Saturday 17 October 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. In the quarter to June 2026, revenue grew 11.1%, EPS fell 28.0%, free cash flow fell 123.4% and total debt rose 5.21%, each against the same quarter a year earlier. Insiders bought in the last twelve months.

8.09 0.22 −2.65%

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Market cap: $37.8M
P/E: 0.0×
Fwd P/E: −3.2×
Dividend yield: —
F-score: 4/9
Altman Z: −4.01
Beneish M: −6.52
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total buys 0.10

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	3	—	—	—	—	—	—	—
Sell	—	—	—	—	—	—	—	—	—	—	—	—

Insider Ownership 6.54%

Capital & Financial Ratios $m

Market Cap 37.83

Revenue 87.81

Net Income (10.41)

Free Cash Flow (1.83)

Net Debt 30.18

Current Ratio 1.87

Debt/Equity 4.95

P/E ratio 0.00

Fwd P/E (3.16)

P/S ratio 0.42

P/B ratio 4.94

Past 5Y EPS Growth —

This Y EPS Growth (90.00%)

Next Y EPS Growth 269.74%

Next Y revenue growth 3.76%

Next 5Y EPS Growth 88.21%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/S against its own 10 years 14.74%

10-year low 10-year high

P/B against its own 10 years 99.48%

10-year low 10-year high

EV/Sales against its own 10 years 31.07%

10-year low 10-year high

Dividends

Payout Ratio —

Annual Dividend Rate —

Annual Dividend Yield —

	total	individual payouts
2023	Powerpack
2022	Powerpack
2021	Powerpack
2020	Powerpack
2019	Powerpack
2017	Powerpack

special payouts not included in total or ratios

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%)

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.

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.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	22.50	22.50	29.60	15.10	13.90	38.70	19.80	24.20	19.50	2.80	Analyst estimates 2026–2028 Powerpack
	High	39.00	39.00	67.00	46.60	45.80	87.50	71.90	62.90	54.40	22.80
People
People	Employees	435	434	547	505	459	494	455	416	355	339
	Revenue/emp, $m	0.24	0.18	0.22	0.23	0.22	0.24	0.25	0.27	0.27	0.26
Income, $m
Income, $m	Revenue	105	77	121	116	102	119	113	112	94	87
	Gross margin, %	46.32	50.60	52.31	55.37	56.85	56.90	53.66	58.86	58.18	57.67
	EBT	(3)	(3)	(8)	(6)	(7)	0	(9)	(3)	(12)	(57)
	EBT margin, %	(2.94)	(3.39)	(6.60)	(4.74)	(7.14)	(0.12)	(8.10)	(2.28)	(12.39)	(66.30)
	Net income	(4)	(1)	(3)	(5)	(8)	0	(10)	(3)	(12)	(57)
	Depreciation	4	4	8	8	9	8	8	7	7	55
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
	Earnings	(1.30)	(0.20)	(0.90)	(1.20)	(2.00)	(0.07)	(2.30)	(0.80)	(2.80)	(12.80)
	Cash flow	1.57	0.30	0.79	2.13	2.41	0.31	0.28	3.31	0.33	1.52
	Capex	(0.42)	(0.25)	(0.27)	(0.32)	(0.36)	(0.33)	(0.38)	(0.42)	(0.75)	(0.42)
	Free cash flow	1.15	0.05	0.52	1.81	2.05	(0.02)	(0.11)	2.88	(0.42)	1.10
	Book value	21.10	23.28	22.69	21.60	19.85	20.67	17.44	17.23	14.55	3.09
	Shares, m	3	3	4	4	4	4	4	4	4	4
Valuation, ×
Valuation, ×	P/E	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	P/S	0.95	1.48	0.96	0.99	1.62	2.39	0.98	2.04	0.98	0.34
	P/B	1.37	1.42	1.40	1.41	2.16	3.41	1.54	3.13	1.45	2.17
	EV/Sales	1.03	1.57	1.40	1.38	2.01	2.73	1.35	2.32	1.69	1.05
	EV/FCF	27.26	677.32	88.80	23.55	25.12	(3,914.78)	(260.72)	21.34	(87.20)	18.69
Cash, $m
Cash, $m	Operating cash flow	5	1	3	8	9	1	1	14	1	7
	Capex	(1)	(1)	(1)	(1)	(1)	(1)	(2)	(2)	(3)	(2)
	Free cash flow	4	0	2	7	8	0	0	12	(2)	5
Balance, $m
Balance, $m	Working capital	31	33	32	28	31	36	28	22	(10)	26
	Total debt	14	12	61	54	48	48	47	37	37	36
	Net debt	8	7	53	45	40	41	42	32	33	27
	Shareholders’ equity	72	81	83	82	77	83	72	73	63	14
Returns, %
Returns, %	ROA	(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)
	ROE	(5.75)	(1.13)	(3.57)	(5.70)	(9.86)	(0.36)	(12.23)	(4.70)	(18.19)	(147.13)

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
MBOT Microbot Medical Inc.	$63.8M	— (loss-making)	—	+1,047.62% (above 0%: growing)	n/m	−98.72% (below 0%: shrinking)	(266.80%)	(2,567.63%)	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
DXR Daxor Corporation	$59.6M	4.7×	7.6×	−27.62% (below 0%: shrinking)	n/m	−88.56% (below 0%: shrinking)	0.00%	0.00%	Compare
POCI Precision Optics Corp.	$47.7M	— (loss-making)	—	+41.95% (above 0%: growing)	n/m	−45.64% (below 0%: shrinking)	25.34%	(1.21%)	Compare
NEPH Nephros Inc.	$38.1M	23.4×	76.0×	+36.16% (above 0%: growing)	+450.00% (above 0%: growing)	−31.49% (below 0%: shrinking)	66.91%	20.16%	Compare
HBIO Harvard Bioscience, Inc.	$37.8M	— (loss-making)	— (loss-making)	+11.13% (above 0%: growing)	n/m	−123.43% (below 0%: shrinking)	55.57%	(4.30%)
MLSS Milestone Scientific, Inc.	$29.6M	— (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.	$17.6M	— (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.	$16.1M	— (loss-making)	— (loss-making)	+21.36% (above 0%: growing)	n/m	−33.93% (below 0%: shrinking)	52.80%	(88.34%)	Compare
Median of peers	$42.9M	—	11.1×	+21.82%	—	−39.78%	14.00%	(19.29%)

All 55 Medical Instruments & Supplies stocks →

Harvard Bioscience, Inc. (HBIO) key facts

Concern: Harvard Bioscience, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $86.6 million, down 8.06% from fiscal 2024.
Harvard Bioscience, Inc. (HBIO) is a Medical Instruments & Supplies company in the Healthcare sector, listed on Nasdaq.
As of October 16, 2026, HBIO traded at $8.09, a market capitalization of $37.8 million.
Return on equity was −147.1% and debt-to-equity 4.94.
Its Piotroski F-score is 4 out of 9 and its Altman Z-score is −4.01 (distress zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.