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Bio-rad Laboratories, Inc. (BIO) stock

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NYSE: BIO NYSE Life Sciences Tools & Services Next results ~November 4, 2026

B Fundamentals grade

Bio-rad Laboratories, Inc. is a US-listed company in the life sciences tools & services industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$190

Cash-flow model

Base case. Range ~$140–$240 across our lower- and higher-growth cases (-3%–7% a year).

Price vs value

Overvalued

The price is above our entire value range; our base value is 49% below it.

Price used: $366.16, November 2, 2026

Bio-rad Laboratories, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 2 selling0 purchases and 2 sales by directors and officers, last 12 monthsInsider trades
  • Funds168 adding, 204 cuttingOf 52 active managers that changed their stake, 28 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Bio-rad Laboratories files

Where Bio-rad Laboratories stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $2.59bn, up 1.4% on a year earlier, slower than 1.9% a quarter earlier. That puts it 787 of 931 for growth among all the companies we cover. Free-cash-flow margin held at 13.6%. Operating margin narrowed to 2.1% from 8.8%. The diluted share count is down 3.1% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 4 of our 7 financial-health checks. Our cash-flow model value is $139 a share, against a share price of $356. At that price, our model says the market is pricing in about 17.9% a year of cash-flow growth for five years, faster than the -2.4% a year revenue growth it has delivered.

Source: 10-Q filed August 4, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 4, 2026 (estimated)

Bio-rad Laboratories, Inc.'s trailing-twelve-month revenue grew 1.4% year on year, with a free-cash-flow margin of 13.6%. Where it stands out: change in share count of -3.1% ranks 5 of 46 life sciences tools & services companies we cover.

Our discounted-cash-flow model values the business at ~$190 per share in the base case (~$140–$240 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 4.8% while net income fell 30.3%: a 26pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Shrinking share count. Diluted shares fell 3.1% in a year, so each share owns more of the business.

Things to watch

  • Priced above our value. The share price of $366.16 is 49% above our value per share of $190.
  • Margins narrowing. Operating margin is down 6.7 points on a year ago.
  • High earnings multiple. The shares trade at 44 times the last 12 months' earnings, so expectations are demanding.
  • Missing expectations. Earnings per share fell short of the consensus estimate in 2 of the last four quarters.

Latest results: FY2026 Q2

Filed August 4, 2026
Earnings per share
$2.62 against an average estimate of $1.75: beat by 50.1%
Revenue
$651m, down 0.1% on a year earlier
Share reaction
+3.9% in the first session after the results on August 4, 2026, against +1.6% for the S&P 500
Guidance given
non-GAAP, currency-neutral revenue growth -3% to 0.5% (full-year 2026); non-GAAP operating margin 10% to 12% (full-year 2026)
Next report
November 4, 2026; average EPS estimate $2.23

Bio-rad Laboratories' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-1.6%
  • 1 week-1.7%
  • 1 month-0.8%
  • This year+20.8%
  • 1 year+14.6%
  • 5 years-53.0%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$2.6B
Operating margin
2.1%
Net margin
8.6%
EPS (TTM, diluted)
$8.26

Growth

Revenue growth
+1.4%
Change in growth rate
−0.5 pts
Share count change
−3.1%

Cash

Free cash flow (TTM)
$353M
FCF margin
13.6%
Stock pay % of revenue
2.3%

Earnings

Last results
August 4, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Results
  3. Guidance
  4. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Bio-rad Laboratories, Inc. valuation models and calculator

What the price is pricing in

The share price implies about 14.8% a year of cash-flow growth for five years.That is faster than the -2.4% a year revenue growth Bio-rad Laboratories has delivered.

  • Priced in14.8%
  • Last 12 months1.4%
  • 3 years a year-2.2%
  • 5 years a year-2.4%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($372.26, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$190
Price used
$372.26close November 3, 2026
Implied change
▼ 50%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Bio-rad Laboratories, Inc.'s free cash flow after stock-based pay with after-tax interest added back ($281M, FY2026 Q2 TTM), growing 1% and 2% in the next two years (forecasts, guidance and its record), then back to 2% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$140–~$240 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Bio-rad Laboratories, Inc.'s free cash flow after stock-based pay ( $281M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Bio-rad Laboratories, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 9.1%: the 10-year Treasury yield (4.9%) plus a beta of 0.92 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$190 ~$140–$240 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$220 ~$180–$290 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: the model gives no positive value
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$200 ~$190–$220 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Bio-rad Laboratories, Inc. with Life Sciences Tools & Services in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −24%
  • Revenue growth 5 points higher ▲ +31%
  • Free-cash-flow margin 1 point lower ▼ −6%
  • Last year's free-cash-flow margin change, if it persists ▼ −5%
  • Discount rate 1 point higher ▼ −13%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $165$219$291$385$508$667
8.5% $129$169$220$288$375$488
10% $108$138$178$230$296$382

