Bio-Rad Laboratories (BIO)
Market Price (5/19/2026): $282.0 | Market Cap: $7.6 BilSector: Health Care | Industry: Life Sciences Tools & Services
Bio-Rad Laboratories (BIO)
Market Price (5/19/2026): $282.0Market Cap: $7.6 BilSector: Health CareIndustry: Life Sciences Tools & Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 20%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 14% Low stock price volatilityVol 12M is 42% Megatrend and thematic driversMegatrends include Biotechnology & Genomics, and Precision Medicine. Themes include Advanced Diagnostics, Gene Editing & Therapy, Show more. | Weak multi-year price returns2Y Excs Rtn is -43%, 3Y Excs Rtn is -102% | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 28x, P/EPrice/Earnings or Price/(Net Income) is 45x Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -2.3% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.0% Key risksBIO key risks include [1] its significant dependence on customer funding from government grants and research contracts and [2] the inherent exposures of its extensive international operations. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 20%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 14% |
| Low stock price volatilityVol 12M is 42% |
| Megatrend and thematic driversMegatrends include Biotechnology & Genomics, and Precision Medicine. Themes include Advanced Diagnostics, Gene Editing & Therapy, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -43%, 3Y Excs Rtn is -102% |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 28x, P/EPrice/Earnings or Price/(Net Income) is 45x |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -2.3% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.0% |
| Key risksBIO key risks include [1] its significant dependence on customer funding from government grants and research contracts and [2] the inherent exposures of its extensive international operations. |
Qualitative Assessment
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Bio-Rad Laboratories (BIO) stock has lost about 5% since 1/31/2026 because of the following key factors:
1. Bio-Rad Laboratories reported disappointing First Quarter 2026 financial results, with non-GAAP diluted earnings per share (EPS) of $1.89, missing analyst estimates of $2.14 by 11.68%. This was coupled with a significant reduction in the full-year 2026 financial outlook, as the company revised its non-GAAP currency-neutral revenue growth guidance from an expected 0.5% to 1.5% growth to a range of a 3.0% decline to a 0.5% growth. The non-GAAP operating margin expectation was also lowered from 12.0%-12.5% to 10.0%-12.0%.
2. The company experienced adverse impacts from challenging academic end markets and geopolitical conflicts, specifically in the Middle East. The Life Science segment's currency-neutral sales decreased by 4.3% in Q1 2026 due to weak academic research demand, particularly in the Americas. Furthermore, escalating regional conflicts in the Middle East led to an estimated $11 million impact on Clinical Diagnostics sales in Q1 2026, contributing to a 4.1% currency-neutral decline in that segment and posing an ongoing headwind for full-year revenue and margin.
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1. Bio-Rad Laboratories reported disappointing First Quarter 2026 financial results, with non-GAAP diluted earnings per share (EPS) of $1.89, missing analyst estimates of $2.14 by 11.68%. This was coupled with a significant reduction in the full-year 2026 financial outlook, as the company revised its non-GAAP currency-neutral revenue growth guidance from an expected 0.5% to 1.5% growth to a range of a 3.0% decline to a 0.5% growth. The non-GAAP operating margin expectation was also lowered from 12.0%-12.5% to 10.0%-12.0%.
2. The company experienced adverse impacts from challenging academic end markets and geopolitical conflicts, specifically in the Middle East. The Life Science segment's currency-neutral sales decreased by 4.3% in Q1 2026 due to weak academic research demand, particularly in the Americas. Furthermore, escalating regional conflicts in the Middle East led to an estimated $11 million impact on Clinical Diagnostics sales in Q1 2026, contributing to a 4.1% currency-neutral decline in that segment and posing an ongoing headwind for full-year revenue and margin.
