olivLaw · US equity research
Bio-Rad Laboratories, Inc. BIO
Laboratory Analytical Instruments · SIC 3826 · Vertical: Laboratory Analytical Instruments (SIC 3826)
Bio-Rad Laboratories develops, manufactures and sells instruments, reagents and consumables for life science research and clinical diagnostics, with recurring revenue driven by its installed base of equipment. Net sales reached 2.58 billion USD in fiscal 2025, and in the second quarter of 2026 they were roughly flat, reflecting weakness in Life Science and modest growth in diagnostics.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Bio-Rad Laboratories, Inc. (BIO) stock was 379.99 USD (+1.35% on the day), with market capitalisation 10.5 bn USD, P/E 10.0 on diluted EPS of 37.97 USD over the last 12 months, beta 0.93, 52-week range 241.71–390.34 USD. Latest reported quarter (Q3 2026): revenue of 656.4 m USD (+0.5% YoY), net income of 458.6 m USD, diluted EPS 17.02 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 56.4
- strong (55–70)
- Bollinger (20, 2)
- 348.73 – 386.58
- in the upper half of the band · %B 0.83 · band width 10.3%
- SMA 50 / 200
- 374.18 / 314.27
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 2.08 / 0.70
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +0.0% | −1.1% | +1.1 pp | — |
| 3 months | +9.2% | −0.5% | +9.7 pp | — |
| 6 months | +46.7% | +4.4% | +42.3 pp | — |
| Year to date | +25.4% | +12.3% | +13.1 pp | — |
| 1 year | +22.2% | +13.5% | +8.7 pp | +14.4% |
| 3 years | +32.0% | +76.4% | −44.4 pp | −8.6% |
| 5 years | −47.6% | +63.7% | −111.3 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 667.5 m | 585.4 m | 651.6 m | 653.0 m | 693.2 m | 592.1 m | 651.0 m | 656.4 m |
| Cost of revenue | 325.6 m | 279.4 m | 306.3 m | 309.6 m | 348.0 m | 282.7 m | 305.2 m | 327.8 m |
| Gross profit | 342.0 m | 306.0 m | 345.3 m | 343.4 m | 345.2 m | 309.4 m | 345.8 m | 328.6 m |
| Research & development | 79.6 m | 73.5 m | 60.5 m | 71.3 m | 70.3 m | 62.9 m | 61.2 m | 71.4 m |
| SG&A | 204.0 m | 208.8 m | 207.7 m | 206.8 m | 221.0 m | 212.4 m | 212.0 m | 257.1 m |
| Operating income | 58.3 m | 23.7 m | 77.1 m | 65.3 m | -118.9 m | 34.1 m | 72.6 m | -49.7 m |
| Interest expense | 12.2 m | 12.0 m | 12.6 m | 12.3 m | 12.1 m | 12.3 m | 12.1 m | 12.3 m |
| Pre-tax income | -908.9 m | 83.4 m | 414.0 m | -431.1 m | 929.2 m | -689.8 m | 542.1 m | 538.7 m |
| Income tax | -193.1 m | 19.4 m | 96.2 m | -89.2 m | 209.2 m | -162.7 m | 170.7 m | 80.1 m |
| Net income | -715.8 m | 64.0 m | 317.8 m | -341.9 m | 720.0 m | -527.1 m | 371.4 m | 458.6 m |
| Diluted EPS | -25.57 | 2.29 | 11.67 | -12.70 | 26.65 ≈ | -19.55 | 13.85 | 17.02 |
| Operating cash flow | 124.2 m | 129.9 m | 116.5 m ≈ | 120.9 m ≈ | 164.9 m | 108.1 m | 98.7 m ≈ | 96.4 m ≈ |
| Capex | 42.9 m | 34.4 m | 45.7 m ≈ | 31.7 m ≈ | 45.8 m | 30.0 m | 32.0 m ≈ | 31.2 m ≈ |
| Share repurchases | 0 | 101.9 m | 140.2 m ≈ | 53.4 m ≈ | 0 | 47.8 m | 31.5 m ≈ | 0 ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 50 percentile of its own 26-quarter history (min 3.4, median 10.2, max 427.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2.3 bn | 2.3 bn | 2.5 bn | 2.9 bn | 2.8 bn | 2.7 bn | 2.6 bn | 2.6 bn |
