BIO-RAD LABORATORIES, INC. BIO

Technology SIC 3826 - Laboratory Analytical Instruments NAICS Manufacturing › Computer and Electronic Product Manufacturing › Navigational, Measuring, Electromedical, and Control Instruments Manufacturing › Analytical Laboratory Instrument Manufacturing derived NYSE

Bio-Rad Laboratories, Inc. (referred to in this report as "Bio-Rad," "we," "us," "the Company," and "our") is a multinational life science and clinical diagnostics company that develops, manufactures, and markets a broad portfolio of instruments, systems, reagents, and consumables.

We have direct operations in over 36 countries outside the United States through subsidiaries focused on sales, customer service, and product distribution. In certain locations outside and within these countries, our sales efforts are supplemented by distributors and agents.

Bio-Rad operates in two industry segments designated as Life Science and Clinical Diagnostics. Both segments operate worldwide. Our Life Science segment and our Clinical Diagnostics segment generated approximately 40% and 60%, respectively, of our consolidated net sales for the year ended December 31, 2025. We generated approximately 40% of our consolidated net sales for the year ended December 31, 2025 from the U.S. and approximately 60% from our international locations, with Europe being our largest international region.

Last close 369.95 2026-10-23
Market cap $9.89B estimated share count
52-week range 236.73 - 396.23

Valuation FY2025 figures against the last close

P/S3.8x
P/E13.3x
P/FCF26.4x
EV/EBITDA44.9x
Dividend yield—
Diluted EPS27.85

Where the revenue comes from as reported in the latest 10-K

Revenue by geography

  • United States
  • Europe
  • Asia
  • Other (primarily Canada and Latin America)
Revenue by geography, 4 categories over 3 years. The same figures are in the table below. FY2025 United States, FY2025: 1B (39.6%) 40% United States Europe, FY2025: 881.8M (34.1%) 34% Europe Asia, FY2025: 513.3M (19.9%) 20% Asia Other (primarily Canada and Latin America), FY2025: 165.4M (6.4%) 6% FY2024 United States, FY2024: 1B (40.6%) 41% Europe, FY2024: 834.1M (32.5%) 32% Asia, FY2024: 521.6M (20.3%) 20% Other (primarily Canada and Latin America), FY2024: 169.3M (6.6%) 7% FY2023 United States, FY2023: 1.1B (42.0%) 42% Europe, FY2023: 819.8M (30.7%) 31% Asia, FY2023: 563M (21.1%) 21% Other (primarily Canada and Latin America), FY2023: 166.5M (6.2%) 6%
Region FY2025FY2024FY2023
United States $1.02B $1.04B $1.12B
Europe $881.8M $834.1M $819.8M
Asia $513.3M $521.6M $563.0M
Other (primarily Canada and Latin America) $165.4M $169.3M $166.5M

As the company reported it, from the “Segment Information Segment Information by Geographical Location (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $2.58B$2.57B$2.67B$2.80B$2.92B$2.55B$2.31B$2.29B$2.16B$2.07B
Cost of revenue $1.24B$1.19B$1.24B$1.23B$1.28B$1.11B$1.05B$1.07B$972.5M$929.7M
Gross profit $1.34B$1.38B$1.43B$1.57B$1.64B$1.44B$1.26B$1.22B$1.19B$1.14B
R&D $275.6M$295.9M$247.4M$256.9M$260.6M$217.8M$202.7M$199.2M$250.2M$205.7M
SG&A $844.3M$814.0M$841.7M$827.8M$877.1M$798.8M$824.6M$834.8M$806.8M$814.7M
Operating income $47.2M$269.0M$337.8M$482.6M$500.3M$421.3M$229.7M-$103.3M$119.2M$55.7M
Interest expense $49.0M$48.9M$49.4M$38.1M$1.6M$21.9M$23.4M$24.0M$23.0M$23.4M
Pre-tax income $995.5M-$2.34B-$850.1M-$4.70B$5.45B$4.92B$2.26B$512.7M$97.8M$41.6M
Income tax $235.6M$498.3M$212.8M$1.08B$1.19B$1.10B$502.4M$147.0M$24.4M$15.6M
Net income $759.9M-$1.84B-$637.3M-$3.63B$4.25B$3.81B$1.76B$365.6M$122.2M$26.0M
EPS, basic 27.87-65.36-21.82-121.79142.61128.1358.9312.254.120.88
EPS, diluted 27.85-65.36-21.82-121.79140.83126.4758.2712.104.070.88
Shares, diluted (wtd. avg.) 27.3M28.2M29.2M29.8M30.2M30.2M30.2M30.2M30.0M29.6M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $529.8M$488.1M$403.8M$434.5M$471.1M$667.1M$662.7M$434.2M$385.0M$457.2M
Short-term investments $1.01B$1.18B$1.20B$1.36B$399.1M$328.9M$454.0M$413.3M$371.2M$383.2M
Receivables $460.6M$452.5M$489.0M$494.6M$423.5M$419.4M$392.7M$392.4M$464.8M$372.3M
Inventory $740.7M$760.0M$780.5M$719.3M$572.2M$622.3M$554.0M$583.8M$594.8M$525.0M
Total current assets $2.91B$3.03B$3.05B$3.16B$1.99B$2.14B$2.18B$2.02B$1.98B$1.84B
Property, plant and equipment $539.9M$528.1M$529.0M$498.6M$511.6M$491.4M$499.3M$508.7M$493.5M$488.6M
Goodwill $579.8M$410.5M$413.6M$406.5M$347.3M$291.9M$264.1M$219.8M$506.1M$477.1M
Other intangibles $174.3M$293.6M$320.5M$332.1M$253.9M$199.5M$145.5M$133.1M$174.1M$161.6M
Total assets $10.58B$9.36B$12.30B$13.50B$17.80B$12.97B$8.01B$5.61B$4.27B$3.85B
Accounts payable $129.0M$122.3M$144.6M$135.0M$141.9M$139.5M$107.0M$122.5M$135.2M$133.1M
Total current liabilities $517.0M$467.8M$522.8M$568.7M$680.9M$631.5M$905.5M$450.8M$502.7M$471.3M
Long-term debt $1.20B$1.20B$1.20B$1.20B——————
Total liabilities $3.12B$2.79B$3.56B$3.89B$4.11B$3.09B$2.25B$1.59B$1.34B$1.27B
Retained earnings $8.18B$7.42B$9.26B$9.90B$13.53B$9.27B$5.47B$3.72B$1.83B$1.83B
Total equity $7.45B$6.57B$8.74B$9.62B$13.69B$9.89B$5.76B$4.02B$2.93B$2.58B