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$138.66$182.28$238.67$232.22$370.03$582.94$755.57$420.49$322.89$328.51$302.99$366.16
Market value$4.1bn$5.4bn$7.2bn$7.0bn$11.2bn$17.6bn$22.8bn$12.5bn$9.4bn$9.3bn$8.3bn$9.9bn
+ Net debt (− = net cash)−$23m−$22m$51m$8m−$221m−$648m−$460m$764m$806m$712m$680m$687m
Enterprise value$4.1bn$5.4bn$7.2bn$7.0bn$10.9bn$16.9bn$22.4bn$13.3bn$10.2bn$10.0bn$8.9bn$10.5bn
Multiples
Price / sales 2.0x2.6x3.3x3.1x4.8x6.9x7.8x4.5x3.5x3.6x3.2x3.8x
Price / earnings 37.3xn/m58.6x19.2x6.4x4.6x5.4x———10.9x44.3x
Price / free cash flow 55.0x72.4x—45.1x31.1x36.9x42.6x153.5x43.2x32.0x22.1x27.9x
EV / EBITDA 13.6x27.1x26.9xn/m30.1x30.2x35.1x21.4x21.2x23.7x42.1x—

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

56 /100

Moderate moat

How hard Bio-rad Laboratories's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 5 / 20

    Cash operating profit has been a median 5.5% of total assets over 10 years.

  • Pricing power 18 / 20

    Gross margin has been a median 54.3%, moving by 1.4 percentage points (standard deviation) across 10 years.

  • Durability 2 / 20

    Operating margin has been a median 9.7%; its worst year was -3.4%.

  • Cash conversion 16 / 20

    Free cash flow was positive in 10 of 10 years, at a median 11.7% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 10.8% over five years; stock-based pay has been a median 1.8% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (61 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 4, 2026, after the close. Analysts expect revenue of $650m and EPS of $2.23 (range $2.16 to $2.29) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $9.45 −5% $2.6bn −1%
Next $9.75 +3% $2.6bn +2%

Next year's EPS estimate has moved +0.3% in 90 days, across 3 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +5.0% on 90 days ago. In the last 30 days, 4 analysts raised Bio-rad Laboratories, Inc.'s forecast and 0 cut it.

Consensus EPS forecast Bio-rad Laboratories, Inc., last 90 days
$9.00 $9.50 $10.00 $10.50 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $9.00 Current fiscal year, 60 days ago: $9.48 Current fiscal year, 30 days ago: $9.48 Current fiscal year, 7 days ago: $9.45 Current fiscal year, Now: $9.45 $9.45 Next fiscal year, 90 days ago: $9.72 Next fiscal year, 60 days ago: $10.03 Next fiscal year, 30 days ago: $10.03 Next fiscal year, 7 days ago: $9.92 Next fiscal year, Now: $9.75 $9.75

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $9.00$9.72
60 days ago $9.48$10.03
30 days ago $9.48$10.03
7 days ago $9.45$9.92
Now $9.45$9.75

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $1.75 $2.62 +50.1%
Mar 2026 $1.99 $1.89 −4.8%
Dec 2025 $2.70 $2.51 −7.0%
Sept 2025 $1.93 $2.26 +17.0%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 4, 2026
  • non-GAAP, currency-neutral revenue full-year 2026 -3% growth to 0.5% growth Non-GAAP Maintained
    “For the full-year 2026, the Company continues to expect non-GAAP, currency-neutral revenue to be in the range of a decline of approximately 3.0 percent to growth of approximately 0.5 percent, and an estimated non-GAAP operating margin of approximately 10.0 to 12.0 percent.” source
  • non-GAAP operating margin full-year 2026 10% to 12% Non-GAAP Maintained
    “For the full-year 2026, the Company continues to expect non-GAAP, currency-neutral revenue to be in the range of a decline of approximately 3.0 percent to growth of approximately 0.5 percent, and an estimated non-GAAP operating margin of approximately 10.0 to 12.0 percent.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Bio-rad Laboratories, Inc.'s revenue by +1.0% next year and +2.0% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+0.3%, weight 60%) and the company's own record (+2.0%, weight 40%) . How the weights are set.

