Latest Ratios: P/E Ratio -0.5x · EV/EBITDA 11.8x · ROE -147.1%. (1998–2025 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 | $27M | $30M | $92M | $227M | $115M | $284M | $166M | $115M | $116M | $115M | $104M |
| Enterprise Value | $63M | $65M | $132M | $265M | $164M | $334M | $215M | $171M | $169M | $121M | $112M |
| P/E Ratio → | -0.47 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 0.31 | 0.34 | 0.98 | 2.02 | 1.01 | 2.39 | 1.62 | 0.99 | 0.96 | 1.13 | 1.00 |
| P/B Ratio | 1.95 | 2.16 | 1.45 | 3.11 | 1.59 | 3.41 | 2.16 | 1.41 | 1.41 | 1.42 | 1.45 |
| P/FCF | 4.85 | 5.29 | — | 19.37 | — | — | 20.27 | 16.88 | 85.36 | 686.74 | 26.73 |
| P/OCF | 4.05 | 4.41 | 63.80 | 16.18 | 99.58 | 225.37 | 17.77 | 14.33 | 49.45 | 108.50 | 19.38 |
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 | — | 0.76 | 1.40 | 2.36 | 1.45 | 2.81 | 2.11 | 1.48 | 1.40 | 1.18 | 1.08 |
| EV / EBITDA | 11.83 | 12.30 | 171.53 | 29.85 | 256.15 | 34.43 | 27.38 | 21.14 | 19.11 | 42.94 | 88.09 |
| EV / EBIT | — | — | — | 256.46 | — | 238.26 | — | — | — | — | — |
| EV / FCF | — | 11.64 | — | 22.65 | — | — | 26.29 | 25.10 | 124.11 | 722.75 | 28.82 |
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 | 53.0% | 53.0% | 58.2% | 58.9% | 53.7% | 56.9% | 56.8% | 55.4% | 52.3% | 46.7% | 46.3% |
| Operating Margin | -0.7% | -0.7% | -6.6% | 1.7% | -6.1% | 1.7% | 0.2% | 0.3% | 0.8% | -0.1% | -2.9% |
| Net Profit Margin | -65.5% | -65.5% | -13.2% | -3.0% | -8.4% | -0.2% | -7.6% | -4.0% | -2.9% | -0.8% | -4.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -147.1% | -147.1% | -18.2% | -4.7% | -12.2% | -0.4% | -9.9% | -5.7% | -4.2% | -1.1% | -5.8% |
| ROA | -54.9% | -54.9% | -9.4% | -2.4% | -6.2% | -0.2% | -4.9% | -2.8% | -2.5% | -0.8% | -3.8% |
| ROIC | -0.6% | -0.6% | -4.3% | 1.2% | -4.1% | 1.2% | 0.1% | 0.2% | 0.7% | -0.1% | -2.6% |
| ROCE | -1.0% | -1.0% | -6.8% | 1.6% | -5.4% | 1.5% | 0.2% | 0.3% | 0.8% | -0.1% | -3.1% |
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 | 3.22 | 3.22 | 0.70 | 0.59 | 0.75 | 0.68 | 0.75 | 0.79 | 0.74 | 0.15 | 0.19 |
| Debt / EBITDA | 8.33 | 8.33 | 57.71 | 4.81 | 84.49 | 5.88 | 7.33 | 7.95 | 6.89 | 4.18 | 10.76 |
| Net Debt / Equity | — | 2.60 | 0.64 | 0.53 | 0.69 | 0.59 | 0.64 | 0.69 | 0.64 | 0.07 | 0.11 |
| Net Debt / EBITDA | 6.71 | 6.71 | 52.38 | 4.33 | 77.47 | 5.07 | 6.28 | 6.92 | 5.97 | 2.14 | 6.38 |
| Debt / FCF | — | 6.35 | — | 3.28 | — | — | 6.03 | 8.22 | 38.75 | 36.02 | 2.09 |
| Interest Coverage | -0.13 | -0.13 | -2.64 | 0.29 | -2.60 | 0.91 | -0.51 | -0.02 | -0.46 | -2.68 | -3.80 |
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 | 2.20 | 2.20 | 0.82 | 1.85 | 2.20 | 2.43 | 2.46 | 2.12 | 2.54 | 3.39 | 3.11 |
| Quick Ratio | 1.25 | 1.25 | 0.40 | 0.92 | 1.06 | 1.34 | 1.40 | 1.24 | 1.38 | 1.86 | 1.75 |
| Cash Ratio | 0.39 | 0.39 | 0.07 | 0.16 | 0.19 | 0.31 | 0.40 | 0.33 | 0.38 | 0.41 | 0.38 |
| Asset Turnover | — | 1.08 | 0.74 | 0.82 | 0.78 | 0.73 | 0.65 | 0.70 | 0.72 | 0.93 | 0.97 |
| Inventory Turnover | 1.95 | 1.95 | 1.69 | 1.87 | 1.99 | 1.86 | 1.98 | 2.35 | 2.30 | 2.54 | 2.81 |
| Days Sales Outstanding | — | 67.66 | 57.64 | 52.35 | 53.80 | 67.02 | 63.51 | 65.05 | 64.86 | 61.23 | 69.57 |
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 | — | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | 20.6% | 18.9% | — | 5.2% | — | — | 4.9% | 5.9% | 1.2% | 0.1% | 3.7% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 1.4% | 0.0% | 0.7% | 0.2% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 1.4% | 0.0% | 0.7% | 0.2% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $4M | $4M | $4M | $4M | $4M | $4M | $4M | $4M | $3M | $3M |
Liquidity and solvency pressure
According to current market data, HBIO trades at a P/S multiple of 0.31, which suggests that investors are heavily discounting the company's future revenue potential compared to broader life science peers, likely due to the persistent contraction in its core preclinical and cellular technology segments.
