Bio-Rad Laboratories, Inc. (BIO) stock analysis

BIONYSELaboratory Analytical InstrumentsFiscal year ends December 31Also trades as BIO.B

Financials through Q3 FY2026, quarter ended Sep 30, 2026Last filing: 10-Q on Nov 4, 2026Score 11/3069% below fair value

$386.00−0.48 (-0.12%)

Close on Nov 11, 2026Market cap $10.34BP/E 10.2Yield –

StockData Score

Prices as of Nov 11, 2026How the score works

Mixed11 of 30 checks passed

Bio-Rad Laboratories passes 11 of the 30 checks behind our score; 9 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.

Valuation: 4/6
Growth: 0/6
Past performance: 3/6
Financial health: 4/6
Dividend: 0/6

What stands out

Margin of safety over 20%
The price is 68.7% below fair value, more than the 20% cushion we look for.
Trading below fair value
The share price of $386.00 is below our fair value estimate of $1234.31.
Low debt
Debt is 10.6% of shareholders' equity, under the 40% we consider low.
Debt covered by cash flow
Operating cash flow over the last twelve months equals 58.3% of total debt.

What to watch

Return on equity under 15%
Return on equity was 14.3% over the last twelve months and averaged -3.0% over five years; we look for 15% on both.
Return on capital under 10%
Return on invested capital was -0.7%, below the 10% that usually covers the cost of capital.
Earnings shrank over 5 years
Net income shrank 27.6% a year on average over the last five fiscal years.
Revenue growing under 10% a year
Revenue grew -2.7% a year over the last three fiscal years, short of the 10% we look for.

Valuation4/6

P/E against its history
Not enough price and earnings history to compare.
P/E below the industry
Bio-Rad Laboratories's P/E of 10.2 is below the Laboratory Apparatus and Analytical, Optical, Measuring, and Controlling Instruments median of 36.5.
EV/EBITDA against its history
Needs positive EBITDA and price history.
P/B below the industry
Bio-Rad Laboratories's price-to-book of 1.36 is below the Laboratory Apparatus and Analytical, Optical, Measuring, and Controlling Instruments median of 3.17.
Trading below fair value
The share price of $386.00 is below our fair value estimate of $1234.31.
Margin of safety over 20%
The price is 68.7% below fair value, more than the 20% cushion we look for.

Growth0/6

Revenue growing under 10% a year
Revenue grew -2.7% a year over the last three fiscal years, short of the 10% we look for.
EPS growth over 3 years
Needs positive EPS three years ago and today.
Earnings acceleration
Needs positive net income now, a year ago and five years ago.
Growing slower than the industry
Revenue grew 1.4% over the last twelve months; the Laboratory Apparatus and Analytical, Optical, Measuring, and Controlling Instruments median is 8.4%.
Guidance lowered
Bio-Rad Laboratories lowered its full-year 2026 currency-neutral revenue outlook on Apr 30, 2026.
Gross margin slipping
Gross margin was 51.3% over the last twelve months, against 52.3% a year earlier.

Past performance3/6

Return on equity under 15%
Return on equity was 14.3% over the last twelve months and averaged -3.0% over five years; we look for 15% on both.
Return on capital under 10%
Return on invested capital was -0.7%, below the 10% that usually covers the cost of capital.
Return on equity above the industry
Bio-Rad Laboratories's return on equity of 14.3% is above the Laboratory Apparatus and Analytical, Optical, Measuring, and Controlling Instruments median of 1.1%.
Earnings shrank over 5 years
Net income shrank 27.6% a year on average over the last five fiscal years.
Net margin above its 5-year average
Net margin was 39.5% over the last twelve months, against a 5-year average of -10.0%.
Net margin above the industry
Bio-Rad Laboratories's net margin of 39.5% is above the Laboratory Apparatus and Analytical, Optical, Measuring, and Controlling Instruments median of -1.3%.

Financial health4/6

Low debt
Debt is 10.6% of shareholders' equity, under the 40% we consider low.
Debt rising against equity
Debt to equity rose from 0.1% five years ago to 10.6%.
Debt covered by cash flow
Operating cash flow over the last twelve months equals 58.3% of total debt.
Interest not well covered
Operating income covers interest expense -1.3 times; we look for at least 5.
Short-term assets cover short-term debts
Current assets are 3.18 times current liabilities.
Low bankruptcy risk
The Altman Z-score is 3.50; above 3 is the safe zone and below 1.8 the distress zone.

Dividend0/6

No dividend
Bio-Rad Laboratories has not paid a dividend in the last twelve months.
Yield against Treasuries
No dividend.
Yield against the market
No dividend.
Dividend stability
No dividend.
Earnings cover
No dividend.
Cash-flow cover
No dividend.

Scores of similar companies

Fair value

How we estimate it

Our estimate per share

$1,234.31

The share price is 69% below this estimate.

20%+ below

Near fair value

20%+ above

$386.00Price$1,234.31Fair value

Method	Multiple used	Own 5Y median	Industry median	Value per share	Weight
P/E	36.5×	–	36.5×	$1,386.79	80%
P/B	2.2×	1.2×	3.2×	$624.38	20%
Earnings powerleft out, too far from the others	10.0% cost of equity	–	–	$112.65	–
Fair value				$1,234.31	100%

Valuation over time

Using the earnings and balance sheet published at each date, not today's.

P/E at month end
Laboratory Apparatus and Analytical, Optical, Measuring, and Controlling Instruments median 36.5

An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.

Market risk

From the past year of daily prices.

Liquidity

Low risk

Average value traded per day: $91.37M
Value traded per 1% price move: $65.52M

Downside

Medium risk

Typical loss in a bad month: 15.2%
Volatility (annualized): 36%
Sharpe ratio, 1 year: 0.58
Beta to the S&P 500 (5Y): 1.03

Typical bad-month loss, week by week

Margins

Share of revenue, fiscal years 2011 to 2025

Gross margin

51.9%−4.6 pts over 5 years

Operating margin

1.8%−14.7 pts over 5 years

Net margin

29.4%−120.4 pts over 5 years

Growth rates

Compound annual growth to fiscal 2025

Per year	1 year	3 years	5 years	10 years
Revenue	+0.7%	-2.7%	+0.3%	+2.5%
Gross profit	-2.8%	-5.1%	-1.4%	+1.8%
Operating income	-82.5%	-53.9%	-35.5%	-11.9%
Net income	–	–	-27.6%	+21.4%
EPS, diluted	–	–	-26.1%	+22.3%
Free cash flow	+29.4%	+66.2%	-4.7%	+17.6%

Returns and balance sheet

10 fiscal years. Hover a measure to see how it is calculated.

Measure	FY2016	FY2020	FY2025
Return on equity	1.0%	48.8%	10.8%
Return on assets	0.7%	36.4%	7.6%
Current ratio	3.91	3.39	5.62
Debt to equity	0.17	0.00	0.16
Net debt to EBITDA	-0.12×	-1.17×	3.16×
Interest coverage	2.4×	19.3×	1.0×
Inventory turnover	1.8×	1.9×	1.7×
Capex to revenue	6.8%	4.3%	6.1%
Diluted shares	30M	30M	27M

DuPont analysis

Return on equity split into margin, efficiency and leverage

Net margin29.4%

Asset turnover0.26×

Equity multiplier1.42×

Return on equity, FY202510.8%

Fiscal year	Net margin	Asset turnover	Equity multiplier	Return on equity
FY2025	29.4%	0.26×	1.42×	10.8%
FY2024	-71.9%	0.24×	1.41×	-24.1%
FY2023	-23.9%	0.21×	1.41×	-6.9%
FY2022	-129.5%	0.18×	1.34×	-31.1%
FY2021	145.6%	0.19×	1.31×	36.1%
FY2020	149.8%	0.24×	1.34×	48.8%
FY2019	76.1%	0.34×	1.39×	36.0%
FY2018	16.0%	0.46×	1.42×	10.5%
FY2017	5.7%	0.53×	1.47×	4.4%
FY2016	1.3%	0.55×	1.49×	1.0%

Where these numbers come from

Parsed from the XBRL in Bio-Rad Laboratories's annual and quarterly filings with the SEC
Per-share figures adjusted for the 2-for-1 split on Mar 8, 2002
Fourth quarters derived from the annual report minus nine months
Every figure in the statements links to its source filing