A Business at a Glance
0 of 1 daily views used (1 remaining). Sign up free for +5 more daily views (6 total), or try AAPL for a full preview.
BIO-RAD LABORATORIES, INC.
BIO
$8.6B
Mkt Cap
$314.46
-0.61%
BIO-RAD LABORATORIES, INC. (BIO) has a current P/E ratio of 11.3, compared to its historical median P/E of 8.6. The stock is currently considered Fair based on its historical valuation range.
BIO-RAD LABORATORIES, INC. (BIO) has a 5-year average return on invested capital (ROIC) of 11.4%. This indicates solid capital allocation.
BIO-RAD LABORATORIES, INC. (BIO) has a market capitalization of $8.5B. It is classified as a mid-cap stock.
BIO-RAD LABORATORIES, INC. (BIO) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 2.85%.
Based on historical P/E analysis, BIO-RAD LABORATORIES, INC. (BIO) appears fair. The current P/E of 11.3 is 31% above its historical median of 8.6. The estimated fair value CAGR (P/E method) is 72.7%.
BIO-RAD LABORATORIES, INC. (BIO) operates in the Laboratory Analytical Instruments industry, within the Technology sector.
BIO-RAD LABORATORIES, INC. (BIO) reported annual revenue of $2.6 billion in its most recent fiscal year, based on SEC EDGAR filings.
Bio-Rad Laboratories is a multinational life science and clinical diagnostics company that develops, manufactures, and markets instruments, systems, reagents, and consumables for research, biopharmaceutical, and clinical laboratory applications. The company operates two segments: Life Science (approximately 40% of 2025 net sales), which provides products for separating, purifying, characterizing, and quantifying biological materials used in research, biopharmaceutical manufacturing, quality control, and food safety testing; and Clinical Diagnostics (approximately 60% of 2025 net sales), which supplies integrated diagnostic test systems, reagents, instruments, and software for in vitro diagnostics across hospital, reference, transfusion, and physician office laboratories. Bio-Rad's clinical diagnostics business generates largely recurring revenue through an installed base of diagnostic systems that drive ongoing consumables sales, while the life science segment serves universities, pharmaceutical manufacturers, biotechnology companies, and government agencies across a worldwide market estimated at approximately $19 billion. The company maintains direct operations in over 36 countries supplemented by distributors and agents, with approximately 40% of 2025 consolidated net sales from the U.S. and 60% from international locations, with Europe as the largest international region; the company employs approximately 770 sales and sales management personnel organized in dedicated, segment-aligned sales organizations to support portfolio coverage and long-term customer relationships.
【Geopolitical headwinds and gradual recovery】 Management expects a measured recovery in life science led by biopharma, though near-term challenges persist from the Middle East conflict, which has been one of Bio-Rad's fastest-growing markets and is creating significant headwinds for full-year 2026 revenue and margin. Clinical diagnostics is anticipated to deliver modest growth with eventual market normalization once the regional conflict is resolved, while process chromatography is expected to decline in the near term due to regulatory changes affecting therapeutics and vaccine production, with a long-term outlook of mid-single-digit growth. The company is advancing several product launches in 2026, including an IVD version of the QX600, additional high-value ddPCR assays across oncology, and artificial intelligence integration into future platforms, while continuing to drive operational efficiencies and margin expansion through supply chain initiatives and cost discipline.
| Metric | Target | Period |
|---|---|---|
| Currency-neutral revenue growth | -3% to +0.5% | FY2026 |
| Life Science segment currency-neutral revenue growth | -3% to -1% | FY2026 |
| Clinical Diagnostics segment currency-neutral revenue growth | 1% to 2% | FY2026 |
| Non-GAAP gross margin | 53% to 54% | FY2026 |
| Non-GAAP operating margin | 10% to 12% | FY2026 |
| Free cash flow | $290 million to $340 million | FY2026 |
Currency-neutral revenue growth (FY2026): “Our updated guidance is currency-neutral revenue growth for the full year to be between -3% and +0.5%.”
Life Science segment currency-neutral revenue growth (FY2026): “The life science segment year-over-year currency-neutral revenue growth is expected to be between -3% and -1% due to continued challenges in academic funding with an adverse impact from the Middle East conflict in the high single-digit millions.”
Clinical Diagnostics segment currency-neutral revenue growth (FY2026): “For the diagnostics segment, we estimate currency neutral revenue growth to be between 1% and 2%.”
