# Biomerieux (BIM.PA)

Canonical: https://gigainvestors.com/s/BIM.PA

Analysis as of: 2026-10-16T07:35:41.304Z. Financial observations: FY2005–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

A wonderful business at too high a price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 87.60 per share; close as of 2026-10-15.

Estimated value: low EUR 53.15 per share, central EUR 65.99 per share, high EUR 76.25 per share. Buy at or below the central value EUR 65.99 per share. Valuation as of 2026-10-16T07:35:41.304Z; scenarios are not confidence intervals.

Expected annual return: 8.2% at the stated quote. About 8.2% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; FR 10-year bond 4.8% + 4 points).

## Checklist

### understandable: pass

- 0 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 0

- Operating margin variation: 0.19×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.14×

- FY2017: 0.15×

- FY2018: 0.15×

- FY2019: 0.12×

- FY2020: 0.18×

- FY2021: 0.23×

- FY2022: 0.16×

- FY2023: 0.12×

- FY2024: 0.15×

- FY2025: 0.14×

### moat: pass

- ROIC, median of available years: 15.7%

- ROIC, second-lowest year: 12.3%

- Typical minus recent gross margin: 1.8 pp

- Typical gross margin (annual median): 54.4%

- Recent gross margin (lower of latest and 3-year median): 52.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 8.8%

- ROIC including acquisitions, ten-year median: 11.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 14.5%

- FY2017: 18.8%

- FY2018: 17.1%

- FY2019: 15.0%

- FY2020: 23.7%

- FY2021: 29.2%

- FY2022: 16.3%

- FY2023: 10.1%

- FY2024: 12.3%

- FY2025: 13.0%

### economics: pass

- Owner earnings / net income, 5-yr: 0.96×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 2.2B

- Net income, five-year total: EUR 2.2B

- Return on incremental invested capital: 19.3%

- Working capital / revenue, annual change: 0.8 pp

- Working capital / revenue, change between three-year averages: 6.3 pp

- Working capital / revenue, final three-year average: 40.9%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.96×

- FY2022: 0.95×

- FY2023: 0.79×

- FY2024: 0.92×

- FY2025: 1.18×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 17.1% vs 12.3%

- Per-share earnings: 1.52 to 3.34 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.1%

- Ordinary dilution, 5-year annual growth: 0.1%

- Market cap gain: EUR 7.5B

- Cumulative retained earnings: EUR 218M

- Diluted shares, 10-year annual growth: 0.1%

- Diluted shares, 5-year annual growth: 0.1%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 10.4%

- Per-share value change: EUR 1.83

- Per-share value, starting three-year median: EUR 1.52

- Per-share value, ending three-year median: EUR 3.34

- Buybacks concentrated in cheaper years (correlation): 0.50

- Average buyback yield: 0.3%

- Buyback history: 8 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 1.5B

- Cumulative net income, 10 years: EUR 3.6B

- ROIC, first three-year median: 17.1%

- ROIC, last three-year median: 12.3%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 1.52

- FY2017: EUR 2.00

- FY2018: EUR 2.17

- FY2019: EUR 2.31

- FY2020: EUR 3.41

- FY2021: EUR 5.05

- FY2022: EUR 3.82

- FY2023: EUR 3.01

- FY2024: EUR 3.63

- FY2025: EUR 3.34

### accounting: pass

- Sloan accruals: -7.0%

- Receivables to sales index (DSRI): 1.08×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 3.4%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.98×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.28×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -5.2%

- FY2017: -3.5%

- FY2018: -4.1%

- FY2019: -3.6%

- FY2020: -4.5%

- FY2021: -4.6%

- FY2022: -0.4%

- FY2023: -1.7%

- FY2024: -4.1%

- FY2025: -7.0%

## Holders

## Price story

Down 30% since Jul 2025 · sales +2.3%

Story as of 2026-10-16T10:00:05.838Z; price observation 2026-10-15.

Price needs cash profits to grow 7.3% a year for ten years

### Sales · FY2024–2025

sales +2.3%; source https://filings.xbrl.org/549300AK8Y0LBIQ4T071/2025-12-31/ESEF/FR/0/549300AK8Y0LBIQ4T071-2025-12-31-1-FR/reports/549300AK8Y0LBIQ4T071-2025-12-31-1-FR.xhtml; observed 2026-03-18.

- FY2016: EUR 2.1B 

- FY2017: EUR 2.3B 

- FY2018: EUR 2.4B 

- FY2019: EUR 2.7B 

- FY2020: EUR 3.1B 

- FY2021: EUR 3.4B 

- FY2022: EUR 3.6B 

- FY2023: EUR 3.7B 

- FY2024: EUR 4.0B 

- FY2025: EUR 4.1B 

### Gross margin · FY2025

gross margin 52.6%; source https://filings.xbrl.org/549300AK8Y0LBIQ4T071/2025-12-31/ESEF/FR/0/549300AK8Y0LBIQ4T071-2025-12-31-1-FR/reports/549300AK8Y0LBIQ4T071-2025-12-31-1-FR.xhtml; observed 2026-03-18.

- FY2016: 52.3% 

- FY2017: 53.0% 

- FY2018: 53.8% 

- FY2019: 54.2% 

- FY2020: 55.7% 

- FY2021: 58.3% 

- FY2022: 54.6% 

- FY2023: 56.0% 

- FY2024: 55.7% 

- FY2025: 52.6% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in diagnostics & research; annual sales are EUR 4.1 billion.

- Source: https://filings.xbrl.org/549300AK8Y0LBIQ4T071/2025-12-31/ESEF/FR/0/549300AK8Y0LBIQ4T071-2025-12-31-1-FR/reports/549300AK8Y0LBIQ4T071-2025-12-31-1-FR.xhtml (filed 2026-03-18); FY2025: revenue 4069800000; grossProfit 2142000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BIM.PA: bioMérieux S.A. develops, manufactures, and markets in vitro diagnostic solutions for infectious diseases in France, Europe, Africa, the Middle East, North and South America, the Asia Pacific, and internationally. It operates through Clinical Applications and Industrial Applications segments. The company offers CHROMID RANGE, a chromogen culture media; air, surface, and water monitoring systems; BACT/ALERT VIRTUO, a blood sample culture system; BIOFIRE, a multiplex polymerase chain reaction system (PCR); BIOFIRE SPOTFIRE, a lowplex PCR point-of-care system; VITEK MS, a mass spectrometry system; VITEK 2, an automated identification and antimicrobial susceptibility testing (AST) system; API RANGE standardized ID strips; VITEK REVEAL, a rapid AST system; ETEST, a gradient method on culture media; BIOMERIEUX EPISEQ CS, a whole genome sequencing solution for epidemiologic monitoring; VIDAS, a specific marker of severe bacterial infections/sepsis; and Biomérieux vision suite, a software that provides information to support diagnosis and clinical decision making. It also provides culture media and associated instruments; ARGENE that provides PCR tests for diagnosing viral respiratory diseases; EMAG system and NUCLISENS extraction reagents for DNA and RNA extraction; GENE-UP and VERIFLOW for detection of microorganisms for the food industry; ETEST for manual measurement of minimum inhibitory concentration of an antibiotic; API and RAPIDEC CARBA NP for identification of bacteria and manual antimicrobial susceptibility testing; BIOBALL for quantitative microbiological quality control; CHEMUNEX, a microbiology instrument; ENDONEXT for detection of endotoxins; TEMPO for fluorescence counting of bacteria; and Hybiome, a CLIA technology, as well as lab consultancy service and training modules. The company was formerly known as B-D Mérieux. The company was founded in 1963 and is headquartered in Marcy-l'Étoile, France. bioMérieux S.A. operates as a subsidiary of Institut Mérieux SA.

### Why customers stay

Margins ranged from 52.6% to 56% during 2023–25; it earns 15.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2023: grossProfit / revenue = 56%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2024: grossProfit / revenue = 55.7%.

- Source: https://filings.xbrl.org/549300AK8Y0LBIQ4T071/2025-12-31/ESEF/FR/0/549300AK8Y0LBIQ4T071-2025-12-31-1-FR/reports/549300AK8Y0LBIQ4T071-2025-12-31-1-FR.xhtml (filed 2026-03-18); FY2025: grossProfit / revenue = 52.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); 10-year return on capital observations [[2016,0.14477614207799705],[2017,0.18764151379871663],[2018,0.171328937501263],[2019,0.14989679825154137],[2020,0.2371886493175995],[2021,0.29246174280264686],[2022,0.16330330930523682],[2023,0.10068366269422235],[2024,0.12287922242279466],[2025,0.12971919942336416]]; median 0.1566000537783891. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back EUR 18.2 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2016: growth capex 39621173.70541218; upkeep 193378826.29458782; owner earnings 128821173.70541218. Growth capex / owner earnings = 0.30756724663926555.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2017: growth capex 43000000; upkeep 140500000; owner earnings 238100000. Growth capex / owner earnings = 0.18059638807223855.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2018: growth capex 33500000; upkeep 192900000; owner earnings 256600000. Growth capex / owner earnings = 0.13055339049103662.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2019: growth capex 65000000; upkeep 207500000; owner earnings 272800000. Growth capex / owner earnings = 0.23826979472140764.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2020: growth capex 49100000; upkeep 228400000; owner earnings 378880000. Growth capex / owner earnings = 0.12959248310810811.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2021: growth capex 69700000; upkeep 220400000; owner earnings 576620000. Growth capex / owner earnings = 0.12087683396344213.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2022: growth capex 29100000; upkeep 257600000; owner earnings 428420000. Growth capex / owner earnings = 0.06792399981326736.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2023: growth capex 32190157.764113903; upkeep 306109842.2358861; owner earnings 281170157.7641139. Growth capex / owner earnings = 0.11448639507155539.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2024: growth capex 43600000; upkeep 302200000; owner earnings 397800000. Growth capex / owner earnings = 0.10960281548516843.

- Source: https://filings.xbrl.org/549300AK8Y0LBIQ4T071/2025-12-31/ESEF/FR/0/549300AK8Y0LBIQ4T071-2025-12-31-1-FR/reports/549300AK8Y0LBIQ4T071-2025-12-31-1-FR.xhtml (filed 2026-03-18); FY2025: growth capex 0; upkeep 335300000; owner earnings 470440000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); Dividend observations: [[2016,39500000],[2017,39400000],[2018,40200000],[2019,41300000],[2020,22500000],[2021,73100000],[2022,101200000],[2023,100200000],[2024,100200000],[2025,106100000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://filings.xbrl.org/549300AK8Y0LBIQ4T071/2025-12-31/ESEF/FR/0/549300AK8Y0LBIQ4T071-2025-12-31-1-FR/reports/549300AK8Y0LBIQ4T071-2025-12-31-1-FR.xhtml (filed 2026-03-18); FY2025: cash repurchases 18200000 EUR.

### Are managers owners

Insiders own 66.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BIM.PA SharesStats.PercentInsiders = 66.462 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 7.3% yearly over ten years; actual growth was 17%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); Ten-year compound average after fade. Initial solved rate 0.0919374523260309. Price 87.6; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.8227644445801068 → FY2025 3.953842145516586. Closing-price date 2026-10-15.

