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. In the quarter to June 2026, revenue was flat, EPS grew 19.0%, free cash flow fell 6.06% and total debt was flat, each against the same quarter a year earlier. Operating cash flow growth for three consecutive years.
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Bio-Rad Laboratories, Inc. (BIO) Altman Z-score
Bio-Rad Laboratories, Inc.'s Altman Z-score for fiscal 2025 is 3.20, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 3.20 | (0.60) |
| FY2024 | 3.80 | 0.60 |
| FY2023 | 3.20 | (0.32) |
| FY2022 | 3.52 | (1.18) |
| FY2021 | 4.70 | (0.11) |
| FY2020 | 4.81 | 0.34 |
| FY2019 | 4.47 | 0.24 |
| FY2018 | 4.23 | (0.55) |
| FY2017 | 4.77 | 0.56 |
| FY2016 | 4.21 | 0.41 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.23 | — | 0.27 | |
| Retained earnings / total assets | 0.77 | — | 1.08 | |
| EBIT / total assets | 0.00 | — | 0.01 | |
| Market value of equity / total liabilities | 2.65 | — | 1.59 | |
| Sales / total assets | 0.24 | — | 0.24 | |
| Altman Z-score | Safe zone | 3.20 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 6.54 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| PEN Penumbra, Inc. compare | 20.2× |
| GKOS Glaukos Corporation compare | 15.2× |
| GMED Globus Medical, Inc. compare | 11.3× |
| PODD Insulet Corporation compare | 9.1× |
| SNN Smith & Nephew SNATS, Inc. compare | 3.5× |
| BIO.B Bio-Rad Laboratories, Inc. compare | 3.2× |
| BIO Bio-Rad Laboratories, Inc. | 3.2× |
| BRKR Bruker Corporation compare | 2.4× |
| HAE Haemonetics Corporation compare | 2.2× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets