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Harvard Bioscience Inc (HBIO) stock

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NASDAQ: HBIO Nasdaq Life Sciences Tools & Services Next results ~November 10, 2026

C+ Fundamentals grade

Harvard Bioscience 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

Model estimate per share

~$27

Price-to-sales vs peers

Base case. Range ~$27–$130. Sales per share times peers' typical price-to-sales; used only when earnings are negative.

Price vs value

No Buy/Hold/Sell rating is issued: only 1 valuation models apply; a rating needs 3.

Harvard Bioscience 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.

  • Insiders4 buying, 0 selling5 purchases and 0 sales by directors and officers, last 12 monthsInsider trades
  • Funds7 adding, 18 cuttingOf 6 active managers that changed their stake, 2 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Harvard Bioscience files

Where Harvard Bioscience stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $88m, down 1.1% on a year earlier, a smaller fall than the 6.4% decline a quarter earlier. That puts it 38 of 46 for growth among the life sciences tools & services companies we cover. Free-cash-flow margin fell to -1.3% from 5.5% a year earlier. Operating margin widened to -0.3% from -59.0%. The diluted share count is down 20.6% 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 2 of our 6 financial-health checks.

Source: 10-Q filed August 11, 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 10, 2026 (estimated)

Harvard Bioscience Inc's trailing-twelve-month revenue fell 1.1% year on year, with a free-cash-flow margin of -1.3%. Where it stands out: change in growth rate of +5.4pp ranks 9 of 54 life sciences tools & services companies we cover. Where it lags: revenue growth of -1.1% ranks 45 of 54 life sciences tools & services companies we cover.

Current signal Net income rising while operating cash flow falls: TTM net income grew 81.9% while operating cash flow fell 90.2% — earnings and cash are telling different stories.

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

  • Margins widening. Operating margin is up 58.7 points on a year ago.
  • Estimates rising. Analysts' consensus for next year's earnings per share has risen 46.6% over 90 days.

Things to watch

  • Results due soon. Results are expected around 9 November; the share price can move sharply on the day.
  • Revenue shrinking. Revenue fell 1.1% over the last 12 months.
  • Loss-making. Operating margin is -0.3%: costs exceed revenue.
  • Burning cash. Free cash flow was -1.3% of revenue over the last 12 months.
  • Share dilution. Diluted shares rose 2.5% in a year.
  • Volatile shares. Over the past year the shares showed annualised volatility of 75% and a beta of 1.5 against the S&P 500.

Latest results: FY2026 Q2

Filed August 11, 2026
Earnings per share
-$0.14 against an average estimate of -$0.21: beat by 33.3%
Revenue
$23m, up 11.1% on a year earlier
Share reaction
-3.4% in the first session after the results on August 11, 2026, against -0.1% for the S&P 500
Guidance given
revenue $21m to $22.6m (Third Quarter 2026); adjusted gross margin 56% to 58% (Third Quarter 2026)
Next report
November 10, 2026; average EPS estimate -$0.17

Harvard Bioscience's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-3.4%
  • 1 week+3.4%
  • 1 month+3.1%
  • This year+28.4%
  • 1 year+65.4%
  • 5 years-89.0%
  • 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)
$87.8M
Operating margin
-0.3%
Net margin
-11.9%
EPS (TTM, diluted)
$-2.36

Growth

Revenue growth
−1.1%
Change in growth rate
+5.4 pts
Share count change
+2.5%

Cash

Free cash flow (TTM)
-$1.1M
FCF margin
-1.3%
Stock pay % of revenue
1.6%

Earnings

Last results
August 11, 2026
Next results (est.)
November 9, 2026

News & updates

Updated October 31, 2026

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

  1. Announcement
  2. Results
  3. Guidance

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

Harvard Bioscience Inc valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: only 1 valuation models apply; a rating needs 3.

