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Friday 6 November 2026
Export BIO’s income statement to Excel — free account
Bio-Rad Laboratories, Inc.
BIO Healthcare Medical Devices
Bio-Rad Laboratories, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $2.6 billion, up 0.65% from fiscal 2024.
- Revenue
- +0.52%
- EPS
- +234.9%
- Free cash flow
- +8.07%
- Total debt
- +0.11%
Quarter to September 2026, against a year earlier
380.66
11.66
+3.16%
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Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Sep ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | 2,068 | 2,160 | 2,289 | 2,312 | 2,546 | 2,923 | 2,802 | 2,671 | 2,567 | 2,583 | 2,593 | +2.5% | 2,569 | 2,624 | 2,654 | +0.9% | |
| Gross margin, % | 55.05 | 54.98 | 53.43 | 54.38 | 56.48 | 56.05 | 55.93 | 53.42 | 53.73 | 51.87 | 51.26 | (3.2) pt | ||||||
| EBT | 42 | 98 | 513 | 2,261 | 4,918 | 5,449 | (4,704) | (850) | (2,342) | 996 | 1,320 | +42.3% | ||||||
| EBT margin, % | 2.01 | 4.53 | 22.39 | 97.81 | 193.19 | 186.45 | (167.88) | (31.82) | (91.27) | 38.54 | 50.92 | +36.5 pt | ||||||
| Net income | — | — | — | — | — | — | — | — | — | — | 617 | — | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | 70.25 | 72.84 | 76.73 | 77.46 | 85.52 | 97.97 | 94.08 | 91.45 | 90.97 | 94.75 | 96.81 | +3.4% | |||||
| Earnings | 0.96 | 3.87 | 12.10 | 58.93 | 127.86 | 142.33 | (121.79) | (21.82) | (65.36) | 27.87 | 38.16 | +45.4% | ||||||
| Cash flow | 7.34 | 3.51 | 9.57 | 15.34 | 19.65 | 22.44 | 6.53 | 12.84 | 16.13 | 19.52 | 17.48 | +11.5% | ||||||
| Capex | (4.80) | (3.88) | (4.21) | (3.00) | (3.53) | (4.48) | (3.83) | (5.36) | (5.87) | (5.78) | 0.00 | +2.1% | ||||||
| Free cash flow | 2.54 | (0.37) | 5.36 | 12.34 | 16.12 | 17.96 | 2.70 | 7.48 | 10.27 | 13.74 | 17.48 | +20.6% | ||||||
| Book value | 87.61 | 98.81 | 134.75 | 192.84 | 331.90 | 458.76 | 322.82 | 299.26 | 232.84 | 273.40 | 283.91 | +13.5% | ||||||
| Shares, m | 29 | 30 | 30 | 30 | 30 | 30 | 30 | 29 | 28 | 27 | 27 | (0.8%) | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | 190.53 | 62.54 | 19.07 | 6.28 | 4.56 | 5.30 | 0.00 | 0.00 | 0.00 | 10.84 | 9.72 | 29.9 | |||||
| P/S | 2.60 | 3.31 | 3.03 | 4.78 | 6.82 | 7.71 | 4.49 | 3.59 | 3.61 | 3.20 | 3.83 | 4.3 | ||||||
| P/B | 2.09 | 2.44 | 1.72 | 1.92 | 1.76 | 1.65 | 1.31 | 1.10 | 1.41 | 1.11 | 1.31 | 1.7 | ||||||
| EV/Sales | 2.41 | 3.16 | 2.85 | 4.48 | 6.43 | 7.42 | 4.28 | 3.43 | 3.43 | 3.07 | 3.67 | 4.1 | ||||||
| EV/FCF | 66.48 | (619.06) | 40.74 | 28.13 | 34.11 | 40.20 | 142.98 | 41.59 | 30.19 | 21.03 | 28.78 | (17.4) | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | 216 | 104 | 285 | 458 | 585 | 669 | 194 | 375 | 455 | 532 | 468 | +10.5% | |||||
| Capex | (141) | (115) | (126) | (90) | (105) | (134) | (114) | (156) | (165) | (157) | (139) | +1.2% | ||||||
| Free cash flow | 75 | (11) | 160 | 368 | 480 | 536 | 80 | 218 | 290 | 375 | 468 | +19.6% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | 1,373 | 1,474 | 1,573 | 1,275 | 1,508 | 1,310 | 2,589 | 2,526 | 2,563 | 2,389 | 2,110 | +6.3% | |||||
| Net debt | (410) | (326) | (411) | (680) | (983) | (864) | (598) | (413) | (463) | (338) | 1,204 | (2.1%) | ||||||
| Shareholders’ equity | 2,579 | 2,930 | 4,020 | 5,755 | 9,880 | 13,685 | 9,615 | 8,741 | 6,569 | 7,454 | 7,603 | +12.5% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | 0.69 | 3.01 | 7.40 | 25.83 | 36.36 | 27.65 | (23.18) | (4.94) | (17.03) | 7.62 | 9.99 | +6.9 pt | |||||
| ROIC | 1.61 | 2.86 | (1.79) | 2.83 | 2.96 | 2.44 | 3.34 | 2.54 | 2.75 | 0.41 | (0.44) | (1.2) pt | ||||||
| ROE | 1.03 | 4.44 | 10.52 | 35.98 | 48.79 | 36.11 | (31.14) | (6.94) | (24.09) | 10.84 | 14.27 | +9.8 pt | ||||||
| People | ||||||||||||||||||
| People | Employees | 8,250 | 3,270 | 8,260 | 8,120 | 8,000 | 7,900 | 8,200 | 8,030 | 7,700 | 7,450 | — | (1.1%) | |||||
| Revenue/emp, $m | 0.25 | 0.66 | 0.28 | 0.28 | 0.32 | 0.37 | 0.34 | 0.33 | 0.33 | 0.35 | — | +3.7% | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 4 Nov 2026
Business profile
Where the money comes from and where it goes Fiscal 2017
