Bio-Rad Laboratories Inc. (BIO) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$1.75	$2.62	+49.7%	—	$651M	—
Q1 26	$1.99	$1.89	-5.0%	—	$592.1M	—
Q4 25	$2.7	$2.51	-7.0%	—	$693.2M	—
Q3 25	$1.93	$2.26	+17.1%	—	$653M	—
Q2 25	$1.75	$2.61	+49.1%	—	$651.6M	—
Q1 25	$1.78	$2.54	+42.7%	—	$585.4M	—
Q4 24	$2.88	$2.9	+0.7%	—	$667.5M	—
Q3 24	$1.18	$2.01	+70.3%	—	$649.7M	—
Q2 24	$2.02	$3.11	+54.0%	—	$638.5M	—
Q1 24	$2.14	$2.29	+7.0%	—	$610.8M	—
Q4 23	$2.87	$3.1	+8.0%	—	$681.2M	—
Q3 23	$2.78	$2.33	-16.2%	—	$632.1M	—
Q2 23	$2.68	$3	+11.9%	—	$681.1M	—
Q1 23	$3.54	$3.34	-5.6%	—	$676.8M	—
Q4 22	$3.45	$3.31	-4.1%	—	$730.3M	—
Q3 22	$2.78	$2.6	-6.5%	—	$680.8M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$27.9	—	—	$2.6B	—
FY24	—	-$65.4	—	—	$2.6B	—
FY23	—	-$21.8	—	—	$2.7B	—
FY22	—	-$121.8	—	—	$2.8B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$2.1B	$2.2B	$2.3B	$2.3B	$2.5B	$2.9B	$2.8B	$2.7B	$2.6B	$2.6B
YoY change	+2.41%	+4.45%	+5.98%	+0.97%	+10.1%	+14.8%	-4.12%	-4.67%	-3.92%	+0.65%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	2.1B	2.2B	2.3B	2.3B	2.5B	2.9B	2.8B	2.7B	2.6B	2.6B
Cost of revenue	929.7M	972.5M	1.1B	1.1B	1.1B	1.3B	1.2B	1.2B	1.2B	1.2B
Gross profit	1.1B	1.2B	1.2B	1.3B	1.4B	1.6B	1.6B	1.4B	1.4B	1.3B
Gross margin	55%	55%	53.4%	54.4%	56.5%	56.1%	55.9%	53.4%	53.7%	51.9%
Research & development	205.7M	250.2M	199.2M	202.7M	217.8M	260.6M	256.9M	247.4M	295.9M	275.6M
Selling, general & administrative	814.7M	806.8M	834.8M	824.6M	798.8M	877.1M	827.8M	841.7M	814M	844.3M
Operating expenses	1B	1.1B	1B	1B	1B	1.1B	1.1B	1.1B	1.1B	1.1B
Operating income	118M	130.8M	189.2M	229.7M	421.3M	500.3M	475.1M	337.8M	269M	218.6M
Operating margin	5.71%	6.05%	8.26%	9.93%	16.6%	17.1%	17%	12.6%	10.5%	8.46%
Non-operating income, net	-67.7M	-29M	320.9M	2B	4.5B	4.9B	-5.2B	-1.2B	-2.6B	730.4M
Pretax income	41.6M	97.8M	512.7M	2.3B	4.9B	5.4B	-4.7B	-850.1M	-2.3B	995.5M
Income tax	15.6M	-24.4M	147M	502.4M	1.1B	1.2B	-1.1B	-212.8M	-498.3M	235.6M
Net income	26M	122.2M	365.6M	1.8B	3.8B	4.3B	-3.6B	-637.3M	-1.8B	759.9M
Net margin	1.26%	5.66%	16%	76.1%	149.8%	145.6%	-129.5%	-23.9%	-71.9%	29.4%
EBITDA	274.5M	297.1M	353.9M	394.3M	576.3M	657.5M	672.7M	586.9M	504.2M	480.7M
EPS	0.96	3.87	12.1	58.9	127.9	142.3	-121.8	-21.8	-65.4	27.9
Diluted EPS	0.95	3.82	11.9	58.3	126.2	140.6	-121.8	-21.8	-65.4	27.9