Our value per share comes from a discounted-cash-flow model of Harvard Bioscience Inc's free cash flow after stock-based pay ( $270,681, 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 Harvard Bioscience Inc as an operating company, with every model that fits that kind of business. Cost of equity 10.6%: the 10-year Treasury yield (4.9%) plus a beta of 1.26 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. — Does not apply: no positive earnings in the latest twelve months
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
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. — Does not apply: revenue and margins don't support a positive value
Price-to-sales vs peers Sales per share times peers' typical price-to-sales; used only when earnings are negative. ~$27 ~$35–$130 Included, half weight
Combined value Weighted average of the models that apply: the primary model (price-to-earnings vs peers) 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. ~$27 ~$27–$130 1 model

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Harvard Bioscience 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.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025
Share price$34.70$30.50$33.00$31.80$30.50$42.90$70.50$27.70$53.50$21.10$6.70
Market value$1.2bn$1.0bn$1.1bn$1.2bn$1.2bn$1.7bn$2.8bn$1.1bn$2.3bn$919m$297m
+ Net debt (− = net cash)$12m$8m$6m$53m$47m$41m$42m$43m$33m$33m$31m
Enterprise value$1.2bn$1.1bn$1.2bn$1.2bn$1.2bn$1.7bn$2.9bn$1.2bn$2.3bn$951m$329m
Multiples
Price / sales 10.7x10.0x14.8x9.6x9.9x16.2x23.9x10.1x20.2x9.8x3.4x
Price / earnings ———————————
Price / free cash flow ——n/mn/m168.9xn/mn/m—185.4x—54.4x
EV / EBITDA n/m—n/mn/mn/mn/mn/m—n/m——

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 Harvard Bioscience'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 14 / 20

    Cash operating profit has been a median 11.3% of total assets over 10 years.

  • Pricing power 18 / 20

    Gross margin has been a median 56.3%, moving by 3.3 percentage points (standard deviation) across 10 years.

  • Durability 10 / 20

    Operating margin has been a median -1.1%; its worst year was -59.0%.

  • Cash conversion 10 / 20

    Free cash flow was positive in 7 of 9 years, at a median 4.4% of revenue.

  • Discipline 9 / 20

    The diluted share count rose 17.2% over five years; stock-based pay has been a median 3.6% 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 10, 2026, before the open. Analysts expect revenue of $22m and EPS of −$0.17 (range −$0.31 to −$0.03) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current −$0.38 −90% $90m +4%
Next $0.65 +270% $95m +5%

Next year's EPS estimate has moved +46.6% in 90 days, across 2 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −45.7% on 90 days ago. In the last 30 days, 0 analysts raised Harvard Bioscience Inc's forecast and 0 cut it.

Consensus EPS forecast Harvard Bioscience Inc, last 90 days
−$1.00 −$0.50 $0.00 $0.50 $1.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: −$0.70 Current fiscal year, 60 days ago: −$0.70 Current fiscal year, 30 days ago: −$0.70 Current fiscal year, 7 days ago: −$0.70 Current fiscal year, Now: −$0.38 −$0.38 Next fiscal year, 90 days ago: $0.44 Next fiscal year, 60 days ago: $0.44 Next fiscal year, 30 days ago: $0.44 Next fiscal year, 7 days ago: $0.44 Next fiscal year, Now: $0.65 $0.65

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

View chart data
Period Current fiscal yearNext fiscal year
90 days ago −$0.70$0.44
60 days ago −$0.70$0.44
30 days ago −$0.70$0.44
7 days ago −$0.70$0.44
Now −$0.38$0.65

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 −$0.21 −$0.14 +33.3%
Dec 2025 $0.35 $0.00 −100.0%
Sept 2025 $0.05 $0.00 −100.0%