Analyst recommendations

3 analysts, Oct 2026
Buy133%
Hold133%
Sell133%

Monthly trend

  1. Oct 20261113
  2. Sep 20261113
  3. Aug 20261315
  4. Jul 20261315

Counts of recommendations published by analysts covering Bio-rad Laboratories, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
6.9%
of tradable shares
Days to cover
4.17
at average volume
Short interest, 1 month
+10%
to October 15, 2026
Held by institutions
92%
of shares
Held by insiders
16.4%
of shares
Employees
7,450
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +14.6%

$319.55 on October 31, 2025 to $366.16

ThenNowEffect
Revenue (last 12 months) $2.6bn $2.6bn +1.4%
Net margin 12.5% 8.6% −31.3%
P/E multiple 27.8x 44.3x +59.4%
Share count 28m 27m +3.2%

Biggest factor: p/e multiple.

Last 3 years +27.2%

$287.88 on November 3, 2023 to $366.16

ThenNowEffect
Revenue (last 12 months) $2.8bn $2.6bn −6.5%
P/S multiple 3.1x 3.8x +23.6%
Share count 30m 27m +10.0%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
BIO+30%−44%−23%+2%−8%+21%
Industry peers (median)+4%−53%−3%−15%−2%+15%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
BIO58%42%58%42%58%46%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
BIO−16%−54%−46%−25%−41%−26%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 74% from September 2, 2021 to June 2, 2025. Getting back needed a 281% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$241.71 – $390.34
From 52-week high
−6.2%
vs 50-day average
−2.2%
vs 200-day average
+16.7%
Volatility (1 year)
36%
Beta vs S&P 500
0.74