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Stock Movement Drivers
Fundamental Drivers
The -4.0% change in BIO stock from 1/31/2026 to 5/18/2026 was primarily driven by a -5.1% change in the company's P/S Multiple.| (LTM values as of) | 1312026 | 5182026 | Change |
|---|---|---|---|
| Stock Price ($) | 293.70 | 281.82 | -4.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,558 | 2,590 | 1.3% |
| P/S Multiple | 3.1 | 2.9 | -5.1% |
| Shares Outstanding (Mil) | 27 | 27 | -0.1% |
| Cumulative Contribution | -4.0% |
Market Drivers
1/31/2026 to 5/18/2026| Return | Correlation | |
|---|---|---|
| BIO | -4.0% | |
| Market (SPY) | 7.0% | 19.8% |
| Sector (XLV) | -5.4% | 16.7% |
Fundamental Drivers
The -11.8% change in BIO stock from 10/31/2025 to 5/18/2026 was primarily driven by a -12.8% change in the company's P/S Multiple.| (LTM values as of) | 10312025 | 5182026 | Change |
|---|---|---|---|
| Stock Price ($) | 319.55 | 281.82 | -11.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,558 | 2,590 | 1.3% |
| P/S Multiple | 3.4 | 2.9 | -12.8% |
| Shares Outstanding (Mil) | 27 | 27 | -0.1% |
| Cumulative Contribution | -11.8% |
Market Drivers
10/31/2025 to 5/18/2026| Return | Correlation | |
|---|---|---|
| BIO | -11.8% | |
| Market (SPY) | 8.9% | 25.5% |
| Sector (XLV) | 1.9% | 26.3% |
Fundamental Drivers
The 15.5% change in BIO stock from 4/30/2025 to 5/18/2026 was primarily driven by a 10.2% change in the company's P/S Multiple.| (LTM values as of) | 4302025 | 5182026 | Change |
|---|---|---|---|
| Stock Price ($) | 244.08 | 281.82 | 15.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,566 | 2,590 | 0.9% |
| P/S Multiple | 2.7 | 2.9 | 10.2% |
| Shares Outstanding (Mil) | 28 | 27 | 3.9% |
| Cumulative Contribution | 15.5% |
Market Drivers
4/30/2025 to 5/18/2026| Return | Correlation | |
|---|---|---|
| BIO | 15.5% | |
| Market (SPY) | 34.7% | 25.2% |
| Sector (XLV) | 5.6% | 40.7% |
Fundamental Drivers
The -37.5% change in BIO stock from 4/30/2023 to 5/18/2026 was primarily driven by a -38.6% change in the company's P/S Multiple.| (LTM values as of) | 4302023 | 5182026 | Change |
|---|---|---|---|
| Stock Price ($) | 450.79 | 281.82 | -37.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,802 | 2,590 | -7.6% |
| P/S Multiple | 4.8 | 2.9 | -38.6% |
| Shares Outstanding (Mil) | 30 | 27 | 10.1% |
| Cumulative Contribution | -37.5% |
Market Drivers
4/30/2023 to 5/18/2026| Return | Correlation | |
|---|---|---|
| BIO | -37.5% | |
| Market (SPY) | 84.5% | 34.5% |
| Sector (XLV) | 14.7% | 44.1% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| BIO Return | 30% | -44% | -23% | 2% | -8% | -18% | -58% |
| Peers Return | 27% | -20% | -11% | -0% | 3% | -18% | -23% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 8% | 97% |
Monthly Win Rates [3] | |||||||
| BIO Win Rate | 58% | 42% | 58% | 42% | 58% | 40% | |
| Peers Win Rate | 72% | 40% | 43% | 50% | 52% | 20% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 60% | |
Max Drawdowns [4] | |||||||
| BIO Max Drawdown | -16% | -53% | -46% | -25% | -41% | -26% | |
| Peers Max Drawdown | -19% | -34% | -36% | -20% | -34% | -31% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: TMO, DHR, A, ILMN, QGEN. See BIO Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 5/18/2026 (YTD)
How Low Can It Go
| Event | BIO | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -23.7% | -18.8% |
| % Gain to Breakeven | 31.0% | 23.1% |
| Time to Breakeven | 60 days | 79 days |
| 2020 COVID-19 Crash | ||
| % Loss | -21.8% | -33.7% |
| % Gain to Breakeven | 27.8% | 50.9% |
| Time to Breakeven | 35 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -28.1% | -19.2% |
| % Gain to Breakeven | 39.1% | 23.8% |
| Time to Breakeven | 67 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -17.3% | -12.2% |
| % Gain to Breakeven | 20.9% | 13.9% |
| Time to Breakeven | 132 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -11.5% | -6.8% |
| % Gain to Breakeven | 12.9% | 7.3% |
| Time to Breakeven | 50 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -25.4% | -17.9% |
| % Gain to Breakeven | 34.1% | 21.8% |
| Time to Breakeven | 516 days | 123 days |
In The Past
Bio-Rad Laboratories's stock fell -23.7% during the 2025 US Tariff Shock. Such a loss loss requires a 31.0% gain to breakeven.
