Latest Ratios: P/E Ratio 13.6x · EV/EBITDA 23.5x · ROE 10.8%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $10.2B | $8.3B | $9.3B | $9.4B | $12.5B | $22.8B | $17.6B | $11.2B | $7.0B | $7.2B | $5.4B |
| Enterprise Value | $11.2B | $9.3B | $10.2B | $10.4B | $13.5B | $22.6B | $17.1B | $11.2B | $7.0B | $7.2B | $5.4B |
| P/E Ratio → | 13.59 | 10.87 | — | — | — | 5.37 | 4.62 | 6.35 | 19.45 | 58.64 | 207.14 |
| P/S Ratio | 3.95 | 3.20 | 3.61 | 3.53 | 4.47 | 7.81 | 6.91 | 4.83 | 3.07 | 3.32 | 2.61 |
| P/B Ratio | 1.39 | 1.11 | 1.41 | 1.08 | 1.30 | 1.67 | 1.78 | 1.94 | 1.75 | 2.45 | 2.10 |
| P/FCF | 27.22 | 22.07 | 34.82 | 43.21 | 155.99 | 42.60 | 36.90 | 31.08 | 45.09 | — | 72.54 |
| P/OCF | 19.16 | 15.53 | 20.36 | 25.15 | 64.41 | 34.09 | 30.06 | 24.39 | 24.59 | 68.83 | 25.01 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.59 | 3.96 | 3.91 | 4.81 | 7.73 | 6.74 | 4.83 | 3.07 | 3.34 | 2.60 |
| EV / EBITDA | 23.53 | 19.47 | 24.14 | 21.57 | 20.43 | 35.39 | 30.62 | 27.61 | 238.55 | 27.21 | 27.45 |
| EV / EBIT | 41.40 | 8.87 | — | — | — | 4.14 | 3.47 | 4.88 | 13.10 | 59.75 | 82.88 |
| EV / FCF | — | 24.73 | 38.15 | 47.80 | 167.87 | 42.14 | 35.99 | 31.05 | 45.14 | — | 72.25 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 52.0% | 52.0% | 53.7% | 53.4% | 55.9% | 56.1% | 56.5% | 54.4% | 53.5% | 55.0% | 55.0% |
| Operating Margin | 10.5% | 10.5% | 10.5% | 12.6% | 17.2% | 17.1% | 16.6% | 9.9% | -4.7% | 5.4% | 2.6% |
| Net Profit Margin | 29.4% | 29.4% | -71.9% | -23.9% | -129.5% | 145.6% | 149.8% | 76.1% | 15.8% | 5.3% | 1.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 10.8% | 10.8% | -24.1% | -6.9% | -31.1% | 36.1% | 48.8% | 36.0% | 10.4% | 4.2% | 1.1% |
| ROA | 7.6% | 7.6% | -17.0% | -4.9% | -23.2% | 27.7% | 36.4% | 25.8% | 7.3% | 2.8% | 0.7% |
| ROIC | 2.6% | 2.6% | 2.3% | 2.5% | 3.0% | 3.3% | 4.2% | 3.5% | -2.3% | 3.2% | 1.6% |
| ROCE | 2.9% | 2.9% | 2.6% | 2.7% | 3.2% | 3.4% | 4.3% | 3.7% | -2.4% | 3.3% | 1.6% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.21 | 0.21 | 0.21 | 0.16 | 0.14 | 0.02 | 0.02 | 0.11 | 0.11 | 0.15 | 0.17 |
| Debt / EBITDA | 3.22 | 3.22 | 3.27 | 2.91 | 2.10 | 0.35 | 0.40 | 1.61 | 14.92 | 1.64 | 2.22 |
| Net Debt / Equity | — | 0.13 | 0.13 | 0.11 | 0.10 | -0.02 | -0.04 | -0.00 | 0.00 | 0.02 | -0.01 |
| Net Debt / EBITDA | 2.10 | 2.10 | 2.11 | 2.07 | 1.45 | -0.39 | -0.78 | -0.02 | 0.27 | 0.19 | -0.11 |
| Debt / FCF | — | 2.67 | 3.33 | 4.59 | 11.88 | -0.46 | -0.92 | -0.03 | 0.05 | — | -0.29 |
| Interest Coverage | 21.32 | 21.32 | -46.90 | -16.20 | -122.43 | 3514.25 | 225.97 | 97.56 | 22.39 | 5.25 | 2.78 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 5.62 | 5.62 | 6.48 | 5.83 | 5.55 | 2.92 | 3.39 | 2.41 | 4.49 | 3.93 | 3.91 |
| Quick Ratio | 4.19 | 4.19 | 4.85 | 4.34 | 4.29 | 2.08 | 2.40 | 1.80 | 3.19 | 2.75 | 2.80 |
| Cash Ratio | 2.98 | 2.98 | 3.56 | 3.07 | 3.15 | 1.28 | 1.57 | 1.23 | 1.87 | 1.50 | 1.78 |
| Asset Turnover | — | 0.24 | 0.27 | 0.22 | 0.21 | 0.16 | 0.20 | 0.29 | 0.41 | 0.51 | 0.54 |
| Inventory Turnover | 1.67 | 1.67 | 1.56 | 1.59 | 1.72 | 2.24 | 1.78 | 1.90 | 1.83 | 1.64 | 1.77 |
| Days Sales Outstanding | — | 66.76 | 64.35 | 66.82 | 64.43 | 52.90 | 60.14 | 62.00 | 62.55 | 78.55 | 65.71 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.4% | 9.2% | — | — | — | 18.6% | 21.6% | 15.7% | 5.1% | 1.7% | 0.5% |
| FCF Yield | 3.7% | 4.5% | 2.9% | 2.3% | 0.6% | 2.3% | 2.7% | 3.2% | 2.2% | — | 1.4% |
| Buyback Yield | 2.9% | 3.6% | 2.2% | 4.5% | 1.7% | 0.2% | 0.6% | 0.3% | 0.7% | 0.0% | 0.0% |
| Total Shareholder Yield | 2.9% | 3.6% | 2.2% | 4.5% | 1.7% | 0.2% | 0.6% | 0.3% | 0.7% | 0.0% | 0.0% |
| Shares Outstanding | — | $27M | $28M | $29M | $30M | $30M | $30M | $30M | $30M | $30M | $30M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying BIO stock.
