HBIONasdaqLaboratory Analytical InstrumentsFiscal year ends December 31
HARVARD BIOSCIENCE INC
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 11, 2026
$8.09+0.00 (0.00%)
Close on Oct 19, 2026
- Market cap
- $36.62M
- P/E (TTM)
- –
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
57.7%+0.8 pts over 5 years
Operating margin
-56.1%−56.3 pts over 5 years
Net margin
-65.5%−57.9 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | -8.1% | -8.6% | -3.3% | -2.2% | |
| Gross profit | -8.9% | -6.4% | -3.0% | +0.2% | |
| Free cash flow | – | – | -7.7% | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | -5.8% | -9.9% | -147.1% | |
| Return on assets | -3.8% | -4.9% | -54.9% | |
| Current ratio | 3.11 | 2.46 | 2.20 | |
| Debt to equity | 0.16 | 0.63 | 2.61 | |
| Interest coverage | -4.7× | – | -37.4× | |
| Inventory turnover | 2.7× | 2.0× | 1.7× | |
| Capex to revenue | – | 1.1% | 1.5% | |
| Diluted shares | 3M | 4M | 4M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Harvard Bioscience generated $24.61M from operations and spent $8.48M on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
Generated
$24.61M
Used
$8.48M
Capital expenditure$8.48M100%Dividends$00%Share buybacks$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-65.5%
×Asset turnover0.84×
×Equity multiplier2.68×
=Return on equity, FY2025-147.1%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -65.5% | 0.84× | 2.68× | -147.1% |
| FY2024 | -13.2% | 0.71× | 1.94× | -18.2% |
| FY2023 | -3.0% | 0.79× | 1.95× | -4.7% |
| FY2022 | -8.4% | 0.74× | 1.98× | -12.2% |
| FY2021 | -0.2% | 0.75× | 1.99× | -0.4% |
| FY2020 | -7.6% | 0.64× | 2.03× | -9.9% |
| FY2019 | -4.0% | 0.70× | 2.03× | -5.7% |
| FY2018 | -2.4% | 0.87× | 1.70× | -3.6% |
| FY2017 | -1.1% | 0.71× | 1.42× | -1.1% |
| FY2016 | -4.1% | 0.92× | 1.52× | -5.8% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
3of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero-$56.70M
- Cash generatingOperating cash flow above zero$6.73M
- Return on assets improvedROA up on the prior year-9.0% → -44.8%
- Earnings backed by cashOperating cash flow above net income$6.73M vs -$56.70M
- Less leverageLong-term debt to assets fell0.0% → 44.8%
- Better liquidityCurrent ratio rose0.82 → 2.20
- No dilutionShare count did not rise4M → 4M
- Gross margin improvedGross margin up on the prior year58.18% → 57.67%
- More efficientAsset turnover rose0.69 → 0.68