Non-GAAP gross margin (FY2026): “Full year non-GAAP gross margin is projected to be between 53% and 54% due to the lower revenue, which is reducing our fixed cost absorption and higher freight rates.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q3 FY2025 Earnings Call, Q4 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 2.6B | 2.6B | 2.6B | 2.7B | 2.8B | 2.9B |
| Net Income | 169M | 760M | -1.8B | -637M | -3.6B | 4.3B |
| EPS | $5.87 | $27.85 | $-65.36 | $-21.82 | $-121.79 | $140.83 |
| Free Cash Flow | 357M | 375M | 290M | 218M | 82M | 536M |
| ROIC | 0.7% | 9.3% | 3.6% | 3.8% | 4.3% | 36.1% |
| Gross Margin | 51.9% | 51.9% | 53.7% | 53.4% | 55.9% | 56.1% |
| Debt/Equity | 0.18 | 0.21 | 0.24 | 0.18 | 0.17 | 0.03 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 58M | 47M | 269M | 338M | 483M | 500M |
| Operating Margin | 2.2% | 1.8% | 10.5% | 12.6% | 17.2% | 17.1% |
| ROE | 2.5% | 10.8% | -24.1% | -6.9% | -31.1% | 36.1% |
| Shares Outstanding | 27M | 27M | 28M | 29M | 30M | 30M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 2.2B | 2.0B | 2.1B | 2.2B | 2.3B | 2.3B | 2.5B | 2.9B | 2.8B | 2.7B | 2.6B | 2.6B | 2.6B |
| Gross Margin | 54.2% | 55.5% | 55.0% | 55.0% | 53.4% | 54.4% | 56.5% | 56.1% | 55.9% | 53.4% | 53.7% | 51.9% | 51.9% |
| R&D | 220M | 193M | 206M | 250M | 199M | 203M | 218M | 261M | 257M | 247M | 296M | 276M | 265M |
| SG&A | 808M | 762M | 815M | 807M | 835M | 825M | 799M | 877M | 828M | 842M | 814M | 844M | 848M |
| EBIT | 150M | 167M | 56M | 119M | -103M | 230M | 421M | 500M | 483M | 338M | 269M | 47M | 58M |
| Op. Margin | 6.9% | 8.3% | 2.7% | 5.5% | -4.5% | 9.9% | 16.6% | 17.1% | 17.2% | 12.6% | 10.5% | 1.8% | 2.2% |
| Net Income | 89M | 109M | 26M | 122M | 366M | 1.8B | 3.8B | 4.3B | -3.6B | -637M | -1.8B | 760M | 169M |
| Net Margin | 4.1% | 5.4% | 1.3% | 5.7% | 16.0% | 76.1% | 149.8% | 145.6% | -129.5% | -23.9% | -71.9% | 29.4% | 6.5% |
| Non-Recurring | -400K | -300K | 26M | 12M | 286M | 0 | 0 | 76M | 67M | -2.5M | 0 | 173M | 173M |
| Returns on Capital | |||||||||||||
| ROIC | 5.1% | 5.9% | 1.5% | 4.6% | 9.3% | 34.4% | 48.7% | 36.1% | 4.3% | 3.8% | 3.6% | 9.3% | 0.7% |
| ROE | 4.1% | 4.7% | 1.0% | 4.4% | 10.5% | 36.0% | 48.8% | 36.1% | -31.1% | -6.9% | -24.1% | 10.8% | 2.5% |
| ROA | 2.6% | 3.1% | 0.7% | 3.0% | 7.4% | 25.8% | 36.4% | 27.7% | -23.2% | -4.9% | -17.0% | 7.6% | 1.7% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 273M | 186M | 216M | 104M | 285M | 458M | 585M | 669M | 194M | 375M | 455M | 532M | 510M |
| Free Cash Flow | 152M | 74M | 75M | -7.2M | 156M | 359M | 476M | 536M | 82M | 218M | 290M | 375M | 357M |
| Owner Earnings | 109M | 37M | 53M | -68M | 120M | 288M | 405M | 481M | -3.8M | 168M | 241M | 309M | 285M |
| CapEx | 121M | 112M | 141M | 111M | 130M | 99M | 109M | 134M | 113M | 157M | 166M | 158M | 153M |
| Maint. CapEx | 150M | 132M | 143M | 149M | 138M | 134M | 139M | 138M | 137M | 146M | 152M | 165M | 168M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 11M | 14M | 0 | 0 |
| D&A | 150M | 132M | 143M | 149M | 138M | 134M | 139M | 138M | 137M | 146M | 152M | 165M | 168M |
| CapEx/OCF | 44.3% | 60.1% | 65.5% | 106.9% | 45.5% | 21.5% | 17.2% | 20.0% | 58.0% | 41.8% | 36.4% | 29.6% | 30.0% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 2.9M | 49M | 28M | 100M | 50M | 216M | 429M | 204M | 296M | 241M |