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	632.1M	681.2M	610.8M	638.5M	649.7M	667.5M	585.4M	651.6M	653M	693.2M	592.1M	651M
Cost of revenue	296.4M	314.8M	284.9M	283.4M	293.8M	325.6M	279.4M	306.3M	309.6M	348M	282.7M	305.2M
Gross profit	335.7M	366.4M	326M	355.1M	355.9M	341.9M	306M	345.3M	343.4M	345.2M	309.4M	345.8M
Gross margin	53.1%	53.8%	53.4%	55.6%	54.8%	51.2%	52.3%	53%	52.6%	49.8%	52.3%	53.1%
Research & development	43.5M	63.9M	66.4M	58.9M	91M	79.6M	73.5M	60.5M	71.3M	70.3M	62.9M	61.2M
Selling, general & administrative	201.2M	207.1M	214.9M	194.7M	200.4M	204M	208.8M	207.7M	206.8M	221M	212.4M	212M
Operating expenses	244.7M	271M	281.3M	253.6M	291.4M	283.6M	282.3M	268.2M	278.1M	291.3M	275.3M	273.2M
Operating income	90.9M	95.3M	44.7M	101.5M	64.5M	58.3M	23.7M	77.1M	63.9M	53.9M	34.1M	72.6M
Operating margin	14.4%	14%	7.32%	15.9%	9.92%	8.74%	4.05%	11.8%	9.79%	7.78%	5.76%	11.2%
Non-operating income, net	41.2M	328.6M	424.6M	-2.9B	793.8M	-970.9M	35.5M	334.8M	-496.4M	856.4M	-732.6M	459.3M
Pretax income	137.1M	428.4M	491.1M	-2.8B	861.6M	-908.9M	83.4M	414M	-431.1M	929.2M	-689.8M	542.1M
Income tax	30.8M	78.7M	107.2M	-620.8M	208.4M	-193.1M	19.4M	96.2M	-89.2M	209.2M	-162.7M	170.7M
Net income	106.3M	349.7M	383.9M	-2.2B	653.2M	-715.8M	64M	317.8M	-341.9M	720M	-527.1M	371.4M
Net margin	16.8%	51.3%	62.9%	-339.2%	100.5%	-107.2%	10.9%	48.8%	-52.4%	103.9%	-89%	57.1%
EBITDA	146.3M	149.3M	116.5M	156.1M	119.4M	112.1M	98.5M	133M	122.8M	126.4M	96.7M	136.8M
EPS	3.65	12.2	13.5	-76.3	23.4	-25.6	2.29	11.7	-12.7	26.7	-19.6	13.9
Diluted EPS	3.64	12.1	13.4	-76.3	23.3	-25.6	2.29	11.7	-12.7	26.6	-19.6	13.8

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	5.4B	7.1B	6.9B	11B	17.4B	22.5B	12.5B	9.4B	9.3B	8.3B	10.1B
Enterprise value	5B	6.8B	6.5B	10.6B	16.6B	21.9B	12.1B	9.2B	9B	8.1B	9.9B
Shares outstanding	29.4M	29.7M	29.8M	29.8M	29.8M	29.8M	29.8M	29.2M	28.2M	27.3M	27.3M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	206.4	57.9	19	6.28	4.55	5.3	—	—	—	10.9	46.6
P/S	2.59	3.28	3.03	4.78	6.82	7.71	4.47	3.53	3.61	3.2	3.94
P/B	2.08	2.42	1.72	1.92	1.76	1.65	1.3	1.08	1.41	1.11	1.42
EV/EBITDA	18.1	22.7	18.4	26.8	28.8	33.3	18	15.7	17.8	16.9	22.5
EV/Sales	2.4	3.13	2.85	4.58	6.52	7.49	4.33	3.46	3.5	3.14	3.84
Earnings yield	0.48%	1.73%	5.28%	15.9%	22%	18.9%	—	—	—	9.2%	2.15%
