# Bio-Rad Laboratories, Inc. (BIO)

> Source: Nexqual · https://nexqual.com/BIO · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Bio-Rad Laboratories, Inc. (BIO), nexqual.com/BIO" · informational, not investment advice.

**Price:** USD 363.5 (+0.83% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 360.5 · day 360.65–367.93 · 52w 236.73–396.23 · market cap $9.72B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $2.59B, net income $222M (8.6% margin), free cash flow $353M (SEC filings).
- Valuation: P/E 43.7x (avg 10.9x at the last 1 fiscal year-ends), net cash $415M.
- 3 of 80 tracked superinvestors hold BIO (13F, Q2 2026): 0 new, 2 added, 1 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $136K; 1 not under a Rule 10b5-1 plan ($136K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Hold (mean 3.00 on a 1–5 scale) (3 analysts), mean target USD 335 (range 280–390).
- Total return with dividends: 1Y +7.3% vs S&P 500 +14.9%; 5Y -51.8% vs S&P 500 +80.3%.
- Next earnings: 2026-11-04, EPS estimate USD 2.23, revenue estimate $650M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $2.92B | $2.80B | $2.67B | $2.57B | $2.58B | $2.59B |
| Gross profit | $1.64B | $1.57B | $1.43B | $1.38B | $1.34B | — |
| Operating income | $500M | $483M | $338M | $269M | $47.2M | $53.1M |
| Net income | $4.25B | -$3.63B | -$637M | -$1.84B | $760M | $222M |
| EPS (diluted) | $140.83 | -$121.79 | -$21.82 | -$65.36 | $27.85 | — |
| Free cash flow | $536M | $81.6M | $218M | $290M | $375M | $353M |
| Gross margin | 56.1% | 55.9% | 53.4% | 53.7% | 51.9% | — |
| Operating margin | 17.1% | 17.2% | 12.6% | 10.5% | 1.8% | 2.1% |
| Net margin | 145.6% | -129.5% | -23.9% | -71.9% | 29.4% | 8.6% |
| Revenue growth | +14.8% | -4.1% | -4.7% | -3.9% | +0.7% | — |
| Cash + short-term investments | $870M | $1.79B | $1.61B | $1.66B | $1.54B | — |
| Total debt | $10.5M | $1.20B | $1.21B | $1.20B | $1.20B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 43.7x · P/S 3.8x · EV/Sales 3.6x · P/FCF 27.5x · P/B 1.4x · FCF yield 3.63% · Earnings yield 2.29% · Buyback yield (TTM) 1.37% · Net cash $415M · EV $9.30B
P/E at fiscal year-ends: Dec 2025 10.9x.

## Superinvestors (SEC 13F-HR, Q2 2026)
3 of 80 tracked investors hold BIO. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| John Rogers | Ariel Investments | 2.39% | $240M | Added +3.9% |
| First Pacific Advisors |  | 1.48% | $118M | Reduced -1.4% |
| First Eagle Investment | First Eagle Investment Management | 1.28% | $765M | Added +0.1% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 1 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-05-11 | Engelhardt Eva Anette | EVP, President, CDG | 550 | $136K | 61.4% | No | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Hold (mean 3.00 on a 1–5 scale), 3 analysts; mean target USD 335 (low 280, high 390).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-07 | RBC Capital | Target raised | Outperform | $370 → $390 |
| 2026-08-05 | Citigroup | Target raised | Neutral | $300 → $330 |
| 2026-08-05 | RBC Capital | Target raised | Outperform | $320 → $370 |
| 2026-08-05 | Wells Fargo | Target raised | Equal-Weight | $310 → $330 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +7.3% | -51.8% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +7.4% | -13.5% |
| Volatility (annualized) | 36.7% | 38.1% |
| Max drawdown | -28.9% (Oct 2025→May 2026) | -72.4% (Oct 2021→Jun 2025) |

## Peers (Medical Devices)
PODD (Insulet Corporation) USD 148.12 +4.38% · TXG (10x Genomics, Inc.) USD 69.75 -7.73% · GKOS (Glaukos Corporation) USD 176.69 -0.09% · BRKR (Bruker Corporation) USD 57.31 -3.05% · GMED (Globus Medical, Inc.) USD 81.66 +3.79% · PEN (Penumbra, Inc.) USD 324.96 +0.43%

## More
Full page: https://nexqual.com/BIO · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in BIO's own 10-K filed 2026-02-13 (https://www.sec.gov/Archives/edgar/data/12208/000001220826000010/bio-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Sartorius | "As of December 31, 2025, we owned 12,987,900 ordinary voting shares and 9,588,908 preference shares of Sartorius, of Goettingen, Germany, a process technology supplier to the biotechnology, pharmaceutical, chemical and f…" |
| Competitor | Thermo Fisher (TMO) | "Major competitors in this market include Becton Dickinson, Danaher, Merck KGaA, Qiagen N.V. and Thermo Fisher Scientific." |
| Competitor | Merck (MRK) | "Major competitors in this market include Becton Dickinson, Danaher, Merck KGaA, Qiagen N.V. and Thermo Fisher Scientific." |
| Competitor | Siemens | "Major competitors for our products in the Clinical Diagnostics segment include Abbott Laboratories, Becton Dickinson, bioMérieux, Danaher, DiaSorin, Werfen, QuidelOrtho, Roche, Siemens Healthineers, Thermo Fisher Scienti…" |

Other companies that name BIO in their own reports (relationship from BIO's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | Insight Molecular Diagnostics Inc. (IMDX) | 10-K 2026-03-26 | "our dependency on our collaboration with Bio-Rad Laboratories, Inc. for the development and commercialization of products;" |
| customer | BIODESIX INC (BDSX) | 10-K 2026-02-26 | "For more information regarding this license and supply agreement and the permission granted to us by Bio-Rad with respect to such tests, please see "Business—Material Agreements—Agreements with Bio-Ra…" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Clinical Diagnostics | $399.0M | 61.3% | +2.6% |
| Life Science | $252.0M | 38.7% | -4.1% |
| Total revenue | $651.0M | 100% | — |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| UNITED STATES | $255.5M | 39.2% | -4.3% |
| Europe | $229.2M | 35.2% | +5.5% |
| Asia Pacific | $121.8M | 18.7% | -3.6% |
| Americas | $44.5M | 6.8% | +8.3% |
| Total revenue | $651.0M | 100% | — |

## Company outlook (8-K filed 2026-08-04)

- "For the full-year 2026, the Company continues to expect non-GAAP, currency-neutral revenue to be in the range of a decline of approximately 3.0 percent to growth of approximately 0.5 percent, and an estimated non-GAAP operating margin of approximately 10.0 to 12.0 percent."
- "Conference Call and Webcast Management will discuss the Company's second quarter 2026 results and financial outlook in a conference call scheduled for 2:00 PM Pacific Time (5:00 PM Eastern Time) on August 4, 2026."
- "These forward-looking statements include, without limitation, statements we make regarding estimated future financial performance or results; remaining focused on the discipline we believe will drive growth, durable margin expansion, and long-term shareholder value creation; and for the full-year 2026: currently continuing to expect non-GAAP, currency-neutral revenue to be in th"

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $2.23 | $2.31 | -3.7% | $650.0M | 2 |
| Next quarter (ends 2026-12-31) | $3.02 | $2.88 | +5.0% | $695.4M | 2 |
| Current fiscal year (ends 2026-12-31) | $9.45 | $9.00 | +5.0% | $2.57B | 3 |
| Next fiscal year (ends 2027-12-31) | $9.75 | $9.72 | +0.3% | $2.62B | 3 |