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
4 up, 8 down
typical move ±7.0%
After a week
5 up, 7 down
typical move ±5.9%
After a month
7 up, 5 down
typical move ±8.4%
Results releasedNext dayS&P 500 next day5 days21 days
August 4, 2026 +3.9% +1.6% +6.4% +16.1%
April 30, 2026 −6.8% +1.3% −6.5% +11.0%
February 12, 2026 −12.6% −1.5% −7.6% −11.0%
October 29, 2025 −7.8% −1.1% −6.2% −1.7%
July 31, 2025 +13.8% −2.0% +6.1% +19.1%
May 1, 2025 −3.2% +2.2% −1.3% −11.3%
February 13, 2025 −11.3% +1.1% −10.3% −17.7%
October 30, 2024 +8.0% −2.3% +12.5% +2.7%
August 1, 2024 −0.7% −3.3% −3.0% −0.3%
May 7, 2024 −4.9% +0.1% +4.3% +2.5%
February 15, 2024 +3.8% +0.2% +3.1% +1.7%
October 26, 2023 −6.7% −1.6% −3.1% +5.9%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Bio-rad Laboratories, Inc.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: no liquid put and call pair for the same expiry.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Bio-rad Laboratories, Inc. in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Bio-rad Laboratories, Inc.
$2.5B $2.6B $2.6B $2.7B $2.7B $2.8B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $2.7B Revenue (TTM), FY23 Q4: $2.7B Revenue (TTM), FY24 Q1: $2.6B Revenue (TTM), FY24 Q2: $2.6B Revenue (TTM), FY24 Q3: $2.6B Revenue (TTM), FY24 Q4: $2.6B Revenue (TTM), FY25 Q1: $2.5B Revenue (TTM), FY25 Q2: $2.6B Revenue (TTM), FY25 Q3: $2.6B Revenue (TTM), FY25 Q4: $2.6B Revenue (TTM), FY26 Q1: $2.6B Revenue (TTM), FY26 Q2: $2.6B $2.6B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $2.7B
FY23 Q4 $2.7B
FY24 Q1 $2.6B
FY24 Q2 $2.6B
FY24 Q3 $2.6B
FY24 Q4 $2.6B
FY25 Q1 $2.5B
FY25 Q2 $2.6B
FY25 Q3 $2.6B
FY25 Q4 $2.6B
FY26 Q1 $2.6B
FY26 Q2 $2.6B
Revenue growth, TTM YoY Bio-rad Laboratories, Inc.
-10% -5% 0% 5% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: -3.0% Revenue growth, TTM YoY, FY23 Q4: -4.7% Revenue growth, TTM YoY, FY24 Q1: -6.3% Revenue growth, TTM YoY, FY24 Q2: -7.5% Revenue growth, TTM YoY, FY24 Q3: -5.2% Revenue growth, TTM YoY, FY24 Q4: -3.9% Revenue growth, TTM YoY, FY25 Q1: -2.5% Revenue growth, TTM YoY, FY25 Q2: -0.3% Revenue growth, TTM YoY, FY25 Q3: -0.9% Revenue growth, TTM YoY, FY25 Q4: 0.7% Revenue growth, TTM YoY, FY26 Q1: 1.9% Revenue growth, TTM YoY, FY26 Q2: 1.4% 1.4%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 -3.0%
FY23 Q4 -4.7%
FY24 Q1 -6.3%
FY24 Q2 -7.5%
FY24 Q3 -5.2%
FY24 Q4 -3.9%
FY25 Q1 -2.5%
FY25 Q2 -0.3%
FY25 Q3 -0.9%
FY25 Q4 0.7%
FY26 Q1 1.9%
FY26 Q2 1.4%
Operating margin (TTM) Bio-rad Laboratories, Inc.
0% 5% 10% 15% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 13.3% Operating margin (TTM), FY23 Q4: 12.6% Operating margin (TTM), FY24 Q1: 12.3% Operating margin (TTM), FY24 Q2: 13.0% Operating margin (TTM), FY24 Q3: 11.9% Operating margin (TTM), FY24 Q4: 10.5% Operating margin (TTM), FY25 Q1: 9.8% Operating margin (TTM), FY25 Q2: 8.8% Operating margin (TTM), FY25 Q3: 8.8% Operating margin (TTM), FY25 Q4: 1.8% Operating margin (TTM), FY26 Q1: 2.2% Operating margin (TTM), FY26 Q2: 2.1% 2.1%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 13.3%
FY23 Q4 12.6%
FY24 Q1 12.3%
FY24 Q2 13.0%
FY24 Q3 11.9%
FY24 Q4 10.5%
FY25 Q1 9.8%
FY25 Q2 8.8%
FY25 Q3 8.8%
FY25 Q4 1.8%
FY26 Q1 2.2%
FY26 Q2 2.1%
FCF margin (TTM) Bio-rad Laboratories, Inc.
