Latest Ratios: P/E Ratio 10.5x · EV/EBITDA 18.7x · ROE 10.8%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $7.9B | $8.3B | $9.3B | $9.4B | $12.5B | $22.8B | $17.6B | $11.2B | $7.0B | $7.2B | $5.4B |
| Enterprise Value | $8.9B | $9.3B | $10.2B | $10.4B | $13.5B | $22.6B | $17.1B | $11.2B | $7.0B | $7.2B | $5.4B |
| P/E Ratio → | 10.50 | 10.87 | — | — | — | 5.37 | 4.62 | 6.35 | 19.45 | 58.64 | 207.14 |
| P/S Ratio | 3.06 | 3.20 | 3.61 | 3.53 | 4.47 | 7.81 | 6.91 | 4.83 | 3.07 | 3.32 | 2.61 |
| P/B Ratio | 1.07 | 1.11 | 1.41 | 1.08 | 1.30 | 1.67 | 1.78 | 1.94 | 1.75 | 2.45 | 2.10 |
| P/FCF | 21.08 | 22.07 | 34.82 | 43.21 | 155.99 | 42.60 | 36.90 | 31.08 | 45.09 | — | 72.54 |
| P/OCF | 14.84 | 15.53 | 20.36 | 25.15 | 64.41 | 34.09 | 30.06 | 24.39 | 24.59 | 68.83 | 25.01 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.59 | 3.96 | 3.91 | 4.81 | 7.73 | 6.74 | 4.83 | 3.07 | 3.34 | 2.60 |
| EV / EBITDA | 18.70 | 19.47 | 24.14 | 21.57 | 20.43 | 35.39 | 30.62 | 27.61 | 238.55 | 27.21 | 27.45 |
| EV / EBIT | 32.89 | 34.25 | — | — | — | 4.14 | 3.47 | 4.88 | 13.10 | 59.75 | 82.88 |
| EV / FCF | — | 24.73 | 38.15 | 47.80 | 167.87 | 42.14 | 35.99 | 31.05 | 45.14 | — | 72.25 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 52.0% | 52.0% | 53.7% | 53.4% | 55.9% | 56.1% | 56.5% | 54.4% | 53.5% | 55.0% | 55.0% |
| Operating Margin | 10.5% | 10.5% | 10.5% | 12.6% | 17.2% | 17.1% | 16.6% | 9.9% | -4.7% | 5.4% | 2.6% |
| Net Profit Margin | 29.4% | 29.4% | -71.9% | -23.9% | -129.5% | 145.6% | 149.8% | 76.1% | 15.8% | 5.3% | 1.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 10.8% | 10.8% | -24.1% | -6.9% | -31.1% | 36.1% | 48.8% | 36.0% | 10.4% | 4.2% | 1.1% |
| ROA | 7.6% | 7.6% | -17.0% | -4.9% | -23.2% | 27.7% | 36.4% | 25.8% | 7.3% | 2.8% | 0.7% |
| ROIC | 2.6% | 2.6% | 2.3% | 2.5% | 3.0% | 3.3% | 4.2% | 3.5% | -2.3% | 3.2% | 1.6% |
| ROCE | 2.9% | 2.9% | 2.6% | 2.7% | 3.2% | 3.4% | 4.3% | 3.7% | -2.4% | 3.3% | 1.6% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.21 | 0.21 | 0.21 | 0.16 | 0.14 | 0.02 | 0.02 | 0.11 | 0.11 | 0.15 | 0.17 |
| Debt / EBITDA | 3.22 | 3.22 | 3.27 | 2.91 | 2.10 | 0.35 | 0.40 | 1.61 | 14.92 | 1.64 | 2.22 |
| Net Debt / Equity | — | 0.13 | 0.13 | 0.11 | 0.10 | -0.02 | -0.04 | -0.00 | 0.00 | 0.02 | -0.01 |
| Net Debt / EBITDA | 2.10 | 2.10 | 2.11 | 2.07 | 1.45 | -0.39 | -0.78 | -0.02 | 0.27 | 0.19 | -0.11 |
| Debt / FCF | — | 2.67 | 3.33 | 4.59 | 11.88 | -0.46 | -0.92 | -0.03 | 0.05 | — | -0.29 |
| Interest Coverage | 5.52 | 5.52 | -46.90 | -16.20 | -122.43 | 3514.25 | 225.97 | 97.56 | 22.39 | 5.25 | 2.78 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 5.62 | 5.62 | 6.48 | 5.83 | 5.55 | 2.92 | 3.39 | 2.41 | 4.49 | 3.93 | 3.91 |
| Quick Ratio | 4.19 | 4.19 | 4.85 | 4.34 | 4.29 | 2.08 | 2.40 | 1.80 | 3.19 | 2.75 | 2.80 |
| Cash Ratio | 2.98 | 2.98 | 3.56 | 3.07 | 3.15 | 1.28 | 1.57 | 1.23 | 1.87 | 1.50 | 1.78 |
| Asset Turnover | — | 0.24 | 0.27 | 0.22 | 0.21 | 0.16 | 0.20 | 0.29 | 0.41 | 0.51 | 0.54 |
| Inventory Turnover | 1.67 | 1.67 | 1.56 | 1.59 | 1.72 | 2.24 | 1.78 | 1.90 | 1.83 | 1.64 | 1.77 |
| Days Sales Outstanding | — | 66.76 | 64.35 | 66.82 | 64.43 | 52.90 | 60.14 | 62.00 | 62.55 | 78.55 | 65.71 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 9.5% | 9.2% | — | — | — | 18.6% | 21.6% | 15.7% | 5.1% | 1.7% | 0.5% |
| FCF Yield | 4.7% | 4.5% | 2.9% | 2.3% | 0.6% | 2.3% | 2.7% | 3.2% | 2.2% | — | 1.4% |
| Buyback Yield | 3.7% | 3.6% | 2.2% | 4.5% | 1.7% | 0.2% | 0.6% | 0.3% | 0.7% | 0.0% | 0.0% |
| Total Shareholder Yield | 3.7% | 3.6% | 2.2% | 4.5% | 1.7% | 0.2% | 0.6% | 0.3% | 0.7% | 0.0% | 0.0% |
| Shares Outstanding | — | $27M | $28M | $29M | $30M | $30M | $30M | $30M | $30M | $30M | $30M |
Sartorius equity valuation volatility
According to recent financial data, Bio-Rad trades at a P/E of 10.79, yet this figure is heavily skewed by mark-to-market accounting of its Sartorius stake, necessitating a sum-of-the-parts approach to accurately assess the core clinical diagnostics and life science business valuation relative to industry peers.