| Revenue YoY | +6.0% | +1.0% | +10.1% | +14.8% | −4.1% | −4.7% | −3.9% | +0.7% |
| Net income | 365.6 m | 1.8 bn | 3.8 bn | 4.3 bn | -3.6 bn | -637.3 m | -1.8 bn | 759.9 m |
| Net income YoY | +199.1% | +381.0% | +116.9% | +11.5% | −185.3% | unavailable | unavailable | unavailable |
| Diluted EPS | 12.10 | 58.27 | 126.47 | 140.83 | -121.79 | -21.82 | -65.36 | 27.85 |
| Diluted EPS YoY | +197.3% | +381.6% | +117.0% | +11.4% | −186.5% | unavailable | unavailable | unavailable |
| net % | 16.0% | 76.1% | 149.8% | 145.6% | -129.5% | -23.9% | -71.9% | 29.4% |
| Free cash flow | 155.7 m | 359.4 m | 476.4 m | 535.7 m | 81.6 m | 218.2 m | 289.6 m | 374.6 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 529.8 m USD
- Financial debt
- 1.2 bn USD
- Net debt
- 671.9 m USD
- Equity
- 7.5 bn USD
- Total assets
- 10.6 bn USD
- Debt / equity
- 0.16x
- Current ratio
- 5.62x
- ROE
- 10.8%
- ROA
- 7.6%
- FCF margin
- 14.5%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 2.5 bn | 2.9 bn | 2.8 bn | 2.7 bn | 2.6 bn | 2.6 bn | SEC (XBRL)· 13 Feb 2026verified |
| Cost of revenue | 1.1 bn | 1.3 bn | 1.2 bn | 1.2 bn | 1.2 bn | 1.2 bn | SEC (XBRL)· 13 Feb 2026verified |
| Gross profit | 1.4 bn | 1.6 bn | 1.6 bn | 1.4 bn | 1.4 bn | 1.3 bn | SEC (XBRL)· 13 Feb 2026verified |
| Research & development | 217.8 m | 260.6 m | 256.9 m | 247.4 m | 295.9 m | 275.6 m | SEC (XBRL)· 13 Feb 2026verified |
| SG&A | 798.8 m | 877.1 m | 827.8 m | 841.7 m | 814.0 m | 844.3 m | SEC (XBRL)· 13 Feb 2026verified |
| Operating income | 421.3 m | 500.3 m | 482.6 m | 337.8 m | 269.0 m | 47.2 m | SEC (XBRL)· 13 Feb 2026verified |
| Depreciation & amortisation | 138.6 m | 137.6 m | 137.3 m | 145.9 m | 151.6 m | 165.4 m | SEC (XBRL)· 13 Feb 2026verified |
| EBITDA | 559.9 m ≈ | 637.9 m ≈ | 619.9 m ≈ | 483.7 m ≈ | 420.6 m ≈ | 212.6 m ≈ | SEC (XBRL)· 13 Feb 2026derived |
| Interest expense | 21.9 m | 1.6 m | 38.1 m | 49.4 m | 48.9 m | 49.0 m | SEC (XBRL)· 13 Feb 2026verified |
| Pre-tax income | 4.9 bn | 5.4 bn | -4.7 bn | -850.1 m | -2.3 bn | 995.5 m | SEC (XBRL)· 13 Feb 2026verified |
| Income tax | 1.1 bn | 1.2 bn | -1.1 bn | -212.8 m | -498.3 m | 235.6 m | SEC (XBRL)· 13 Feb 2026verified |
| Net income | 3.8 bn | 4.3 bn | -3.6 bn | -637.3 m | -1.8 bn | 759.9 m | SEC (XBRL)· 13 Feb 2026verified |
| Diluted EPS | 126.47 | 140.83 | -121.79 | -21.82 | -65.36 | 27.85 | SEC (XBRL)· 13 Feb 2026verified |
| Weighted average diluted shares | 30.2 m | 30.2 m | 29.8 m | 29.2 m | 28.2 m | 27.3 m | SEC (XBRL)· 13 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 662.2 m | 470.8 m | 434.2 m | 403.8 m | 488.1 m | 529.8 m | SEC (XBRL)· 13 Feb 2026verified |
| Receivables | 419.4 m | 423.5 m | 494.6 m | 489.0 m | 452.5 m | 460.6 m | SEC (XBRL)· 13 Feb 2026verified |
| Inventories | 622.3 m | 572.2 m | 719.3 m | 780.5 m | 760.0 m | 740.7 m | SEC (XBRL)· 13 Feb 2026verified |
| Current assets | 2.1 bn | 2.0 bn | 3.2 bn | 3.0 bn | 3.0 bn | 2.9 bn | SEC (XBRL)· 13 Feb 2026verified |
| Property, plant & equipment, net | 491.4 m | 511.6 m | 498.6 m | 529.0 m | 528.1 m | 539.9 m | SEC (XBRL)· 13 Feb 2026verified |
| Goodwill | 291.9 m | 347.3 m | 406.5 m | 413.6 m | 410.5 m | 579.8 m | SEC (XBRL)· 13 Feb 2026verified |
