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BIO, Bio-Rad

Life Sciences Tools & Services consumer brand Cyclical

Bio-Rad is a multinational life science and clinical diagnostics company that develops, manufactures, and markets a broad portfolio of instruments, systems, reagents, and consumables.

We have direct operations in over 36 countries outside the United States through subsidiaries focused on sales, customer service, and product distribution.

Segments Bio-Rad operates in two industry segments designated as Life Science and Clinical Diagnostics.

Latest annual: FY2025 10-K

BIO · Bio-Rad

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$2.6B

+0.7% YoY · 0% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $2.6B 5-yr avg $2.7B

Gross margin 52% 5-yr avg 54%

Operating margin 2.2% 5-yr avg 11.9%

ROIC 1% 5-yr avg 2%

Owner-earnings margin 14% 5-yr avg 11%

Free cash flow margin 14% 5-yr avg 11%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

What it is: Revenue is Clinical Diagnostics (60%) and Life Science (40%).
Situation: Cyclical. Margins collapse and recover repeatedly across the record; a single year, good or bad, misstates the through-cycle earning power.
What moves the needle: Gross margin has run about 54% and operating margin about 10% through the cycle, a wide spread between price and the cost of what it sells — whether that advantage is durable pricing power or a margin that can erode is the question the record is for. The operating margin has swung widely — from −4.5% to 17% — on a steadier 54% gross margin, so what moves it sits below the gross line, in operating spend and one-off charges more than in the cost of the product itself. Inventory runs near 26% of sales, so how fast it turns back into cash — and the risk of writing it down when demand softens — sits alongside the margin. Read this kind of business on the installed base and the upgrade cycle. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has rarely cleared the cost of capital (median 3%, above 15% in 0 of 7 years). By owner earnings: roughly 10% of revenue reaches owners as cash, consistently. The cycle and the balance sheet decide this one; the worst year tells more than the median, and the rest is in the 10-K.

Every line is arithmetic on the company's filings, shown in full in the sections below.

Where the money comes from

read the 10-K →

Clinical Diagnostics is 60% of revenue, with Life Science the other meaningful segment at 40%.

Revenue by reportable segment, FY2025

Clinical Diagnostics60%$1.6B
Life Science40%$1.0B
All Other0%$0

By geographyUnited States40%Europe34%Asia Pacific20%Americas6%

From the segment footnote of the company's own 10-K. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.

The record

Ten years of arithmetic, read across the cycle.