The divergence between the trailing P/E of 10.79 and the forward P/E of 33.27 highlights the extreme volatility introduced by non-operating equity gains. Investors should monitor the core operating earnings, as the headline valuation multiples fail to capture the underlying cash-generating potential of the company's diagnostic and research instrumentation segments.
Based on reported figures, Bio-Rad's ROIC has struggled to gain traction, hovering near 0.3% to 0.9% over the last ten quarters, which suggests that the company is failing to effectively compound returns on its invested capital despite its dominant position in the clinical quality control niche.
The persistently low ROIC indicates that the company's high fixed-cost base and R&D intensity are not currently translating into superior capital efficiency. This trend warrants further investigation into whether the company's capital allocation strategy is overly conservative or if the core business model requires a fundamental shift to improve asset utilization.
As reported in quarterly filings, the cash conversion cycle has remained elevated, often exceeding 250 days, which reflects significant friction in inventory management and the logistical complexities of maintaining a global supply chain for specialized diagnostic reagents and high-end life science instrumentation across diverse international markets.
The high days inventory outstanding, which has frequently topped 200 days, suggests that the company may be carrying excessive stock or facing challenges with product obsolescence. This inefficiency ties up significant liquidity and limits the company's ability to optimize its working capital relative to more agile life science peers.
According to recent balance sheet disclosures, Bio-Rad maintains a disciplined debt-to-equity ratio consistently near 0.20, signaling a highly conservative capital structure that provides the firm with significant financial flexibility and insulation from the rising interest rate environment currently impacting more leveraged medical device competitors.
This low leverage profile is a key defensive characteristic, allowing the company to navigate periods of operational volatility without the pressure of significant debt service obligations. While this approach limits potential equity returns, it provides a stable foundation for long-term R&D investment and potential strategic capital deployment.
The P/E ratio is the most commonly misapplied metric for Bio-Rad, as it obscures the company's true earning power by incorporating the volatile mark-to-market fluctuations of its Sartorius AG equity stake, which bears little relation to the operational performance of the core clinical diagnostics business.
Analysts should instead focus on EV/EBITDA or adjusted operating cash flow metrics to strip away the noise created by the Sartorius investment. Relying on standard P/E multiples may lead to erroneous conclusions regarding the company's valuation, as these figures do not reflect the underlying cash-generating capacity of the firm.
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Quick answers to the most common questions about buying BIO stock.
Bio-Rad Laboratories, Inc.'s current P/E ratio is 10.5x. The historical average is 21.1x. This places it at the 12th percentile of its historical range.
Bio-Rad Laboratories, Inc.'s current EV/EBITDA is 18.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 14.2x.
Bio-Rad Laboratories, Inc.'s return on equity (ROE) is 10.8%. The historical average is 10.4%.
Based on historical data, Bio-Rad Laboratories, Inc. is trading at a P/E of 10.5x. This is at the 12th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Bio-Rad Laboratories, Inc. has 52.0% gross margin and 10.5% operating margin. Operating margin between 10-20% is typical for established companies.
Bio-Rad Laboratories, Inc.'s Debt/EBITDA ratio is 3.2x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.