Revenue growth remains range-bound with gross margins hovering near 52%, suggesting structural constraints in scaling operating income relative to fixed R&D and SG&A costs.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 2.59B | 2.58B | 2.57B | 2.67B | 2.8B | 2.92B | 2.55B | 2.31B | 2.29B | 2.16B | 2.07B | 2.02B | 2.18B | 2.13B | 2.07B | 2.07B | 1.93B | 1.78B | 1.76B | 1.46B | 1.27B | 1.18B | 1.09B | 1B | 892.72M | 817.51M | 725.88M | 549.5M | 441.9M | 426.9M | 418.8M |
| Revenue Growth % | 1.92% | 0.65% | -3.92% | -4.67% | -4.12% | 14.81% | 10.12% | 0.94% | 6.02% | 4.45% | 2.41% | -7.15% | 1.99% | 3.07% | -0.21% | 7.6% | 8.01% | 1.13% | 20.76% | 14.69% | 7.87% | 8.35% | 8.63% | 12.4% | 9.2% | 12.62% | 32.1% | 24.35% | 3.51% | 1.93% | 5.6% |
| Cost of Goods Sold | 1.25B | 1.24B | 1.19B | 1.24B | 1.23B | 1.28B | 1.11B | 1.05B | 1.07B | 972.75M | 930.09M | 897.77M | 996.53M | 954.22M | 908.19M | 895.64M | 835.63M | 784.4M | 801.84M | 669.69M | 561.39M | 534.5M | 479.94M | 437.99M | 383.24M | 356.33M | 300.06M | 227.7M | 181.5M | 169.9M | 164.1M |
| COGS % of Revenue | - | 47.99% | 46.27% | 46.58% | 44.07% | 43.95% | 43.52% | 45.62% | 46.54% | 45.03% | 44.97% | 44.46% | 45.82% | 44.74% | 43.89% | 43.19% | 43.36% | 43.96% | 45.45% | 45.84% | 44.07% | 45.26% | 44.03% | 43.65% | 42.93% | 43.59% | 41.34% | 41.44% | 41.07% | 39.8% | 39.18% |
| Gross Profit | 1.34B | 1.34B | 1.38B | 1.43B | 1.57B | 1.64B | 1.44B | 1.26B | 1.22B | 1.19B | 1.14B | 1.12B | 1.18B | 1.18B | 1.16B | 1.18B | 1.09B | 999.84M | 962.52M | 791.36M | 712.54M | 646.49M | 610.07M | 565.39M | 509.49M | 461.18M | 425.83M | 321.8M | 260.4M | 257M | 254.7M |
| Gross Margin % | 51.87% | 52.01% | 53.73% | 53.42% | 55.93% | 56.05% | 56.48% | 54.38% | 53.46% | 54.97% | 55.03% | 55.54% | 54.18% | 55.26% | 56.11% | 56.81% | 56.64% | 56.04% | 54.55% | 54.16% | 55.93% | 54.74% | 55.97% | 56.35% | 57.07% | 56.41% | 58.66% | 58.56% | 58.93% | 60.2% | 60.82% |
| Gross Profit Growth % | - | -2.56% | -3.37% | -8.96% | -4.32% | 13.92% | 14.39% | 2.67% | 3.11% | 4.33% | 1.46% | -4.82% | 0% | 1.5% | -1.43% | 7.92% | 9.17% | 3.88% | 21.63% | 11.06% | 10.22% | 5.97% | 7.9% | 10.97% | 10.47% | 8.3% | 32.33% | 23.58% | 1.32% | 0.9% | 5.51% |
| Operating Expenses | 1.1B | 1.08B | 1.11B | 1.09B | 1.08B | 1.14B | 1.02B | 1.03B | 1.03B | 1.06B | 1.02B | 954.96M | 1.03B | 1.01B | 896.94M | 882.73M | 807.48M | 765.05M | 808.34M | 648.51M | 562.33M | 531.19M | 486.61M | 419.63M | 372.11M | 349.15M | 359.06M | 273.2M | 229.4M | 230.4M | 213M |
| OpEx % of Revenue | - | 41.71% | 43.25% | 40.77% | 38.71% | 38.93% | 39.93% | 44.44% | 45.08% | 49.04% | 49.44% | 47.29% | 47.29% | 47.31% | 43.35% | 42.57% | 41.9% | 42.88% | 45.81% | 44.39% | 44.14% | 44.98% | 44.64% | 41.82% | 41.68% | 42.71% | 49.47% | 49.72% | 51.91% | 53.97% | 50.86% |
| Selling, General & Admin | 843.5M | 819.9M | 814M | 841.7M | 827.83M | 877.12M | 798.8M | 824.63M | 833.29M | 808.94M | 816.72M | 761.99M | 808.2M | 798.07M | 682.9M | 696.29M | 635.21M | 601.47M | 591.3M | 507.98M | 438.95M | 416.08M | 378.26M | 325.36M | 289.18M | 272.61M | 247.61M | 194.5M | 167M | 164.8M | 155.5M |