Bio-Rad Laboratories, Inc.'s current P/E ratio is 13.6x. The historical average is 21.1x. This places it at the 23th percentile of its historical range.
Bio-Rad Laboratories, Inc.'s current EV/EBITDA is 23.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 14.2x.
Bio-Rad Laboratories, Inc.'s return on equity (ROE) is 10.8%. The historical average is 10.4%.
Based on historical data, Bio-Rad Laboratories, Inc. is trading at a P/E of 13.6x. This is at the 23th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Bio-Rad Laboratories, Inc. has 52.0% gross margin and 10.5% operating margin. Operating margin between 10-20% is typical for established companies.
Bio-Rad Laboratories, Inc.'s Debt/EBITDA ratio is 3.2x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Investment volatility obscures core trends
Metrics are mathematically derived from official filings.
Valuation Distorted by Investment Stake
Bio-Rad's trailing P/E of 12.7 appears cheap, but forward P/E of 36.8 suggests the market prices in normalized earnings. According to recent financial statements, the Sartorius stake inflates book value, making P/B of 1.3 misleading.
The trailing P/E is artificially depressed by large non-operating investment gains, while the forward P/E implies a significant earnings decline or a reversion to core operating profitability. EV/EBITDA of 22.2 is in line with peers like Thermo Fisher (23.2) and Danaher (21.2), suggesting the market values the core business similarly, but the investment portfolio adds volatility. Investors should monitor the implied growth rate in the forward multiple, as flat revenue growth and compressed operating margins may not justify a premium.
Core Margins Under Pressure
Gross margin held at 53.1% in 2026Q2, but operating margin fell to 11.2% from 15.9% two years earlier. As reported in quarterly filings, this decline indicates that cost growth is outpacing revenue, eroding underlying earning power.
The stability in gross margin suggests pricing power, but the operating margin compression points to inefficiencies in SG&A and R&D allocation. Net margin is heavily distorted by investment gains and losses, swinging from -107% to +104% over the past ten quarters, making it an unreliable gauge of profitability. The true earning power is better reflected in operating margin, which, despite recent stabilization around 11%, remains below historical levels and warrants close monitoring.
ROIC Stagnant Despite Asset Base
ROIC has hovered near 0.5-0.9% over the past ten quarters, far below the cost of capital. Based on reported figures, this suggests that the company is not generating adequate returns on its invested capital, partly due to the large investment portfolio.
ROE and ROA are highly volatile due to investment gains and losses, but ROIC remains consistently low, indicating that the core business is not compounding returns. The asset base is inflated by the Sartorius stake, which does not generate operating income, thus diluting returns. Even excluding the investment, the flat revenue and declining operating margin imply that capital efficiency is not improving, and investors should question whether the company can generate shareholder value from its operations.
Working Capital Drag Intensifies
Cash conversion cycle lengthened to 251 days in 2026Q2 from 230 days in 2025Q4, driven by high inventory days of 231. According to recent financial statements, this indicates that Bio-Rad is tying up more cash in inventory, reducing operational efficiency.
DSO has remained stable around 61-68 days, but DIO has increased from 201 to 231 days over the past year, suggesting slower inventory turnover. DPO is relatively low at 41 days, meaning the company is not leveraging supplier financing as much as peers. The extended CCC implies that working capital is a drag on cash flow, and management may need to address inventory management to free up cash.
Conservative Debt but Coverage Thin
Debt-to-equity remains low at 0.17, but interest coverage turned negative in 2026Q1 at -55.1. As disclosed in financial statements, this reflects investment losses, not operational distress, yet it highlights earnings volatility.
The balance sheet is conservatively leveraged with D/E below 0.2 and D/EBITDA around 2.2 in 2026Q2, indicating manageable debt levels. However, interest coverage is erratic due to investment swings, making it an unreliable metric for assessing debt service. The core business generates stable cash flow, which should comfortably cover interest, but investors should monitor the impact of investment volatility on reported coverage ratios.
Ample Liquidity Buffer
Current ratio improved to 3.14 in 2026Q2, down from 5.62 in 2025Q4, but still strong. Based on reported figures, cash holdings around $500M provide a robust cushion against short-term obligations.
The quick ratio of 2.33 indicates that even without selling inventory, the company can cover current liabilities. The decline in the current ratio from 5.62 to 3.14 suggests some deployment of cash, possibly into buybacks or investments, but the liquidity position remains healthy. Under severe stress, the company could liquidate its investment portfolio, though that would be a last resort given its strategic importance.
Misapplied P/E on Investment-Laden Earnings
The most misapplied ratio for Bio-Rad is the P/E, as net income is heavily distorted by non-operating investment gains and losses. According to recent financial statements, trailing P/E of 12.7 is meaningless without adjusting for these items.
Investors often use P/E to gauge valuation, but for Bio-Rad, the earnings figure is not representative of core operations. A more appropriate metric is EV/EBITDA, which excludes depreciation and financing effects, or a P/E based on operating earnings. Alternatively, sum-of-the-parts valuation that separates the Sartorius stake from the core business would provide clearer insight. The forward P/E of 36.8 suggests the market is already adjusting for normalized earnings, but the volatility in reported earnings makes any single multiple unreliable.