FCF yield	1.39%	-0.16%	2.25%	3.25%	2.75%	2.38%	0.64%	2.31%	2.87%	4.53%	2.8%
PEG	—	—	—	—	—	—	—	—	—	—	2.45

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	55%	55%	53.4%	54.4%	56.5%	56.1%	55.9%	53.4%	53.7%	51.9%	53.1%
Operating margin	5.71%	6.05%	8.26%	9.93%	16.6%	17.1%	17%	12.6%	10.5%	8.46%	11.2%
Net margin	1.26%	5.66%	16%	76.1%	149.8%	145.6%	-129.5%	-23.9%	-71.9%	29.4%	8.59%
ROE	1.01%	4.17%	9.09%	30.6%	38.6%	31.1%	-37.7%	-7.29%	-28.1%	10.2%	3.11%
ROA	0.68%	2.86%	6.52%	22%	29.4%	23.9%	-26.9%	-5.18%	-19.7%	7.18%	1.66%
ROIC	3.4%	5.01%	3.73%	3.38%	3.59%	3%	5.16%	3.96%	4.28%	2.29%	2.06%
Return on tangible assets	1.01%	4.2%	7.45%	24.5%	31.8%	25.6%	-30.2%	-5.88%	-23.2%	8.38%	2.53%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	3.91	3.93	4.49	2.41	3.39	2.92	5.55	5.83	6.48	5.62	3.14
Quick ratio	2.8	2.75	3.19	1.8	2.4	2.08	4.29	4.34	4.85	4.19	2.33
Debt / equity	0.17	0.15	0.11	0.11	0.02	0.02	0.14	0.16	0.21	0.19	0.19
Debt / assets	0.11	0.1	0.08	0.08	0.02	0.01	0.1	0.11	0.15	0.13	0.13
Net debt / EBITDA	-1.48	-1.08	-1.15	-1.18	-1.33	-0.98	-0.6	-0.34	-0.57	-0.32	-0.51
Interest coverage	2.78	5.25	22.4	97.6	226	3.5K	-122.4	-16.2	-46.9	21.3	8.18
Effective tax rate	37.4%	0%	28.7%	22.2%	22.4%	21.9%	0%	0%	0%	23.7%	36.5%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	70.3	72.8	76.7	77.5	85.5	98	94.1	91.5	91	94.8	96.2
EPS (basic)	0.96	3.87	12.1	58.9	127.9	142.3	-121.8	-21.8	-65.4	27.9	27.9
EPS (diluted)	0.95	3.82	11.9	58.3	126.2	140.6	-121.8	-21.8	-65.4	27.9	8.19
Book value per share	87.6	98.8	134.7	192.8	331.9	458.8	322.8	299.3	232.8	273.4	268.3
FCF per share	2.53	-0.37	5.22	12	16	18	2.7	7.47	9.44	13.7	13.2
Cash per share	28.5	25.5	28.3	37.4	33.3	29.2	60.1	55	59	56.5	60.5
Capex per share	0.01	0	0.14	3.3	3.64	4.48	3.78	5.36	5.87	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	0.02%	0%	0.19%	4.26%	4.26%	4.57%	4.02%	5.86%	6.45%	—	—
Capex / operating cash flow	0.28%	0.09%	0.69%	3.96%	2.15%	2.38%	-2.25%	-18.3%	-7.44%	—	—
Payout ratio	—	—	—	—	—	—	—	—	—	—	0%

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$632.1M	$681.2M	$610.8M	$638.5M	$649.7M	$667.5M	$585.4M	$651.6M	$653M	$693.2M	$592.1M	$651M
YoY change	-7.15%	-6.72%	-9.75%	-6.26%	+2.79%	-2.01%	-4.16%	+2.06%	+0.5%	+3.85%	+1.14%	-0.09%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	839.4M	755M	844.8M	1.1B	991.1M	869.9M	1.8B	1.6B	1.7B	1.5B
