BIO-RAD LABORATORIES, INC. BIO
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.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | -121.79 | 142.61 | 128.13 | 58.93 | 12.25 | 4.12 | 0.88 |
| EPS, diluted | 27.85 | -65.36 | -21.82 | -121.79 | 140.83 | 126.47 | 58.27 | 12.10 | 4.07 | 0.88 |
| Shares, diluted (wtd. avg.) | $27.3M | $28.2M | $29.2M | $29.8M | $30.2M | $30.2M | $30.2M | $30.2M | $30.0M | $29.6M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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.
Others in SIC 3826
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| A | AGILENT TECHNOLOGIES, INC. | $42.53B | 33.0x | 6.7% |
| WAT | WATERS CORP /DE/ | $40.22B | 38.0x | 7.0% |
| ILMN | ILLUMINA, INC. | $32.95B | 40.0x | -0.7% |
| MTD | METTLER TOLEDO INTERNATIONAL INC/ | $26.95B | 32.0x | 4.0% |
| RVTY | REVVITY, INC. | $14.53B | 62.9x | 3.7% |
| AVTR | Avantor, Inc. | $10.22B | — | -3.4% |
| BRKR | BRUKER CORP | $8.88B | — | 2.1% |
| TXG | 10x Genomics, Inc. | $8.14B | — | 5.2% |