NYSE · Healthcare

Bio-Rad Laboratories, Inc.

BIO · Medical Devices

$257.14

▲ 0.59 (0.23%)

Data cached · refreshes every 10 min

Mr. Market is currently offering Bio-Rad Laboratories, Inc. at $257.14.

The business passes only 3 of 6 of Graham's defensive criteria — well below his required standard.

Overall Grade

Defensive

Enterprising

Profitability A

Gross Profit Margin 51.9%

Operating Margin 8.5%

Net Income Margin 29.4%

Fin. Health A

Years to Pay Off Debt 1.8 yrs

Working Capital vs Long-Term Debt $1.2B

Working Capital $2.4B

Valuation A

Margin of Safety 44.3%

Price-to-Book 0.76x

Cash Flow B

Free Cash Flow $375M

CapEx % of Net Income 20.7%

Owner Earnings $1.1B

3/6

Graham Score

Speculative

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $6.9B

Enterprise Value $6.7B

P/E (TTM) 42.86

Dividend Yield N/A

Exchange NYSE

Key Margins

Gross Profit 51.9%

Operating Margin 8.5%

Net Margin 29.4%

Company Info

Sector Healthcare

Industry Medical Devices

Employees 7450

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering Bio-Rad Laboratories, Inc. at $257.14.

The business passes only 3 of 6 of Graham's defensive criteria — well below his required standard.

At $257.14, the stock trades below its Graham Number of $461.55 — suggesting a margin of safety exists.

The margin of safety of 44.3% exceeds Graham's recommended 33% threshold — a rare opportunity.

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign..

Conclusion: By Graham's standards, this stock is speculative at its current price. The intelligent investor would look elsewhere or wait.

About Bio-Rad Laboratories, Inc.

Bio-Rad Laboratories, Inc. develops, manufactures, and distributes life science research and clinical diagnostic products in the United States, Europe, Asia, Canada, Latin America, and internationally. It operates through two segments, Life Science and Clinical Diagnostics. The Life Science segment develops, manufactures, and markets instruments, systems, reagents, and consumables to separate, purify, characterize, and quantify biological materials, including cells, proteins, and nucleic acids used in research and biopharmaceutical laboratory environments, as well as for biopharmaceutical manufacturing, quality control process, food safety, and science education applications. This segment serves universities and medical schools, industrial research organizations, government agencies, pharmaceutical manufacturers, biotechnology companies, food producers, and testing laboratories. Its Clinical Diagnostics segment designs, manufactures, markets, and supports diagnostic test systems, informatics systems, test kits, and specialized quality controls for clinical, hospital, diagnostic reference, and transfusion and physician office laboratories, as well as software. The company offers its products through its direct commercial organization, as well as through distributors, agents, brokers, and resellers. Bio-Rad Laboratories, Inc. was founded in 1952 and is headquartered in Hercules, California.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022	2021
Gross Profit %	51.9% ▼	53.7%	53.4%	55.9%	N/A
Operating Margin %	8.5% ▼	10.5%	12.6%	17.0%	N/A
Net Income %	29.4% ▲	-71.9%	-23.9%	-129.5%	N/A
Diluted EPS	27.85 ▲	-65.36	-21.82	-121.79	N/A

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$10.6B	$9.4B	$12.3B	$13.5B	N/A
Total Debt	$1.4B ↑	$1.4B	$1.4B	$1.4B	N/A
Working Capital	$2.4B ▼	$2.6B	$2.5B	$2.6B	N/A
Years to Pay Debt	1.82	-0.75	-2.21	-0.38	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	$375M ▲	$266M	$218M	$80M	N/A
Owner Earnings	$1.1B	-$1.5B	-$335M	-$3.4B	N/A
CapEx % of Net Income	20.7%	N/A	N/A	N/A	N/A

