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Bio-rad Laboratories, Inc. key statistics and ratios

In fiscal 2025, Bio-rad Laboratories, Inc. had return on equity of 10.8%, an operating margin of 1.8%, debt equal to 16.2% of equity and a current ratio of 5.62. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Fiscal year2009Dec 20092010Dec 20102011Dec 20112012Dec 20122013Dec 20132014Dec 20142015Dec 20152016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMJun 2026
Gross margin56.0%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%
Operating margin12.9%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 margin8.1%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 margin14.4%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%
Return on equity11.5%13.3%10.9%8.8%3.7%4.1%4.7%1.0%4.4%10.5%36.0%48.8%36.1%−31.1%−6.9%−24.1%10.8%3.0%
Return on assets5.7%6.6%5.8%5.1%2.3%2.6%3.1%0.7%3.0%7.4%25.8%36.4%27.7%−23.2%−4.9%−17.0%7.6%2.1%
Asset turnover0.700.690.670.630.620.650.570.550.530.460.340.240.190.180.210.240.260.25
Current ratio3.722.963.924.103.613.844.033.913.934.492.413.392.925.555.836.485.623.14
Debt to equity117.2%62.7%42.0%36.4%19.9%20.0%17.5%16.8%14.8%10.9%7.6%0.1%0.1%12.5%13.8%18.3%16.2%16.8%
Interest cover (operating income ÷ interest)4.9x4.5x5.7x5.2x2.8x6.8x7.7x2.4x5.2xn/m9.8x19.3x—12.7x6.8x5.5x1.0x1.1x
Effective tax rate19.7%15.1%27.3%28.0%30.8%32.5%25.1%37.4%−25.0%28.7%22.2%22.4%21.9%———23.7%36.5%
R&D as % of revenue9.2%8.9%8.6%10.1%9.9%10.1%9.6%9.9%11.6%8.7%8.8%8.6%8.9%9.2%9.3%11.5%10.7%10.3%
SG&A as % of revenue33.7%33.0%33.6%32.9%37.4%37.2%37.7%39.4%37.3%36.5%35.7%31.4%30.0%29.5%31.5%31.7%32.7%32.9%
Capital spending as % of revenue3.8%4.6%5.0%6.9%5.0%5.6%5.5%6.8%5.2%5.7%4.3%4.3%4.6%4.0%5.9%6.5%6.1%5.4%
Free cash flow ÷ net income177.7%74.1%89.3%74.7%80.3%171.4%67.9%287.0%−5.9%42.6%20.4%12.5%12.6%———49.3%158.8%
Dividends and buybacks ÷ free cash flow—0.0%0.0%0.1%0.0%0.0%0.0%0.0%—31.4%7.8%21.0%9.3%264.3%196.5%70.3%78.9%37.6%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

Compare with peers

Head to head: BIO vs FTREBIO vs MEDPBIO vs QGEN

More: Life Sciences Tools & Services stocks compared, Health Care sector, rankings of US companies

Figures from Bio-rad Laboratories, Inc.'s SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Bio-rad Laboratories, Inc.