| Intangibles (excl. goodwill) | 199.5 m | 253.9 m | 332.1 m | 320.5 m | 293.6 m | 174.3 m | SEC (XBRL)· 13 Feb 2026verified |
| Total assets | 13.0 bn | 17.8 bn | 13.5 bn | 12.3 bn | 9.4 bn | 10.6 bn | SEC (XBRL)· 13 Feb 2026verified |
| Accounts payable | 139.5 m | 141.9 m | 135.0 m | 144.6 m | 122.3 m | 129.0 m | SEC (XBRL)· 13 Feb 2026verified |
| Long-term debt | 12.3 m | 10.5 m | 1.2 bn | 1.2 bn | 1.2 bn | 1.2 bn | SEC (XBRL)· 13 Feb 2026verified |
| Current liabilities | 631.5 m | 680.9 m | 568.7 m | 522.8 m | 467.8 m | 517.0 m | SEC (XBRL)· 13 Feb 2026verified |
| Total liabilities | 3.1 bn | 4.1 bn | 3.9 bn | 3.6 bn | 2.8 bn | 3.1 bn | SEC (XBRL)· 13 Feb 2026verified |
| Equity | 9.9 bn † | 13.7 bn † | 9.6 bn † | 8.7 bn † | 6.6 bn † | 7.5 bn † | SEC (XBRL)· 13 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 585.0 m | 669.5 m | 194.4 m | 374.9 m | 455.2 m | 532.2 m | SEC (XBRL)· 13 Feb 2026verified |
| Capex | 108.6 m | 133.7 m | 112.8 m | 156.7 m | 165.6 m | 157.6 m | SEC (XBRL)· 13 Feb 2026verified |
| Free cash flow | 476.4 m ≈ | 535.7 m ≈ | 81.6 m ≈ | 218.2 m ≈ | 289.6 m ≈ | 374.6 m ≈ | SEC (XBRL)· 13 Feb 2026derived |
| Investing cash flow | -69.9 m | -797.4 m | -1.2 bn | 20.2 m | -160.2 m | -189.7 m | SEC (XBRL)· 13 Feb 2026verified |
| Financing cash flow | -523.0 m | -55.4 m | 973.6 m | -425.6 m | -218.8 m | -283.2 m | SEC (XBRL)· 13 Feb 2026verified |
| Share repurchases | 100.0 m | 50.0 m | 215.7 m | 428.7 m | 203.6 m | 295.5 m | SEC (XBRL)· 13 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 36 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 10.5 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation47
- Returns11
- Quality48
- Balance sheet31
- Growth0
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 64.76 – 1,473.19 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)141.59 – 225.56 (Mid 173.91)WACC 9.0% · starting FCFF 366.9 m USD · terminal value share of EV 73%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 32.3%
- Peers: EV/EBITDA64.76 – 87.30 (Mid 84.68)3 companies used · median multiple 25.9x · quartiles 20.6x – 26.6xA, AVTR, RVTY
- Peers: P/E1,293.24 – 1,473.19 (Mid 1,399.38)4 companies used · median multiple 36.9x · quartiles 34.1x – 38.8xA, AVTR, ILMN, MTD
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 36/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -0.6% | 43 (vs peers) | 12% |
| Net margin · Quality | 39.5% | 100 (vs peers) | 7% |
| FCF conversion · Quality | 32.2% | 3 (on a fixed band) | 7% |
| Revenue CAGR 3Y · Growth | -2.7% | 0 (on a fixed band) | 10% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 3.3x | 21 (on a fixed band) | 12% |
| Interest coverage · Balance sheet | -1.3x | 0 (on a fixed band) | 7% |
| Current ratio · Balance sheet | 3.2x | 100 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 10.0x | 100 (vs peers) | 12% |
| EV/EBITDA · Valuation | 104.8x | 0 (on a fixed band) | 12% |
| FCF yield · Valuation | 3.1% | 39 (on a fixed band) | 10% |
| Shareholder yield (distributions) · Returns | 0.8% | 11 (on a fixed band) | 7% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet31/100 · 3/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality48/100 · 3/3 factors with a value
