief executive exitsAn abrupt chief executive change created execution uncertainty despite unchanged near-term sales guidance.

On August 24, John Marotta resigned as president, chief executive and director; the filing said his departure did not reflect disagreement about operations, policies or practices. Director Martin Madaus became interim chief executive, and Azenta reaffirmed its prior fourth-quarter revenue view. Shares fell 12.1% that session on nearly 1.9 million shares, roughly triple normal recent volume. The timing strongly suggests leadership uncertainty mattered, but it cannot isolate the announcement from other trading influences.

B Medical cash collectedThe noncore disposal delivered full cash, removing buyer-credit risk and simplifying Azenta's operations.

Azenta completed the $63 million sale of B Medical Systems on July 1 and announced it on July 8. Because $35 million initially took the form of a secured loan to the buyer, the sale still carried collection risk. The buyer repaid that loan plus interest on September 3, and Azenta announced full cash receipt September 4. This removes the remaining credit exposure and leaves management focused on sample management and Multiomics, but the proceeds do not repair earlier acquisition write-downs.

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Total cash / debt

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009
Revenue	$593.8M	$573.4M	$551.5M	$555.5M	$513.7M	$388.5M	$334.2M	$631.6M	$527.5M	$434.0M	$552.7M	$482.8M	$422.4M	$489.0M	$688.1M	$593.0M	$218.7M
Gross profit	$270.3M	$254.6M	$239.2M	$255.6M	$243.8M	$172.1M	$134.6M	$246.1M	$198.9M	$156.7M	$189.1M	$167.3M	$132.3M	$159.5M	$223.0M	$166.3M	−$6.0M
Gross margin	45.52%	44.40%	43.38%	46.01%	47.46%	44.31%	40.28%	38.96%	37.70%	36.10%	34.21%	34.66%	31.32%	32.61%	32.41%	28.04%	−2.74%
Research & development	$30.4M	$31.5M	$32.1M	$27.5M	$22.4M	$17.8M	$17.3M	$46.9M	$39.9M	$44.2M	$52.2M	$52.6M	$46.2M	$44.7M	$39.8M	$31.2M	$31.6M
Operating expenses	$297.1M	$305.9M	$300.5M	$280.3M	$274.9M	$208.7M	$182.0M	$214.7M	$184.6M	$173.7M	$172.2M	$170.0M	$149.1M	$157.8M	$143.4M	$119.3M	$222.0M
Operating income	−$26.8M	−$51.3M	−$61.2M	−$24.7M	−$31.1M	−$36.6M	−$47.4M	$31.4M	$14.3M	−$17.1M	$16.9M	−$2.7M	−$16.8M	$1.6M	$79.6M	$47.0M	−$228.0M
Operating margin	−4.52%	−8.94%	−11.11%	−4.45%	−6.05%	−9.42%	−14.19%	4.97%	2.71%	−3.93%	3.06%	−0.56%	−3.98%	0.34%	11.57%	7.93%	−104.26%
EBITDA	$34.4M	$39.5M	$24.3M	$29.0M	$34.2M	$28.9M	$7.0M	$68.8M	$42.5M	$11.0M	$42.0M	$20.8M	$7.4M	$23.3M	$96.8M	$65.4M	−$202.2M
EBITDA margin	5.79%	6.88%	4.41%	5.21%	6.67%	7.44%	2.10%	10.90%	8.05%	2.53%	7.61%	4.30%	1.74%	4.76%	14.07%	11.03%	−92.44%
Net income	−$55.8M	−$164.9M	−$14.6M	$2.13B	$110.7M	$64.9M	$437.4M	$116.6M	$62.6M	−$69.5M	$14.2M	$31.4M	−$2.2M	$136.8M	$130.4M	$59.8M	−$227.9M
Net profit margin	−9.39%	−28.76%	−2.65%	383.95%	21.56%	16.69%	130.89%	18.46%	11.87%	−16.01%	2.57%	6.50%	−0.52%	27.97%	18.95%	10.09%	−104.18%
Basic EPSper basic share	-$1.22	-$3.10	-$0.22	$28.48	$1.49	$0.88	$6.08	$1.65	$0.90	-$1.01	$0.21	$0.47	-$0.03	$2.10	$2.02	$0.94	-$3.62
Diluted EPSper diluted share	-$1.22	-$3.10	-$0.22	$28.48	$1.49	$0.88	$6.04	$1.64	$0.89	-$1.01	$0.21	$0.46	-$0.03	$2.08	$2.01	$0.93	-$3.62

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

17.20%of listed shares

BlackRock, Inc.7.53M shares · Jun 30, 2026

View holders

Top 20 reported holders of AZTA
Holder	% owned
BlackRock, Inc.	17.20%7.53M shares
Politan Capital Management LP	10.56%4.62M shares
Koffey Quentin	≈10.56%4.62M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	5.70%2.49M shares
VANGUARD CAPITAL MANAGEMENT LLC	4.27%1.87M shares
STATE STREET CORP	4.25%1.86M shares
MASSACHUSETTS FINANCIAL SERVICES CO /MA/	3.25%1.42M shares
D. E. Shaw & Co., Inc.	3.06%1.34M shares
MORGAN STANLEY	3.04%1.33M shares
Front Street Capital Management, Inc.	2.97%1.3M shares
DIMENSIONAL FUND ADVISORS LP	2.82%1.23M shares
Allspring Global Investments Holdings, LLC	2.72%1.19M shares
NEUBERGER BERMAN GROUP LLC	2.59%1.13M shares
GEODE CAPITAL MANAGEMENT, LLC	2.52%1.1M shares
AMERICAN CAPITAL MANAGEMENT INC	2.43%1.06M shares
GW&K Investment Management, LLC	2.26%988.43K shares
ROYCE & ASSOCIATES LP	2.04%891.42K shares
SNYDER CAPITAL MANAGEMENT L P	1.99%872.54K shares
VICTORY CAPITAL MANAGEMENT INC	1.95%854.01K shares
AMERIPRISE FINANCIAL INC	1.75%768.05K shares

Percentages use 43.76M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys13$2.08M disclosed value

Sells (SEC code S)11$294.0K disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
May 18, 2026Form 4	Cornog William LDirector	BuyCommon · indirect	10.0K	$16.38	$163.8K	19.7K
Sep 10, 2025Form 4	Marotta JohnPresident and CEO	SellCommon	316	$29.41	$9.3K	106.0K
Aug 12, 2025Form 4/A	Pirogova OlgaSVP and CHRO	SellCommon	1.1K	$28.54	$31.0K	18.3K
Aug 12, 2025Form 4/A	Zhou GingerSVP and GM, Multiomics	SellCommon	1.1K	$28.54	$31.0K	26.8K
Aug 11, 2025Form 4	Lin Lawrence Y.EVP, CFO and Treasurer	BuyCommon	2.5K	$27.96	$69.9K	46.0K

Review ownership filings at SEC.gov ↗

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Azenta, Inc. (AZTA)

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