# Bio-Rad Laboratories (BIO.US)

Canonical: https://gigainvestors.com/s/BIO

Analysis as of: 2026-10-16T07:26:56.827Z. Financial observations: FY1996–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $364.82 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

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

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 3

- Operating margin variation: 0.68×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.03×

- FY2017: 0.05×

- FY2018: -0.05×

- FY2019: 0.10×

- FY2020: 0.17×

- FY2021: 0.17×

- FY2022: 0.17×

- FY2023: 0.13×

- FY2024: 0.10×

- FY2025: 0.10×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 3.4%

- ROIC, second-lowest year: 2.1%

- Typical minus recent gross margin: 2.7 pp

- Typical gross margin (annual median): 54.7%

- Recent gross margin (lower of latest and 3-year median): 52.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 5.5%

- ROIC including acquisitions, ten-year median: 7.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 2.1%

- FY2017: 5.5%

- FY2018: -2.3%

- FY2019: 3.6%

- FY2020: 3.7%

- FY2021: 3.1%

- FY2022: 4.3%

- FY2023: 3.3%

- FY2024: 3.6%

- FY2025: 3.0%

### economics: fail

- owner earnings cash conversion below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: -$1.1B

- Net income, five-year total: -$1.1B

- Return on incremental invested capital: 43.8%

- Working capital / revenue, annual change: 0.4 pp

- Working capital / revenue, change between three-year averages: 3.2 pp

- Working capital / revenue, final three-year average: 42.2%

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: $4.3B

- FY2022: -$3.6B

- FY2023: -$648M

- FY2024: -$1.9B

- FY2025: $768M

### management: fail

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

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 2.1% vs 3.3%

- Per-share earnings: 3.82 to -21.82 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.7%

- Ordinary dilution, 5-year annual growth: -2.0%

- Market cap gain: $2.9B

- Cumulative retained earnings: $6.3B

- Diluted shares, 10-year annual growth: -0.7%

- Diluted shares, 5-year annual growth: -2.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: -$25.64

- Per-share value, starting three-year median: $3.82

- Per-share value, ending three-year median: -$21.82

- Buybacks concentrated in cheaper years (correlation): -0.47

- Average buyback yield: 1.5%

- Buyback history: 9 years

- Debt-funded buybacks: Yes

- Acquisition spending: $477M

- Cumulative net income, 10 years: $5.0B

- ROIC, first three-year median: 2.1%

- ROIC, last three-year median: 3.3%

Chart: Earnings per share; fiscal year observations.

- FY2016: $0.95

- FY2017: $3.82

- FY2018: $11.94

- FY2019: $58.27

- FY2020: $126.47

- FY2021: $140.83

- FY2022: -$121.79

- FY2023: -$21.82

- FY2024: -$65.36

- FY2025: $27.85

### accounting: pass

- Sloan accruals: 2.2%

- Receivables to sales index (DSRI): 1.04×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 10.9%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.70×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.10×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -4.9%

- FY2017: 0.2%

- FY2018: 1.3%

- FY2019: 16.2%

- FY2020: 24.9%

- FY2021: 20.2%

- FY2022: -28.3%

- FY2023: -8.2%

- FY2024: -24.6%

- FY2025: 2.2%

## Holders

- [John Rogers](https://gigainvestors.com/AI): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Matthew McLennan](https://gigainvestors.com/FE): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Steven Romick](https://gigainvestors.com/FPA): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 54% since Oct 2021 · "Meanwhile, intense rival pressure and end-market softness may restrict Bio-Rad’s full growth potential." (finance.yahoo.com, Sep 2025) · sales +0.7%

Story as of 2026-10-16T09:58:24.117Z; price observation 2026-10-15.

- 2025-05-02: BIO Beats on Q1 Earnings, Lowers '25 View, Stock Up in Aftermarket ([finance.yahoo.com](https://finance.yahoo.com/news/bio-beats-q1-earnings-lowers-115800464.html))

- 2025-10-30: Bio-Rad's Q3 Earnings Miss Estimates, Revenues Surpass, Stock Falls ([finance.yahoo.com](https://finance.yahoo.com/news/bio-rads-q3-earnings-miss-130400301.html))

### Sales · FY2024–2025

sales +0.7%; source https://www.sec.gov/Archives/edgar/data/12208/000001220826000010/bio-20251231.htm; observed 2026-02-13.

- FY2016: $2.1B 

- FY2017: $2.2B 

- FY2018: $2.3B 

- FY2019: $2.3B 

- FY2020: $2.5B 

- FY2021: $2.9B 

- FY2022: $2.8B 

- FY2023: $2.7B 

- FY2024: $2.6B 

- FY2025: $2.6B 

### Gross margin · FY2025

gross margin 52%; source https://www.sec.gov/Archives/edgar/data/12208/000001220826000010/bio-20251231.htm; observed 2026-02-13.

- FY2016: 55.0% 

- FY2017: 55.0% 

- FY2018: 53.5% 

- FY2019: 54.4% 

- FY2020: 56.5% 

- FY2021: 56.1% 

- FY2022: 55.9% 

- FY2023: 53.4% 

- FY2024: 53.7% 

- FY2025: 52.0% 

## Owner memo

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

### How it makes money

Operates in medical devices; annual sales are USD 2.6 billion.

- Source: https://www.sec.gov/Archives/edgar/data/12208/000001220826000010/bio-20251231.htm (filed 2026-02-13); FY2025: revenue 2583200000; grossProfit 1343600000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 52% to 53.7% during 2023–25; it earns 3.4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2023: grossProfit / revenue = 53.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2024: grossProfit / revenue = 53.7%.

- Source: https://www.sec.gov/Archives/edgar/data/12208/000001220826000010/bio-20251231.htm (filed 2026-02-13); FY2025: grossProfit / revenue = 52%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); 10-year return on capital observations [[2016,0.021211040426353696],[2017,0.05543745690111982],[2018,-0.022767738273282507],[2019,0.03551819651310039],[2020,0.036996186130318805],[2021,0.030779119226271693],[2022,0.043295614893541154],[2023,0.03284012306177701],[2024,0.036208894189810874],[2025,0.030090223042205835]]; median 0.0341791597874387. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 6 of 10 years; bought back USD 295.5 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2016: growth capex 0; upkeep 141571000; owner earnings 29454000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2017: growth capex 0; upkeep 115127000; owner earnings 148313000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2018: growth capex 0; upkeep 129828000; owner earnings 369268000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2019: growth capex 0; upkeep 98532000; owner earnings 1834643000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2020: growth capex 0; upkeep 108564000; owner earnings 3844265000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2021: growth capex 0; upkeep 120803000; owner earnings 4271054000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/12208/000001220826000010/bio-20251231.htm (filed 2026-02-13); FY2025: growth capex 0; upkeep 157600000; owner earnings 767700000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); Dividend observations: [[2016,0],[2017,4374000],[2018,0],[2019,3831000000],[2020,20198000],[2021,35282000000],[2022,68184000000],[2023,100101000000],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/12208/000001220826000010/bio-20251231.htm (filed 2026-02-13); FY2025: cash repurchases 295500000 USD.

### Are managers owners

Insiders own 16.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BIO.US SharesStats.PercentInsiders = 16.406000000000002 percentage points; cache date 2026-10-16.

### What the price says

The price is 3.9 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); Closing price 364.82 USD; reporting-to-trading FX 1; FY2025 annual sales per share 94.6886111212932; price multiple 3.8528392768659026. FY2025 cash earnings/share 28.140464059235367. Closing-price date 2026-10-15.

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

- 2016-10: $158.08 per share

- 2016-11: $173.50 per share

- 2016-12: $182.28 per share

- 2017-01: $190.08 per share

- 2017-02: $194.64 per share

- 2017-03: $199.34 per share

- 2017-04: $218.26 per share

- 2017-05: $223.48 per share

- 2017-06: $226.31 per share

- 2017-07: $235.63 per share

- 2017-08: $217.82 per share

- 2017-09: $222.22 per share

- 2017-10: $219.79 per share

- 2017-11: $271.30 per share

- 2017-12: $238.67 per share

- 2018-01: $258.53 per share

- 2018-02: $270.04 per share

- 2018-03: $250.08 per share

- 2018-04: $253.71 per share

- 2018-05: $287.13 per share

- 2018-06: $288.54 per share

- 2018-07: $306.65 per share

- 2018-08: $325.30 per share

- 2018-09: $312.99 per share

- 2018-10: $272.85 per share

- 2018-11: $274.46 per share

- 2018-12: $232.22 per share

- 2019-01: $249.87 per share

- 2019-02: $270.90 per share

- 2019-03: $305.68 per share

- 2019-04: $300.93 per share

- 2019-05: $286.93 per share

- 2019-06: $312.59 per share

- 2019-07: $314.90 per share

- 2019-08: $337.71 per share

- 2019-09: $332.74 per share

- 2019-10: $331.62 per share

- 2019-11: $369.38 per share

- 2019-12: $370.03 per share

- 2020-01: $360.92 per share

- 2020-02: $352.02 per share

- 2020-03: $350.56 per share

- 2020-04: $440.10 per share

- 2020-05: $491.32 per share

- 2020-06: $451.49 per share

- 2020-07: $524.89 per share

- 2020-08: $508.59 per share

- 2020-09: $515.46 per share

- 2020-10: $586.42 per share

- 2020-11: $538.50 per share

- 2020-12: $582.94 per share

- 2021-01: $573.77 per share

- 2021-02: $584.50 per share

- 2021-03: $571.17 per share

- 2021-04: $630.13 per share

- 2021-05: $602.37 per share

- 2021-06: $644.29 per share

- 2021-07: $739.51 per share

- 2021-08: $804.82 per share

- 2021-09: $745.95 per share

- 2021-10: $794.68 per share

- 2021-11: $753.20 per share

- 2021-12: $755.57 per share

- 2022-01: $599.73 per share

- 2022-02: $625.96 per share

- 2022-03: $563.23 per share

- 2022-04: $512.06 per share

- 2022-05: $537.79 per share

- 2022-06: $495.00 per share

- 2022-07: $563.26 per share

- 2022-08: $485.04 per share

- 2022-09: $417.14 per share

- 2022-10: $351.71 per share

- 2022-11: $414.71 per share

- 2022-12: $420.49 per share

- 2023-01: $467.46 per share

- 2023-02: $477.84 per share

- 2023-03: $479.02 per share

- 2023-04: $450.79 per share

- 2023-05: $373.35 per share

- 2023-06: $379.12 per share

- 2023-07: $405.36 per share

- 2023-08: $400.20 per share

- 2023-09: $358.45 per share

- 2023-10: $275.28 per share

- 2023-11: $304.92 per share

- 2023-12: $322.89 per share

- 2024-01: $320.89 per share

- 2024-02: $325.88 per share

- 2024-03: $345.87 per share

- 2024-04: $269.75 per share

- 2024-05: $286.86 per share

- 2024-06: $273.11 per share

- 2024-07: $338.36 per share

- 2024-08: $337.32 per share

- 2024-09: $334.58 per share

- 2024-10: $358.19 per share

- 2024-11: $340.53 per share

- 2024-12: $328.51 per share

- 2025-01: $360.88 per share

- 2025-02: $265.16 per share

- 2025-03: $243.56 per share

- 2025-04: $244.08 per share

- 2025-05: $226.93 per share

- 2025-06: $241.32 per share