- Returns· partial11/100 · 1/2 factors with a value
- Valuation47/100 · 3/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
BIO-RAD LABORATORIES, INC. (BIO). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 2.6 bn USD in 2025; YoY growth 0.7%; net margin 39.5%; ROE 14.3%; net debt/EBITDA 3.3x.
The estimated value range is 141.59–225.56 USD per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 173.91 USD, the price of 379.99 USD leaves a potential of -54.2% (value / price − 1) and a margin of safety of -118.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 36/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 39.5%
- Current ratio: 3.2x
- P/E (TTM): 10.0x
What contradicts it
- FCF conversion: 32.2%
- Revenue CAGR 3Y: -2.7%
- Net debt / EBITDA: 3.3x
- Interest coverage: -1.3x
- EV/EBITDA: 104.8x
- Shareholder yield (distributions): 0.8%
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): EPS CAGR 3Y, Payout ratio (FCF).
Versus the vertical median
Laboratory Analytical Instruments (SIC 3826) · same industry (4-digit SIC) · compared with 20 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AAgilent Technologies, Inc. | 49.9 bn | 34.9 | 21.0% | 19.5% | +6.7% | +15% / +39% |
| WATWaters Corporation | 45.9 bn | 116.6 | 1.9% | 3.6% | +7.0% | +16% / +67% |
| MTDMettler-Toledo International Inc. | 34.5 bn | 38.8 | — | 21.9% | +4.0% | +17% / +58% |
| ILMNIllumina, Inc. | 34.3 bn | 38.8 | 32.4% | 19.7% | −0.7% | +72% / +128% |
| RVTYRevvity, Inc | 17.8 bn | 76.0 | 3.2% | 8.2% | +3.7% | +53% / +79% |
| AVTRAvantor, Inc. | 10.6 bn | 31.5 | 5.9% | 5.1% | −3.4% | +33% / −26% |
| BRKRBruker Corporation | 9.7 bn | — | -3.4% | -2.0% | +2.1% | +31% / −2% |
| TXG10x Genomics, Inc. | 8.6 bn | — | -9.4% | -12.2% | +5.2% | +259% / +55% |
| PACBPacific Biosciences of California, Inc. | 792.6 m | — | -929.3% | -82.5% | +3.9% | +10% / −70% |
| CTKBCytek Biosciences, Inc. | 769.0 m | — | -23.2% | -39.1% | +0.5% | +4% / −15% |
| MASS908 Devices Inc. | 457.6 m | — | -25.2% | -57.0% | +17.7% | +74% / +39% |
| NAUTNautilus Biotechnology, Inc. | 291.7 m | — | -41.0% | — | unavailable | +2% / −17% |
| QTRXQuanterix Corporation | 143.8 m | — | -46.5% | -80.2% | +1.1% | −58% / −87% |
| SEERSeer, Inc. | 94.1 m | — | -26.4% | -478.0% | +17.0% | −11% / +6% |
| HBIOHarvard Bioscience, Inc. | 39.2 m | — | -89.9% | -11.9% | −8.1% | +13% / −80% |
| PRPOPrecipio, Inc. | 35.0 m | — | -9.0% | -4.5% | +29.8% | −20% / +187% |
| EYPTEyePoint, Inc. | 34.1 m | — | -148.7% | -10,994.7% | −27.5% | −97% / −94% |
| BNGOBionano Genomics, Inc. | 14.0 m | — | -83.6% | -106.6% | −7.4% | −36% / −99% |
| ASTCAstrotech Corporation | 9.1 m | — | -75.4% | -1,580.2% | −8.7% | +41% / −44% |
| BIOBio-Rad Laboratories, Inc. | — | 10.0 | 14.3% | 39.5% | +0.7% | +22% / +32% |
| RPIDRapid Micro Biosystems, Inc. | — | — | -141.6% | -145.6% | +19.7% | −84% / −42% |
1- and 3-year price returns: for BIO from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 202.94 Total return -47% · Per year -47% | 360.11 Total return -5% · Per year -5% | 544.26 Total return 43% · Per year 43% |