The current valuation appears to price in a distressed scenario rather than a turnaround, as the negative P/E ratio and low P/S multiple indicate that the market lacks confidence in the company's ability to return to profitability. This valuation gap relative to peers like LeMaitre Vascular suggests that the market views HBIO's current revenue base as structurally impaired rather than cyclically depressed.
Based on reported financial statements, HBIO's ROIC has trended into negative territory, reaching -0.2% in 2026Q1, which indicates that the company is currently failing to generate returns on its invested capital that exceed its cost of capital, a significant deterioration from historical performance.
The decay in ROIC appears to be driven by both shrinking operating margins and an inability to optimize the asset base following recent divestitures. Investors should monitor whether the company can stabilize its return profile as it pivots toward bioproduction, as the current trend suggests a continued destruction of shareholder value.
As reported in recent quarterly filings, HBIO's cash conversion cycle has remained elevated at 247 days in 2026Q1, primarily driven by a bloated days inventory outstanding of 227 days, which indicates significant challenges in managing inventory turnover within its specialized instrumentation product lines.
The extended CCC suggests that capital is being trapped in slow-moving inventory, which exacerbates the company's liquidity constraints. This inefficiency appears structural, as the company struggles to align its manufacturing output with the volatile demand cycles of its biotech and academic customer base.
According to the latest balance sheet data, HBIO's debt-to-equity ratio has surged to 4.39x, a level that warrants close investigation as it reflects a rapid erosion of the equity base relative to the company's outstanding debt obligations in the current high-interest rate environment.
The rising leverage profile, combined with inconsistent interest coverage, suggests that the company's ability to service its debt may become increasingly precarious if operational losses persist. This leverage position limits management's strategic options and increases the risk of future dilutive financing to maintain basic operations.
The P/E ratio is frequently misapplied to HBIO, as the company's current negative earnings and significant non-cash impairment charges render this metric largely meaningless for assessing the underlying value of its specialized intellectual property and potential bioprocessing optionality.
Investors should instead focus on EV/Sales or normalized EBITDA metrics to better understand the company's enterprise value relative to its core revenue-generating capacity. Relying on P/E in this context obscures the potential for a re-rating if the company successfully transitions its technology into higher-growth bioproduction markets.
Includes 30+ ratios · 28 years · Updated daily
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Quick answers to the most common questions about buying HBIO stock.
Harvard Bioscience, Inc.'s current P/E ratio is -0.5x. The historical average is 42.8x.
Harvard Bioscience, Inc.'s current EV/EBITDA is 11.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 20.5x.
Harvard Bioscience, Inc.'s return on equity (ROE) is -147.1%. The historical average is -14.3%.
Based on historical data, Harvard Bioscience, Inc. is trading at a P/E of -0.5x. Compare with industry peers and growth rates for a complete picture.
Harvard Bioscience, Inc. has 53.0% gross margin and -0.7% operating margin.
Harvard Bioscience, Inc.'s Debt/EBITDA ratio is 8.3x, indicating high leverage. A ratio above 4x may signal elevated financial risk.