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| Event | BIO | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -23.7% | -18.8% |
| % Gain to Breakeven | 31.0% | 23.1% |
| Time to Breakeven | 60 days | 79 days |
| 2020 COVID-19 Crash | ||
| % Loss | -21.8% | -33.7% |
| % Gain to Breakeven | 27.8% | 50.9% |
| Time to Breakeven | 35 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -28.1% | -19.2% |
| % Gain to Breakeven | 39.1% | 23.8% |
| Time to Breakeven | 67 days | 105 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -25.4% | -17.9% |
| % Gain to Breakeven | 34.1% | 21.8% |
| Time to Breakeven | 516 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -23.0% | -15.4% |
| % Gain to Breakeven | 29.9% | 18.2% |
| Time to Breakeven | 201 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -50.0% | -53.4% |
| % Gain to Breakeven | 100.2% | 114.4% |
| Time to Breakeven | 396 days | 1085 days |
In The Past
Bio-Rad Laboratories's stock fell -23.7% during the 2025 US Tariff Shock. Such a loss loss requires a 31.0% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Bio-Rad Laboratories (BIO)
Bio-Rad Laboratories, Inc. manufactures, and distributes life science research and clinical diagnostic products in the United States, Europe, Asia, Canada, and Latin America. The company operates through Life Science and Clinical Diagnostics segments. The Life Science segment develops, manufactures, and markets a range of reagents, apparatus, and laboratory instruments that are used in research techniques, biopharmaceutical production processes, and food testing regimes. It focuses on selected segments of the life sciences market in proteomics, genomics, biopharmaceutical production, cellular biology, and food safety. This segment serves universities and medical schools, industrial research organizations, government agencies, pharmaceutical manufacturers, biotechnology researchers, food producers, and food testing laboratories. The Clinical Diagnostics segment designs, manufactures, sells, and supports test systems, informatics systems, test kits, and specialized quality controls for clinical laboratories in the diagnostics market. This segment offers reagents, instruments, and software, which address specific niches within the in vitro diagnostics test market. It sells its products to reference laboratories, hospital laboratories, state newborn screening facilities, physicians' office laboratories, and transfusion laboratories. In addition, the company offers products and systems to separate complex chemical and biological materials, as well as to identify, analyze, and purify components. The company offers its products through its direct sales force, as well as through distributors, agents, brokers, and resellers. Bio-Rad Laboratories, Inc. was founded in 1952 and is headquartered in Hercules, California.
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Here are a few analogies for Bio-Rad Laboratories (BIO):
- A more focused Thermo Fisher Scientific, providing instruments, reagents, and diagnostic tests for scientific research and clinical labs.
- Similar to Danaher for life science and diagnostics, supplying essential tools and consumables to labs worldwide.
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- Life Science Research Products: Reagents, apparatus, and instruments used in various research techniques, including proteomics, genomics, and cellular biology.
- Biopharmaceutical Production Products: Systems and materials designed to support biopharmaceutical manufacturing processes.
- Food Safety Testing Solutions: Products and systems for ensuring food safety through testing regimes.
- Clinical Diagnostic Test Systems: Integrated test systems, instruments, and software for in vitro diagnostics in clinical laboratories.
- Clinical Diagnostic Reagents & Test Kits: Specific reagents and kits for a variety of diagnostic tests in the clinical market.
- Clinical Diagnostic Quality Controls: Specialized products used to monitor and ensure the accuracy of clinical diagnostic tests.
- Separation & Purification Technologies: Products and systems to separate, identify, analyze, and purify complex chemical and biological materials.
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Bio-Rad Laboratories primarily sells its products to other companies, institutions, and organizations rather than directly to individuals. Based on the provided description, its major customer categories include:
- Academic and Research Institutions: This includes universities, medical schools, industrial research organizations, and government agencies that utilize Bio-Rad's reagents, apparatus, and laboratory instruments for various research techniques.
- Biopharmaceutical and Food Industries: This segment comprises pharmaceutical manufacturers, biotechnology researchers, food producers, and food testing laboratories, relying on Bio-Rad's products for biopharmaceutical production processes and food safety testing regimes.