Receivables	372.3M	464.8M	392.4M	392.7M	419.4M	423.5M	494.6M	489M	452.5M	460.6M
Inventory	525M	594.8M	583.8M	554M	622.3M	572.2M	719.3M	780.5M	760M	740.7M
Total current assets	1.8B	2B	2B	2.2B	2.1B	2B	3.2B	3B	3B	2.9B
Property, plant & equipment	1.1B	1.1B	1.1B	1.4B	1.4B	330.6M	286M	303.9M	262.3M	260.5M
Goodwill & intangibles	1.3B	1.4B	705.8M	819.2M	982.8M	1.2B	1.5B	1.5B	1.4B	1.5B
Total assets	3.9B	4.3B	5.6B	8B	13B	17.8B	13.5B	12.3B	9.4B	10.6B
Accounts payable	133.1M	135.2M	122.5M	107M	139.5M	141.9M	135M	144.6M	122.3M	129M
Short-term debt	334K	420K	493K	461.6M	38.3M	36.9M	36.8M	40.9M	42.9M	37.4M
Total current liabilities	471.3M	502.7M	450.8M	905.5M	631.5M	680.9M	568.7M	522.8M	467.8M	517M
Long-term debt	434.2M	434.6M	438.9M	189.6M	187.4M	186.5M	1.4B	1.4B	1.3B	1.3B
Total liabilities	1.3B	1.3B	1.6B	2.3B	3.1B	4.1B	3.9B	3.6B	2.8B	3.1B
Shareholders' equity	2.6B	2.9B	4B	5.8B	9.9B	13.7B	9.6B	8.7B	6.6B	7.5B
Total debt	434.5M	435M	439.4M	651.2M	225.7M	223.4M	1.4B	1.4B	1.4B	1.4B
Net debt	-21.7M	51.2M	7.9M	-9.5M	-436.5M	-247.4M	953.9M	1B	886.6M	856.3M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	1.8B	1.6B	1.6B	1.6B	1.6B	1.7B	1.7B	1.4B	1.4B	1.5B	1.6B	1.6B
Receivables	457.4M	489M	444.8M	445.5M	461.9M	452.5M	424.7M	469.9M	464.7M	460.6M	426.2M	441.8M
Inventory	775.8M	780.5M	783.4M	803.7M	804.3M	760M	790.1M	798.8M	783.2M	740.7M	770.5M	780.6M
Total current assets	3.1B	3B	3.1B	3.1B	3.1B	3B	3B	2.8B	2.8B	2.9B	2.9B	3B
Property, plant & equipment	711.4M	303.9M	711.3M	715.2M	719.2M	262.3M	681.7M	740.1M	720.5M	260.5M	689.4M	671.9M
Goodwill & intangibles	1.4B	1.5B	1.5B	1.4B	1.4B	1.4B	1.4B	2B	1.9B	1.5B	1.5B	1.5B
Total assets	11.9B	12.3B	12.6B	9.7B	10.6B	9.4B	9.5B	10.2B	9.7B	10.6B	9.8B	10.3B
Accounts payable	111.9M	144.6M	102.8M	126.7M	122.2M	122.3M	137.9M	139.3M	128.8M	129M	133.1M	143.5M
Short-term debt	39.6M	40.9M	40.5M	42M	44.1M	42.9M	42.5M	40.6M	38.1M	37.4M	436.7M	434.3M
Total current liabilities	558.2M	522.8M	466.2M	487M	497.9M	467.8M	506.6M	548.9M	522.3M	517M	917M	961.3M
Long-term debt	1.4B	1.4B	1.4B	1.4B	1.3B	1.3B	1.3B	1.4B	1.4B	1.3B	941.5M	936.1M
Total liabilities	3.5B	3.6B	3.6B	2.9B	3.1B	2.8B	2.8B	3.1B	3B	3.1B	2.9B	3.1B
Shareholders' equity	8.4B	8.7B	9.1B	6.8B	7.5B	6.6B	6.7B	7.1B	6.7B	7.5B	6.9B	7.2B
Total debt	1.4B	1.4B	1.4B	1.4B	1.4B	1.4B	1.4B	1.4B	1.4B	1.4B	1.4B	1.4B