| 3 years | 169.57 Total return -55% · Per year -24% | 341.10 Total return -10% · Per year -4% | 569.85 Total return 50% · Per year 14% |
| 5 years | 141.69 Total return -63% · Per year -18% | 323.09 Total return -15% · Per year -3% | 596.64 Total return 57% · Per year 9% |
- Exit P/E± 85.27
- Net margin± 59.69
- Annual revenue growth± 52.62
- Annual dilution± 5.02
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 04 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results), 10-Q (04 Nov 2026).
In brief
Bio-Rad Laboratories develops, manufactures and sells instruments, reagents and consumables for life science research and clinical diagnostics, with recurring revenue driven by its installed base of equipment. Net sales reached 2.58 billion USD in fiscal 2025, and in the second quarter of 2026 they were roughly flat, reflecting weakness in Life Science and modest growth in diagnostics.
SWOT
Strengths
- Recurring revenue from the installed base of instruments and consumables used continuously, plus a portfolio of thousands of products and over 2,100 patents 1.
- Direct presence in many countries and a dedicated commercial organization that supports long-term customer relationships 1.
- The significant stake in Sartorius, carried at fair value, can produce large accounting gains in periods when its market value rises 23.
Weaknesses
- Dependence on government funding and university budgets has weighed on Life Science sales 12.
- Gross margin declined in fiscal 2025 due to material costs and one-time inventory write-offs after acquisitions 1.
- Reported net income is volatile because it is driven by the revaluation of the Sartorius stake, not only by operating activity 23.
Opportunities
Threats
Risks
- Dependence on public fundinghigh
If government funding for research keeps declining, Life Science sales could remain under pressure over the longer term 1.
- International and compliance risksmedium
Operating in many countries exposes the company to anti-corruption laws, sanctions and complex trade rules, and violations could bring fines and restrictions 1.
- Supply interruptionsmedium
Some components come from a sole supplier, and interruptions could affect manufacturing and delivery of products 1.
- Information system securitymedium
Cyberattacks and payment fraud could expose sensitive data and lead to financial losses or regulatory penalties 1.
- Exposure to Sartoriuslow
The value of the Sartorius stake moves with its share price, and valuation losses could affect reported net income in future periods 23.
Investment thesis
What would need to be true (bull case)
- Well-structured recurring revenue, a broad installed base and a portfolio of patents and new products such as digital PCR could support medium-term growth.
- The Clinical Diagnostics segment shows steady growth, and the return of EMEA to growth suggests regional demand could normalize.
- The significant Sartorius stake and improving operating margins could support shareholder value if financial discipline is maintained.
What would break the thesis
- Life Science keeps declining on a currency-neutral basis, and restructuring costs and weaker margins could slow the recovery.