- Clinical and Diagnostic Laboratories: This category encompasses reference laboratories, hospital laboratories, state newborn screening facilities, physicians' office laboratories, and transfusion laboratories, which purchase Bio-Rad's test systems, informatics systems, test kits, and specialized quality controls for diagnostics.
The company description does not list specific names of customer companies (public or private) that Bio-Rad Laboratories sells to, but rather describes the types of organizations it serves across its Life Science and Clinical Diagnostics segments.
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Norman Schwartz, Chairman of the Board, Chief Executive Officer
Norman Schwartz is the son of Bio-Rad Laboratories’ co-founders, David and Alice Schwartz, and joined the company in 1974. He succeeded his father as President and CEO in 2003. Mr. Schwartz currently serves as Chairman, President & Chief Executive Officer for Bio-Rad Laboratories, Inc., and holds chairman and co-managing director roles in several Bio-Rad subsidiaries, including DiaMed France SA, Bio-Rad Laboratories AB, and Bio-Rad Germany Holding GmbH. He also serves as President & Director at RainDance Technologies, Inc., another subsidiary of Bio-Rad Laboratories, Inc., and is on the board of 7 other companies. He received an undergraduate degree from San Francisco State University. The Schwartz family maintains substantial influence over the company through Class B share ownership and board representation.
Roop K. Lakkaraju, Executive Vice President, Chief Financial Officer
Roop K. Lakkaraju was appointed Executive Vice President and Chief Financial Officer of Bio-Rad Laboratories, effective April 15, 2024. Before joining Bio-Rad, he served as Executive Vice President and CFO at Benchmark Electronics, a multinational leader in electronics manufacturing services, from 2018. Mr. Lakkaraju's career also includes senior financial and operational leadership roles at other multinational companies, such as Support.com and Solectron. He began his career as an auditor with Grant Thornton and PricewaterhouseCoopers and holds a B.S. in Business Administration with an accounting focus from San Jose State University.
Jonathan DiVincenzo, President, Chief Operating Officer
Jonathan DiVincenzo serves as President and Chief Operating Officer, responsible for overseeing the day-to-day operational execution of Bio-Rad Laboratories' global business strategy.
Rajat Mehta, Executive Vice President, Global Commercial Operations
Rajat Mehta holds the position of Executive Vice President, Global Commercial Operations for Bio-Rad Laboratories.
Anette Engelhardt, Executive Vice President, President, Clinical Diagnostics Group
Anette Engelhardt is the Executive Vice President and President of the Clinical Diagnostics Group at Bio-Rad Laboratories.
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The key risks to Bio-Rad Laboratories (BIO) are as follows:- Intense Competition and Rapid Technological Change: Bio-Rad operates in highly competitive life science and clinical diagnostics markets, contending with larger, more diversified companies such as Thermo Fisher Scientific, Danaher, Roche, Abbott, and Illumina. These larger rivals often have greater financial resources, enabling them to leverage economies of scale, offer bundled sales agreements, and outpace Bio-Rad in research and development and innovation cycles. Bio-Rad, as a specialized mid-cap player, faces a disadvantage in this landscape. The rapid pace of technological advancements in areas like next-generation sequencing also presents a significant risk of technological obsolescence if Bio-Rad cannot continuously innovate and keep its product portfolio current.
- Reliance on Government and Academic Funding, and End-Market Weakness: A substantial portion of Bio-Rad's Life Science segment revenue is dependent on government grants and research contracts, particularly from academic and government sectors. The company has recently faced and continues to be exposed to risks associated with academic funding constraints, reduced biotech spending, and broader weakness in its end markets, notably the biopharma sector. This can lead to lower sales, stagnant revenue growth, and decreased profitability.
- Regulatory and International Operational Risks: Bio-Rad operates in a heavily regulated industry globally, exposing it to constant threats from evolving healthcare laws, compliance requirements, and international trade regulations. Non-compliance can result in significant fines, sanctions, and reputational damage. Furthermore, Bio-Rad's extensive international operations are subject to risks such as foreign currency exchange fluctuations, import restrictions, geopolitical uncertainties, and tariffs, which can negatively impact financial performance and increase operational costs. The company has previously faced and resolved allegations related to Foreign Corrupt Practices Act (FCPA) violations, underscoring the ongoing nature of international compliance risks.