| SG&A % of Revenue | - | 31.74% | 31.72% | 31.51% | 29.54% | 30.01% | 31.38% | 35.67% | 36.39% | 37.45% | 39.49% | 37.73% | 37.16% | 37.42% | 33% | 33.58% | 32.96% | 33.71% | 33.51% | 34.77% | 34.46% | 35.23% | 34.7% | 32.43% | 32.39% | 33.35% | 34.11% | 35.4% | 37.79% | 38.6% | 37.13% |
| Research & Development | 260.4M | 256.9M | 295.9M | 247.43M | 256.89M | 260.64M | 217.76M | 202.71M | 199.2M | 250.3M | 205.86M | 192.97M | 220.33M | 210.95M | 214.04M | 186.44M | 172.27M | 163.59M | 159.52M | 140.53M | 123.38M | 115.1M | 108.34M | 94.27M | 82.94M | 76.54M | 68.14M | 51.2M | 41.4M | 46.1M | 39.6M |
| R&D % of Revenue | - | 9.95% | 11.53% | 9.26% | 9.17% | 8.92% | 8.55% | 8.77% | 8.7% | 11.59% | 9.95% | 9.56% | 10.13% | 9.89% | 10.34% | 8.99% | 8.94% | 9.17% | 9.04% | 9.62% | 9.68% | 9.75% | 9.94% | 9.4% | 9.29% | 9.36% | 9.39% | 9.32% | 9.37% | 10.8% | 9.46% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 43.31M | 27.5M | 21M | 19.5M | 17.9M |
| Operating Income | 239.5M | 270.5M | 269M | 337.8M | 482.62M | 500.34M | 421.33M | 229.66M | -108.64M | 116.65M | 53.19M | 166.71M | 149.98M | 169.46M | 264.11M | 295.16M | 284.01M | 230.99M | 182.94M | 135.19M | 146.11M | 115.3M | 108.84M | 145.76M | 137.38M | 112.03M | 66.77M | 48.6M | 31M | 26.6M | 41.7M |
| Operating Margin % | 9.25% | 10.47% | 10.48% | 12.65% | 17.22% | 17.12% | 16.55% | 9.93% | -4.74% | 5.4% | 2.57% | 8.26% | 6.9% | 7.95% | 12.76% | 14.23% | 14.74% | 12.95% | 10.37% | 9.25% | 11.47% | 9.76% | 9.99% | 14.53% | 15.39% | 13.7% | 9.2% | 8.84% | 7.02% | 6.23% | 9.96% |
| Operating Income Growth % | - | 0.56% | -20.37% | -30.01% | -3.54% | 18.75% | 83.46% | 311.39% | -193.13% | 119.29% | -68.09% | 11.15% | -11.49% | -35.84% | -10.52% | 3.92% | 22.95% | 26.26% | 35.32% | -7.47% | 26.72% | 5.93% | -25.33% | 6.11% | 22.63% | 67.79% | 37.38% | 56.77% | 16.54% | -36.21% | 5.04% |
| EBITDA | -314.9M | 475.9M | 420.6M | 483.7M | 659.82M | 637.94M | 559.93M | 404.16M | 29.46M | 265.35M | 196.09M | 298.56M | 299.87M | 316.61M | 394.53M | 416.11M | 392.92M | 332.67M | 280.03M | 202.49M | 201.51M | 176.3M | 165.04M | 187.76M | 175.38M | 153.33M | 110.08M | 76.1M | 52M | 46.1M | 59.6M |
| EBITDA Margin % | -12.16% | 18.42% | 16.39% | 18.11% | 23.55% | 21.83% | 22% | 17.48% | 1.29% | 12.28% | 9.48% | 14.78% | 13.79% | 14.85% | 19.07% | 20.07% | 20.39% | 18.64% | 15.87% | 13.86% | 15.82% | 14.93% | 15.14% | 18.71% | 19.65% | 18.76% | 15.16% | 13.85% | 11.77% | 10.8% | 14.23% |
| EBITDA Growth % | -173.05% | 13.15% | -13.04% | -26.69% | 3.43% | 13.93% | 38.54% | 1271.94% | -88.9% | 35.32% | -34.32% | -0.44% | -5.29% | -19.75% | -5.19% | 5.9% | 18.11% | 18.8% | 38.29% | 0.49% | 14.3% | 6.82% | -12.1% | 7.06% | 14.38% | 39.29% | 44.65% | 46.35% | 12.8% | -22.65% | 5.67% |
| D&A (Non-Cash Add-back) | 157.2M | 205.4M | 151.6M | 145.9M | 177.2M | 137.6M | 138.6M | 174.5M | 138.1M | 148.7M | 142.9M | 131.85M | 149.89M | 147.16M | 130.42M | 120.96M | 108.91M | 101.68M | 97.09M | 67.3M | 55.4M | 61M | 56.2M | 42M | 38M | 41.3M | 43.31M | 27.5M | 21M | 19.5M | 17.9M |
