One-glance verdict
Within fair range
$319.29 our estimate vs market $379.03
Wall Street consensus: $329.00 (3.0% higher than our fair-value estimate)
19% above our estimate
Fundamentals snapshot
Bio-Rad Laboratories, Inc.
BIO · NYQ · Healthcare · Medical Devices
Current price
$379.03
52-week range
$236.73 - $396.23
Market cap
$10.13B
Balance sheet
Healthy
4.46x Stretched
Net cash $248.10M. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
2 Risks
3 rewards · 2 risks
- Reward Revenue grew 0.2% last year.
- Reward Returns 3.1% on equity, ahead of 16% of its peers.
- Risk Stock trades 323.8% above its 5-year average P/E.
- Risk Operating margin compressed from 17.0% to 11.2% over 3 years.
What this company does
Bio-Rad Laboratories, Inc.
Bio-Rad Laboratories makes and sells the high-tech tools and test kits that scientists and doctors use for research and diagnosing diseases. The company primarily earns money by selling its complex instruments and then consistently selling the specific, disposable supplies required to run them. This creates a steady source of recurring revenue (income that is likely to continue in the future), because once a lab buys a Bio-Rad machine, it becomes a repeat customer for the necessary supplies.
How the company got here
Bio-Rad Laboratories was started in a small hut in Berkeley, California, in 1952 by a husband and wife team, David and Alice Schwartz, with just $720 in savings. Initially focused on materials for scientific research, the company grew steadily and eventually sold its shares to the public for the first time in 1966. A major turning point came in the 1970s when Bio-Rad expanded into clinical diagnostics (the process of identifying diseases from samples like blood or tissue), which is now a huge part of its business. Over the years, the company has made strategic acquisitions (buying other companies) to gain new technologies, particularly in areas like PCR, a method for making many copies of a specific DNA segment.
What it actually does
Think of Bio-Rad as a company that makes the high-tech tools and supplies for scientists and doctors to study life at a microscopic level. They don't make the medicines you take, but they create the instruments, software, and consumable supplies (like test kits and chemicals) that other companies use for drug discovery, disease research, and food safety testing. For hospitals and medical labs, Bio-Rad provides the systems that help diagnose, monitor, and treat diseases by analyzing patient samples. Their products are essential for everything from developing new cancer therapies to routine diabetes monitoring and ensuring blood transfusions are safe.
Life Science
This part of the company, which makes up roughly half of the business, is like a specialized hardware store for scientists. It sells the instruments and supplies that researchers at universities, biotech firms, and pharmaceutical companies use to conduct experiments. For example, they provide tools to separate and analyze proteins or to amplify DNA, which are fundamental steps in understanding diseases and developing new drugs. The customers are research labs and companies that are working on the next generation of scientific breakthroughs.
Clinical Diagnostics
This segment, the other major part of the company, provides the equipment and tests that hospitals and medical laboratories use every day to help patients. When a doctor orders a blood test to check for diabetes or to identify an infectious disease, there's a good chance it's being run on a Bio-Rad system. This division is also a leading provider of quality controls (materials used to ensure that lab equipment is working correctly and giving accurate results). The main customers are hospitals, commercial labs, and blood banks who rely on these products for accurate medical diagnoses and patient monitoring.
What management is betting on now
The company's current strategy focuses heavily on growing its advanced testing technologies, especially in an area called digital PCR, which allows for highly precise and sensitive detection of genetic material. They are also aiming to expand their business with biopharmaceutical companies (firms that make medicines from biological sources). Alongside these growth plans, management is also focused on improving efficiency and controlling costs to protect its margins (the portion of sales revenue the company keeps as profit). This includes offering products at different price points to help labs with tighter budgets adopt their newer technologies.