6% 8% 10% 12% 14% 16% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 8.2% FCF margin (TTM), FY23 Q4: 8.2% FCF margin (TTM), FY24 Q1: 7.1% FCF margin (TTM), FY24 Q2: 6.9% FCF margin (TTM), FY24 Q3: 9.6% FCF margin (TTM), FY24 Q4: 11.3% FCF margin (TTM), FY25 Q1: 14.0% FCF margin (TTM), FY25 Q2: 14.5% FCF margin (TTM), FY25 Q3: 13.2% FCF margin (TTM), FY25 Q4: 14.5% FCF margin (TTM), FY26 Q1: 13.8% FCF margin (TTM), FY26 Q2: 13.6% 13.6%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 8.2%
FY23 Q4 8.2%
FY24 Q1 7.1%
FY24 Q2 6.9%
FY24 Q3 9.6%
FY24 Q4 11.3%
FY25 Q1 14.0%
FY25 Q2 14.5%
FY25 Q3 13.2%
FY25 Q4 14.5%
FY26 Q1 13.8%
FY26 Q2 13.6%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 1,784 1,927 2,074 2,069 2,133 2,175 2,019 2,068 2,160 2,289 2,312 2,546 2,923 2,802 2,671 2,567 2,583 2,589
Gross profit 1,000 1,091 1,179 1,155 1,178 1,179 1,122 1,138 1,188 1,223 1,257 1,438 1,638 1,567 1,427 1,379 1,340 1,344
EBITDA 333 393 426 395 317 300 299 199 268 35 364 560 638 620 484 421 213 —
Operating income 231 284 305 264 169 150 167 56 119 −103 230 421 500 483 338 269 47 53
Net income 145 185 179 165 78 89 109 26 122 366 1,759 3,814 4,254 −3,628 −637 −1,844 760 222
Diluted EPS $5.20 $6.59 $6.29 $5.78 $2.69 $3.05 $3.71 $0.88 $4.07 $12.10 $58.27 $126.47 $140.83 −$121.79 −$21.82 −$65.36 $27.85 $8.26
Growth (year on year)
Revenue +1.1% +8.0% +7.6% −0.2% +3.1% +2.0% −7.2% +2.4% +4.4% +6.0% +1.0% +10.1% +14.8% −4.1% −4.7% −3.9% +0.7% +1.4%
EBITDA — +18.1% +8.5% −7.4% −19.7% −5.3% −0.5% −33.5% +34.9% −87.0% — +53.9% +13.9% −2.8% −22.0% −13.0% −49.5% —
Operating income +26.3% +23.0% +7.5% −13.5% −35.9% −11.5% +11.2% −66.6% +114.0% −186.7% — +83.5% +18.8% −3.5% −30.0% −20.4% −82.5% −76.3%
Net income +61.6% +28.3% −3.5% −7.6% −53.0% +14.2% +23.0% −76.2% — +199.1% +381.0% +116.9% +11.5% −185.3% — — — −30.3%
Diluted EPS +60.5% +26.7% −4.6% −8.1% −53.5% +13.4% +21.6% −76.3% — +197.3% +381.6% +117.0% +11.4% −186.5% — — — −28.1%
Margins
Gross margin 56.0% 56.6% 56.9% 55.8% 55.3% 54.2% 55.5% 55.0% 55.0% 53.4% 54.4% 56.5% 56.1% 55.9% 53.4% 53.7% 51.9% 51.9%
EBITDA margin 18.6% 20.4% 20.6% 19.1% 14.8% 13.8% 14.8% 9.6% 12.4% 1.5% 15.7% 22.0% 21.8% 22.1% 18.1% 16.4% 8.2% —
Operating margin 12.9% 14.7% 14.7% 12.8% 7.9% 6.9% 8.3% 2.7% 5.5% −4.5% 9.9% 16.6% 17.1% 17.2% 12.6% 10.5% 1.8% 2.1%
Net margin 8.1% 9.6% 8.6% 8.0% 3.6% 4.1% 5.4% 1.3% 5.7% 16.0% 76.1% 149.8% 145.6% −129.5% −23.9% −71.9% 29.4% 8.6%
Free-cash-flow margin 14.4% 7.1% 7.7% 6.0% 2.9% 7.0% 3.7% 3.6% −0.3% 6.8% 15.5% 18.7% 18.3% 2.9% 8.2% 11.3% 14.5% 13.6%
Cash flow
Cash from operations 325 226 263 266 169 273 186 216 104 285 458 585 669 194 375 455 532 493
Capital spending 68 88 103 143 107 121 112 141 111 130 99 109 134 113 157 166 158 140
Free cash flow 257 137 160 124 62 152 74 75 −7 156 359 476 536 82 218 290 375 353
Stock-based pay 9 10 11 13 14 15 17 20 23 28 36 42 51 61 61 62 58 60
Free cash flow after stock pay 248 127 149 110 49 137 57 55 −31 128 324 435 485 21 157 227 317 293
Balance sheet
Cash 650 907 574 463 332 413 458 456 384 432 661 662 471 434 404 488 530 517
Total debt — 964 732 733 436 436 434 435 435 439 440 14 11 1,198 1,210 1,200 1,210 1,204
Net debt (negative = net cash) −650 58 158 269 104 23 −23 −22 51 8 −221 −648 −460 764 806 712 680 687
Diluted shares 28m 28m 28m 29m 29m 29m 29m 30m 30m 30m 30m 30m 30m 30m 29m 28m 27m 27m
Returned to shareholders
Buybacks — 0 0 0 0 0 0 0 3 49 28 100 50 216 429 204 296 133
Total returned — 0 0 0 0 0 0 0 3 49 28 100 50 216 429 204 296 133