| Buyback Yield | N/A | N/A | N/A | 0.0% | 0.7% | 0.3% | 0.6% | 0.2% | 1.8% | 4.5% | 2.2% | 3.6% | 2.8% |
| Stock-Based Comp | 15M | 17M | 20M | 23M | 28M | 36M | 42M | 51M | 61M | 61M | 62M | 58M | 58M |
| Debt Repayment | 253K | 282K | 303K | 316K | 3.0M | 643K | 427M | 3.0M | 500K | 500K | 400K | 500K | 500K |
| Balance Sheet | |||||||||||||
| Net Debt | -262M | -151M | -200M | -112M | -197M | -256M | -558M | -438M | -195M | 6.4M | -83M | 52M | -361M |
| Cash & Equiv. | 413M | 458M | 456M | 384M | 432M | 661M | 662M | 471M | 434M | 404M | 488M | 530M | 1.6B |
| Long-Term Debt | 436M | 434M | 434M | 435M | 439M | 14M | 12M | 11M | 1.2B | 1.2B | 1.2B | 1.2B | 803M |
| Debt/Equity | 0.20 | 0.26 | 0.25 | 0.22 | 0.16 | 0.15 | 0.04 | 0.03 | 0.17 | 0.18 | 0.24 | 0.21 | 0.18 |
| Interest Coverage | 6.8 | 7.7 | 2.4 | 5.2 | -4.3 | 9.8 | 19.3 | 322.6 | 12.7 | 6.8 | 5.5 | 1.0 | 1.2 |
| Equity | 2.2B | 2.5B | 2.6B | 2.9B | 4.0B | 5.8B | 9.9B | 13.7B | 9.6B | 8.7B | 6.6B | 7.5B | 6.9B |
| Total Assets | 3.3B | 3.7B | 3.9B | 4.3B | 5.6B | 8.0B | 13.0B | 17.8B | 13.5B | 12.3B | 9.4B | 10.6B | 9.8B |
| Total Liabilities | 1.2B | 1.2B | 1.3B | 1.3B | 1.6B | 2.3B | 3.1B | 4.1B | 3.9B | 3.6B | 2.8B | 3.1B | 2.9B |
| Intangibles | 254M | 214M | 162M | 174M | 133M | 146M | 199M | 254M | 332M | 321M | 294M | 174M | 167M |
| Retained Earnings | 1.7B | 1.8B | 1.8B | 1.8B | 3.7B | 5.5B | 9.3B | 13.5B | 9.9B | 9.3B | 7.4B | 8.2B | 7.6B |
| Working Capital | 1.3B | 1.3B | 1.4B | 1.5B | 1.6B | 1.3B | 1.5B | 1.3B | 2.6B | 2.5B | 2.6B | 2.4B | 2.0B |
| Current Assets | 1.7B | 1.8B | 1.8B | 2.0B | 2.0B | 2.2B | 2.1B | 2.0B | 3.2B | 3.0B | 3.0B | 2.9B | 2.9B |
| Current Liabilities | 447M | 441M | 471M | 503M | 451M | 905M | 632M | 681M | 569M | 523M | 468M | 517M | 917M |
| Per Share Data | |||||||||||||
| EPS | 3.05 | 3.71 | 0.88 | 4.07 | 12.10 | 58.27 | 126.47 | 140.83 | -121.79 | -21.82 | -65.36 | 27.85 | 5.87 |
| Owner EPS | 3.73 | 1.27 | 1.81 | -2.26 | 3.96 | 9.55 | 13.42 | 15.91 | -0.13 | 5.74 | 8.55 | 11.32 | 10.55 |
| Book Value | 74.96 | 84.40 | 87.29 | 97.56 | 133.05 | 190.74 | 327.92 | 453.03 | 322.82 | 299.28 | 232.82 | 273.17 | 254.15 |
| Cash Flow/Share | 9.38 | 6.32 | 7.31 | 3.47 | 9.45 | 15.17 | 19.40 | 22.16 | 6.53 | 12.84 | 16.13 | 19.50 | 12.50 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 29.1M | 29.4M | 29.5M | 30.0M | 30.2M | 30.2M | 30.2M | 30.2M | 29.8M | 29.2M | 28.2M | 27.3M | 27.0M |
| Valuation | |||||||||||||
| P/E Ratio | 39.6 | 37.8 | 208.5 | 58.8 | 19.0 | 6.3 | 4.5 | 5.3 | N/A | N/A | N/A | 10.9 | 53.6 |
| P/FCF | 23.1 | 55.6 | 72.6 | N/A | 44.6 | 30.9 | 36.2 | 42.2 | 149.4 | 43.5 | 32.2 | 22.1 | 23.7 |
| EV/EBIT | 21.7 | 23.8 | 93.7 | 57.6 | N/A | 45.5 | 39.6 | 43.4 | 24.0 | 26.9 | 33.0 | 168.5 | 140.9 |
| Price/Book | 1.6 | 1.7 | 2.1 | 2.5 | 1.7 | 1.9 | 1.7 | 1.7 | 1.3 | 1.1 | 1.4 | 1.1 | 1.2 |
| Price/Sales | 1.6 | 2.0 | 2.1 | 3.0 | 3.7 | 4.1 | 5.6 | 7.0 | 5.4 | 4.3 | 3.5 | 3.0 | 3.3 |
| FCF Yield | 4.3% | 1.8% | 1.4% | -0.1% | 2.2% | 3.2% | 2.8% | 2.4% | 0.7% | 2.3% | 3.1% | 4.5% | 4.2% |
| Market Cap | 3.5B | 4.1B | 5.4B | 7.2B | 6.9B | 11.1B | 17.3B | 22.6B | 12.2B | 9.5B | 9.3B | 8.3B | 8.5B |
