Part 1 · What the company is worth
Overview
Hologic makes medical devices and diagnostic tests focused on women's health. It builds the mammography and biopsy systems many hospitals use for breast-cancer screening, the molecular and cytology lab equipment that runs tests for infections and cervical cancer, surgical devices used in gynecological procedures such as fibroid removal, and bone-density scanners. Most of its products are sold to hospitals, imaging centers and diagnostic labs, either directly or through distributors and group purchasing contracts.
How it makes money
Revenue mixes one-time capital equipment sales, such as a mammography or bone-density system, with recurring, higher-margin consumables that the equipment's installed base keeps buying: diagnostic assay cartridges, biopsy needles and single-use surgical instruments. In the US, large hospital groups buy through group purchasing organizations that negotiate on behalf of most hospitals, which caps how much pricing power any single product can hold even where the equipment locks a customer in.
Revenue by segment
Molecular and cytology tests run on Hologic's lab instruments, covering infectious disease and cervical-cancer screening.
Mammography and breast-biopsy systems, the segment's largest source of capital-equipment revenue.
Devices for gynecological surgical procedures plus bone-density scanners, the two smallest of Hologic's business lines.
Competitive moat
Switching costs · NarrowA hospital that installs Hologic's Panther molecular-testing platform or its mammography systems keeps buying Hologic's matched consumables and service contracts for the equipment's life, since switching means requalifying a new system with clinicians and regulators. The advantage is narrow because Roche, BD and Siemens Healthineers sell comparable platforms and actively compete for the same equipment placements.
What drives demand
DefensiveCancer screening, infectious-disease testing and gynecological procedures follow clinical guidelines and reimbursement coverage rather than discretionary spending, which makes underlying demand fairly steady. The more cyclical piece is capital equipment: hospitals can defer replacing a mammography system in a tight budget year even while the tests it enables keep being ordered.
Key risks
- Reimbursement and healthcare policy risk — Sales depend on government healthcare programs and private insurers continuing to cover and reimburse Hologic's tests and procedures at workable rates; adverse coverage or guideline changes reduce market acceptance.
- Group purchasing organization pricing pressure — Group purchasing organizations negotiate on behalf of most US hospitals and can push for steep discounts, limiting how much Hologic can charge even for products with a loyal installed base.
- Concentration in two business lines — Diagnostics and Breast Health together make up roughly four-fifths of revenue, so a setback in either, such as falling COVID-era test demand, affects the company disproportionately.
- Competition from larger, diversified rivals — Hologic competes against larger, more diversified medical-technology and diagnostics companies that can outspend it on research and undercut on price in individual product categories.
The case for
Buyers argue that women's-health screening and testing volumes are structurally growing as guidelines expand, that the installed base of mammography and molecular-diagnostics equipment keeps generating high-margin consumable sales for years, and that fiscal 2025 growth in Breast Health and GYN Surgical shows the non-COVID business is healthy on its own.
The case against
Sellers worry that group purchasing organizations will keep compressing per-unit pricing, that Diagnostics revenue has yet to fully offset the loss of pandemic-era test volumes, and that a portfolio this concentrated in two business lines is vulnerable to a single reimbursement or competitive setback in either one.
Written by the editors, published on August 18, 2026
Direct competitors
Who this company fights with for the same customers
Generated on September 18, 2026 with claude-haiku-4-5 — shared with all users
Hologic's 10-K names GE HealthCare as a primary Breast Health rival: both sell 3D mammography and tomosynthesis systems to the same hospitals and imaging centres, and compete for the same installed base and service contracts.
BD is the competitor Hologic names first in cervical cancer screening: its liquid-based cytology and HPV assays go after the same clinical laboratories that buy ThinPrep and the Panther molecular platform.
Named alongside GE as Hologic's main Breast Health competitor, Siemens Healthineers sells mammography and breast biopsy systems to the same radiology departments, and also competes in laboratory diagnostics.
Through Roche Diagnostics, named in Hologic's 10-K, it sells HPV and molecular infectious-disease assays on high-throughput analysers that compete directly with Hologic's Panther system for laboratory testing volumes.
Cited in the 10-K as a full-suite surgical rival, Medtronic sells gynaecological surgery devices to the same hospitals and surgeons that Hologic targets with NovaSure and MyoSure.
Limited financial data available (0% of metrics). Scores may not accurately reflect this company's fundamentals.
Balance Sheet & Liquidity
Revenue
-
Net Income
-
Free Cash Flow
-
Total Equity
-
Total Liabilities
-
Current Ratio
3.75
Interest Coverage
-
Debt/EBITDA
-
Earnings Per Share
No EPS data available
Revenue & Net Income
No income data available
Free Cash Flow
No cash flow data available
Income Breakdown
No income data available
Historical statement
Margins over time
Debt over time
How heavy the debt is
Growth grid
Growth — Revenue
Fair Value Estimation
Fair Value
$31.68
Current Price
-
Margin of Safety
-
Fair Value Range
$30.09 - $33.26
Spread across the valuation methods used, not a statistically calibrated confidence interval.
Estimation Methods
Valuation Metrics
P/E Ratio
31.20
ROE
11.0%
P/B Ratio
-
P/FCF
-
Gross Margin
-
ROIC
-
Profitability Radar
Value Creation (Economic Moat)
ROIC
-
WACC
8.0%
ROIC − WACC
-
Fundamental Analysis Criteria
Passed (0)
Failed (0)
Unavailable (1)
- Error fetching data
Piotroski F-Score
Serious financial concerns
Earnings Quality
Low quality: investigate accounting
Share Dilution
Buying back shares. Shareholder friendly
Institutional Holdings
Governance
Part 2 · The price and when to enter
This part won't tell you whether the company is worth owning: it helps you choose when to buy it, once the fundamentals have convinced you. Inside: technical analysis, potential, historical drawdowns, gamma exposure.
Latest News
Recent headlines for HOLX, sourced from Markets Gazette.
- 4/8/2026POSITIVEHologic Goes Private In $18 Billion Blackstone, TPG Acquisition
Blackstone and TPG have successfully completed their acquisition of Hologic Inc., taking the medical technology company private in a deal valued at up to $18 billion, or $79 per share. This transaction marks a significant shift for Hologic, moving it from public trading to private ownership under the stewardship of its new private equity owners. Investors who held Hologic stock prior to the acquisition will receive the specified cash consideration, realizing a return on their investment.
via Markets Gazette