The record, 2016–2025

realized figures from each filing · older years to the left

2016’16	2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMMar 2026
											Income statement
$2.1B	$2.2B	$2.3B	$2.3B	$2.5B	$2.9B	$2.8B	$2.7B	$2.6B	$2.6B	$2.6B	RevenueRevenue
55%	55%	53%	54%	56%	56%	56%	53%	54%	52%	52%	Gross marginGross mgn
39%	37%	36%	36%	31%	30%	30%	32%	32%	33%	33%	SG&A / revenueSG&A/rev
10%	12%	9%	9%	9%	9%	9%	9%	12%	11%	10%	R&D / revenueR&D/rev
$56M	$119M	($103M)	$230M	$421M	$500M	$483M	$338M	$269M	$47M	$58M	Operating incomeOp. inc.
2.7%	5.5%	−4.5%	9.9%	16.6%	17.1%	17.2%	12.6%	10.5%	1.8%	2.2%	Operating marginOp. mgn
$26M	$122M	$366M	$1.8B	$3.8B	$4.3B	($3.6B)	($637M)	($1.8B)	$760M	$169M	Net incomeNet inc.
37%	—	29%	22%	22%	22%	—	—	—	24%	24%	Effective tax rateTax rate
											Cash flow & returns
$216M	$104M	$285M	$458M	$585M	$669M	$194M	$375M	$455M	$532M	$510M	Operating cash flowOp. cash
$143M	$149M	$138M	$134M	$139M	$138M	$137M	$146M	$152M	$165M	$165M	DepreciationDeprec.
$27M	($190M)	($246M)	($1.5B)	($3.4B)	($3.8B)	$3.6B	$805M	$2.1B	($451M)	$119M	Working capital & otherWC & other
$141M	$111M	$130M	$99M	$109M	$134M	$113M	$157M	$166M	$158M	$153M	CapexCapex
6.8%	5.2%	5.7%	4.3%	4.3%	4.6%	4.0%	5.9%	6.5%	6.1%	5.9%	Capex / revenueCapex/rev
$75M	($7M)	$156M	$359M	$476M	$536M	$82M	$218M	$290M	$375M	$357M	Owner earningsOwner earn.
3.6%	−0.3%	6.8%	15.5%	18.7%	18.3%	2.9%	8.2%	11.3%	14.5%	13.8%	Owner earnings marginOE mgn
$75M	($7M)	$156M	$359M	$476M	$536M	$82M	$218M	$290M	$375M	$357M	Free cash flowFCF
3.6%	−0.3%	6.8%	15.5%	18.7%	18.3%	2.9%	8.2%	11.3%	14.5%	13.8%	Free cash flow marginFCF mgn
$0	$3M	$49M	$28M	$100M	$50M	$216M	$429M	$204M	$296M	—	BuybacksBuybacks
1%	4%	-2%	3%	4%	3%	—	—	—	0%	1%	ROICROIC
1%	4%	9%	31%	39%	31%	-38%	-7%	-28%	10%	2%	Return on equityROE
1%	4%	9%	31%	39%	31%	−38%	−7%	−28%	10%	2%	Retained to equityRetained/eq
											Balance sheet
$839M	$755M	$845M	$1.1B	$991M	$870M	$1.8B	$1.6B	$1.7B	$1.5B	$1.6B	Cash & investmentsCash+inv
$372M	$465M	$392M	$393M	$419M	$424M	$495M	$489M	$453M	$461M	$426M	ReceivablesReceiv.
$525M	$595M	$584M	$554M	$622M	$572M	$719M	$781M	$760M	$741M	$771M	InventoryInvent.
$133M	$135M	$122M	$107M	$139M	$142M	$135M	$145M	$122M	$129M	$133M	Accounts payablePayables
$764M	$924M	$854M	$840M	$902M	$854M	$1.1B	$1.1B	$1.1B	$1.1B	$1.1B	Operating working capitalOper. WC
$1.8B	$2.0B	$2.0B	$2.2B	$2.1B	$2.0B	$3.2B	$3.0B	$3.0B	$2.9B	$2.9B	Current assetsCur. assets
$471M	$503M	$451M	$905M	$632M	$681M	$569M	$523M	$468M	$517M	$917M	Current liabilitiesCur. liab.
3.9×	3.9×	4.5×	2.4×	3.4×	2.9×	5.6×	5.8×	6.5×	5.6×	3.2×	Current ratioCurr. ratio
$477M	$506M	$220M	$264M	$292M	$347M	$407M	$414M	$411M	$580M	$577M	GoodwillGoodwill
$3.9B	$4.3B	$5.6B	$8.0B	$13.0B	$17.8B	$13.5B	$12.3B	$9.4B	$10.6B	$9.8B	Total assetsAssets
$435M	$435M	$439M	$440M	$14M	$11M	$1.2B	$1.2B	$1.2B	$1.2B	$1.2B	Total debtDebt
($405M)	($320M)	($405M)	($675M)	($977M)	($859M)	($593M)	($408M)	($464M)	($331M)	($355M)	Net debt / (cash)Net debt
2.4×	5.2×	-4.3×	9.8×	19.3×	322.6×	12.7×	6.8×	5.5×	1.0×	1.2×	Interest coverageInt. cov.
$2.6B	$2.9B	$4.0B	$5.8B	$9.9B	$13.7B	$9.6B	$8.7B	$6.6B	$7.5B	$6.9B	Shareholders’ equityEquity
1.0%	1.1%	1.2%	1.5%	1.6%	1.8%	2.2%	2.3%	2.4%	2.2%	2.2%	Stock comp / revenueSBC/rev
$14M	$12M	$282M	—	—	—	—	—	—	—	—	Goodwill written downGW imp.
											Per share
29.6M	30.0M	30.2M	30.2M	30.2M	30.2M	29.8M	29.2M	28.2M	27.3M	27.0M	Shares out (diluted)Shares
$69.76	$71.93	$75.74	$76.59	$84.40	$96.75	$94.08	$91.45	$90.97	$94.69	$96.07	Revenue / shareRev/sh
$0.88	$4.07	$12.10	$58.27	$126.47	$140.83	$-121.79	$-21.82	$-65.36	$27.85	$6.26	EPS (diluted)EPS
$2.52	$-0.24	$5.15	$11.91	$15.80	$17.73	$2.74	$7.47	$10.26	$13.73	$13.25	Owner earnings / shareOE/sh
$2.52	$-0.24	$5.15	$11.91	$15.80	$17.73	$2.74	$7.47	$10.26	$13.73	$13.25	Free cash flow / shareFCF/sh
$4.77	$3.71	$4.29	$3.26	$3.60	$4.43	$3.79	$5.36	$5.87	$5.78	$5.68	Cap. spending / shareCapex/sh
$87.00	$97.56	$133.00	$190.72	$327.91	$453.03	$322.82	$299.26	$232.84	$273.22	$254.15	Book value / shareBVPS

