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Friday 6 November 2026
Export HBIO’s income statement to Excel — free account
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
8.25
0.21
−2.48%
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| Dec '16 | Dec '17 | Dec '18 | Dec '19 | Dec '20 | Dec '21 | Dec '22 | Dec '23 | Dec '24 | Dec '25 | |
|---|---|---|---|---|---|---|---|---|---|---|
P/E ratio |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Piotroski F-Score |
7 | 6 | 4 | 4 | 4 | 6 | 3 | 6 | 3 | 4 |
P/S ratio |
0.95 | 1.48 | 0.96 | 0.99 | 1.62 | 2.39 | 0.98 | 2.04 | 0.98 | 0.34 |
Altman Z-Score |
1.47 | 1.98 | 0.78 | 0.69 | 0.96 | 2.06 | 0.42 | 1.69 | (0.39) | (4.01) |
P/FCF ratio |
25.19 | 640.70 | 61.08 | 16.89 | 20.27 | 0.00 | 0.00 | 18.70 | 0.00 | 6.10 |
Altman Z″-Score (non-manufacturers) |
0.31 | 1.47 | (0.01) | (0.29) | (0.45) | 0.00 | (1.21) | (1.10) | (3.86) | (10.45) |
Beneish M-Score |
(2.94) | (2.72) | (2.72) | (2.87) | (3.16) | (2.35) | (3.03) | (3.12) | (3.07) | (6.52) |
P/Operating CF |
57.45 | (122.14) | 44.71 | 51.95 | 66.57 | 2,430.92 | 41.43 | 53.14 | 53.26 | (309.35) |
P/B ratio |
1.37 | 1.42 | 1.40 | 1.41 | 2.16 | 3.41 | 1.54 | 3.13 | 1.45 | 2.16 |
Price to Tangible BV |
6.41 | 3.45 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
EV/Sales |
1.03 | 1.57 | 1.40 | 1.38 | 2.01 | 2.73 | 1.35 | 2.32 | 1.69 | 1.05 |
EV/EBITDA |
78.48 | 37.77 | 17.77 | 18.93 | 22.75 | 32.60 | 166.27 | 28.45 | 124.87 | 13.70 |
EV/Operating CF |
19.95 | 114.70 | 58.44 | 19.99 | 22.02 | 257.47 | 133.08 | 18.60 | 110.39 | 13.51 |
EV/FCF |
27.26 | 677.32 | 88.80 | 23.55 | 25.12 | (3,914.78) | (260.72) | 21.34 | (87.20) | 18.68 |
Quick Ratio |
1.75 | 1.59 | 1.16 | 1.15 | 1.24 | 1.17 | 0.91 | 0.77 | 0.35 | 1.12 |
Current Ratio |
3.11 | 3.39 | 2.27 | 2.12 | 2.46 | 2.43 | 2.20 | 1.85 | 0.82 | 2.20 |
Net Debt/EBITDA |
5.96 | 2.04 | 5.55 | 5.35 | 4.39 | 4.06 | 45.90 | 3.52 | 25.80 | 4.11 |
Debt/Assets |
12.76% | 10.74% | 36.06% | 32.64% | 30.72% | 29.77% | 32.21% | 26.62% | 29.18% | 44.80% |
Debt/Equity |
0.19 | 0.15 | 0.73 | 0.66 | 0.63 | 0.58 | 0.65 | 0.50 | 0.58 | 2.61 |
Asset Turnover |
0.92 | 0.71 | 0.87 | 0.70 | 0.64 | 0.75 | 0.74 | 0.79 | 0.71 | 0.84 |
Operating CF/Net income |
(1.25) | (1.22) | (0.99) | (1.72) | (1.19) | (4.38) | (0.12) | (4.11) | (0.12) | (0.12) |
Capex/Depreciation |
(0.33) | (0.23) | (0.12) | (0.15) | (0.16) | (0.17) | (0.20) | (0.25) | (0.44) | (0.03) |
Interest Coverage |
(4.69) | (0.89) | 0.18 | 0.07 | 0.05 | 1.34 | (2.72) | 0.53 | (1.76) | (9.88) |
| (5.75%) | (1.13%) | (3.57%) | (5.70%) | (9.86%) | (0.36%) | (12.23%) | (4.70%) | (18.19%) | (147.13%) | |
| (3.78%) | (0.80%) | (2.10%) | (2.81%) | (4.86%) | (0.18%) | (6.19%) | (2.42%) | (9.40%) | (54.86%) | |
ROIC |
(2.33%) | (0.45%) | 0.45% | 0.19% | 0.12% | 1.04% | (3.78%) | 1.12% | (4.04%) | (74.07%) |
Return on Tangible Assets |
(12.25%) | (2.32%) | (7.64%) | (14.19%) | (22.57%) | (0.73%) | (30.46%) | (12.90%) | 261.99% | (182.60%) |
Average Days of Receivables |
69.57 | 80.59 | 64.86 | 65.05 | 63.51 | 67.02 | 53.80 | 52.35 | 57.64 | 67.66 |
Research and Development Expense of Revenue |
5.16% | 7.29% | 9.10% | 9.22% | 8.51% | 9.08% | 10.88% | 10.48% | 11.05% | 10.20% |
Selling, General and Administrative Expense of Revenue |
39.64% | 42.12% | 37.94% | 39.62% | 42.53% | 41.17% | 43.71% | 41.71% | 46.43% | 42.70% |
Intangible Assets out of Total Assets |