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $532.2M$455.2M$374.9M$194.4M$669.5M$585.0M$457.9M$285.5M$104.1M$216.1M
Depreciation and amortisation $165.4M$151.6M$145.9M$137.3M$137.6M$138.6M$134.2M$138.1M$148.7M$142.9M
Stock-based compensation $58.0M$62.3M$61.3M$60.9M$51.2M$41.6M$35.6M$27.8M$23.4M$19.7M
Capital expenditure $157.6M$165.6M$156.7M$112.8M$133.7M$108.6M$98.5M$129.8M$111.3M$141.4M
Investing cash flow -$189.7M-$160.2M$20.2M-$1.21B-$797.4M-$69.9M-$208.9M-$187.0M-$175.6M-$213.9M
Financing cash flow -$283.2M-$218.8M-$425.6M$973.6M-$55.4M-$523.0M-$22.8M-$48.7M$341.0K$9.0M
Buybacks $295.5M$203.6M$428.7M$215.7M$50.0M$100.0M$28.0M$48.9M$2.9M$0

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000012208-26-000010.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -4B -2B 0 2B 4B 6B Revenue, FY2016: 2.1B Gross profit, FY2016: 1.1B Net income, FY2016: 26M Revenue, FY2017: 2.2B Gross profit, FY2017: 1.2B Net income, FY2017: 122.2M Revenue, FY2018: 2.3B Gross profit, FY2018: 1.2B Net income, FY2018: 365.6M Revenue, FY2019: 2.3B Gross profit, FY2019: 1.3B Net income, FY2019: 1.8B Revenue, FY2020: 2.5B Gross profit, FY2020: 1.4B Net income, FY2020: 3.8B Revenue, FY2021: 2.9B Gross profit, FY2021: 1.6B Net income, FY2021: 4.3B Revenue, FY2022: 2.8B Gross profit, FY2022: 1.6B Net income, FY2022: -3.6B Revenue, FY2023: 2.7B Gross profit, FY2023: 1.4B Net income, FY2023: -637.3M Revenue, FY2024: 2.6B Gross profit, FY2024: 1.4B Net income, FY2024: -1.8B Revenue, FY2025: 2.6B Gross profit, FY2025: 1.3B Net income, FY2025: 759.9M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $2.07B $2.16B $2.29B $2.31B $2.55B $2.92B $2.80B $2.67B $2.57B $2.58B
Gross profit $1.14B $1.19B $1.22B $1.26B $1.44B $1.64B $1.57B $1.43B $1.38B $1.34B
Net income $26.0M $122.2M $365.6M $1.76B $3.81B $4.25B -$3.63B -$637.3M -$1.84B $759.9M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Restructuring or exit costs A restructuring: layoffs, a plant closure, a business being wound down. Item 2.05
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Regulation FD disclosure Item 7.01
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01
  • Results announced Item 2.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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