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

Management guidance

Earnings release, August 11, 2026
  • Revenue growth Full Year 2026 3% growth to 5% growth Raised
    “Revenue growth between 3% and 5%” source
  • Revenue Third Quarter 2026 $21m to $22.6m
    “Revenue between $21.0 million and $22.6 million” source
  • Adjusted gross margin Full Year 2026 57% to 59% Non-GAAP
    “Adjusted gross margin between 57% and 59%” source
  • Adjusted gross margin Third Quarter 2026 56% to 58% Non-GAAP
    “Adjusted gross margin between 56% and 58%” source
  • Adjusted EBITDA growth Full Year 2026 6% growth to 10% growth Non-GAAP Maintained
    “Adjusted EBITDA growth between 6% and 10%” source
  • Adjusted EBITDA Third Quarter 2026 $1.5m to $2.5m Non-GAAP
    “Adjusted EBITDA between $1.5 million and $2.5 million” 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 Harvard Bioscience Inc's revenue by +4.3% next year and +2.7% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+5.0%, weight 33%) , management guidance (+5.2%, weight 40%) and the company's own record (+2.0%, weight 27%) . How the weights are set.

Analyst recommendations

2 analysts, Oct 2026
Buy150%
Hold150%
Sell00%

Monthly trend

  1. Oct 2026112

Counts of recommendations published by analysts covering Harvard Bioscience 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
1.1%
of tradable shares
Days to cover
3.05
at average volume
Short interest, 1 month
+4%
to October 15, 2026
Held by institutions
42%
of shares
Held by insiders
9.4%
of shares
Employees
316
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 +65.4%

$5.20 on October 31, 2025 to $8.60

ThenNowEffect
Revenue (last 12 months) $89m $88m −1.1%
P/S multiple 0.3x 0.4x +70.2%
Share count 4m 4m −1.8%

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

Last 3 years −80.0%

$43.00 on November 3, 2023 to $8.60

ThenNowEffect
Revenue (last 12 months) $114m $88m −23.0%
P/S multiple 1.6x 0.4x −72.2%
Share count 4m 4m −6.6%

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
HBIO+64%−61%+93%−61%−68%+28%
Industry peers (median)+4%−51%−3%−13%−2%+15%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
HBIO67%33%42%8%42%46%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
HBIO−25%−70%−35%−63%−87%−38%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 97% from August 12, 2021 to May 28, 2025. Getting back needed a 2925% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$4.31 – $8.90
From 52-week high
−3.4%
vs 50-day average
+5.6%
vs 200-day average
+33.3%
Volatility (1 year)
75%
Beta vs S&P 500
1.49

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 ±9.0%
After a week
6 up, 6 down
typical move ±9.8%
After a month
4 up, 8 down
typical move ±22.5%
Results releasedNext dayS&P 500 next day5 days21 days
August 11, 2026 −3.4% −0.1% +9.1% +27.5%
May 12, 2026 −18.6% +0.4% −26.8% −2.9%
March 12, 2026 −7.8% −2.1% +9.8% −8.6%
February 10, 2026 +1.9% −0.3% +11.3% −7.5%
November 6, 2025 −8.5% −1.0% −1.7% +28.8%
August 11, 2025 −9.4% +0.9% −5.7% −15.1%
May 12, 2025 +15.6% +4.0% +6.2% +81.2%
March 12, 2025 −15.8% −0.8% −9.2% −48.7%
November 7, 2024 −8.9% +1.2% −18.8% −17.4%
August 8, 2024 +4.3% +2.8% +2.5% −3.9%
May 7, 2024 −6.1% +0.1% −12.5% −24.0%
March 7, 2024 +7.5% +0.4% +4.4% +4.9%

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.