Per-share growththe realized rate an owner's share compounded

	9-yr	5-yr
Revenue / share	+3.5%/yr	+2.3%/yr
Owner earnings / share	+20.7%/yr	−2.8%/yr
EPS	+46.9%/yr	−26.1%/yr
Capital spending / share	+2.1%/yr	+9.9%/yr
Book value / share	+13.6%/yr	−3.6%/yr

The record, charted

FY2016–2025

Each measure over its full record; the current point and the worst year marked.

Share count

27Mpeak FY2018

ROIC

0%low FY2018

Gross margin

52%low FY2025

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

$375Mowner earningsvs.$760Mnet incomelow FY2017

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetained

Each year's operating cash, by what management did with it: the mix, and how it drifts.

FY2016FY2025

Owner-earnings bridge

FY2021–FY2025cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2025 the business reported $760M of profit but $375M of owner earnings: $385M less than the profit line, taken out by capital spending and the timing of cash.

Reported net income$760M

Owner earnings$375M · 15% of revenue

	FY2025	FY2024	FY2023	FY2022	FY2021
Reported net income	$760M	($1.8B)	($637M)	($3.6B)	$4.3B
Depreciation & amortizationnon-cash charge added back	+$165M	+$152M	+$146M	+$137M	+$138M
Stock-based compensationreal costnon-cash, but a real cost	+$58M	+$62M	+$61M	+$61M	+$51M
Working capital & othertiming of cash in and out, other non-cash items	−$451M	+$2.1B	+$805M	+$3.6B	−$3.8B
Cash from operations	$532M	$455M	$375M	$194M	$669M
Capital expenditurecash put back in to keep running and to grow	−$158M	−$166M	−$157M	−$113M	−$134M
Owner earnings	$375M	$290M	$218M	$82M	$536M
Owner-earnings marginowner earnings ÷ revenue	15%	11%	8%	3%	18%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position . The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $58M), owner earnings is nearer $317M.

Much of fiscal 2025's profit didn't arrive as operating cash; it sits in “working capital & other” above. That can be a real inventory or timing swing, or profit that doesn't run through operating cash at all: a heavy tax year, equity-method earnings, or investment income booked through investing. For a year like this, owner earnings understates the cash earned; the full cash-flow statement carries the rest.

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

Will it survive?

Can it pay its interest? 1.0×

Does not cover its interest

Operating income $47M ÷ interest expense $49M

What this means
A full year of operating profit didn't cover the interest bill. This is the zombie zone: the business depends on refinancing, asset sales, or forbearance to service its debt.
How heavy is the debt, net of cash? +$331M

Net cash

Cash $530M + ST investments $1.0B − debt $1.2B

What this means
Cash and short-term investments exceed every dollar of debt by $331M, on net the company owes nothing, and can act from strength when others can't. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? 245d

Long (60+ days)

DSO 65 + DIO 217 − DPO 38 days

What this means
Days cash is tied up between paying suppliers and collecting from customers. Lower is better; a long cycle means growth itself eats cash.

Is it a good business?

Return on invested capital 3%

Below average through the cycle

7-yr median, range -2%–4%; 0% latest = NOPAT $36M ÷ invested capital $8.1B

Industry peers: median 17%

What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 7 years (it ran 0% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
Owner-earnings margin 8%

Solid through the cycle

10-yr median margin, range -0%–19%; latest $375M = operating cash $532M − maintenance capex $158M

Industry peers: median 19%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 15% of revenue this year, a 8% median across 10 years. Treating stock comp as the real expense it is (less $58M of SBC) leaves $317M.
Are earnings backed by cash? 0.70×

Mostly cash-backed

Cash from ops $532M ÷ net income $760M

What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.