| EBIT | -122.6M | 270.5M | -2.29B | -800.66M | -4.67B | 5.45B | 4.94B | 2.28B | 536.62M | 120.82M | 64.94M | 167.54M | 153.69M | 173.66M | 281.02M | 298.98M | 284M | 232.86M | 174.96M | 152.45M | 174.05M | 115.3M | 117.55M | 147.43M | 138.19M | 112.03M | 66.77M | 48.6M | 31.14M | 26.6M | 39M |
| Net Interest Income | 10.1M | 46.5M | 33.1M | 51.46M | 19.89M | 17.35M | -3.66M | 7.08M | 2.64M | -3.91M | -8.68M | -11.59M | -8.63M | -47.87M | -39.71M | -44.94M | -58.52M | -47.02M | -32.11M | -31.61M | -32.02M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 59.4M | 95.5M | 82M | 100.9M | 58M | 18.9M | 18.2M | 30.5M | 26.6M | 19.1M | 14.7M | 10.1M | 13.5M | 13.4M | 11.4M | 8.2M | 5.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 49.3M | 49M | 48.9M | 49.44M | 38.11M | 1.55M | 21.86M | 23.42M | 23.96M | 23.01M | 23.38M | 21.69M | 22.13M | 61.27M | 51.11M | 53.13M | 63.72M | 47.02M | 32.11M | 31.61M | 32.02M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -17.2M | 725M | -2.61B | -1.19B | -5.19B | 4.95B | 4.5B | 2.03B | 319.39M | -15.35M | -73.94M | -20.86M | -18.43M | -57.07M | -34.27M | -59.39M | -63.73M | -45.16M | -40.1M | -14.35M | -4.08M | -21.93M | -11.52M | -32.07M | -32.97M | -47.06M | -21.32M | -32.18M | 3.23M | -3.8M | -2.5M |
| Pretax Income | 222.3M | 995.5M | -2.34B | -850.1M | -4.7B | 5.45B | 4.92B | 2.26B | 507.36M | 97.81M | 41.56M | 145.85M | 131.56M | 112.39M | 231.58M | 235.76M | 220.28M | 185.83M | 142.84M | 120.84M | 142.03M | 93.37M | 97.33M | 113.69M | 104.41M | 64.97M | 45.44M | 16.4M | 34.2M | 22.8M | 36.5M |
| Pretax Margin % | 8.58% | 38.54% | -91.27% | -31.82% | -167.87% | 186.45% | 193.19% | 97.81% | 22.15% | 4.53% | 2.01% | 7.22% | 6.05% | 5.27% | 11.19% | 11.37% | 11.43% | 10.42% | 8.1% | 8.27% | 11.15% | 7.91% | 8.93% | 11.33% | 11.7% | 7.95% | 6.26% | 2.98% | 7.74% | 5.34% | 8.72% |
| Income Tax | 53.5M | 235.6M | -498.3M | -212.78M | -1.08B | 1.19B | 1.1B | 502.41M | 146.36M | -16.93M | 13.44M | 32.75M | 42.71M | 34.57M | 62.28M | 57.74M | 33.35M | 36.67M | 44.58M | 26.55M | 38.76M | 15.79M | 31.04M | 37.52M | 36.54M | 20.79M | 13.63M | 4.7M | 9.9M | 6.4M | 9.1M |
| Effective Tax Rate % | 24.07% | 23.67% | 21.27% | 25.03% | 22.89% | 21.93% | 22.44% | 22.22% | 28.85% | -17.32% | 32.33% | 22.46% | 32.47% | 30.76% | 26.89% | 24.49% | 15.14% | 19.73% | 31.21% | 21.97% | 27.29% | 16.91% | 31.89% | 33% | 35% | 32% | 30% | 28.66% | 28.95% | 28.07% | 24.93% |
| Net Income | 168.8M | 759.9M | -1.84B | -637.32M | -3.63B | 4.25B | 3.81B | 1.76B | 361M | 114.74M | 28.13M | 113.09M | 88.84M | 77.79M | 169.23M | 178.22M | 185.49M | 144.62M | 89.51M | 92.99M | 103.26M | 81.55M | 68.24M | 76.17M | 67.86M | 44.18M | 31.1M | 11.7M | 24.3M | 16.4M | 26.2M |
| Net Margin % | 6.52% | 29.42% | -71.86% | -23.86% | -129.45% | 145.57% | 149.83% | 76.08% | 15.76% | 5.31% | 1.36% | 5.6% | 4.08% | 3.65% | 8.18% | 8.6% | 9.63% | 8.11% | 5.07% | 6.36% | 8.11% | 6.91% | 6.26% | 7.59% | 7.6% | 5.4% | 4.28% | 2.13% | 5.5% | 3.84% | 6.26% |
