Bio-Rad Laboratories, Inc. (BIO) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-146.4%

-$171.35

vs $369.60 price

Levered DCF

$154.09

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

3.65

Safe zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	10.87×	-5.03×	-14.8×	-3.45×	5.3×	4.56×	6.28×	19.19×
P/B	1.11×	1.41×	1.08×	1.3×	1.65×	1.76×	1.92×	1.72×
P/S	3.2×	3.61×	3.53×	4.47×	7.71×	6.82×	4.78×	3.03×
EV / EBITDA	7.65×	-4.74×	-15.93×	-2.98×	3.99×	3.33×	4.56×	10.28×
Gross margin	52.0%	53.7%	53.4%	55.9%	56.1%	56.5%	54.4%	53.5%
Operating margin	10.5%	10.5%	12.6%	17.2%	17.1%	16.6%	9.9%	-4.7%
Net margin	29.4%	-71.9%	-23.9%	-129.5%	145.6%	149.8%	76.1%	15.8%
Current ratio	5.62×	6.48×	5.83×	5.55×	2.92×	3.39×	2.41×	4.49×
Debt / equity	0.21×	0.21×	0.16×	0.14×	0.02×	0.02×	0.11×	0.11×
Interest coverage	5.52×	5.5×	6.83×	12.66×	322.59×	19.27×	9.81×	-4.53×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	10.2%	-28.1%	-7.3%	-37.7%	31.1%	38.6%	30.6%	9.0%
Return on invested capital	2.0%	2.4%	2.1%	2.9%	2.3%	2.6%	2.4%	-1.5%
Return on assets	7.2%	-19.7%	-5.2%	-26.9%	23.9%	29.4%	22.0%	6.4%
Free cash flow yield	4.5%	2.9%	2.3%	0.6%	2.4%	2.7%	3.3%	2.2%
Earnings yield	9.2%	-19.9%	-6.8%	-29.0%	18.9%	22.0%	15.9%	5.2%
Enterprise value	$9.3B	$10.2B	$10.4B	$13.5B	$22.3B	$16.9B	$11B	$6.9B
Net debt / EBITDA	0.83×	-0.41×	-1.53×	-0.21×	-0.04×	-0.09×	-0×	0.01×
Cash conversion cycle (days)	247	260	253	237	175	219	217	221