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

4 of 7 checks passed · June 30, 2026
What it owns · $10.3bn
Short-term assets $3.0bnLonger-term assets $7.2bn
What it owes, and who funded it · $10.3bn
Short-term liabilities $961mLonger-term liabilities $2.1bnShareholders' equity $7.2bn
  • Short-term assets cover short-term liabilities $3.0bn of assets due within a year against $961m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $3.0bn short-term assets against $2.1bn of longer-dated liabilities.
  • More cash than debt $517m of cash against $803m of debt.
  • Debt below 40% of shareholders' equity Debt is 11% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 0% to 11% over five years.
  • A year's operating cash flow covers at least 20% of debt $493m of operating cash flow against $803m of debt.
  • Operating profit covers interest at least five times over Operating income of $53m against $49m of interest.

From Bio-rad Laboratories, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q2 TTM
Buybacks (TTM)
$133M
Returned to shareholders
38%
of free cash flow
Buybacks, last 3 fiscal years
$928M
Diluted share count
−3.1%
year over year
Total shareholder yield
1.4%
dividends 0.0% + buybacks 1.4% of market value
R&D spending
10.3%
of revenue
Sales & admin spending
32.9%
of revenue
Days sales outstanding
62 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in life sciences tools & services
Last 12 months unless stated BIO FTRE MEDP QGEN BRKR CRL Median
Revenue, last 12 months $2.6bn $2.7bn $2.8bn $2.1bn $3.5bn $4.0bn $229m
Revenue growth, last 12 months 1.4% −3.4% 20.4% 5.7% 1.6% −0.7% 6.9%
Revenue growth, 3-year average −2.2% 0.4% 16.8% 17.1% 8.8% −1.5% 2.9%
Revenue growth, latest quarter −0.1% −1.4% 8.5% — 5.2% −2.7% 8.5%
Gross margin 51.9% — — 62.2% 46.4% 36.7% 51.9%
Operating margin 2.1% 0.5% 21.4% 22.3% −0.9% 2.3% −14.3%
Operating margin, 3-year average 7.9% −12.5% 20.9% 20.4% 5.1% 6.4% −22.4%
Net margin 8.6% −2.6% 18.2% 20.3% −2.0% −6.0% −16.1%
Cash from operations / revenue 19.0% 7.6% 25.5% 31.3% 5.4% 14.6% 1.3%
Free-cash-flow margin 13.6% 6.3% 23.5% 21.7% 2.7% 9.3% −2.2%
Free-cash-flow margin, 3-year average 11.7% 4.7% 26.0% 18.5% 3.2% 11.9% 0.6%
Stock pay / revenue 2.3% 1.9% 0.8% 2.4% 0.6% 2.1% 4.4%
Change in share count −3.1% 1.3% −5.1% −2.6% −2.0% −3.9% 1.0%

Median of all 54 companies we cover in life sciences tools & services. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

54 life sciences tools & services companies
Measure Company Peer median Rank
Revenue growth Growth 1.4% 6.9% 40 of 54
Change in growth rate Growth -0.5pp +0.4pp 36 of 54
Gross margin Profitability 51.9% 52.0% 24 of 45
Operating margin Profitability 2.1% -14.3% 16 of 52
Net margin Profitability 8.6% -12.2% 11 of 54
Free-cash-flow margin Cash generation 13.6% -1.3% 12 of 54
Stock pay as % of revenue Cash generation 2.3% 4.4% 16 of 53
Long-term debt as % of assets Balance sheet 7.8% 26.3% 9 of 35
Change in share count Balance sheet -3.1% 1.0% 5 of 46
Days sales outstanding Balance sheet 62 days 62 days 26 of 48

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Clinical Diagnostics $1.6B 60.5% ▲ 1.6%
Life Science $1B 39.5% ▼ 0.7%
All Other Segments $0 0.0% ▼ 100.0%
Geography
Region Revenue Share YoY
United States $1B 39.6% ▼ 1.8%
Europe $882M 34.1% ▲ 5.7%
Asia Pacific $513M 19.9% ▼ 1.6%
Americas $165M 6.4% ▼ 2.3%

From Bio-rad Laboratories, Inc.'s 10-K filed February 13, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$6.5B
Institutions reporting
397
Shares held vs prior quarter
▲ 11.3%
Positions opened / closed
54 / 50