Price history
How the share price has moved
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Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q3
$123.38M
FY2024 Q4
$81.24M
FY2025 Q1
$95.50M
FY2025 Q2
$70.80M
FY2025 Q3
$89.20M
FY2025 Q4
$119.10M
FY2026 Q1
$78.10M
FY2026 Q2
$66.70M
Revenue
$651.00M
Net income
$371.40M
Diluted EPS
13.85
Operating cash flow
$98.70M
Free cash flow
$66.70M
Fetching…
Sources
Revenue
$592.10M
Net income
$-527.10M
Diluted EPS
-19.55
Operating cash flow
$108.10M
Free cash flow
$78.10M
Fetching…
Sources
Revenue
$693.20M
Net income
$720.00M
Diluted EPS
26.59
Operating cash flow
$164.90M
Free cash flow
$119.10M
Fetching…
Sources
Revenue
$653.00M
Net income
$-341.90M
Diluted EPS
-12.70
Operating cash flow
$120.90M
Free cash flow
$89.20M
Fetching…
Sources
Revenue
$651.60M
Net income
$317.80M
Diluted EPS
11.67
Operating cash flow
$116.50M
Free cash flow
$70.80M
Fetching…
Sources
Revenue
$585.40M
Net income
$64.00M
Diluted EPS
2.29
Operating cash flow
$129.90M
Free cash flow
$95.50M
Fetching…
Sources
Revenue
$667.48M
Net income
$-715.80M
Diluted EPS
-25.57
Operating cash flow
$124.15M
Free cash flow
$81.24M
Fetching…
Sources
Revenue
$649.73M
Net income
$653.17M
Diluted EPS
23.34
Operating cash flow
$163.61M
Free cash flow
$123.38M
Fetching…
Sources
Is it cheap or expensive?
Fair value $319.29 vs current price $379.03
Wall Street consensus is the average analyst price target: $329.00 (3.0% higher than our fair-value estimate).
Our most-likely fair value is $319.29 a share — about 15.8% away from today's price of $379.03, so the stock currently looks fairly priced.
Is it drowning in debt?
Healthy
Net cash $248.1M - more cash than debt. Interest coverage 4.5x.
Net debt
$-248.10M
Interest coverage
4.46x
Bio-Rad Laboratories, Inc.'s profit covers its interest bill about 4.5 times over.
Healthy
Worse cushion
Baseline
Better cushion
BIO
BASELINE
Bio-Rad Laboratories, Inc.
Total debt $1.37B Interest coverage 4.46x This is the baseline the peer rows are being compared against.
Total debt $1.65B Interest coverage 15.65x +251% vs BIO Carries about 3.5x more debt cushion than BIO.
Total debt $3.34B Interest coverage 3.87x -13% vs BIO Has roughly the same debt cushion as BIO.
Total debt $4.15B Interest coverage 13.21x +196% vs BIO Carries about 3.0x more debt cushion than BIO.
Total debt $2.53B Interest coverage 8.09x +81% vs BIO Carries about 1.8x more debt cushion than BIO.
What you should know
The case for and against BIO
3 Rewards
2 Risks
Rewards
-
Revenue grew 0.2% last year.
-
Returns 3.1% on equity, ahead of 16% of its peers.
-
Free cash flow was positive in 9/10 years.
Risks
-
Stock trades 323.8% above its 5-year average P/E.
-
Operating margin compressed from 17.0% to 11.2% over 3 years.
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
46.11x
Forward P/E
37.80x
P/B
1.41x
P/S
3.91x
EV/EBITDA
22.42x
PEG ratio
4.01x
Profitability
How much profit each dollar creates
Gross margin
52.0%
Operating margin
11.2%
Net margin
8.6%
ROE
3.1%
ROA
1.7%
Health
Liquidity and balance-sheet strength
Debt / equity
0.19x
Current ratio
3.14x
Quick ratio
2.15x
Total debt
$1.37B
Total cash
$1.62B
Growth
How the business has been compounding
Revenue TTM
$2.59B
Revenue 5Y CAGR
-3.0%
EPS TTM
8.22
EPS 5Y CAGR
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Cash flow
How much cash the business throws off
Operating CF TTM
$492.60M
Free CF TTM
$374.60M
FCF margin
14.5%
Dividend
Shareholder payout
Yield
—
Payout ratio
0.0%
Last ex-div date
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