Latest Ratios: P/E Ratio 10.1x · EV/EBITDA 15.8x · 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 | $10.3B | $8.3B | $9.3B | $9.4B | $12.5B | $22.8B | $17.6B | $11.2B | $7.0B | $7.2B | $5.4B |
| Enterprise Value | $11.3B | $9.3B | $10.2B | $10.4B | $13.5B | $22.6B | $17.1B | $11.2B | $7.0B | $7.2B | $5.4B |
| P/E Ratio → | 10.05 | 10.87 | — | — | — | 5.37 | 4.62 | 6.35 | 19.45 | 58.64 | 207.14 |
| P/S Ratio | 3.96 | 3.20 | 3.61 | 3.53 | 4.47 | 7.81 | 6.91 | 4.83 | 3.07 | 3.32 | 2.61 |
| P/B Ratio | 1.40 | 1.11 | 1.41 | 1.08 | 1.30 | 1.67 | 1.78 | 1.94 | 1.75 | 2.45 | 2.10 |
| P/FCF | 31.21 | 22.07 | 34.82 | 43.21 | 155.99 | 42.60 | 36.90 | 31.08 | 45.09 | — | 72.54 |
| P/OCF | 19.30 | 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 | 15.81 | 21.26 | 24.14 | 21.57 | 21.74 | 35.39 | 30.62 | 30.67 | 238.55 | 27.21 | 27.45 |
| EV / EBIT | 41.66 | 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 | 3.51 | 3.51 | 3.27 | 2.91 | 2.24 | 0.35 | 0.40 | 1.79 | 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 | 2.29 | 2.29 | 2.11 | 2.07 | 1.54 | -0.39 | -0.78 | -0.03 | 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 | 9.9% | 9.2% | — | — | — | 18.6% | 21.6% | 15.7% | 5.1% | 1.7% | 0.5% |
| FCF Yield | 3.2% | 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 10.1x. The historical average is 21.1x. This places it at the 12th percentile of its historical range.
Bio-Rad Laboratories, Inc.'s current EV/EBITDA is 15.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 14.5x.
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 10.1x. This is at the 12th 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 3.5x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Sartorius-linked earnings volatility distorting core profitability
Metrics are mathematically derived from official filings.
Headline Multiples Overstate Core Earnings Power
Based on reported figures, BIO trades at 13.69x trailing P/E but 38.22x forward P/E, a gap that suggests trailing earnings are inflated by non-operating Sartorius mark-to-market gains rather than sustainable operating profit.
The divergence between trailing and forward P/E suggests the market is discounting the recent Q3 EPS beat as largely non-recurring, since guidance was held rather than raised. With TTM revenue growth of only 0.7% and EV/EBITDA of 23.68x against peers ranging from roughly 21x to 72x, valuation appears to rest on a thin operating base. Investors should monitor whether the forward multiple compresses as core margins are reconciled against Sartorius-adjusted earnings history.
Gross Margin Erosion Outpaces Operating Recovery
As reported in the quarterly income statements, gross margin has drifted from 55.6% in Q2 2024 to roughly 50.1% in Q3 2026, while operating margin of -7.6% in the latest quarter signals weak earning power.
The five-point gross margin decline points to mix and cost pressure rather than a single pricing event, which may limit the operating leverage management can extract from a flat revenue base. Operating margin has oscillated between roughly 4% and 16% over the period, implying the core business is unstable at the operating line. Net margin readings in the triple digits are artifacts of mark-to-market swings and should not be read as evidence of improved profitability.
Return on Capital Stuck Near Cost of Capital
Based on EDBL-style reporting logic applied to BIO's figures, ROIC has held between roughly 0.2% and 0.9% across ten quarters, with the latest reading of -0.5% suggesting little value creation above the cost of capital.
Persistently low ROIC alongside a roughly 7.6 billion dollar equity base indicates retained capital is not compounding meaningfully in operations. The ROE improvement in some quarters appears driven by equity revaluation tied to Sartorius rather than productive reinvestment. Relative to TMO at 7.5% and DHR at 5.9% ROIC, BIO's returns appear structurally lagging, which may warrant scrutiny of the operating asset base.
Conservative Leverage Provides Structural Cushion
According to recent SEC filings, BIO's debt-to-equity ratio has held between 0.17 and 0.21 across reported quarters, with interest coverage in most periods comfortably above operating needs, indicating low financial risk.
Stable total debt near 1.4 billion dollars against a growing equity base keeps leverage conservative and reduces refinancing pressure. Interest coverage readings are distorted in quarters with negative operating income, so the more reliable signal is the consistently low D/E. Low leverage here does not offset weak operating returns, and the balance sheet strength may reflect asset revaluation rather than cash generation.
Liquidity Remains Ample Despite Ratio Compression
As reported in financial statements, the current ratio fell from 6.48 in Q4 2024 to roughly 3.2 in recent quarters, while the quick ratio near 2.4 still indicates the company can meet short-term obligations without inventory liquidation.
The compression from peak levels appears driven by rising current liabilities and lower cash build rather than deterioration in operating assets. Inventory days near 220 to 240 mean a meaningful share of current assets is tied up in slow-moving stock, so the quick ratio is the more relevant stress measure. Under severe stress the position would likely hold, though rising inventory intensity warrants monitoring for obsolescence risk in expiring diagnostic kits.
Misapplied Metric: Trailing P/E Overstates Cheapness
Based on the reported quarterly data, trailing P/E of 13.69x is the metric most commonly misapplied to BIO, since mark-to-market Sartorius swings make EPS a poor proxy for recurring earnings power.
Trailing P/E treats a Sartorius revaluation gain as operating income, which can make the stock appear inexpensive precisely when core margins are weakest. A more appropriate approach is a sum-of-the-parts view that values the Sartorius stake at market and capitalizes core operating earnings separately. Investors should monitor whether EV/EBITDA on an ex-Sartorius basis supports the current valuation, as the answer may differ materially from the headline multiple.