BIO

MKT CAP:$8B

Bio-Rad Laboratories, Inc.

Market Cap

$8B

Healthcare·Medical - Devices·🇺🇸 United States·NYSE

Healthcare·Medical - Devices·🇺🇸·NYSE

Stock Price

$285.24-$20.03 (-6.56%)

Apr 24, 2026

Company Details

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 Diagnostic...

CEO

Norman D. Schwartz

IPO Date

Feb 27, 1980

Website

www.bio-rad.com

Key Metrics TTM

Revenue

$2.6B

+0.7% YoY

Net Income

-$274M

EPS (Diluted)

-$9.33

Free Cash Flow

$385M

Revenue / Share

$96.22

Gross Margin

51.4%

Operating Margin

8.1%

Net Margin

-10.5%

FCF Margin

14.8%

P/S

3.0x

P/E

—

Earnings Reports

Q1 2026

May 7, 2026

PENDING

FY 2025

Feb 12, 2026

$2.6B+0.7%EPS $27.87

Q4 2025

Feb 12, 2026

$693M+3.9%EPS $26.65

Q3 2025

Oct 29, 2025

$653M+0.5%EPS -$12.70

Q1 2025

May 1, 2025

$585M-4.2%EPS $2.29

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 21	$747M	$437M	$157M
Q4 21	$733M	$401M	$107M
Q1 22	$700M	$403M	$146M
Q2 22	$691M	$396M	$120M
Q4 22	$730M	$397M	$119M
Q1 23	$677M	$362M	$62M
Q2 23	$681M	$362M	$90M
Q3 23	$632M	$336M	$91M
Q4 23	$681M	$366M	$98M
Q1 24	$611M	$326M	$52M
Q2 24	$638M	$355M	$101M
Q3 24	$650M	$356M	$64M
Q4 24	$667M	$342M	$58M
Q1 25	$585M	$306M	$24M
Q3 25	$653M	$343M	$66M
Q4 25	$693M	$345M	$62M

Valuation

Quarter	P/S	P/E
Q3 21	2.6x	1.2x
Q4 21	2.6x	1.8x
Q1 22	2.7x	—
Q2 22	2.7x	—
Q4 22	2.7x	—
Q1 23	2.8x	—
Q2 23	2.8x	—
Q3 23	2.8x	—
Q4 23	2.9x	—
Q1 24	3.0x	—
Q2 24	3.0x	—
Q3 24	3.0x	—
Q4 24	3.0x	—
Q1 25	3.0x	—
Q3 25	3.0x	—
Q4 25	3.0x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 21	$230M	$196M
Q4 21	$158M	$115M
Q1 22	$50M	$17M
Q2 22	$53M	$36M
Q4 22	$90M	$43M
Q1 23	$98M	$62M
Q2 23	$98M	$63M
Q3 23	$98M	$54M
Q4 23	$81M	$39M
Q1 24	$70M	$30M
Q2 24	$98M	$55M
Q3 24	$164M	$100M
Q4 24	$124M	$81M
Q1 25	$130M	$96M
Q3 25	$121M	$89M
Q4 25	$165M	$119M

Capital Expenditures

Quarter	CapEx
Q3 21	$35M
Q4 21	$43M
Q1 22	$33M
Q2 22	$17M
Q4 22	$47M
Q1 23	$36M
Q2 23	$35M
Q3 23	$44M
Q4 23	$42M
Q1 24	$40M
Q2 24	$42M
Q3 24	$64M
Q4 24	$43M
Q1 25	$34M
Q3 25	$32M
Q4 25	$46M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 21	+15.4%	+9.8%
Q4 21	-7.2%	+1.8%
Q1 22	-3.7%	-11.5%
Q2 22	-3.5%	-3.4%
Q4 22	-2.2%	+3.6%
Q1 23	-7.6%	-1.7%
Q2 23	-2.7%	+6.8%
Q3 23	-8.5%	-5.2%
Q4 23	-6.7%	-4.6%
Q1 24	-9.8%	-9.1%
Q2 24	-6.3%	-9.2%
Q3 24	+2.8%	+8.1%
Q4 24	-2.0%	+4.4%
Q1 25	-4.2%	+0.5%
Q3 25	+2.3%	+9.2%
Q4 25	+6.7%	+7.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 21	$13M	1.8%
Q4 21	$15M	2.0%
Q1 22	$14M	1.9%
Q2 22	$14M	2.0%
Q4 22	$18M	2.5%
Q1 23	$17M	2.5%
Q2 23	$13M	1.8%
Q3 23	$16M	2.5%
Q4 23	$16M	2.4%
Q1 24	$15M	2.5%
Q2 24	$15M	2.3%
Q3 24	$16M	2.4%
Q4 24	$16M	2.5%
Q1 25	$15M	2.6%
Q3 25	$0	0.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	SG&A
Q3 21	$64M	$216M
Q4 21	$70M	$224M
Q1 22	$60M	$197M
Q2 22	$67M	$209M
Q4 22	$66M	$212M
Q1 23	$75M	$226M
Q2 23	$65M	$208M
Q3 23	$44M	$201M
Q4 23	$62M	$206M
Q1 24	$64M	$210M
Q2 24	$59M	$196M
Q3 24	$91M	$200M
Q4 24	$80M	$204M
Q1 25	$74M	$209M
Q3 25	$71M	$207M
Q4 25	$66M	$217M