0.53 | 0.44 | 0.61 | 0.58 | 0.59 | 0.52 | 0.53 | 0.53 | 0.53 | 0.21 |
Share Based Compensation of Revenue |
3.35% | 4.52% | 2.52% | 2.61% | 3.57% | 3.51% | 3.89% | 4.45% | 4.61% | 2.14% |
Graham Net Nets |
0.10 | 0.17 | (0.24) | (0.26) | (0.17) | (0.06) | (0.20) | (0.07) | (0.20) | (0.61) |
Graham Number |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Earnings Yield |
(4.48%) | (0.61%) | (3.05%) | (4.00%) | (4.78%) | (0.20%) | (8.58%) | (1.40%) | (13.74%) | (191.33%) |
Free Cash Flow Yield |
3.97% | 0.16% | 1.64% | 5.92% | 4.93% | (0.03%) | (0.53%) | 5.35% | (1.98%) | 16.39% |
Revenue per Share |
30.55 | 22.27 | 33.13 | 30.72 | 26.42 | 29.47 | 27.37 | 26.46 | 21.62 | 19.50 |
Operating CF per Share |
1.57 | 0.30 | 0.79 | 2.13 | 2.41 | 0.31 | 0.28 | 3.31 | 0.33 | 1.52 |
Capex per Share |
(0.42) | (0.25) | (0.27) | (0.32) | (0.36) | (0.33) | (0.38) | (0.42) | (0.75) | (0.42) |
Free Cash Flow per Share |
1.15 | 0.05 | 0.52 | 1.81 | 2.05 | (0.02) | (0.11) | 2.88 | (0.42) | 1.10 |
Cash per Share |
1.64 | 1.49 | 2.24 | 2.20 | 2.15 | 1.94 | 1.09 | 1.01 | 0.94 | 1.94 |
Shareholders Equity per Share |
21.10 | 23.28 | 22.69 | 21.60 | 19.85 | 20.67 | 17.44 | 17.23 | 14.55 | 3.09 |
Interest Debt per Share |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Book value per Share |
21.10 | 23.28 | 22.69 | 21.60 | 19.85 | 20.67 | 17.44 | 17.23 | 14.55 | 3.09 |
Free Cash Flow |
3.94 | 0.18 | 1.90 | 6.83 | 7.93 | (0.08) | (0.44) | 12.23 | (1.82) | 4.87 |
Working Capital |
30.87 | 33.49 | 32.34 | 28.26 | 30.65 | 36.27 | 27.88 | 22.50 | (9.84) | 26.27 |
Capital Expenditures |
(1.44) | (0.88) | (0.99) | (1.22) | (1.40) | (1.34) | (1.59) | (1.80) | (3.26) | (1.86) |
Net Current Asset Value |
9.90 | 19.08 | (28.06) | (29.60) | (27.87) | (17.36) | (22.02) | (15.25) | (18.19) | (18.11) |
EV/EBIT |
0.00 | 0.00 | 171.28 | 426.56 | 929.66 | 157.27 | 0.00 | 137.76 | 0.00 | 0.00 |
Capex to Sales |
0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.02 | 0.03 | 0.02 |
Price to Operating Income |
0.00 | 0.00 | 117.81 | 305.92 | 750.07 | 137.67 | 0.00 | 120.72 | 0.00 | 0.00 |
| Other line items | ||||||||||
Depreciation/Fixed assets |
1.02 | 1.03 | 1.44 | 1.70 | 2.23 | 2.31 | 2.33 | 1.83 | 1.47 | 11.54 |
Cash ROIC |
4.30% | 0.18% | 1.25% | 4.75% | 5.96% | (0.06%) | (0.35%) | 10.73% | (1.75%) | 8.36% |
Accounts Receivable Turnover |
5.06 | 4.18 | 6.27 | 5.51 | 5.31 | 6.01 | 5.88 | 6.84 | 6.08 | 5.60 |
Accounts Payable Turnover |
7.49 | 7.21 | 9.79 | 8.17 | 7.79 | 9.42 | 9.25 | 7.70 | 7.61 | 8.68 |
Inventory Turnover |
2.65 | 2.08 | 2.75 | 2.20 | 1.99 | 2.06 | 1.94 | 1.81 | 1.64 | 1.66 |
Average Days of Payables |
40.31 | 42.10 | 46.64 | 37.58 | 49.47 | 34.97 | 44.81 | 43.90 | 44.38 | 36.38 |
Days of Inventory on Hand |
129.82 | 160.83 | 158.99 | 155.29 | 184.43 | 196.47 | 183.76 | 195.36 | 215.51 | 207.26 |
Average Receivables |
20.67 | 18.51 | 19.28 | 21.08 | 19.24 | 19.80 | 19.27 | 16.40 | 15.48 | 15.45 |
Average Payables |
7.49 | 5.30 | 5.88 | 6.35 | 5.66 | 5.44 | 5.68 | 6.00 | 5.17 | 4.22 |
Average Inventory |
21.15 | 18.40 | 20.97 | 23.57 | 22.16 | 24.92 | 27.01 | 25.58 | 23.98 | 22.03 |
Average Assets |
113.91 | 108.56 | 138.98 | 166.74 | 160.56 | 159.30 | 153.85 | 141.36 | 132.01 | 103.36 |
Average Common Equity |
74.90 | 76.55 | 81.81 | 82.21 | 79.19 | 80.04 | 77.81 | 72.65 | 68.21 | 38.54 |
Columns are period end dates · fundamentals updated 26 Oct 2026