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Addressable Markets for Bio-Rad Laboratories' Main Products and Services
Life Science Segment
- Life Science Tools Market: The global life science tools market was estimated at USD 167.82 billion in 2024 and is projected to reach USD 401.01 billion by 2033, growing at a Compound Annual Growth Rate (CAGR) of 10.21% from 2025 to 2033. North America held the largest revenue share of 42.56% in 2024. Another estimate places the global market at USD 198.47 billion in 2025, projected to hit approximately USD 512.93 billion by 2035, with a CAGR of 9.96% from 2026 to 2035. Bio-Rad Laboratories itself identified a global life science market size of USD 45 billion to USD 50 billion with an addressable market of USD 8 billion to USD 9 billion, growing at a 4% CAGR, as of February 2022.
- Proteomics Market: The global proteomics market size is expected to reach USD 41.0 billion by 2025 and grow to USD 99.8 billion by 2032, with a CAGR of 13.6%. North America is projected to dominate this market, holding a 44.7% value share in 2025. Other sources estimate the global proteomics market at USD 29.92 billion in 2025, growing to USD 58.66 billion by 2031 at a CAGR of 11.87%.
- Genomics Market: The global genomics market size was estimated at USD 21.76 billion in 2025 and is projected to reach USD 72.50 billion by 2033, expanding at a CAGR of 18.2% from 2026 to 2033. North America held the largest share of 42.25% of the global market in 2025. The U.S. genomics market was valued at USD 15.1 billion in 2024. Another report indicated the global genomics market was valued at USD 39 billion in 2024 and is expected to grow to USD 162 billion by 2034, at a CAGR of 15.4%.
- Cellular Biology/Cell Analysis Market: The global cell analysis market size was estimated at USD 34.3 billion in 2025 and is projected to reach USD 81.0 billion by 2033, with a CAGR of 11.7% from 2026 to 2033. North America held the largest global market share of 40.0% in 2025. The global cell biology market revenue was valued at USD 22.5 billion in 2025 and is expected to reach approximately USD 59.46 billion by 2035, growing at a CAGR of 10.20%.
- Biopharmaceutical Production (Biopharma) Market: The global biopharmaceutical market size was valued at USD 448.1 billion in 2023 and is expected to grow at a CAGR of 7.6% during 2024-2030, reaching USD 745.1 billion by 2030. North America is identified as the largest market. Another source indicates the global biopharmaceuticals market size was estimated at USD 537.54 billion in 2025 and is projected to reach around USD 1,796.21 billion by 2034, growing at a CAGR of 14.36% from 2025 to 2034. Bio-Rad Laboratories cited a USD 23 billion biopharma addressable market with over 10% growth potential, as of February 2022.
- Food Safety Testing Market: The global food safety testing market size was valued at USD 26.14 billion in 2025 and is expected to register a CAGR of 6.8% from 2026 to 2034. North America led the market in 2025. The U.S. food safety testing market size was valued at USD 6.59 billion in 2025 and is projected to reach USD 12.82 billion by 2034, growing at a CAGR of 7.68% from 2026-2034.
Clinical Diagnostics Segment
- Clinical Diagnostics Market: The global clinical diagnostics market was valued at USD 70.11 billion in 2023 and is projected to grow at a CAGR of 7.02% from 2024 to 2030. Another report estimated the market size at USD 115.51 billion in 2024, anticipated to reach USD 169.23 billion by 2030, with a CAGR of 6.6%. North America dominated the market with a revenue share of 47.5% in 2023. Bio-Rad Laboratories' internal estimate from February 2022 showed a market size of USD 55 billion to USD 60 billion, with an addressable market of USD 5.5 billion, growing at approximately 5%.
- In Vitro Diagnostics (IVD) Market: The global in vitro diagnostics market size was estimated at USD 106.29 billion in 2025 and is projected to reach USD 128.18 billion by 2033, growing at a CAGR of 2.40% from 2026 to 2033. Another analysis projected the global market at USD 105.7 billion in 2024, expected to grow to USD 155.4 billion by 2034, at a CAGR of 4.1%. North America held a significant market share of 42% in 2025.