Harvard Bioscience Inc in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet

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) Harvard Bioscience Inc
$80M $90M $100M $110M $120M FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $112.5M Revenue (TTM), FY23 Q4: $112.3M Revenue (TTM), FY24 Q1: $106.8M Revenue (TTM), FY24 Q2: $101.1M Revenue (TTM), FY24 Q3: $97.7M Revenue (TTM), FY24 Q4: $94.1M Revenue (TTM), FY25 Q1: $91.4M Revenue (TTM), FY25 Q2: $88.8M Revenue (TTM), FY25 Q3: $87.4M Revenue (TTM), FY25 Q4: $86.6M Revenue (TTM), FY26 Q1: $85.5M Revenue (TTM), FY26 Q2: $87.8M $87.8M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $112.5M
FY23 Q4 $112.3M
FY24 Q1 $106.8M
FY24 Q2 $101.1M
FY24 Q3 $97.7M
FY24 Q4 $94.1M
FY25 Q1 $91.4M
FY25 Q2 $88.8M
FY25 Q3 $87.4M
FY25 Q4 $86.6M
FY26 Q1 $85.5M
FY26 Q2 $87.8M
Revenue growth, TTM YoY Harvard Bioscience Inc
-20% -15% -10% -5% 0% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: -4.6% Revenue growth, TTM YoY, FY23 Q4: -1.0% Revenue growth, TTM YoY, FY24 Q1: -6.8% Revenue growth, TTM YoY, FY24 Q2: -11.4% Revenue growth, TTM YoY, FY24 Q3: -13.1% Revenue growth, TTM YoY, FY24 Q4: -16.1% Revenue growth, TTM YoY, FY25 Q1: -14.4% Revenue growth, TTM YoY, FY25 Q2: -12.2% Revenue growth, TTM YoY, FY25 Q3: -10.6% Revenue growth, TTM YoY, FY25 Q4: -8.1% Revenue growth, TTM YoY, FY26 Q1: -6.4% Revenue growth, TTM YoY, FY26 Q2: -1.1% -1.1%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 -4.6%
FY23 Q4 -1.0%
FY24 Q1 -6.8%
FY24 Q2 -11.4%
FY24 Q3 -13.1%
FY24 Q4 -16.1%
FY25 Q1 -14.4%
FY25 Q2 -12.2%
FY25 Q3 -10.6%
FY25 Q4 -8.1%
FY26 Q1 -6.4%
FY26 Q2 -1.1%
Operating margin (TTM) Harvard Bioscience Inc
-60% -40% -20% 0% 20% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 1.0% Operating margin (TTM), FY23 Q4: 1.7% Operating margin (TTM), FY24 Q1: -2.0% Operating margin (TTM), FY24 Q2: -4.9% Operating margin (TTM), FY24 Q3: -6.1% Operating margin (TTM), FY24 Q4: -6.6% Operating margin (TTM), FY25 Q1: -58.6% Operating margin (TTM), FY25 Q2: -59.0% Operating margin (TTM), FY25 Q3: -57.5% Operating margin (TTM), FY25 Q4: -56.1% Operating margin (TTM), FY26 Q1: -0.1% Operating margin (TTM), FY26 Q2: -0.3% -0.3%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 1.0%
FY23 Q4 1.7%
FY24 Q1 -2.0%
FY24 Q2 -4.9%
FY24 Q3 -6.1%
FY24 Q4 -6.6%
FY25 Q1 -58.6%
FY25 Q2 -59.0%
FY25 Q3 -57.5%
FY25 Q4 -56.1%
FY26 Q1 -0.1%
FY26 Q2 -0.3%
FCF margin (TTM) Harvard Bioscience Inc