| Avg. Price | 120.90 | 137.31 | 148.79 | 219.07 | 277.41 | 311.46 | 470.11 | 673.29 | 510.55 | 393.81 | 319.13 | 280.47 | 314.46 |
| Year-End Price | 120.87 | 140.07 | 183.46 | 239.31 | 229.66 | 368.35 | 571.99 | 747.76 | 409.37 | 324.62 | 330.87 | 303.88 | 314.46 |
BIO-RAD LABORATORIES, INC. passes 5 of 9 quality checks, suggesting mixed fundamentals.
BIO-RAD LABORATORIES, INC. trades at 11.3x trailing earnings, compared to its 15-year median P/E of 8.6x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 18.4x vs a median of 39.2x. The company's 5-year average ROIC is 11.4% with a gross margin of 54.2%. Total shareholder yield (buybacks) is 2.8%. At current prices, the estimated annualized return to fair value is +1.5%.
BIO-RAD LABORATORIES, INC. (BIO) has a net profit margin of 29.4%. This is a strong margin indicating high profitability.
BIO-RAD LABORATORIES, INC. (BIO) generated $375 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
BIO-RAD LABORATORIES, INC. (BIO) has a debt-to-equity ratio of 0.21. This indicates a conservatively financed balance sheet.
BIO-RAD LABORATORIES, INC. (BIO) reported earnings per share (EPS) of $27.85 in its most recent fiscal year.
BIO-RAD LABORATORIES, INC. (BIO) has a return on equity (ROE) of 10.8%. This indicates moderate shareholder returns.
BIO-RAD LABORATORIES, INC. (BIO) has a 5-year average gross margin of 54.2%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 18 years of financial data for BIO-RAD LABORATORIES, INC. (BIO), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
BIO-RAD LABORATORIES, INC. (BIO) has a book value per share of $273.17, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects a measured recovery in life science led by biopharma, though near-term challenges persist from the Middle East conflict, which has been one of Bio-Rad's fastest-growing markets and is creating significant headwinds for full-year 2026 revenue and margin. Clinical diagnostics is anticipated to deliver modest growth with eventual market normalization once the regional conflict is resolved, while process chromatography is expected to decline in the near term due to regulatory changes affecting therapeutics and vaccine production, with a long-term outlook of mid-single-digit growth. The company is advancing several product launches in 2026, including an IVD version of the QX600, additional high-value ddPCR assays across oncology, and artificial intelligence integration into future platforms, while continuing to drive operational efficiencies and margin expansion through supply chain initiatives and cost discipline.
Based on recent SEC filings and earnings calls, BIO-RAD LABORATORIES, INC. (BIO) has provided the following forward guidance: Currency-neutral revenue growth: -3% to +0.5% (FY2026); Life Science segment currency-neutral revenue growth: -3% to -1% (FY2026); Clinical Diagnostics segment currency-neutral revenue growth: 1% to 2% (FY2026); Non-GAAP gross margin: 53% to 54% (FY2026); Non-GAAP operating margin: 10% to 12% (FY2026), plus 1 additional metric.
Non-GAAP operating margin (FY2026): “Full year non-GAAP operating margin projected to be between 10% and 12%.”
Free cash flow (FY2026): “we've updated our 2026 full year free cash flow estimate to be in the range of approximately $290 million-$340 million.”