## Monthly share-price history (EUR per share)

- 2016-10: EUR 44.27 per share

- 2016-11: EUR 43.72 per share

- 2016-12: EUR 47.30 per share

- 2017-01: EUR 48.77 per share

- 2017-02: EUR 48.37 per share

- 2017-03: EUR 52.88 per share

- 2017-04: EUR 61.18 per share

- 2017-05: EUR 62.50 per share

- 2017-06: EUR 63.17 per share

- 2017-07: EUR 62.08 per share

- 2017-08: EUR 68.55 per share

- 2017-09: EUR 68.87 per share

- 2017-10: EUR 67.34 per share

- 2017-11: EUR 70.09 per share

- 2017-12: EUR 74.69 per share

- 2018-01: EUR 76.30 per share

- 2018-02: EUR 63.20 per share

- 2018-03: EUR 67.00 per share

- 2018-04: EUR 65.60 per share

- 2018-05: EUR 75.30 per share

- 2018-06: EUR 77.10 per share

- 2018-07: EUR 71.20 per share

- 2018-08: EUR 75.70 per share

- 2018-09: EUR 71.80 per share

- 2018-10: EUR 67.40 per share

- 2018-11: EUR 62.30 per share

- 2018-12: EUR 57.50 per share

- 2019-01: EUR 61.70 per share

- 2019-02: EUR 72.50 per share

- 2019-03: EUR 73.70 per share

- 2019-04: EUR 70.75 per share

- 2019-05: EUR 73.15 per share

- 2019-06: EUR 72.85 per share

- 2019-07: EUR 76.55 per share

- 2019-08: EUR 73.95 per share

- 2019-09: EUR 75.90 per share

- 2019-10: EUR 73.35 per share

- 2019-11: EUR 82.05 per share

- 2019-12: EUR 79.35 per share

- 2020-01: EUR 89.45 per share

- 2020-02: EUR 83.35 per share

- 2020-03: EUR 102.60 per share

- 2020-04: EUR 113.30 per share

- 2020-05: EUR 129.10 per share

- 2020-06: EUR 122.30 per share

- 2020-07: EUR 137.50 per share

- 2020-08: EUR 127.00 per share

- 2020-09: EUR 133.80 per share

- 2020-10: EUR 127.80 per share

- 2020-11: EUR 120.80 per share

- 2020-12: EUR 115.40 per share

- 2021-01: EUR 127.50 per share

- 2021-02: EUR 105.20 per share

- 2021-03: EUR 108.50 per share

- 2021-04: EUR 98.92 per share

- 2021-05: EUR 94.02 per share

- 2021-06: EUR 98.00 per share

- 2021-07: EUR 100.55 per share

- 2021-08: EUR 103.85 per share

- 2021-09: EUR 98.56 per share

- 2021-10: EUR 110.05 per share

- 2021-11: EUR 125.20 per share

- 2021-12: EUR 124.90 per share

- 2022-01: EUR 104.05 per share

- 2022-02: EUR 98.12 per share

- 2022-03: EUR 96.74 per share

- 2022-04: EUR 90.78 per share

- 2022-05: EUR 97.90 per share

- 2022-06: EUR 93.20 per share

- 2022-07: EUR 105.60 per share

- 2022-08: EUR 91.26 per share

- 2022-09: EUR 81.40 per share

- 2022-10: EUR 89.54 per share

- 2022-11: EUR 96.06 per share

- 2022-12: EUR 97.92 per share

- 2023-01: EUR 93.36 per share

- 2023-02: EUR 92.74 per share

- 2023-03: EUR 97.00 per share

- 2023-04: EUR 94.90 per share

- 2023-05: EUR 93.64 per share

- 2023-06: EUR 96.12 per share

- 2023-07: EUR 97.56 per share

- 2023-08: EUR 95.60 per share

- 2023-09: EUR 91.82 per share

- 2023-10: EUR 90.50 per share

- 2023-11: EUR 98.76 per share

- 2023-12: EUR 100.60 per share

- 2024-01: EUR 100.00 per share

- 2024-02: EUR 101.10 per share

- 2024-03: EUR 102.25 per share

- 2024-04: EUR 100.00 per share

- 2024-05: EUR 97.15 per share

- 2024-06: EUR 88.75 per share

- 2024-07: EUR 97.70 per share

- 2024-08: EUR 104.70 per share

- 2024-09: EUR 107.60 per share

- 2024-10: EUR 102.50 per share

- 2024-11: EUR 98.85 per share

- 2024-12: EUR 103.50 per share

- 2025-01: EUR 117.10 per share

- 2025-02: EUR 115.50 per share

- 2025-03: EUR 114.20 per share

- 2025-04: EUR 118.70 per share

- 2025-05: EUR 118.10 per share

- 2025-06: EUR 117.40 per share

- 2025-07: EUR 125.80 per share

- 2025-08: EUR 118.70 per share

- 2025-09: EUR 113.80 per share

- 2025-10: EUR 111.60 per share

- 2025-11: EUR 107.90 per share

- 2025-12: EUR 110.30 per share

- 2026-01: EUR 97.80 per share

- 2026-02: EUR 100.00 per share

- 2026-03: EUR 91.80 per share

- 2026-04: EUR 71.70 per share

- 2026-05: EUR 74.35 per share

- 2026-06: EUR 68.70 per share

- 2026-07: EUR 69.10 per share

- 2026-08: EUR 75.05 per share

- 2026-09: EUR 77.75 per share

- 2026-10: EUR 85.40 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 15.38 per share, central EUR 19.29 per share, high EUR 22.34 per share

- FY2017: low EUR 17.80 per share, central EUR 22.31 per share, high EUR 25.70 per share

- FY2018: low EUR 18.69 per share, central EUR 23.62 per share, high EUR 27.28 per share

- FY2019: low EUR 29.01 per share, central EUR 35.25 per share, high EUR 40.80 per share

- FY2020: low EUR 35.17 per share, central EUR 42.92 per share, high EUR 49.61 per share

- FY2021: low EUR 43.07 per share, central EUR 53.59 per share, high EUR 61.59 per share

- FY2022: low EUR 47.54 per share, central EUR 58.77 per share, high EUR 67.94 per share

- FY2023: low EUR 46.18 per share, central EUR 56.82 per share, high EUR 65.90 per share

- FY2024: low EUR 52.56 per share, central EUR 67.22 per share, high EUR 78.07 per share

- FY2025: low EUR 51.95 per share, central EUR 64.68 per share, high EUR 74.85 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original ESEF filing](https://filings.xbrl.org/549300AK8Y0LBIQ4T071/2025-12-31/ESEF/FR/0/549300AK8Y0LBIQ4T071-2025-12-31-1-FR/reports/549300AK8Y0LBIQ4T071-2025-12-31-1-FR.xhtml); period 2025-12-31, filed 2026-03-18.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.