| Net Income Growth % | 107.8% | 141.2% | -189.37% | 82.43% | -185.27% | 11.54% | 116.88% | 387.17% | 214.62% | 307.96% | -75.13% | 27.29% | 14.21% | -54.03% | -5.04% | -3.92% | 28.26% | 61.57% | -3.75% | -9.94% | 26.62% | 19.51% | -10.41% | 12.24% | 53.61% | 42.05% | 165.81% | -51.85% | 48.17% | -37.4% | 3.97% |
| Net Income (Continuing) | 168.8M | 759.9M | -1.84B | -637.32M | -3.63B | 4.25B | 3.81B | 1.76B | 365.61M | 122.25M | 26M | 113.09M | 88.84M | 77.81M | 165.55M | 178.02M | 186.94M | 149.16M | 98.26M | 94.3M | 103.26M | 77.58M | 66.29M | 77.3M | 68.53M | 44.18M | 31.81M | 11.72M | 24.3M | 16.4M | 27.4M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 535K | 445K | 3.82M | 19.49M | 29.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 6.26 | 27.87 | -65.36 | -21.82 | -121.79 | 140.83 | 126.20 | 58.27 | 11.94 | 4.07 | 0.88 | 3.71 | 3.05 | 2.69 | 5.78 | 6.29 | 6.59 | 5.20 | 3.24 | 3.41 | 3.83 | 3.06 | 2.58 | 2.90 | 2.61 | 1.74 | 1.27 | 0.48 | 0.99 | 0.66 | 1.05 |
| EPS Growth % | 107.97% | 142.64% | -199.54% | 82.08% | -186.48% | 11.59% | 116.58% | 388.02% | 193.37% | 362.5% | -76.28% | 21.64% | 13.38% | -53.46% | -8.11% | -4.55% | 26.73% | 60.49% | -4.99% | -10.97% | 25.16% | 18.6% | -11.03% | 11.11% | 50% | 37.01% | 164.58% | -51.52% | 50% | -37.14% | 1.94% |
| EPS (Basic) | - | 27.87 | -65.36 | -21.82 | -121.79 | 142.61 | 127.86 | 58.93 | 12.10 | 4.12 | 0.88 | 3.74 | 3.08 | 2.72 | 5.85 | 6.39 | 6.70 | 5.28 | 3.30 | 3.48 | 3.92 | 3.13 | 2.65 | 3.00 | 2.70 | 1.79 | 1.27 | 0.49 | 0.99 | 0.67 | 1.07 |
| Diluted Shares Outstanding | 26.96M | 27.28M | 28.21M | 29.21M | 29.79M | 30.21M | 30.16M | 30.18M | 30.23M | 30.03M | 29.65M | 29.41M | 29.13M | 28.91M | 28.64M | 28.47M | 28.15M | 27.83M | 27.64M | 27.29M | 26.95M | 26.66M | 26.49M | 26.31M | 26M | 25.44M | 24.57M | 24.33M | 24.72M | 24.85M | 24.95M |
| Basic Shares Outstanding | 26.96M | 27.26M | 28.21M | 29.21M | 29.79M | 29.83M | 29.77M | 29.84M | 29.84M | 29.66M | 29.44M | 29.19M | 28.88M | 28.59M | 28.29M | 28.03M | 27.66M | 27.4M | 27.11M | 26.72M | 26.38M | 26.06M | 25.72M | 25.42M | 25.13M | 24.65M | 24.42M | 24.22M | 24.53M | 24.66M | 24.6M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Sartorius equity valuation volatility
According to the provided quarterly income statements, Bio-Rad's revenue growth has remained largely range-bound, fluctuating between a 4.2% contraction and a 3.9% expansion, suggesting that the company is struggling to find meaningful organic momentum following the dissipation of pandemic-era demand for its life science tools.
The lack of consistent top-line growth indicates that the core business is currently reliant on replacement cycles rather than significant market share gains. Investors should monitor whether the company can leverage its ddPCR installed base to drive higher consumable pull-through, as current figures suggest a plateau in demand.
As reported in financial statements, Bio-Rad's gross margins have hovered near 52%, which appears structurally constrained by a product mix heavily weighted toward lower-margin diagnostic hardware and the logistical complexities inherent in maintaining cold-chain integrity for its specialized reagent portfolio across global markets.
