Bio-rad Laboratories, Inc.

Industrials
Biotechnology: Laboratory Analytical Instruments
www.bio-rad.com

Earnings Score
Moat Score
Safety Score

Market Cap $9.70B
PE -12
Debt $1.20B
Cash $412.19M
EV $10.49B
FCF $247.16M

Earnings

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Sales & Net Margins

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Earnings	-$778.69M
EBIT	$305.99M
ROE	-10%
ROA	3%
FCF	$247.16M
Equity	$7.49B
Growth Stability	-111%
PE	-12.46
PEG	-6.41
PB	1.3
P/FCF	39.24
P/S	3.76
Price/Cash	0.04
Debt/Equity	0.16
Debt/FCF	4.86
Net Margins	-59%
Gross Margins	54%
Op. Margins	12%
Earnings CAGR	10%
Sales Growth YoY	3%
Sales Growth QoQ	2%
Sales CAGR	4%
FCF CAGR	25%
Equity CAGR	20%
Earnings Stability	0.08
Earnings Growth YoY	515%
Earnings Growth QoQ	-130%

Earnings CAGR 5Y	2%
Sales CAGR 5Y	2%
FCF CAGR 5Y	-21%
Equity CAGR 5Y	0%
Earnings CAGR 3Y	-5%
Sales CAGR 3Y	-5%
FCF CAGR 3Y	-21%
Equity CAGR 3Y	-14%
Market Cap	$9.70B
Revenue	$2.58B
Assets	$10.60B
Total Debt	$1.20B
Cash	$412.19M
Shares Outstanding	27.95M
EV	10.49B
Earnings Score	7%
Moat Score	11%
Safety Score	56%
Final Score	25%
Working Capital	2.56B
Current Ratio	6.14
Gross Profit	$1.40B
Shares Growth 3y	-2%
Equity Growth QoQ	10%
Equity Growth YoY	-11%

Assets & ROA

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Stockholders Equity & ROE

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Bio-Rad Laboratories, headquartered in Hercules, California, develops, manufactures, and markets products and solutions for the clinical diagnostics and life sciences markets. In diagnostics (53% of sales), Bio-Rad manufactures, sells, and supports test systems and specialized quality controls for clinical laboratories. In life sciences (47% of sales), the firm develops and manufactures a range of instruments and reagents used in research, biopharmaceutical production, and food testing. The company is geographically diverse, with major markets in the Americas (42% of 2021 sales), Europe and Africa (33%), and Asia-Pacific (25%). Bio-Rad owns 37% of Sartorius AG, a laboratory and biopharmaceutical supplier.

SEC Filings

Direct access to Bio-rad Laboratories, Inc. (BIO) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2024
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2023
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2022
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31

Sector Comparison

How does Bio-rad Laboratories, Inc. compare to its competitors?

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Peter Lynch's Chart

This chart shows the current pricing of Bio-rad Laboratories, Inc. compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

CAGR 10%

Stability 8%

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Bio-rad Laboratories, Inc. Discounted Cash Flow

Fully customizable DCF calculator online for Bio-rad Laboratories, Inc..

Years

Calculation mode

= $15B

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	$247M	$310M	$388M	$486M	$609M	$763M	$957M	$1.2B	$1.5B	$1.9B	$2.4B	$24B
DCF		$282M	$321M	$365M	$416M	$474M	$540M	$615M	$701M	$798M	$909M	$9.1B
Value	$15B

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Net Margins	4%	6%	1%	6%	16%	76%	150%	145%	-129%	-24%	-59%
ROA	-	5%	2%	3%	10%	29%	38%	31%	4%	3%	3%
ROE	-	5%	1%	4%	9%	31%	39%	31%	-38%	-7%	-10%

Bad Net Margins (-59.42%)

Net Margins are too low to guarantee profitability in case of higher costs or higher interest rates. Furthermore lower margins cause higher earnings’ volatility.

Safety and Stability

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Debt over FCF	-	5.88	5.79	-58.41	2.82	1.22	0.03	0.02	14.67	5.55	4.86
Debt over Equity	0.2	0.18	0.17	0.15	0.11	0.08	0	0	0.12	0.14	0.16
Growth Stability	-	-	-	100%	100%	100%	100%	100%	-111%	-43%	-111%

Bad Debt/FCF ratio (4.86)

Net Margins are too low to guarantee profitability in case of higher costs or higher interest rates. Furthermore lower margins cause higher earnings’ volatility.

Good Debt/Equity ratio (0.16)

The company is not overleveraged and has a good balance between equity and debt.

Bad Graham’s Stability (-111%)

The company has a bad stability in its earnings, which is a sign of a bad competitive advantage.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	CAGR 5Y
Revenue YoY growth	-	-7%	2%	4%	6%	1%	10%	15%	-4%	-5%	2%
Earnings YoY growth	-	27%	-75%	335%	199%	381%	116%	12%	-185%	-82%	2%
Equity YoY growth	-	14%	4%	13%	37%	43%	72%	38%	-30%	-9%	0%
FCF YoY growth	-	-51%	1%	-110%	-2K%	131%	33%	12%	-85%	167%	-21%