How is the cash used?

Where do the earnings go? 79%

Returns about half

Dividends + buybacks $296M ÷ Owner Earnings $375M

What this means
Of $375M Owner Earnings, $296M (79%) went back to shareholders, $0 dividends, $296M buybacks. Net of $58M stock comp, the real buyback was about $238M. Returning most of it is the mark of a mature business with little left to reinvest at a high return; reinvesting most could mean a long runway, or empire-building. The split doesn't say which; the return earned on it (see ROIC) does.
Investing or harvesting? 0.95×

Maintaining

Capex $158M ÷ depreciation $165M

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 3 of 6 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Pass

Revenue ≥ $2B · $2.6B

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Pass

Current ratio ≥ 2× · 5.62×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Pass

Debt ≤ working capital · $1.2B vs $2.4B WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Earnings stability Miss

A profit every year (10-yr record) · 3 loss years

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Miss

Uninterrupted dividends · none paid

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth Miss

Earnings +33% over the record · −435%

What this means
At least a third more earnings than a decade ago, averaging three years at each end. Net income (not per-share), so stock splits don't distort it, buybacks and dilution show up in the share-count line instead.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $-21.29/share (latest year $28.19), the averaged base the calculator's gate runs on, and book value is $276.49/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2016–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 7 of 10

What this means
Lost money in 3 year(s), look at what happened there before trusting the average.
Return on capital ≥ 15% 0 of 10 yrs

What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
Operating margin 1% → 8% (3-yr avg ends)

What this means
Through the cycle the operating margin widened — about 1% early to 8% lately, median 10% — pricing power intact or improving.
Reinvestment, incremental ROIC 3%

What this means
Reinvested capital came back at only a modest incremental return — near the cost of capital, where extra growth adds little per dollar. The record shows whether it is a soft stretch or a thinning moat.
Owner earnings growth +29%/yr

What this means
Owner earnings grew about 29% a year over the record.
Worst year 2018 · −4.5% op. margin

What this means
Operations went underwater in 2018, understand why before trusting the good years.
Share count −0.9%/yr

What this means
The share count is shrinking, buybacks are quietly growing your slice of the business.

Does AI threaten the moat?

Low contestability

The moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.

In its own filing A competitive risk, new this year

Its FY2025 10-K names artificial intelligence as a competitive threat, in language that was not in the prior year's filing.

“Our competitors' faster or more effective adoption of AI also could disadvantage us. 20 Our current and future debt and related covenants may restrict our future operations.”

AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of the latest quarter, Mar 31, 2026

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$2.9B

Cash & short-term investments$1.6B
Receivables$426M
Inventory$771M
Other current assets$181M

Current liabilities$917M

Debt due within a year$200K
Accounts payable$133M
Other current liabilities$784M

Current ratio3.21×all current assets ÷ what's due · Graham looked for 2×

Quick ratio2.37×stricter: inventory excluded

Cash ratio1.71×strictest: cash alone against what's due

Working capital$2.0Bthe cushion left after near-term bills

Debt due this year vs. cash$200K due · $1.6B cash covered by cash on hand, no refinancing forced · both figures from the Mar 31, 2026 balance sheet

Revenue, latest quarter vs. a year ago+1.1%the freshest read on whether the business is still growing

Current ratio, recent quarters6.3× → 3.2×

Deeper floors

Tangible book value$6.1Bequity stripped of goodwill & intangibles

Net current asset value$3MGraham's net-net: current assets less all liabilities

Debt incl. operating leases$978M$175M of it operating leases

Deferred revenue$61Mcustomer cash collected before delivery; operating float

From the company's latest filing.

How the cash was used, 2016–2025

Over the record, the business generated $3.9B of operating cash; how management split it reads as a balanced allocator, splitting cash between the business, owners, and the balance sheet.