- Digital PCR Market: Bio-Rad Laboratories is a top-three player in the rapidly growing digital PCR market, which is projected to reach USD 1.2 billion by 2026. Bio-Rad also identified a USD 6 billion-plus addressable market for Digital PCR, growing at over 10% CAGR, as of February 2022.
- Molecular Diagnostic Market (Real-Time PCR): Bio-Rad Laboratories indicated a USD 2 billion-plus addressable market for Real-Time PCR, growing at over 8% CAGR, as of February 2022.
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Here are 3-5 expected drivers of future revenue growth for Bio-Rad Laboratories (BIO) over the next 2-3 years:
- Continued Growth in Clinical Diagnostics Segment: The Clinical Diagnostics segment demonstrated strong performance in Q4 2025, with an 8.4% increase on a reported basis and 5.6% on a currency-neutral basis. This growth was primarily fueled by higher sales of quality control and blood typing products, as well as the annualization of diabetes testing reimbursement changes in China. Bio-Rad anticipates this segment to continue its growth trajectory, projecting 1% to 2% currency-neutral revenue growth for 2026, with quality controls expected to grow mid-single digit.
- Expansion of Droplet Digital PCR (ddPCR) Portfolio, particularly the QX700 platform: The ddPCR portfolio exhibited mid-single-digit year-over-year growth in Q4 2025, driven by the successful QX700 platform, which met revenue expectations. Customer response to the QX700 has been strong, leading to a meaningful acceleration in instrument sales and enabling Bio-Rad to expand its served market and gain share in the entry-level digital PCR segment.
- Contribution from Stilla Technologies Acquisition: The acquisition and integration of Stilla Technologies, completed in June 2025, is expected to be accretive to Bio-Rad's earnings by mid-2026, which is 6 to 12 months earlier than initially projected. This acquisition expands Bio-Rad's leadership in Droplet Digital PCR and has already shown positive initial market adoption.
- Launch of New Products and Assays: Bio-Rad plans to introduce several new products in 2026, including an IVD (In Vitro Diagnostics) version of the QX600 and high-value ddPCR assays specifically in oncology. These new offerings are expected to contribute to future revenue growth by addressing unmet needs and expanding the company's product portfolio.
- Modest Recovery in the Core Life Science Biopharma End Market: The company anticipates a modest recovery within its core Life Science portfolio, particularly from the biopharma end market, in 2026. This recovery, alongside stable NIH and related funding, is expected to support growth in the Life Science segment, which is guided to grow between 0% and 0.5% in 2026 (excluding process chromatography, which is projected to decline).
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Share Repurchases
- In 2025, Bio-Rad repurchased 1,205,381 shares of Class A common stock for $295.5 million under its 2023 Share Repurchase Program.
- As of December 31, 2025, $284.6 million remained authorized for future repurchases under the 2023 program.
- A new share repurchase program, authorizing up to $500 million in common stock repurchases with no time limit, was approved on July 20, 2023. As of February 12, 2026, the company had completed repurchases totaling $715.43 million under the program announced on July 20, 2023.
Inbound Investments
- Capital Research Global Investors acquired a new position of 418,355 shares in Bio-Rad Laboratories' stock, valued at approximately $117.3 million, in the third quarter (prior to March 2026).
Outbound Investments
- Bio-Rad acquired Stilla Technologies for $257.7 million, including contingent considerations, with the acquisition completed on June 30, 2025. This acquisition aims to enhance its droplet digital PCR systems.
- The company's investment in Sartorius AG significantly increased from $4.469 billion in 2024 to $5.669 billion in 2025.
Capital Expenditures
- Bio-Rad Laboratories invested $45.8 million in capital expenditures during the fourth quarter of 2025, marking a 44.5% increase from the prior quarter.
- The company is committed to exploring opportunities for capital investment to support long-term growth objectives.
- Free cash flow, defined as cash flow from operations minus net capital expenditures, is anticipated to be between $375 million and $395 million in 2026, consistent with the $375 million generated in 2025.
