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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. 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%
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 (at or above 1.5: strong)
Debt/Equity 4.95 (above 2: weak)
P/E ratio 0.00
Fwd P/E (3.16) (negative: loss-making)
P/S ratio 0.42
P/B ratio 4.94
Past 5Y EPS Growth —
This Y EPS Growth (90.00%) (below 0%: weak)
Next Y EPS Growth 269.74% (at or above 15%: strong)
Next Y revenue growth 3.76%
Next 5Y EPS Growth 88.21% (at or above 15%: strong)

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

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.1×, 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 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.

Target Price Range

Analyst price targets

Recommendation Rating

2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
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

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
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.

Harvard Bioscience, Inc. (HBIO) Latest News

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stockrow.com/HBIO · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com