| Clinical Diagnostics | 1,361 | 63.00% |
|---|---|---|
| Life Science | 785 | 36.35% |
| All Other Segments | 14 | 0.66% |
| Gross margin | 54.98% | |
| Operating margin | 5.52% | |
| Pre-tax margin | 4.53% |
Bio-Rad Laboratories, Inc. vs peers in Medical Devices (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| SNN Smith & Nephew SNATS, Inc. | $13.4B | 38.9× | 18.9× | +7.99% (above 0%: growing) | −14.23% (below 0%: shrinking) | +293.94% (above 0%: growing) | 69.42% | 0.00% | Compare |
| GKOS Glaukos Corporation | $13.0B | — (loss-making) | — (loss-making) | +58.03% (above 0%: growing) | n/m | +411.22% (above 0%: growing) | 85.23% | 0.39% | Compare |
| PEN Penumbra, Inc. | $12.7B | 80.3× | 68.7× | +15.64% (above 0%: growing) | −8.29% (below 0%: shrinking) | −37.16% (below 0%: shrinking) | 68.34% | 12.37% | Compare |
| GMED Globus Medical, Inc. | $10.9B | 19.5× | 18.8× | −0.69% (below 0%: shrinking) | +19.32% (above 0%: growing) | +10.10% (above 0%: growing) | 69.50% | 23.25% | Compare |
| PODD Insulet Corporation | $10.8B | 25.2× | 24.4× | +19.21% (above 0%: growing) | +64.06% (above 0%: growing) | −29.81% (below 0%: shrinking) | 75.07% | 22.54% | Compare |
| BIO.B Bio-Rad Laboratories, Inc. | $10.3B | 9.9× | — | +0.52% (above 0%: growing) | n/m | +8.07% (above 0%: growing) | 50.06% | (7.57%) | Compare |
| BIO Bio-Rad Laboratories, Inc. | $9.9B | 9.7× | 44.7× | +0.52% (above 0%: growing) | n/m | +8.07% (above 0%: growing) | 50.06% | (7.57%) | |
| BRKR Bruker Corporation | $8.9B | — (loss-making) | — (loss-making) | +1.57% (above 0%: growing) | n/m | +278.74% (above 0%: growing) | 49.12% | (10.41%) | Compare |
| TXG 10x Genomics | $7.6B | — (loss-making) | — (loss-making) | −12.65% (below 0%: shrinking) | n/m | −4.61% (below 0%: shrinking) | 74.48% | (12.95%) | Compare |
| Median of peers | $10.9B | 25.2× | 21.7× | +4.78% | +5.52% | +9.09% | 69.46% | 0.20% |
From the latest earnings call
- CFO Roop Lakkaraju said Life Science sales excluding process chromatography grew on a currency-neutral basis, while academic research demand remained challenging.
- Lakkaraju said Bio-Rad expects full-year revenue growth near the midpoint of its range and margins in the upper half of its guidance ranges.
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
82.95%
Held by the ten largest
51.38%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| First Eagle Investment Management, LLC | 5.21m | 19.49% | +2.61m |
| Vanguard | 1.79m | 6.70% | −15.70k |
| BlackRock | 1.70m | 6.35% | +18.87k |
| Dimensional Fund Advisors | 944.55k | 3.53% | −144.77k |
| Capital Group | 905.94k | 3.39% | +70.36k |
| ARIEL INVESTMENTS, LLC | 815.52k | 3.05% | +30.80k |
| UBS | 727.22k | 2.72% | −53.19k |
| EARNEST PARTNERS LLC | 580.75k | 2.17% | −7.98k |
| State Street | 571.76k | 2.14% | +12.19k |
| Bank of America | 490.41k | 1.83% | +45.46k |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Pay and ownership Proxy statement filed 25 March 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2025 | 8.00m | 7.26m | 51.98 |
| 2024 | 8.29m | 8.62m | 56.35 |
| 2023 | 7.46m | 1.02m | 55.39 |
| 2022 | 7.53m | (5.58m) | 72.13 |
| 2021 | 8.70m | 20.35m | 129.61 |
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Read the proxy statement
Bio-Rad Laboratories, Inc. (BIO) Latest News
5 Nov
24 Sep
5 Aug
4 Aug
4 May
BIO metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- Altman Z-score
- Beneish M-score
Bio-Rad Laboratories develops, makes and sells tools used in biological research and clinical testing. Founded in 1952, the company is headquartered in Hercules. Norman Schwartz is its chief executive officer.
Its Life Science business supplies instruments and materials that help researchers separate, identify, measure and purify biological substances such as proteins, cells and nucleic acids. Customers use those tools in university and pharmaceutical research, biopharmaceutical manufacturing, food safety testing and science education. The business also supplies products used in quality control during manufacturing.