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| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 04302026 | GEHC | GE HealthCare Technologies | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 04302026 | IQV | IQVIA | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 04302026 | UHS | Universal Health Services | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 04302026 | ABT | Abbott Laboratories | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 04302026 | ZBIO | Zenas BioPharma | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 0.0% | 0.0% | 0.0% |
| 05312025 | BIO | Bio-Rad Laboratories | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 43.2% | 23.4% | -4.6% |
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Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 152.69 |
| Mkt Cap | 26.7 |
| Rev LTM | 5,729 |
| Op Inc LTM | 1,158 |
| FCF LTM | 984 |
| FCF 3Y Avg | 1,028 |
| CFO LTM | 1,262 |
| CFO 3Y Avg | 1,288 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 4.4% |
| Rev Chg 3Y Avg | 0.3% |
| Rev Chg Q | 4.2% |
| QoQ Delta Rev Chg LTM | 1.0% |
| Op Inc Chg LTM | -0.6% |
| Op Inc Chg 3Y Avg | 0.2% |
| Op Mgn LTM | 19.4% |
| Op Mgn 3Y Avg | 18.7% |
| QoQ Delta Op Mgn LTM | 0.0% |
| CFO/Rev LTM | 22.7% |
| CFO/Rev 3Y Avg | 22.6% |
| FCF/Rev LTM | 17.1% |
| FCF/Rev 3Y Avg | 18.2% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 26.7 |
| P/S | 4.1 |
| P/Op Inc | 23.1 |
| P/EBIT | 19.6 |
| P/E | 25.0 |
| P/CFO | 18.6 |
| Total Yield | 4.1% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 3.7% |
| D/E | 0.2 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -11.9% |
| 3M Rtn | -11.5% |
| 6M Rtn | -22.0% |
| 12M Rtn | 3.5% |
| 3Y Rtn | -20.3% |
| 1M Excs Rtn | -15.8% |
| 3M Excs Rtn | -18.7% |
| 6M Excs Rtn | -33.4% |
| 12M Excs Rtn | -20.1% |
| 3Y Excs Rtn | -99.9% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Clinical Diagnostics | 1,538 | 1,489 | 1,451 | 1,516 | 1,305 |
| Life Science | 1,028 | 1,178 | 1,347 | 1,401 | 1,232 |
| Other Operations | 0 | 4 | 4 | 6 | 9 |
| Total | 2,566 | 2,671 | 2,802 | 2,922 | 2,546 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Other long-term assets | 5,235 | 8,114 | 406 | 14,745 | 9,847 |
| Cash and cash equivalents, short-term investments and other current assets | 2,270 | 2,268 | 719 | 1,418 | 1,098 |
| Property, plant and equipment, net, and operating lease right-of-use assets | 689 | 724 | 2,439 | 716 | 53 |
| Clinical Diagnostics | 473 | 493 | 449 | 364 | 1,066 |
| Goodwill, net | 410 | 414 | 680 | 347 | 292 |
| Life Science | 287 | 287 | 270 | 208 | 607 |
| Other Operations | 0 | 0 | 1 | 1 | 10 |
| Total | 9,364 | 12,299 | 4,963 | 17,799 | 12,973 |
Price Behavior
Price Behavior
| Market Price | $281.82 | |
| Market Cap ($ Bil) | 7.6 | |
| First Trading Date | 02/27/1980 | |
| Distance from 52W High | -17.1% | |
| 50 Days | 200 Days | |
| DMA Price | $272.62 | $292.46 |
| DMA Trend | up | down |
| Distance from DMA | 3.4% | -3.6% |
| 3M | 1YR | |
| Volatility | 43.6% | 41.8% |
| Downside Capture | 10.27 | 66.21 |
| Upside Capture | 41.81 | 62.91 |
| Correlation (SPY) | 26.7% | 24.2% |
BIO Betas & Captures as of 4/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.21 | 0.90 | 0.75 | 0.89 | 0.90 | 0.88 |
| Up Beta | 1.08 | 0.81 | 1.26 | 1.11 | 1.45 | 1.07 |
| Down Beta | 2.50 | 1.13 | 1.04 | 0.73 | 0.36 | 0.65 |
| Up Capture | 71% | 85% | 31% | 62% | 73% | 37% |
