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Harvard Bioscience, Inc.

HBIO Healthcare Medical Instruments & Supplies

Harvard Bioscience, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $86.6 million, down 8.06% from fiscal 2024.

Revenue
+11.1%
EPS
−28.0%
Free cash flow
−123.4%
Total debt
+5.21%

Quarter to June 2026, against a year earlier

8.55 0.06 −0.70%
Market cap
$38.5M
P/E
0.0×
Fwd P/E
−4.6×
Dividend yield
—
F-score
4/9
Altman Z
−4.01
Beneish M
−6.52
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Bought, $m 0.10
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — 3 — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 6.54%

Capital & Financial Ratios $m

Size
Market Cap 38.52
Revenue ttm 87.81
Net income ttm (10.41)
Free cash flow ttm (1.83)
Net debt Q 30.18
Valuation
P/E 0.00
Forward P/E (4.58) (negative: loss-making)
Price / sales 0.44
Forward P/S Powerpack
Price / FCF 0.00
Price / book 5.22
Financial health
Current ratio Q 1.87 (at or above 1.5: strong)
Debt / equity Q 4.95 (above 2: weak)
Interest coverage Q (0.55)
Growth
Revenue growth Q +11.13% (above 0%: growing)
Operating income growth Q −19.41% (below 0%: shrinking)
EPS, this year −433.33% (below 0%: weak)
EPS, next year A +104.38% (at or above 15%: strong)
Revenue, next year A +3.76%
EPS, past 5 yrs —
EPS, next 5 yrs A +88.21% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.2×, against a ten-year median of 1.5×; over the ten years it ranged from 0.9× in 2016 to 3.3× in 2021.
P/S against its own 10 years 15.51%
10-year low 10-year high
P/B against its own 10 years 99.78%
10-year low 10-year high
EV/Sales against its own 10 years 32.45%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 4 4 9 7
Receivables 16 15 16 15
Inventory 25 23 21 22
Other 4 3 3 3
49 45 48 46
2023 2024 2025 Q'26
Payables 6 5 4 6
ST’ Debt 6 37 — —
Other 15 13 18 19
27 55 22 25

Compound Annual Growth %

10y 5y 3y
Sales (2.25%) (3.25%) (8.60%)
Cash Flow 25.31% (6.33%) 80.09%
Earnings 0.00% 0.00% 0.00%
Book Value (15.90%) (29.10%) (42.49%)

Earnings Trends EPS, adjusted, against the consensus

Q1 FY25 Estimate −0.20 Actual −0.10

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q1 FY24 0.20 0.20 Met by 0.00
Q2 FY24 0.50 0.00 Miss by 0.50
Q3 FY24 0.50 −0.20 Miss by 0.70
Q1 FY25 −0.20 −0.10 Beat by 0.10

EPS $

Mar Jun Sep Dec Year
’26 (0.77) (0.64) — — —
’25 (11.40) (0.50) (0.30) (0.60) (12.80)
’24 (1.10) (0.70) (1.10) 0.00 (2.80)
’23 0.15 (0.20) (0.30) (0.40) (0.80)
’22 (1.70) 0.60 (0.80) (0.40) (2.30)
’21 (0.20) (0.10) (0.04) 0.20 (0.07)
’20 (1.20) (0.40) (0.30) (0.15) (2.00)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 21 23 — — —
’25 22 20 21 24 87
’24 25 23 22 25 94
’23 30 29 25 28 112
’22 29 29 27 28 113
’21 27 29 30 33 119
’20 24 23 24 31 102
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (1) 0 — — —
’25 3 3 1 0 7
’24 1 (1) (1) 2 1
’23 2 4 4 4 14
’22 (2) 0 1 3 1
’21 1 1 (1) 0 1
’20 3 2 2 2 9
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (1) (1) — — —
’25 2 3 1 (1) 5
’24 1 (2) (2) 1 (2)
’23 2 3 4 3 12
’22 (2) (1) 0 2 0
’21 1 1 (1) 0 0
’20 3 2 1 2 8
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2
1Buy 2 3Hold 4 5Sell

