Bio-Rad Laboratories, Inc. (NYSE: BIO)

Sector: Healthcare Industry: Medical Devices CIK: 0000012208
Market Cap 7.22 Bn
P/B 0.97
P/E 9.51
P/S 2.80
ROIC (Qtr) 0.43
Div Yield % 0.00
Rev 1y % (Qtr) 3.85
Total Debt (Qtr) 1.38 Bn
Debt/Equity (Qtr) 0.19
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About

Bio-Rad Laboratories, Inc., often referred to as Bio-Rad, operates in the life science and clinical diagnostics industry. The company's primary business activities involve the development, manufacturing, and distribution of products used in research laboratories, biopharmaceutical production processes, and quality control processes. Bio-Rad's operations span the globe, with a diverse customer base that includes universities, medical schools, industrial research organizations, government agencies, pharmaceutical manufacturers, biotechnology researchers,...

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Investment thesis

Bull case

  • Healthy cash reserves of 529.80M provide 14.17x coverage of short-term debt 37.40M, demonstrating strong liquidity position and minimal refinancing risk.
  • Robust free cash flow of 374.70M exceeds capital expenditure of 157.50M by 2.38x, indicating strong organic growth funding capability.
  • Strong tangible asset base of 9.82B provides 7.09x coverage of total debt 1.38B, indicating robust asset backing and low credit risk.
  • Operating cash flow of 532.20M provides exceptional 10.86x coverage of interest expenses 49M, showing strong debt service capability.
  • Short-term investments of 1.01B provide solid 2.88x coverage of other current liabilities 350.60M, indicating strong liquidity.

Bear case

  • Operating cash flow of 532.20M barely covers its investment activities of (189.70M), with a coverage ratio of -2.81, indicating heavy reliance on external financing for growth which may not be sustainable in a tighter credit environment.
  • Investment activities of (189.70M) provide weak support for R&D spending of 275.60M, which is -0.69x, suggesting potentially insufficient investment in innovation relative to other capital deployment.
  • Cash reserves of 529.80M provide limited coverage of acquisition spending of (218.50M), which is -2.42x, suggesting aggressive expansion might strain liquidity if market conditions deteriorate.
  • Free cash flow of 374.70M represents just -749.40x of debt issuance (500000), suggesting concerning reliance on leverage rather than internal cash generation for growth.
  • Long-term investments of 6.10B represent a high 8.60x of fixed assets 709.90M, indicating potential overexposure to financial assets versus operational capabilities.

Geographical Breakdown of Revenue (2025)

Segments Breakdown of Revenue (2025)

Peer comparison

Companies in the Medical Devices
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 ABT Abbott Laboratories 173.80 Bn 32.73 5.47 12.94 Bn
2 SYK Stryker Corp 141.15 Bn 43.48 5.62 15.86 Bn
3 MDT Medtronic plc 123.47 Bn 25.92 3.55 29.10 Bn
4 BSX Boston Scientific Corp 112.80 Bn 38.92 5.62 11.44 Bn
5 EW Edwards Lifesciences Corp 45.66 Bn 33.38 7.76 0.70 Bn
6 DXCM Dexcom Inc 27.52 Bn 32.91 5.90 1.34 Bn
7 STE STERIS plc 24.13 Bn 34.08 4.14 2.05 Bn
8 PODD Insulet Corp 17.33 Bn 70.38 6.87 1.01 Bn

Industry comparisons

Current Valuation Value Ind Avg Percentile
EV to Assets EV to Assets 0.78 2.13
EV to Cash from Ops. EV/CFO 15.45 2.75
EV to Debt EV to Debt 5.94 17.25
EV to EBIT EV/EBIT 7.87 2.89
EV to EBITDA EV/EBITDA 174.22 4.53
EV to Free Cash Flow [EV/FCF] EV/FCF 21.95 29.36
EV to Market Cap EV to Market Cap 1.14 25.09
EV to Revenue EV/Rev 3.18 32.80
Price to Book Value [P/B] P/B 0.97 4.73
Price to Earnings [P/E] P/E 9.51 -2.04
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Dividend Coverage Ratio 0.00 40.22
Dividend Payout Ratio % Div Payout % (Qtr) 0.00 1.59
Dividend per Basic Share Div per Share (Qtr) 0.00 0.10
FCF Dividend Payout Ratio % FCF Div Payout % (Qtr) 0.00 -0.37
Interest Coverage Int. cover (Qtr) 21.32 196.93
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex 1y % (Qtr) 4.83 -152.08
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) 8.54 8,476.58
Dividend Growth (1y) % Dividend Growth (1y) % 0.00 -0.44
EBIAT Growth (1y) % EBIAT 1y % (Qtr) 144.15 -792.16
EBITDA Growth (1y) % EBITDA 1y % (Qtr) -82.45 3.79
EBIT Growth (1y) % EBIT 1y % (Qtr) 145.54 -301.80
EBT Growth (1y) % EBT 1y % (Qtr) 142.50 -121.44
EPS Growth (1y) % EPS 1y % (Qtr) 142.64 -87.51
FCF Growth (1y) % FCF 1y % (Qtr) 29.34 10.43
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) -2.83 38.21
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 0.24 0.55
Cash Payout Ratio Cash Payout (Qtr) 0.00 0.02
Cash Ratio Cash Ratio (Qtr) 1.02 1.80
Current Ratio Curr Ratio (Qtr) 5.62 4.18
Debt to Equity Ratio Debt/Equity (Qtr) 0.19 1.20
Interest Cover Ratio Int Coverage (Qtr) 21.32 196.93
Times Interest Earned Times Interest Earned (Qtr) 21.32 196.93
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % (Qtr) 40.40 -2,396.63
EBIT Margin % EBIT Margin % (Qtr) 40.43 -2,478.60
EBT Margin % EBT Margin % (Qtr) 38.54 -2,690.42
Gross Margin % Gross Margin % (Qtr) 51.90 30.80
Net Profit Margin % Net Margin % (Qtr) 29.40 -2,821.53