- 2025-07: $241.95 per share

- 2025-08: $297.88 per share

- 2025-09: $280.39 per share

- 2025-10: $319.55 per share

- 2025-11: $324.86 per share

- 2025-12: $302.99 per share

- 2026-01: $293.70 per share

- 2026-02: $278.44 per share

- 2026-03: $278.75 per share

- 2026-04: $280.12 per share

- 2026-05: $312.48 per share

- 2026-06: $293.61 per share

- 2026-07: $325.48 per share

- 2026-08: $386.12 per share

- 2026-09: $377.71 per share

- 2026-10: $366.16 per share

## Annual estimated value (USD per share)

- FY2016: low $68.96 per share, central $74.76 per share, high $82.48 per share

- FY2017: low $67.04 per share, central $73.02 per share, high $80.98 per share

- FY2018: low $80.38 per share, central $87.82 per share, high $97.72 per share

- FY2019: low $92.87 per share, central $100.80 per share, high $111.34 per share

- FY2020: low $188.43 per share, central $220.88 per share, high $252.18 per share

- FY2021: low $866.12 per share, central $981.84 per share, high $1,135.88 per share

- FY2022: low $934.28 per share, central $1,132.17 per share, high $1,310.40 per share

- FY2023: low $893.54 per share, central $1,069.13 per share, high $1,236.88 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 10-K filing](https://www.sec.gov/Archives/edgar/data/12208/000001220826000010/bio-20251231.htm); period 2025-12-31, filed 2026-02-13.

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.

## Reported holder observations

- [John Rogers](https://gigainvestors.com/AI): 816,751 BIO shares; USD 239,806,000 reported position value; 2.39% of portfolio; add; quarter 2026 Q2.
- [Matthew McLennan](https://gigainvestors.com/FE): 2,606,219 BIO shares; USD 765,212,000 reported position value; 1.26% of portfolio; add; quarter 2026 Q2.
- [Steven Romick](https://gigainvestors.com/FPA): 401,861 BIO shares; USD 117,990,000 reported position value; 1.48% of portfolio; reduce; quarter 2026 Q2.

# BIO — Bio-Rad Laboratories Inc.

Held by 3 investors · USD 1,123,008,000 total · 2026 Q2 · reported price USD 293.61 (split-adjusted).
Page: https://gigainvestors.com/s/BIO

## Holders (2026 Q2)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Matthew McLennan (https://gigainvestors.com/FE) | USD 765,212,000 | 1.3% | add +0.13% |
| John Rogers (https://gigainvestors.com/AI) | USD 239,806,000 | 2.4% | add +3.92% |
| Steven Romick (https://gigainvestors.com/FPA) | USD 117,990,000 | 1.5% | reduce -1.35% |
| Mason Hawkins (https://gigainvestors.com/SE) | USD 45,381,615 | 0.0% | sold |

## Total held by quarter

- 2023 Q2: USD 71,999 · 1 holder · USD 376.96
- 2023 Q3: USD 164,999 · 1 holder · USD 360.26
- 2023 Q4: USD 155,000 · 1 holder · USD 323.59
- 2024 Q1: USD 178,383,892 · 4 holders · USD 345.87
- 2024 Q2: USD 334,840,234 · 4 holders · USD 273.11
- 2024 Q3: USD 524,590,659 · 4 holders · USD 334.58
- 2024 Q4: USD 571,721,722 · 4 holders · USD 328.51
- 2025 Q1: USD 727,564,868 · 4 holders · USD 243.56
- 2025 Q2: USD 974,491,426 · 4 holders · USD 241.32
- 2025 Q3: USD 1,110,755,731 · 4 holders · USD 280.39
- 2025 Q4: USD 1,201,122,653 · 4 holders · USD 302.99
- 2026 Q1: USD 1,103,541,982 · 4 holders · USD 278.75
- 2026 Q2: USD 1,123,008,000 · 3 holders · USD 293.61