-5% 0% 5% 10% 15% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 10.0% FCF margin (TTM), FY23 Q4: 10.9% FCF margin (TTM), FY24 Q1: 10.7% FCF margin (TTM), FY24 Q2: 6.6% FCF margin (TTM), FY24 Q3: 0.9% FCF margin (TTM), FY24 Q4: -1.3% FCF margin (TTM), FY25 Q1: 0.6% FCF margin (TTM), FY25 Q2: 5.5% FCF margin (TTM), FY25 Q3: 8.5% FCF margin (TTM), FY25 Q4: 6.3% FCF margin (TTM), FY26 Q1: 2.2% FCF margin (TTM), FY26 Q2: -1.3% -1.3%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 10.0%
FY23 Q4 10.9%
FY24 Q1 10.7%
FY24 Q2 6.6%
FY24 Q3 0.9%
FY24 Q4 -1.3%
FY25 Q1 0.6%
FY25 Q2 5.5%
FY25 Q3 8.5%
FY25 Q4 6.3%
FY26 Q1 2.2%
FY26 Q2 -1.3%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 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 86 108 109 111 105 109 109 105 77 121 116 102 119 113 112 94 87 88
Gross profit 42 52 50 52 48 49 49 48 39 63 64 58 68 61 66 55 50 51
EBITDA 9 14 13 12 3 8 0 −1 1 3 2 2 4 −5 3 −4 −47 2
Operating income 8 10 8 8 2 7 −2 −3 −1 1 0 0 2 −7 2 −6 −49 −0
Net income 7 19 4 2 −2 2 −19 −4 −1 −3 −5 −8 −0 −10 −3 −12 −57 −10
Diluted EPS $0.24 $0.65 $0.13 $0.08 −$0.06 $0.07 −$0.57 −$0.13 −$0.02 −$0.08 −$0.12 −$0.20 −$0.01 −$0.23 −$0.08 −$0.28 −$1.28 —
Growth (year on year)
Revenue — +26.1% +0.6% +2.1% −5.4% +3.3% +0.0% −3.8% −25.9% +56.0% −3.8% −12.1% +16.5% −4.7% −1.0% −16.1% −8.1% −1.1%
EBITDA — +52.7% −9.9% −5.5% −76.4% +177.6% −99.6% — — — −30.6% −9.3% +79.5% −242.4% — −233.2% — —
Operating income — +26.9% −17.7% −6.8% −80.4% — −125.9% — — — — — — — — — — —
Net income — +162.9% −80.0% −37.8% −177.2% — −908.5% — — — — — — — — — — —
Diluted EPS — +170.8% −80.0% −38.5% −175.0% — −914.3% — — — — — — — — — — —
Margins
Gross margin 48.6% 47.9% 46.1% 47.1% 45.4% 45.4% 44.8% 46.3% 50.6% 52.3% 55.4% 56.8% 56.9% 53.7% 58.9% 58.2% 57.7% 58.2%
EBITDA margin 10.8% 13.1% 11.7% 10.8% 2.7% 7.2% 0.0% −1.4% 0.9% 2.8% 2.0% 2.1% 3.2% −4.8% 3.0% −4.8% −54.1% 1.8%
Operating margin 9.4% 9.4% 7.7% 7.0% 1.5% 6.1% −1.6% −2.9% −0.8% 0.8% 0.3% 0.2% 1.7% −6.1% 1.7% −6.6% −56.1% −0.3%
Net margin 8.4% 17.6% 3.5% 2.1% −1.7% 2.2% −17.5% −4.1% −1.1% −2.4% −4.0% −7.6% −0.2% −8.4% −3.0% −13.2% −65.5% −11.9%
Free-cash-flow margin — — — — — — — — 0.2% 1.6% 5.9% 8.0% 0.1% −0.4% 10.9% −1.3% 6.3% −1.3%
Cash flow
Cash from operations 17 12 7 8 4 4 1 5 1 3 8 9 1 1 14 1 7 1
Capital spending — — — — — — — — 1 1 1 1 1 2 2 3 1 2
Free cash flow — — — — — — — — 0 2 7 8 0 −0 12 −1 5 −1
Stock-based pay — 3 3 3 3 2 3 3 4 3 3 4 4 4 5 4 2 1
Free cash flow after stock pay — — — — — — — — −3 −1 4 5 −4 −5 7 −6 4 −3
Balance sheet
Cash 17 20 18 21 26 14 7 6 6 8 8 8 8 5 4 4 9 7
Total debt 0 18 16 13 25 21 19 14 12 61 55 49 49 48 37 37 40 37
Net debt (negative = net cash) −17 −2 −2 −8 −1 7 12 8 6 53 47 41 42 43 33 33 31 30
Diluted shares 30m 29m 30m 30m 32m 33m 34m 34m 35m 36m 38m 39m 40m 41m 42m 44m 44m —