Top buyers and sellers, Q2 2026: 168 institutions bought and 204 sold ; the biggest buyer was First Eagle Investment Management, LLC (+2.6M shares) and the biggest seller Massachusetts Financial Services Co (−388K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
First Eagle Investment Management, LLC $1.5B 5.2M 23.4% ▲ 100.3%
Blackrock, Inc. $499M 1.7M 7.6% ▲ 1.1%
Dimensional Fund Advisors LP $277M 945K 4.2% ▼ 13.3%
Vanguard Capital Management LLC $243M 827K 3.7% ▼ 0.5%
Ariel Investments, LLC $240M 817K 3.7% ▲ 3.9%
Vanguard Portfolio Management LLC $240M 816K 3.7% ▼ 1.6%
Earnest Partners LLC $171M 581K 2.6% ▼ 1.4%
State Street Corp $168M 572K 2.6% ▲ 2.2%
Bank Of America Corp $144M 490K 2.2% ▲ 10.2%
Assenagon Asset Management S.A. $137M 466K 2.1% ▲ 215.5%
Capital World Investors $136M 462K 2.1% ▲ 2.8%
Capital Research Global Investors $130M 443K 2.0% ▲ 15.0%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Bio-rad Laboratories, Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $349,883 2 trades by 2 insiders · 0% under pre-set plans
Net ▼ $349,883 net selling
Insider Date Trade Shares Price Value
Engelhardt Eva Anette EVP, President, CDG May 11, 2026 Sell 550 $246.54 $135,597
Barry James EVP, President, LSG November 6, 2025 Sell 700 $306.18 $214,286

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 12 trades and filings

No trades in Bio-rad Laboratories, Inc. disclosed in the last 12 months; 12 earlier trades on record.

  • Lois Frankel(D-FL 22):Sale (full), $1,001 - $15,000, traded September 8, 2023, filed October 10, 2023
  • Lois Frankel(D-FL 22):Purchase, $1,001 - $15,000, traded June 29, 2023, filed July 28, 2023
  • Lois Frankel(D-FL 22):Purchase, $1,001 - $15,000, traded June 28, 2023, filed July 28, 2023

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around October 28, 2026 estimated from the company's past filing pattern, not announced

  • August 4, 2026
  • April 30, 2026
  • February 12, 2026
  • October 29, 2025
  • July 31, 2025
  • May 1, 2025

Recent SEC filings

Data status

When each part of this page on Bio-rad Laboratories, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Bio-rad Laboratories, Inc. in brief

What does Bio-rad Laboratories, Inc. do?
Bio-rad Laboratories, Inc. is a US-listed company in the life sciences tools & services industry. Its financial year ends in December.
What is Bio-rad Laboratories, Inc.'s stock ticker?
Bio-rad Laboratories, Inc. trades under the ticker BIO on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Bio-rad Laboratories, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Bio-rad Laboratories, Inc. reported revenue of $2.6B, 1.4% higher than a year earlier, according to its SEC filings.
What is Bio-rad Laboratories, Inc.'s free cash flow?
Bio-rad Laboratories, Inc.'s free-cash-flow margin is 13.6% of revenue over the trailing twelve months, ranking 12 of the 54 life sciences tools & services companies we cover.
What is Bio-rad Laboratories, Inc.'s fair value (intrinsic value) per share?
Our discounted-cash-flow model of Bio-rad Laboratories, Inc.'s free cash flow after stock-based pay gives ~$190 per share in the base case, and ~$140–$240 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Bio-rad Laboratories, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are First Eagle Investment Management, LLC, Blackrock, Inc. and Dimensional Fund Advisors LP. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Bio-rad Laboratories, Inc. buying back stock, and does it pay a dividend?
Bio-rad Laboratories, Inc. spent $133M on share repurchases over the trailing twelve months, and its diluted share count fell 3.1% over the year.
What is Bio-rad Laboratories, Inc.'s market cap?
On November 2, 2026, Bio-rad Laboratories, Inc.'s market capitalisation was about $9.9B, with a price-to-earnings ratio of 44.3 and net debt of $687M. Market figures come from third-party market data and may be delayed.
How much debt does Bio-rad Laboratories, Inc. have?
Bio-rad Laboratories, Inc.'s debt-to-equity ratio is 11.2%, from its latest balance sheet (0.1% five years earlier). The financial health section below sets out its other solvency checks.
Who are Bio-rad Laboratories, Inc.'s competitors?
In our Life Sciences Tools & Services peer group, the companies closest to Bio-rad Laboratories, Inc. are Fortrea Holdings Inc., Medpace Holdings, Inc., Qiagen N.V., Bruker Corp and Charles River Laboratories. The side-by-side comparison below sets their revenue, margins and growth against Bio-rad Laboratories, Inc.'s.
Are insiders buying or selling Bio-rad Laboratories, Inc. stock?
Over the last 12 months, Bio-rad Laboratories, Inc.'s directors and officers reported 0 open-market purchases and 2 sales on Form 4. The insider trading page charts every trade.
When is Bio-rad Laboratories, Inc.'s next earnings date?
Around November 4, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Bio-rad Laboratories, Inc. announces its own schedule.