The operating margin, which has dipped as low as 4.0% in recent periods, highlights a lack of operating leverage compared to Tier-1 peers. This suggests that the company's fixed-cost base is not scaling efficiently with revenue, warranting further investigation into potential corporate overhead bloat.
Based on the company's reported figures, net income exhibits extreme volatility, with quarterly swings ranging from a $2.2 billion loss to a $720 million gain, primarily driven by the mark-to-market accounting treatment of its significant equity investment in Sartorius AG rather than operational performance.
This accounting treatment obscures the underlying profitability of the core medical device business, making standard P/E analysis largely irrelevant for investors. Analysts must strip out these non-operating gains and losses to accurately assess the true cash-generating capability of the clinical diagnostics and life science segments.
Data from recent filings indicates that Bio-Rad maintains a high fixed-cost structure, with R&D and SG&A expenses consuming a substantial portion of gross profit, leaving little room for margin expansion during periods of stagnant revenue growth or inflationary pressure on logistics and manufacturing inputs.
The company's commitment to R&D is necessary to defend its ddPCR moat, but the current expense discipline appears insufficient to protect operating margins during revenue troughs. Management's conservative capital allocation strategy may be contributing to this lack of operational agility in a competitive landscape.
While some market participants view Bio-Rad as an efficiency play, the income statement data suggests that the company's inability to consistently scale operating income relative to gross profit may indicate deeper, structural challenges that are not easily resolved by simple cost-cutting or operational optimization initiatives.
The persistent valuation discount relative to peers may be a rational reflection of these operational inefficiencies rather than a temporary market oversight. Investors should remain cautious about the assumption that the Sartorius stake can be easily monetized without triggering significant tax or strategic complications.
Quick answers to the most common questions about buying BIO stock.
For fiscal year 2025, Bio-Rad Laboratories, Inc. (BIO) reported total revenue of $2.58B. This represents a 516.8% increase compared to $418.8M in 1996.
Bio-Rad Laboratories, Inc. (BIO) is profitable, generating $759.9M in net income for the fiscal year ending 2025 with a net profit margin of 29.4%.
Bio-Rad Laboratories, Inc. (BIO) reported an operating income of $270.5M, resulting in an operating profit margin of 10.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Bio-Rad Laboratories, Inc. (BIO) generated $1.34B in gross profit for the year, representing a gross profit margin of 52.0%. This demonstrates the company's core pricing power and production efficiency.