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

2 of 6 checks passed · June 30, 2026
What it owns · $76m
Short-term assets $46mLonger-term assets $30m
What it owes, and who funded it · $76m
Short-term liabilities $25mLonger-term liabilities $44mShareholders' equity $7m
  • Short-term assets cover short-term liabilities $46m of assets due within a year against $25m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $46m short-term assets against $44m of longer-dated liabilities.
  • More cash than debt $7m of cash against $37m of debt.
  • Debt below 40% of shareholders' equity Debt is 494% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 54% to 494% over five years.
  • A year's operating cash flow covers at least 20% of debt $651,000 of operating cash flow against $37m of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Harvard Bioscience 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

Diluted share count
+2.5%
year over year
R&D spending
10.4%
of revenue
Days sales outstanding
60 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in life sciences tools & services
Last 12 months unless stated HBIO CDXS BNR BDSX MDXH XGN Median
Revenue, last 12 months $88m $78m $75m $103m $108m $71m $229m
Revenue growth, last 12 months −1.1% 35.9% 4.7% 34.5% 19.8% 20.8% 6.9%
Revenue growth, 3-year average −8.4% −7.8% — 35.2% — 10.3% 2.9%
Revenue growth, latest quarter 11.1% −2.7% — 34.2% — 15.9% 8.5%
Gross margin 58.2% 87.0% 74.7% — 64.5% 58.6% 51.9%
Operating margin −0.3% −35.6% −10.2% −20.0% −13.4% −18.6% −14.3%
Operating margin, 3-year average −21.4% −81.6% — −39.7% — −23.4% −22.4%
Net margin −11.9% −39.6% −10.3% −27.0% −31.1% −26.6% −16.1%
Cash from operations / revenue 0.7% −13.4% −5.3% −19.3% −2.0% −9.1% 1.3%
Free-cash-flow margin −1.3% −15.7% −6.2% −19.7% −3.1% −10.7% −2.2%
Free-cash-flow margin, 3-year average 3.6% −71.6% — −53.5% — −16.3% 0.6%
Stock pay / revenue 1.6% 9.9% 2.6% 3.9% 2.0% 4.1% 4.4%
Change in share count 2.5% 12.9% −100.0% — 52.0% 23.9% 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 -1.1% 6.9% 45 of 54
Change in growth rate Growth +5.4pp +0.4pp 9 of 54
Gross margin Profitability 58.2% 52.0% 16 of 45
Operating margin Profitability -0.3% -14.3% 18 of 52
Net margin Profitability -11.9% -12.2% 26 of 54
Free-cash-flow margin Cash generation -1.3% -1.3% 27 of 54
Stock pay as % of revenue Cash generation 1.6% 4.4% 10 of 53
Long-term debt as % of assets Balance sheet 48.1% 26.3% 29 of 35
Change in share count Balance sheet 2.5% 1.0% 30 of 46
Days sales outstanding Balance sheet 60 days 62 days 24 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
Products and services
Line of business Revenue Share YoY
Instruments Equipment Software and Accessories $78.3M 90.4% ▼ 10.0%
Service Maintenance and Warranty Contracts $8.3M 9.6% ▲ 15.6%
Geography
Region Revenue Share YoY
United States $39M 45.0% ▼ 6.6%
EMEA $26.7M 30.9% ▼ 6.0%
China $11M 12.7% ▼ 17.5%
Asia Other $6.7M 7.7% ▼ 5.9%
Americas Other $3.2M 3.7% ▼ 10.3%

From Harvard Bioscience Inc's 10-K filed March 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
$8.3M
Institutions reporting
34
Shares held vs prior quarter
▲ 0.3%
Positions opened / closed
4 / 3