- The 2026 outlook spans a wide revenue range that includes a possible decline, which reflects the uncertainty in the market.
- Reported net income depends heavily on revaluing the Sartorius stake, so results may look far more volatile than operating activity.
What to watch
- Life Science sales trend and academic research fundingQ3 2026
- Delivery of the full-year revenue and non-GAAP operating margin outlook2026
- Recovery of the EMEA region after Middle East conflictsQ4 2026
- Digital PCR sales growth and free cash flow developmentnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 04 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results), 10-Q (04 Nov 2026).
The business
Bio-Rad Laboratories is a multinational life science and clinical diagnostics company that develops, manufactures and markets a broad portfolio of instruments, systems, reagents and consumables 1. The company has direct operations in over 36 countries outside the United States and organizes its activity into two reportable segments, Life Science and Clinical Diagnostics 1. Many products are used continuously, so a significant share of revenue is recurring because laboratories standardize on their testing platforms 1.
Segments
Life Science
The Life Science segment supplies instruments and reagents for separating, purifying and quantifying cells, proteins and nucleic acids for research, biopharmaceutical manufacturing and food safety testing 1. In fiscal 2025 the segment generated sales of 1.02 billion USD, slightly down, affected by constrained academic research and biotech funding 1.
Clinical Diagnostics
The Clinical Diagnostics segment develops test systems, informatics solutions and kits for clinical laboratories, with recurring revenue from reagents and consumables for each sample processed 1. In fiscal 2025 the segment generated sales of 1.56 billion USD, and in the second quarter of 2026 its sales rose 2.6 percent as reported, supported by quality systems, diabetes and blood typing products 2.
Market context
The company estimates the worldwide market for the products it sells at about 19 billion USD in life science and about 16 billion USD in in vitro diagnostics 1. Demand in research depends on government budgets and biotech funding, while in diagnostics access to products is shaped by government reimbursement 1.
Trends
- Research funding and government budgetsheadwind
Reduced federal funding and tighter budgets at universities and biotech companies have slowed Life Science sales, and management expects these conditions to persist through 2026 12.
- Middle East tensionsmixed
Regional conflicts have affected demand and logistics in the EMEA region, particularly in diagnostics, but in the second quarter restocking in the region returned EMEA to growth 23.
- Tariffs and cost inflationheadwind
New US tariffs and countermeasures from other countries could raise prices and costs, and rising raw material costs have squeezed margins that cannot always be passed on to customers 1.
- Growth in digital PCRtailwind
Digital PCR instrument revenue grew more than 20 percent in the second quarter of 2026, suggesting new products could partly offset weakness in Life Science 3.
Competitive position
The markets in which the company operates are highly competitive, with competitors ranging from early-stage companies to large multinational corporations with substantial resources 1. Competition centers on performance specifications, technical support and comprehensive solutions, and multi-year public tenders have made pricing more aggressive 1.
- Thermo Fisher ScientificTMO
Competes in both segments with a broad range of instruments, consumables and diagnostic products
- DanaherDHR
Present in both life science and diagnostics with a wide product range
- Abbott LaboratoriesABT
Major competitor in clinical diagnostics with broad testing platforms
- Roche
Swiss diagnostics company competing in the clinical segment
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Elliott Builds Stake in Life-Science Firm Bio-Rad, WSJ SaysBloomberg Markets · 18 May 2026 · EN
The latest news item in our archive is from 18 May 2026; the newest SEC filing is from 04 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Quarterly report04 Nov 2026
- Current report04 Nov 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report04 Aug 2026
- Current report04 Aug 2026Results of operations · Exit or disposal costs · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report30 Apr 2026
- Current report30 Apr 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report24 Apr 2026Departure or appointment of officers · Shareholder vote · Financial statements and exhibits
- Proxy statement25 Mar 2026
- Current report19 Feb 2026Regulation FD disclosure
- Annual report13 Feb 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Bio-Rad Laboratories, Inc. · 13 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Bio-Rad Laboratories, Inc. · 04 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Bio-Rad Laboratories, Inc. · 04 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.