Income Statement

	2025	2024	2023	2022	2021
Tax Effect Of Unusual Items	172,576	-562,904	-310,450	-1,191,166
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	480,700	504,200	587,000	672,800
Total Unusual Items	729,200	-2,646,200	-1,241,800	-5,201,600
Total Unusual Items Excluding Goodwill	729,200	-2,646,200	-1,241,800	-5,201,600
Net Income From Continuing Operation Net Minority Interest	759,900	-1,844,200	-637,300	-3,627,500
Reconciled Depreciation	165,400	151,600	145,900	137,300
Reconciled Cost Of Revenue	1,243,300	1,187,600	1,244,300	1,234,900
EBITDA	1,209,900	-2,142,000	-654,800	-4,528,800
EBIT	1,044,500	-2,293,600	-800,700	-4,666,100
Net Interest Income	46,500	33,100	51,500	20,000
Interest Expense	49,000	48,900	49,400	38,100
Interest Income	95,500	82,000	100,900	58,100
Normalized Income	203,276	239,096	294,050	382,934
Net Income From Continuing And Discontinued Operation	759,900	-1,844,200	-637,300	-3,627,500
Total Expenses	2,364,600	2,297,500	2,333,400	2,327,100
Total Operating Income As Reported	47,200	269,000	337,800	482,600
Diluted Average Shares	27,281	28,214	29,209	29,785
Basic Average Shares	27,263	28,214	29,209	29,785
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	759,900	-1,844,200	-637,300	-3,627,500
Net Income Common Stockholders	759,900	-1,844,200	-637,300	-3,627,500
Net Income	759,900	-1,844,200	-637,300	-3,627,500
Net Income Including Noncontrolling Interests	759,900	-1,844,200	-637,300	-3,627,500
Net Income Continuous Operations	759,900	-1,844,200	-637,300	-3,627,500
Tax Provision	235,600	-498,300	-212,800	-1,076,700
Pretax Income	995,500	-2,342,500	-850,100	-4,704,200
Other Income Expense	730,400	-2,644,600	-1,239,400	-5,199,300
Other Non Operating Income Expenses	1,200	1,600	2,400	2,300
Special Income Charges	-178,800	0	2,500	-10,500
Gain On Sale Of Business		0	2,500	1,400	0
Other Special Charges			-2,500
Write Off	6,000	0	0	11,900
Impairment Of Capital Assets	172,800	0	0
Gain On Sale Of Security	908,000	-2,646,200	-1,244,300	-5,191,100
Net Non Operating Interest Income Expense	46,500	33,100	51,500	20,000
Interest Expense Non Operating	49,000	48,900	49,400	38,100
Interest Income Non Operating	95,500	82,000	100,900	58,100
Operating Income	218,600	269,000	337,800	475,100
Operating Expense	1,121,300	1,109,900	1,089,100	1,092,200
Other Operating Expenses				7,500
Provision For Doubtful Accounts	1,400	0	0	7,500
Research And Development	275,600	295,900	247,400	256,900
Selling General And Administration	844,300	814,000	841,700	827,800
Gross Profit	1,339,900	1,378,900	1,426,900	1,567,300
Cost Of Revenue	1,243,300	1,187,600	1,244,300	1,234,900
Total Revenue	2,583,200	2,566,500	2,671,200	2,802,200
Operating Revenue	2,583,200	2,566,500	2,671,200	2,802,200