Ten 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 Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 105 77 121 116 102 119 113 112 94 87 88 (2.1%) 90 95 — +4.5%
Gross margin, % 46.32 50.60 52.31 55.37 56.85 56.90 53.66 58.86 58.18 57.67 58.16 +11.4 pt
EBT (3) (3) (8) (6) (7) 0 (9) (3) (12) (57) (11) +38.4%
EBT margin, % (2.94) (3.39) (6.60) (4.74) (7.14) (0.12) (8.10) (2.28) (12.39) (66.30) (12.00) (63.4) pt
Net income (4) (1) (3) (5) (8) 0 (10) (3) (12) (57) (10) +33.2%
Per share, $
Per share, $ Revenue 30.55 22.27 33.13 30.72 26.42 29.47 27.37 26.46 21.62 19.50 19.40 (4.9%)
Earnings (1.30) (0.20) (0.80) (1.20) (2.00) (0.07) (2.30) (0.80) (2.80) (12.80) (2.31) +28.9%
Cash flow 1.57 0.30 0.79 2.13 2.41 0.31 0.28 3.31 0.33 1.52 0.14 (0.4%)
Capex (0.42) (0.25) (0.27) (0.32) (0.36) (0.33) (0.38) (0.42) (0.75) (0.42) (0.55) (0.1%)
Free cash flow 1.15 0.05 0.52 1.81 2.05 (0.02) (0.11) 2.88 (0.42) 1.10 (0.40) (0.5%)
Book value 21.10 23.28 22.69 21.60 19.85 20.67 17.44 17.23 14.55 3.09 1.64 (19.2%)
Shares, m 3 3 4 4 4 4 4 4 4 4 4 +2.9%
Valuation, ×
Valuation, × P/E 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.0
P/S 0.95 1.48 0.96 0.99 1.62 2.39 0.98 2.04 0.98 0.34 0.44 1.3
P/B 1.37 1.42 1.40 1.41 2.16 3.41 1.54 3.13 1.45 2.16 5.22 1.9
EV/Sales 1.03 1.57 1.40 1.38 2.01 2.73 1.35 2.32 1.69 1.05 1.17 1.7
EV/FCF 27.26 677.32 88.80 23.55 25.12 (3,914.78) (260.72) 21.34 (87.20) 18.68 (56.14) (338.1)
Cash, $m
Cash, $m Operating cash flow 5 1 3 8 9 1 1 14 1 7 1 +2.5%
Capex (1) (1) (1) (1) (1) (1) (2) (2) (3) (2) (2) +2.9%
Free cash flow 4 0 2 7 8 0 0 12 (2) 5 (2) +2.4%
Balance, $m
Balance, $m Working capital 31 33 32 28 31 36 28 22 (10) 26 22 (1.8%)
Net debt 8 7 53 45 40 41 42 32 33 27 30 +14.4%
Shareholders’ equity 72 81 83 82 77 83 72 73 63 14 7 (16.8%)
Returns, %
Returns, % ROA (3.78) (0.80) (2.10) (2.81) (4.86) (0.18) (6.19) (2.42) (9.40) (54.86) (13.32) (51.1) pt
ROIC (2.33) (0.45) 0.45 0.19 0.12 1.04 (3.78) 1.12 (4.04) (74.07) (0.41) (71.7) pt
ROE (5.75) (1.13) (3.57) (5.70) (9.86) (0.36) (12.23) (4.70) (18.19) (147.13) (89.95) (141.4) pt
People
People Employees 435 434 547 505 459 494 455 416 355 339 — (2.7%)
Revenue/emp, $m 0.24 0.18 0.22 0.23 0.22 0.24 0.25 0.27 0.27 0.26 — +0.7%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026 · fundamentals updated 26 Oct 2026