| Bmk +ve Days | 15 | 22 | 31 | 66 | 141 | 428 |
| Stock +ve Days | 12 | 24 | 36 | 58 | 119 | 368 |
| Down Capture | 288% | 92% | 61% | 102% | 91% | 102% |
| Bmk -ve Days | 4 | 18 | 30 | 56 | 108 | 321 |
| Stock -ve Days | 10 | 19 | 28 | 67 | 132 | 384 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BIO | |
|---|---|---|---|---|
| BIO | 17.6% | 41.8% | 0.49 | - |
| Sector ETF (XLV) | 13.7% | 14.8% | 0.66 | 37.8% |
| Equity (SPY) | 26.7% | 12.1% | 1.66 | 22.2% |
| Gold (GLD) | 40.7% | 26.8% | 1.25 | 1.4% |
| Commodities (DBC) | 47.8% | 18.5% | 1.97 | -12.7% |
| Real Estate (VNQ) | 10.8% | 13.4% | 0.52 | 26.6% |
| Bitcoin (BTCUSD) | -23.9% | 41.9% | -0.54 | 8.3% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BIO | |
|---|---|---|---|---|
| BIO | -13.7% | 37.1% | -0.31 | - |
| Sector ETF (XLV) | 5.2% | 14.6% | 0.17 | 51.1% |
| Equity (SPY) | 13.8% | 17.1% | 0.64 | 43.3% |
| Gold (GLD) | 19.5% | 17.9% | 0.88 | 7.6% |
| Commodities (DBC) | 10.8% | 19.4% | 0.44 | -0.7% |
| Real Estate (VNQ) | 3.4% | 18.8% | 0.08 | 41.1% |
| Bitcoin (BTCUSD) | 6.9% | 55.9% | 0.34 | 18.2% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BIO | |
|---|---|---|---|---|
| BIO | 7.3% | 33.9% | 0.29 | - |
| Sector ETF (XLV) | 9.5% | 16.5% | 0.46 | 52.3% |
| Equity (SPY) | 15.5% | 17.9% | 0.74 | 47.1% |
| Gold (GLD) | 13.2% | 15.9% | 0.69 | 6.7% |
| Commodities (DBC) | 8.6% | 17.9% | 0.39 | 7.6% |
| Real Estate (VNQ) | 5.0% | 20.7% | 0.21 | 35.3% |
| Bitcoin (BTCUSD) | 67.3% | 66.9% | 1.06 | 12.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 2/12/2026 | -12.3% | -7.2% | -10.7% |
| 10/29/2025 | -4.7% | -3.0% | 0.6% |
| 7/31/2025 | 17.6% | 9.6% | 23.1% |
| 5/1/2025 | -1.7% | 0.2% | -9.9% |
| 2/13/2025 | -9.5% | -8.6% | -16.1% |
| 10/30/2024 | 8.4% | 12.8% | 3.0% |
| 8/1/2024 | -1.6% | -3.8% | -1.2% |
| 5/7/2024 | -4.2% | 5.0% | 3.2% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 9 | 10 |
| # Negative | 12 | 14 | 13 |
| Median Positive | 3.2% | 5.3% | 3.1% |
| Median Negative | -4.4% | -3.8% | -9.9% |
| Max Positive | 17.6% | 12.8% | 23.1% |
| Max Negative | -16.7% | -21.2% | -20.3% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 04/30/2026 | 10-Q |
| 12/31/2025 | 02/13/2026 | 10-K |
| 09/30/2025 | 10/29/2025 | 10-Q |
| 06/30/2025 | 07/31/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/14/2025 | 10-K |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 08/02/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/16/2024 | 10-K |
| 09/30/2023 | 10/27/2023 | 10-Q |
| 06/30/2023 | 08/04/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 02/17/2023 | 10-K |
| 09/30/2022 | 10/28/2022 | 10-Q |
| 06/30/2022 | 07/29/2022 | 10-Q |
Recent Forward Guidance [BETA]
Latest: Q4 2025 Earnings Reported 2/12/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue Growth | 0.5% | 1.0% | 1.5% | 100.0% | 0.5% | Raised | Guidance: 0.5% for 2025 |
| 2026 Operating Margin | 12.0% | 12.25% | 12.5% | -2.0% | -0.2% | Lowered | Guidance: 12.5% for 2025 |
Prior: Q3 2025 Earnings Reported 10/29/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Non-GAAP, currency-neutral revenue growth | 0.0% | 0.5% | 1.0% | 0.0% | 0.0% | Affirmed | Guidance: 0.5% for 2025 |
| 2025 Non-GAAP operating margin | 12.0% | 12.5% | 13.0% | 0.0% | 0.0% | Affirmed | Guidance: 12.5% for 2025 |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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