Balance Sheet

	2025	2024	2023	2022	2021
Treasury Shares Number	3,275	2,255	1,747	640
Ordinary Shares Number	26,990	28,011	28,518	29,596
Share Issued	30,266	30,266	30,266	30,236
Net Debt	674,500	713,500	795,800	763,950
Total Debt	1,386,100	1,374,700	1,405,500	1,388,098
Tangible Book Value	6,699,500	5,865,200	8,007,100	8,876,652
Invested Capital	8,657,900	7,770,900	9,940,800	10,813,417
Working Capital	2,389,200	2,562,500	2,525,500	2,589,268
Net Tangible Assets	6,699,500	5,865,200	8,007,100	8,876,652
Capital Lease Obligations	181,800	173,100	205,900	189,933
Common Stock Equity	7,453,600	6,569,300	8,741,200	9,615,252
Total Capitalization	8,656,600	7,769,700	9,940,300	10,812,952
Total Equity Gross Minority Interest	7,453,600	6,569,300	8,741,200	9,615,252
Stockholders Equity	7,453,600	6,569,300	8,741,200	9,615,252
Gains Losses Not Affecting Retained Earnings	-189,100	-538,200	-336,000	-466,822
Other Equity Adjustments	-189,100	-538,200	-336,000	-466,822
Treasury Stock	1,009,600	772,100	632,500	263,586
Retained Earnings	8,176,300	7,416,400	9,260,600	9,898,203
Additional Paid In Capital	476,000	463,200	449,100	447,454
Capital Stock	0	0	0	3
Common Stock	0	0	0	3
Total Liabilities Net Minority Interest	3,122,900	2,794,800	3,557,900	3,886,414
Total Non Current Liabilities Net Minority Interest	2,605,900	2,327,000	3,035,100	3,317,706
Other Non Current Liabilities	197,800	177,200	195,000	195,928
Non Current Deferred Liabilities	1,059,400	818,000	1,475,500	1,770,481
Non Current Deferred Taxes Liabilities	1,059,400	818,000	1,475,500	1,770,481
Long Term Debt And Capital Lease Obligation	1,348,700	1,331,800	1,364,600	1,351,297
Long Term Capital Lease Obligation	145,700	131,400	165,500	153,597
Long Term Debt	1,203,000	1,200,400	1,199,100	1,197,700
Current Liabilities	517,000	467,800	522,800	568,708
Other Current Liabilities	141,700	147,200	161,600	169,648
Current Deferred Liabilities				52,211	50,852
Current Deferred Revenue				52,211	50,852
Current Debt And Capital Lease Obligation	37,400	42,900	40,900	36,801
Current Capital Lease Obligation	36,100	41,700	40,400	36,336
Current Debt	1,300	1,200	500	465
Other Current Borrowings	1,300	1,200	500	465
Payables And Accrued Expenses	337,900	277,700	320,300	362,259
Current Accrued Expenses	172,300	124,200	139,900	194,790
Payables	165,600	153,500	180,400	167,469
Total Tax Payable	36,600	31,200	35,800	32,428
Income Tax Payable				11,929	10,319
Accounts Payable	129,000	122,300	144,600	135,041
Total Assets	10,576,500	9,364,100	12,299,100	13,501,666
Total Non Current Assets	7,670,300	6,333,800	9,250,800	10,343,643
Other Non Current Assets	102,700	101,900	94,900	94,599
Investments And Advances	6,103,600	4,839,200	7,698,100	8,830,892
Other Investments	6,103,600	4,839,200	7,698,100	8,830,892
Goodwill And Other Intangible Assets	754,100	704,100	734,100	738,600
Other Intangible Assets	174,300	293,600	320,500	332,100
Goodwill	579,800	410,500	413,600	406,500
Net PPE	709,900	688,600	723,700	679,552
Accumulated Depreciation	-1,261,000	-1,109,200	-1,066,700	-1,009,400
Gross PPE	1,970,900	1,797,800	1,790,400	1,688,952
Other Properties	1,492,600	1,343,700	1,342,200	1,267,552
Buildings And Improvements	449,400	426,300	419,800	393,600
Land And Improvements	28,900	27,800	28,400	27,800
Current Assets	2,906,200	3,030,300	3,048,300	3,157,976
Other Current Assets	27,700	30,700	26,100	23,604
Restricted Cash		0	5,600	5,560	5,560
Prepaid Assets	136,500	122,600	140,000	124,179
Inventory	740,700	760,000	780,500	719,316
Other Inventories			17	16	39
Finished Goods	293,300	294,800	302,900	269,600
Work In Process	234,900	243,200	246,000	220,900
Raw Materials	212,500	222,000	231,600	228,800
Receivables	460,600	452,500	489,000	494,645
Accounts Receivable	460,600	452,500	489,000	494,645
Allowance For Doubtful Accounts Receivable	-5,500	-9,200	-14,900	-15,029
Gross Accounts Receivable	466,100	461,700	503,900	509,674
Cash Cash Equivalents And Short Term Investments	1,540,700	1,664,500	1,607,100	1,790,672
Other Short Term Investments	1,010,900	1,176,400	1,203,300	1,356,457
Cash And Cash Equivalents	529,800	488,100	403,800	434,215