Harvard Bioscience, Inc. vs peers in Medical Instruments & Supplies (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
ZTEKF Zentek Ltd. $62.3M — (loss-making) — −95.36% (below 0%: shrinking) n/m −254.61% (below 0%: shrinking) 0.00% 0.00% Compare
POCI Precision Optics Corp. $54.3M — (loss-making) — (loss-making) +41.95% (above 0%: growing) n/m −45.64% (below 0%: shrinking) 25.34% (1.21%) Compare
DXR Daxor Corporation $50.4M 4.0× 7.6× −27.62% (below 0%: shrinking) n/m −88.56% (below 0%: shrinking) 0.00% 0.00% Compare
HBIO Harvard Bioscience, Inc. $38.5M — (loss-making) — (loss-making) +11.13% (above 0%: growing) n/m −123.43% (below 0%: shrinking) 55.57% (4.30%)
NEPH Nephros Inc. $33.6M 18.0× 20.2× +18.01% (above 0%: growing) +66.67% (above 0%: growing) −251.52% (below 0%: shrinking) 58.45% 8.91% Compare
DAVI Davion Healthcare PLC $32.8M — — — — — — — Compare
MLSS Milestone Scientific, Inc. $27.1M — (loss-making) — (loss-making) +22.27% (above 0%: growing) n/m +66.68% (above 0%: growing) 67.24% (37.37%) Compare
RVP Retractable Technologies, Inc. $16.9M — (loss-making) 11.1× −31.07% (below 0%: shrinking) n/m +56.67% (above 0%: growing) 2.65% (71.46%) Compare
BNGO Bionano Genomics, Inc. $15.4M — (loss-making) — (loss-making) +21.36% (above 0%: growing) n/m −33.93% (below 0%: shrinking) 52.80% (88.34%) Compare
Median of peers $33.2M — 11.1× +18.01% — −45.64% 25.34% (1.21%)

All 53 Medical Instruments & Supplies stocks →

Pay and ownership Proxy statement filed 21 April 2026

Ownership

Directors and executive officers, together 17.03%
Entities affiliated with William Snider 15.79%
William Snider 15.79%
Leviticus Partners, L.P. / AHM Equity, LLC. 7.54%
Weber Capital Management, LLC 7.10%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Harvard Bioscience, Inc. (HBIO) Latest News

27 Oct

Impact 3 · · GlobeNewswire

6 Oct

Impact 3 · · GlobeNewswire

18 Aug

Impact 3 · · The Motley Fool transcript

11 Aug

Impact 4 · · InvestorsHub
Impact 3 · · Moby transcript
Impact 3 · transcript

12 May

Impact 4 · · GuruFocus.com
Impact 3 · · Moby
Impact 3 · · GlobeNewswire

15 Mar

Impact 4 · · Simply Wall St.

12 Mar

Impact 4 · · GuruFocus.com
Impact 4 · · Moby
Impact 4 · · The Motley Fool transcript
Impact 4 · · Associated Press Finance
Impact 4 · · GlobeNewswire

6 Mar

Impact 3 · · GlobeNewswire

10 Feb

Impact 4 · · GlobeNewswire

3 Feb

Impact 3 · · metrowestdailynews.com

29 Jan

Impact 4 · · GlobeNewswire

17 Dec

Impact 4 ·

9 Nov

Impact 3 · · Simply Wall St.

7 Nov

Impact 3 · · Simply Wall St.Associated Press FinanceSimply Wall St.GuruFocus.comSimply Wall St.Simply Wall St.Simply Wall St.

6 Nov

Impact 4 · · GuruFocus.com transcript
Impact 4 · · Associated Press Finance
Impact 4 · · GlobeNewswire

30 Oct

Impact 3 · · Associated Press Finance

16 Sep

Impact 4 · · GlobeNewswire

9 Sep

Impact 3 · · GlobeNewswireSimply Wall St.GlobeNewswireBusiness Wire

16 Aug

Impact 4 · · Simply Wall St.

12 Aug

Impact 3 · transcript
stockrow.com/HBIO · Data as of Oct 26, 2026 · For information only; not investment advice. · © 2026 stockrow.com