Reinvested$1.3B · 34%
Buybacks$1.4B · 35%
Retained (debt / cash)$1.2B · 31%

Returned to owners$1.4B
54% of the owner earnings the business produced over the span, $0 as dividends and $1.4B as buybacks.
Source of fundingOperating cash
Operating cash covered reinvestment and returns; over the span debt rose $776M and cash and short-term investments rose $725M.
Average price paid for buybacks—
Buybacks ran $1.4B over the span, but the filings don't tag the share count needed to deduce the average price paid.
Net change in share count−9.1%
The diluted count fell from 30M to 27M, so the buybacks outran the stock issued to staff.
Dividend record—
No dividend line was reported in the filing data over the span; the record here neither confirms nor rules out a payout.
Return on what it retained6%
Of the earnings it kept rather than paid out ($3.6B over the span), annual owner earnings (first three years vs last three) grew $220M, so each retained $1 added about 0.06 of yearly owner earnings. Buffett's test, run on owner earnings instead of market value.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.

Fiscal year	Chief executive	Pay, as filed	“Actually paid”	Owner earnings
2021	Norman Schwartz	$8.7M	$20.4M	$536M
2022	Norman Schwartz	$7.5M	−$5.6M	$82M
2023	Norman Schwartz	$7.5M	$1.0M	$218M
2024	Norman Schwartz	$8.3M	$8.6M	$290M
2025	Norman Schwartz	$8.0M	$7.3M	$375M

Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.

Insider ownership14.8%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
Stock-based compensation$58M
The slice of the business handed to employees in shares this year, 2% of revenue, equal to 123% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

Inverting the record

Invert: instead of why Bio-Rad is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2016–2025.

1 of the 6 tests turned up something to look into; the other 5 came back clean.

Look hereDid reported profit become cash?0.78×
Across the record the business reported $5.0B of net income but generated $3.9B of operating cash, a 0.78-to-one conversion. Profit that does not turn into cash over many years is the classic mark of earnings that are softer than they look. Ask where the gap sits, receivables, inventory, or costs being capitalized rather than expensed.

And these came back clean

Is it less profitable than it was?
Did the share count rise anyway?
Did debt outgrow the business?
Did receivables and inventory outpace sales?
Are "one-time" charges a yearly habit?

Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.

Peers, Life Sciences Tools & Services

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
AAgilent Technologies Inc.	$6.9B	54%	19.1%	17%	18%
ILMNIllumina Inc.	$4.3B	67%	18.2%	12%	23%
MTDMettler-Toledo International Inc.	$4.0B	79%	26.1%	43%	21%
TRMBTrimble Inc.	$3.6B	55%	11.7%	7%	15%
TERTeradyne Inc.	$3.2B	58%	23.3%	34%	19%
WATWaters Corporation	$3.2B	59%	28.8%	28%	18%
BIOBio-Rad	$2.6B	55%	10.2%	3%	10%
RALRalliant Corporation	$2.1B	52%	21.3%	10%	20%
Group median	—	57%	20.2%	14%	19%

The price

What a price has to assume.

What the price implies

reverse-DCF

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Bio-Rad has delivered.

Bio-Rad’s latest year runs above its own through-cycle margin — the reported figure may flatter a peak. So the tool opens on the through-cycle base, Graham’s averaging cutting both ways; clear the toggle below to read the latest year exactly as reported.

Today’s price $

Through the cycle, Bio-Rad earns about $251M on its 9.7% median owner-earnings margin. This year’s 14.5% margin runs above that; the reported figure may flatter a peak you'd be paying on. Normalize, below, values the price on that through-cycle figure rather than the latest year. It comes pre-checked here for that reason, the same rule that already normalizes a trough; clear it to price the year as filed.

Base Normalize · through-cycle ($251M) Net of stock comp (−$58M)

—

The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth · ’21→’25+2%/yr

Owner-earnings growth · ’16→’25+29%/yr

Owner-earnings yield—

P/E (3-yr earnings ’23–’25)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Owner earnings $357M on 27M shares outstanding (a weighted basic average, the only count this filer tags); net cash $355M. The base opens on the through-cycle figure (the latest year sits above the record’s own median, and Graham’s averaging cuts both ways); clear Normalize to use the year as filed. Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh BIO against another business →

Cite: Owner Scorecard, "Bio-Rad (BIO), the owner's record," https://ownerscorecard.com/c/BIO, data as of 2026-07-09.

Manual order: ← BILL its page in the Manual BIOA →

Industry order: ← AVTR the Life Sciences Tools & Services chapter BLLN →