Revenue Segments

Quarter	Clinical Diagnostics	Life Science
Q3 21	$372M	$374M
Q4 21	$405M	$327M
Q1 22	$352M	$347M
Q2 22	$368M	$322M
Q4 22	$370M	$360M
Q1 23	$352M	$324M
Q2 23	$380M	$300M
Q3 23	$368M	$264M
Q4 23	$389M	$291M
Q1 24	$369M	$242M
Q2 24	$388M	$251M
Q3 24	$389M	$261M
Q4 24	$393M	$275M
Q1 25	$357M	$229M
Q3 25	$391M	$262M
Q4 25	$425M	$268M

Revenue by Geography

Quarter	Americas	Asia Pacific	Europe	United States
Q3 21	$39M	$171M	$222M	$315M
Q4 21	$39M	$176M	$249M	$269M
Q1 22	$38M	$161M	$219M	$283M
Q2 22	$40M	$153M	$217M	$282M
Q4 22	$38M	$169M	$216M	$307M
Q1 23	$39M	$136M	$205M	$297M
Q2 23	$39M	$143M	$211M	$288M
Q3 23	$45M	$119M	$193M	$275M
Q4 23	$44M	$165M	$211M	$262M
Q1 24	$41M	$117M	$200M	$253M
Q2 24	$47M	$131M	$207M	$254M
Q3 24	$41M	$127M	$206M	$276M
Q4 24	$41M	$146M	$222M	$258M
Q1 25	$40M	$104M	$200M	$242M
Q3 25	$40M	$121M	$222M	$270M
Q4 25	$45M	$162M	$243M	$244M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$802M	$1.3B	$2.1B
Q2 22	$597M	$1.4B	$2.0B
Q3 22	$518M	$1.3B	$1.9B
Q4 22	$434M	$1.4B	$1.8B
Q1 23	$464M	$1.4B	$1.9B
Q2 23	$390M	$1.3B	$1.7B
Q3 23	$458M	$1.3B	$1.8B
Q4 23	$404M	$1.2B	$1.6B
Q1 24	$433M	$1.2B	$1.6B
Q2 24	$407M	$1.2B	$1.6B
Q3 24	$410M	$1.2B	$1.6B
Q4 24	$488M	$1.2B	$1.7B
Q1 25	$521M	$1.1B	$1.7B
Q2 25	$369M	$1.0B	$1.4B
Q3 25	$398M	$1.0B	$1.4B
Q4 25	$532M	$1.0B	$1.5B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 21	30M	+0.3%	+0.3%
Q4 21	30M	-1.0%	-0.8%
Q1 22	30M	+0.0%	-0.8%
Q2 22	30M	-0.5%	-1.2%
Q4 22	30M	-0.0%	-1.4%
Q1 23	30M	-0.2%	-0.6%
Q2 23	29M	-1.3%	-1.9%
Q3 23	29M	-0.4%	-1.9%
Q4 23	29M	-1.4%	-3.3%
Q1 24	29M	-1.0%	-4.1%
Q2 24	28M	-0.5%	-3.3%
Q3 24	28M	-1.4%	-4.2%
Q4 24	28M	+0.0%	-2.8%
Q1 25	28M	-0.2%	-2.0%
Q3 25	27M	-3.7%	-5.2%
Q4 25	27M	+0.3%	-3.5%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 21	$93.4K	8K
Q4 21	$771.3K	950
Q1 22	$736.9K	950
Q2 22	$727.5K	950
Q4 22	$657.9K	1K
Q1 23	$609.8K	1K
Q2 23	$613.6K	1K
Q3 23	$569.5K	1K
Q4 23	$613.7K	1K
Q1 24	$550.3K	1K
Q2 24	$575.2K	1K
Q3 24	$585.3K	1K
Q4 24	$702.6K	950
Q1 25	$616.2K	950
Q3 25	$687.4K	950
Q4 25	$877.5K	790

Revenue / Employee