Net debt	947.6M	1B	966.5M	985.8M	977.7M	886.6M	848.1M	1B	999.5M	856.3M	871M	853.4M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	26M	122.2M	365.6M	1.8B	3.8B	4.3B	-3.6B	-637.3M	-1.8B	759.9M
Depreciation & amortization	142.9M	148.7M	138.1M	134.2M	138.6M	137.6M	137.3M	145.9M	151.6M	165.4M
Stock-based compensation	19.7M	23.4M	27.8M	35.6M	41.6M	51.2M	60.9M	61.3M	62.3M	58M
Change in working capital	-49.8M	-181.3M	97.9M	560.1M	1B	1.2B	-1.6B	-411.5M	-644.9M	270.9M
Operating cash flow	144.2M	100M	628.1M	2.5B	5B	5.6B	-5B	-853.6M	-2.2B	532.2M
Capital expenditure	398K	86K	4.3M	-98.4M	-108.5M	-133.7M	-112.6M	-156.5M	-165.5M	—
Investing cash flow	-72.3M	-60.4M	-57.1M	-217.7M	-73.3M	-797.4M	-1.2B	20.2M	-136.8M	-32.2M
Dividends paid	—	—	—	—	—	—	—	—	—	—
Share repurchases	0	-2.9M	-48.9M	-28M	-100M	-50M	-215.7M	-428.7M	-203.6M	-295.5M
Financing cash flow	9M	-7M	-62.8M	-39.7M	-543.2M	-76.1M	956M	-444.1M	-238M	-299M
Net change in cash	80.9M	32.6M	508.1M	2.2B	4.4B	4.8B	-5.3B	-1.3B	-2.6B	201M
Free cash flow	74.5M	-11M	155.7M	359.4M	476.4M	535.7M	80.3M	218.3M	266.2M	374.6M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	106.3M	349.7M	383.9M	-2.2B	653.2M	-715.8M	64M	317.8M	-341.9M	720M	-527.1M	371.4M
Depreciation & amortization	37.3M	37.2M	37.1M	36.4M	38.9M	39.2M	38.1M	40.6M	44.2M	42.5M	40.9M	41.1M
Stock-based compensation	15.9M	16.2M	15.3M	15M	15.6M	16.4M	15.3M	11.9M	14.9M	15.9M	15M	14.5M
Change in working capital	-27.4M	69.5M	41.7M	-672.8M	204.5M	-218.3M	37.9M	95.3M	-102.8M	240.5M	-158.3M	90.5M
Operating cash flow	109.3M	485.4M	479.7M	-2.8B	940.3M	-854.6M	156M	116.5M	120.9M	164.9M	108.1M	98.7M
Capital expenditure	-44M	-42.1M	-40.1M	-42.2M	-40.1M	-43M	-34.4M	—	—	—	—	—
Investing cash flow	-9.5M	72.2M	-43.1M	-30.9M	-32.2M	-30.6M	2.9M	146.9M	-11.3M	11.6M	-63.3M	-35.7M
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	-21.3M	-200M	-4.7M	-101M	-97.9M	-14K	-101.9M	-140.2M	-53.4M	0	-47.8M	-31.5M
Financing cash flow	-31.2M	-204.9M	-5.5M	-101.3M	-101M	-30.2M	-102M	-140.4M	-55.9M	-600K	-47.9M	-31.7M
Net change in cash	68.6M	352.7M	431.1M	-2.9B	807.1M	-915.4M	56.9M	123M	53.7M	175.9M	-3.1M	31.3M
Free cash flow	53.6M	38.8M	29.6M	55.4M	100.1M	81.2M	95.5M	70.8M	89.2M	119.1M	78.1M	66.7M

Bio-Rad Laboratories Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement