Bio-Rad Laboratories, Inc.BIO
NYSE•Healthcare•Medical Devices
Bio-Rad Laboratories, Inc. develops, manufactures, and distributes life science research and clinical diagnostic products in the United States, Europe, Asia, Canada, Latin America, and internationally. It operates through two segments, Life Science and Clinical Diagnostics. The Life Science segment develops, manufactures, and markets instruments, systems, reagents, and consumables to separate, purify, characterize, and quantify biological materials, including cells, proteins, and nucleic acids used in research and biopharmaceutical laboratory environments, as well as for biopharmaceutical manufacturing, quality control process, food safety, and science education applications. This segment serves universities and medical schools, industrial research organizations, government agencies, pharmaceutical manufacturers, biotechnology companies, food producers, and testing laboratories. Its Clinical Diagnostics segment designs, manufactures, markets, and supports diagnostic test systems, informatics systems, test kits, and specialized quality controls for clinical, hospital, diagnostic reference, and transfusion and physician office laboratories, as well as software. The company offers its products through its direct commercial organization, as well as through distributors, agents, brokers, and resellers. Bio-Rad Laboratories, Inc. was founded in 1952 and is headquartered in Hercules, California.
Bio-Rad Laboratories, Inc. (BIO) reported trailing twelve months revenue of $2.59B as of March 2026, a 1.9% increase year-over-year. Quarterly revenue reached $592.10M, reflecting continued top-line momentum.
Bio-Rad Laboratories, Inc. generated $168.80M in TTM net income, with quarterly EBITDA of $34.10M. The operating margin expanded from 4.0% to 5.8%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (5.8%) and net margin (-89.0%) indicates significant non-operating expenses or interest burden. Net margin has narrowed from 10.9% a year ago, reflecting increased costs or interest expense.
BIO trades at a P/E of 43.2x (a premium multiple) and a P/S of 2.8x. The price-to-book ratio of 1.1x reflects a moderate premium to book value.
The company generated $78.10M in free cash flow over the trailing twelve months, a 18.2% decrease year-over-year, indicating cash generation ability. The balance sheet shows $9.79B in total assets with $802.90M in long-term debt against $6.85B in stockholders equity for a debt-to-equity ratio of 0.1, a conservative capital structure. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are under pressure, averaging 6.1%. The business may lack pricing power or face rising costs.'
ROE is low or negative, suggesting limited competitive advantage or capital allocation challenges.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
Revenue shows resilience with 5 of 7 quarters posting growth — demand is generally stable but has seen some soft patches.
Data-driven red flags and warnings across 21 quarters
Operating margins dropped 73.0% over recent quarters — a sharp decline suggesting serious cost or pricing challenges.
FCF consistently trails net income (avg 0.2x) — earnings may be inflated by non-cash items or aggressive accounting.
D/E ratio is 0.1 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares decreased 5.1% — net buybacks are reducing shares outstanding and boosting per-share value.