Top buyers and sellers, Q2 2026: 7 institutions bought and 18 sold ; the biggest buyer was Mink Brook Asset Management LLC (+33K shares) and the biggest seller Millennium Management LLC (−14K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Weber Capital Management LLC $1.9M 311K 23.0% ▼ 2.9%
Acadian Asset Management LLC $1.1M 180K 13.3% 0.0%
Vanguard Capital Management LLC $1M 170K 12.5% ▲ 3.9%
Corsair Capital Management, L.P. $755,282 123K 9.1% ▼ 1.6%
Two Sigma Investments, LP $704,452 115K 8.5% ▲ 0.4%
Renaissance Technologies LLC $610,861 99K 7.3% ▼ 2.1%
Blackrock, Inc. $380,280 62K 4.6% ▼ 0.6%
Geode Capital Management, LLC $292,534 48K 3.5% ▼ 20.1%
Mink Brook Asset Management LLC $205,219 33K 2.5% New
Millennium Management LLC $200,613 33K 2.4% ▼ 29.6%
Vanguard Fiduciary Trust Co $170,540 28K 2.0% 0.0%
Essex Investment Management Co LLC $165,884 27K 2.0% ▼ 0.2%

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 Harvard Bioscience Inc's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $202,354 5 trades by 4 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $202,354 net buying
Insider Date Trade Shares Price Value
Snider William Director March 17, 2026 Buy 8,475 $4.85 $41,104
Denelsky Stephen J Director March 17, 2026 Buy 10,000 $4.87 $48,700
Frost Mark T Chief Financial Officer March 16, 2026 Buy 5,000 $5.00 $25,000
Duke John D Chief Executive Officer March 16, 2026 Buy 5,000 $5.01 $25,050
Snider William Director March 16, 2026 Buy 12,525 $4.99 $62,500

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.

Earnings dates and SEC filings

Results announcements

Next expected around November 9, 2026 estimated from the company's past filing pattern, not announced

  • August 11, 2026
  • May 12, 2026
  • March 12, 2026
  • February 10, 2026
  • November 6, 2025
  • August 11, 2025

Recent SEC filings

Data status

When each part of this page on Harvard Bioscience 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.

Harvard Bioscience Inc in brief

What does Harvard Bioscience Inc do?
Harvard Bioscience Inc is a US-listed company in the life sciences tools & services industry. Its financial year ends in December.
What is Harvard Bioscience Inc's stock ticker?
Harvard Bioscience Inc trades under the ticker HBIO on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Harvard Bioscience Inc's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Harvard Bioscience Inc reported revenue of $87.8M, 1.1% lower than a year earlier, according to its SEC filings.
What is Harvard Bioscience Inc's free cash flow?
Harvard Bioscience Inc's free-cash-flow margin is -1.3% of revenue over the trailing twelve months, ranking 27 of the 54 life sciences tools & services companies we cover.
Who are Harvard Bioscience Inc's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Weber Capital Management LLC, Acadian Asset Management LLC and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Harvard Bioscience Inc's market cap?
On December 31, 2025, Harvard Bioscience Inc's market capitalisation was about $297M and net debt of $31.4M. Market figures come from third-party market data and may be delayed.
How much debt does Harvard Bioscience Inc have?
Harvard Bioscience Inc's debt-to-equity ratio is 494.5%, from its latest balance sheet (54.1% five years earlier). The financial health section below sets out its other solvency checks.
Who are Harvard Bioscience Inc's competitors?
In our Life Sciences Tools & Services peer group, the companies closest to Harvard Bioscience Inc are Codexis, Inc., Burning Rock Biotech Ltd, Biodesix Inc, Mdxhealth SA and Exagen Inc. The side-by-side comparison below sets their revenue, margins and growth against Harvard Bioscience Inc's.
Are insiders buying or selling Harvard Bioscience Inc stock?
Over the last 12 months, Harvard Bioscience Inc's directors and officers reported 5 open-market purchases and 0 sales on Form 4. The insider trading page charts every trade.
When is Harvard Bioscience Inc's next earnings date?
Around November 10, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Harvard Bioscience Inc announces its own schedule.