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	374,600	266,200	218,200	80,100
Repurchase Of Capital Stock	-295,500	-203,600	-428,700	-215,700
Repayment Of Debt	-500	-400	-500	-500
Issuance Of Debt		0	0	1,186,200	0
Capital Expenditure	-157,600	-189,000	-156,700	-114,300
End Cash Position	532,200	489,800	404,400	434,500
Beginning Cash Position	489,800	404,400	434,500	471,100
Effect Of Exchange Rate Changes	-16,900	9,200	400	3,000
Changes In Cash	59,300	76,200	-30,500	-39,600
Financing Cash Flow	-283,200	-218,800	-425,600	973,600
Cash Flow From Continuing Financing Activities	-283,200	-218,800	-425,600	973,600
Net Other Financing Charges	-3,000	-34,000	-14,900	-14,000
Proceeds From Stock Option Exercised	15,800	19,200	18,500	17,600
Net Common Stock Issuance	-295,500	-203,600	-428,700	-215,700
Common Stock Payments	-295,500	-203,600	-428,700	-215,700
Net Issuance Payments Of Debt	-500	-400	-500	1,185,700
Net Long Term Debt Issuance	-500	-400	-500	1,185,700
Long Term Debt Payments	-500	-400	-500	-500
Long Term Debt Issuance		0	0	1,186,200	0
Investing Cash Flow	-189,700	-160,200	20,200	-1,207,600
Cash Flow From Continuing Investing Activities	-189,700	-160,200	20,200	-1,207,600
Net Other Investing Changes					-453,440
Net Investment Purchase And Sale	186,300	28,700	174,200	-994,200
Sale Of Investment	855,600	1,305,300	863,200	1,066,000
Purchase Of Investment	-669,300	-1,276,600	-689,000	-2,060,200
Net Business Purchase And Sale	-218,500	0	2,500	-99,300
Sale Of Business	0	0	2,500	1,400
Purchase Of Business	-218,500	0	0	-100,700
Net Intangibles Purchase And Sale	0	-23,400	0	-1,500
Purchase Of Intangibles	0	-23,400	0	-1,500
Net PPE Purchase And Sale	-157,500	-165,500	-156,500	-112,600
Sale Of PPE	100	100	200	200
Purchase Of PPE	-157,600	-165,600	-156,700	-112,800
Operating Cash Flow	532,200	455,200	374,900	194,400
Cash Flow From Continuing Operating Activities	532,200	455,200	374,900	194,400
Change In Working Capital	272,400	-620,800	-432,800	-1,610,000
Change In Other Working Capital	170,500	-626,800	-322,600	-1,241,600
Change In Other Current Liabilities	-200	5,600	-4,100	5,600
Change In Other Current Assets	12,200	-7,500	1,900	-32,400
Change In Payables And Accrued Expense	1,400	-16,800	-73,100	-95,400
Change In Payable	1,400	-16,800	-73,100	-95,400
Change In Account Payable	-100	-40,900	-51,800	-94,200
Change In Tax Payable	1,500	24,100	-21,300	-1,200
Change In Income Tax Payable	1,500	24,100	-21,300	-1,200
Change In Inventory	68,900	8,500	-46,300	-158,800
Change In Receivables	19,600	16,200	11,400	-87,400
Changes In Account Receivables	19,600	16,200	11,400	-87,400
Other Non Cash Items	-3,300	49,500	-12,000	22,100
Stock Based Compensation	58,000	62,300	61,300	60,900
Unrealized Gain Loss On Investment Securities	-900,400	2,656,800	1,252,300	5,193,600
Provisionand Write Offof Assets	1,400	0	0	7,500
Asset Impairment Charge	178,800	0	0	11,900
Depreciation Amortization Depletion	165,400	151,600	145,900	137,300
Depreciation And Amortization	165,400	151,600	145,900	137,300
Operating Gains Losses			-2,500	-1,400
Gain Loss On Sale Of Business	0	0	-2,500	-1,400
Net Income From Continuing Operations	759,900	-1,844,200	-637,300	-3,627,500

These metrics estimate what Bio-Rad Laboratories, Inc. is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$461.55

Margin of Safety

44.3%

Market Cap ÷ Company Value

1.16

P/B Ratio

0.76

Warren's Owner Earnings

$1.1B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

3/6 — Speculative Investor

✅ Adequate Size

$2.6B

vs > $1.5B revenue

✅ Strong Financial Condition

5.62x

vs Current Ratio > 2.0x

❌ Earnings Stability

3 loss years (4 yrs data)

vs No negative EPS years

❌ Dividend Record

No dividend

vs Uninterrupted dividends

❌ Moderate P/E Ratio

42.9x

vs P/E ≤ 15.0x

✅ Moderate Price-to-Book

0.76x P/B (P/E×P/B: 32.4)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$-9.88

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

$110.78

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	20.7%	N/A	N/A	N/A	N/A
Repurchase of Capital Stock	-$296M	-$204M	-$429M	-$216M	N/A
Free Cash Flow	$375M ▲	$266M ▲	$218M ▲	$80M •	N/A •
Warren's Owner Earnings	$1.1B	-$1.5B	-$335M	-$3.4B	N/A

Peers & Industry Comparison

Medical Devices — Auto-detected peers

Company	Price	Market Cap	P/E	Gross Margin	Net Margin	Revenue
BIO	$257.14	$6.9B	42.86	51.9%	29.4%	$2.6B
MDT Medtronic plc.	$78.50	$100.8B	21.9	65.2%	13.0%	$35.5B
ABT Abbott Laboratories	$87.40	$152.2B	24.5	56.5%	13.9%	$45.1B
SYK Stryker Corporation	$292.21	$111.9B	34.8	64.7%	13.2%	$25.3B
BSX Boston Scientific Corporation	$57.05	$84.8B	23.9	68.9%	17.3%	$20.6B
EW Edwards Lifesciences Corporatio	$83.30	$48.0B	45.0	77.9%	17.4%	$6.3B

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

16.38%

High — management has strong skin in the game

Return on Equity (ROE)

10.2%

Adequate — returns are moderate

Return on Assets (ROA)

7.2%

Strong — management uses assets efficiently

Share Buybacks (Latest Year)

$296M

Management is returning capital to shareholders via buybacks

Debt Trend YoY

+0.8% YoY

Debt is roughly stable

Leadership Team

Norman Schwartz

Chairman & CEO

Age 75

Pay: $1,680,292

0.221% of net income

Jonathan DiVincenzo

President & COO

Age 59

Pay: $1,172,954

0.154% of net income

Roop Lakkaraju CPA

Executive VP & CFO

Age 54

Pay: $984,424

0.130% of net income

James Barry

Executive VP & President of Life Science Group

Age 47

Pay: $1,106,516

0.146% of net income

Rajat Mehta

Executive Vice President of Global Commercial Operations

Age 46

Pay: $829,469

0.109% of net income

Top Institutional Holders

Institution	% Owned	Shares
First Eagle Investment Management, LLC	11.72%	2,570,473
Vanguard Group Inc	8.09%	1,774,263
Blackrock Inc.	7.67%	1,680,948
Dimensional Fund Advisors LP	4.91%	1,077,072
Ariel Investments, LLC	3.49%	764,672
Earnest Partners LLC	2.75%	603,594
State Street Corporation	2.55%	559,604
Veritas Asset Management LLP	2.48%	543,335

Risk Analysis

Short Interest

0.0% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

0.20x

Conservative balance sheet — low financial risk

Current Ratio

3.21x

Strong liquidity — Graham approved

52-Week Price Range

Low: $211.43 Current: $257.14 High: $343.12

Currently at 35% of 52-week range

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