Bio-Rad Laboratories (BIO)
Market Price (2/14/2026): $256.63 | Market Cap: $6.9 BilSector: Health Care | Industry: Life Sciences Tools & Services
Bio-Rad Laboratories (BIO)
Market Price (2/14/2026): $256.63Market Cap: $6.9 BilSector: Health CareIndustry: Life Sciences Tools & Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 11%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 6.7%, FCF Yield is 5.4% | Weak multi-year price returns2Y Excs Rtn is -57%, 3Y Excs Rtn is -111% | Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -2.6% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 21%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 15% | Key risksBIO key risks include [1] its significant dependence on customer funding from government grants and research contracts and [2] the inherent exposures of its extensive international operations. | |
| Low stock price volatilityVol 12M is 44% | ||
| Megatrend and thematic driversMegatrends include Biotechnology & Genomics, and Precision Medicine. Themes include Advanced Diagnostics, Gene Editing & Therapy, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 11%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 6.7%, FCF Yield is 5.4% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 21%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 15% |
| Low stock price volatilityVol 12M is 44% |
| Megatrend and thematic driversMegatrends include Biotechnology & Genomics, and Precision Medicine. Themes include Advanced Diagnostics, Gene Editing & Therapy, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -57%, 3Y Excs Rtn is -111% |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -2.6% |
| Key risksBIO key risks include [1] its significant dependence on customer funding from government grants and research contracts and [2] the inherent exposures of its extensive international operations. |
Qualitative Assessment
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1. Fourth Quarter 2025 Earnings Miss
Bio-Rad Laboratories reported adjusted earnings per share (EPS) of $2.51 for the fourth quarter of 2025, which fell short of analysts' consensus estimates that ranged from $2.57 to $2.71 per share. This earnings miss indicated a clear near-term profit weakness and pressured the stock.
2. Gross and Operating Margin Compression
The company's Q4 2025 GAAP gross margin decreased to 49.8% from 51.2% in the prior year, and non-GAAP gross margin also slipped to 52.5% from 53.9%. Management attributed these declines to higher-than-anticipated supply chain costs, including elevated expedited freight, overtime, and inventory write-offs, reflecting execution-related pressures rather than structural issues. This also led to a decline in the non-GAAP operating margin to 12% in Q4 from 13.8% the prior year.
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Stock Movement Drivers
Fundamental Drivers
The -19.7% change in BIO stock from 10/31/2025 to 2/14/2026 was primarily driven by a -20.3% change in the company's P/S Multiple.| (LTM values as of) | 10312025 | 2142026 | Change |
|---|---|---|---|
| Stock Price ($) | 319.55 | 256.63 | -19.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,558 | 2,583 | 1.0% |
| P/S Multiple | 3.4 | 2.7 | -20.3% |
| Shares Outstanding (Mil) | 27 | 27 | -0.2% |
| Cumulative Contribution | -19.7% |
Market Drivers
10/31/2025 to 2/14/2026| Return | Correlation | |
|---|---|---|
| BIO | -19.7% | |
| Market (SPY) | -0.0% | 26.8% |
| Sector (XLV) | 9.3% | 28.9% |
Fundamental Drivers
The 6.1% change in BIO stock from 7/31/2025 to 2/14/2026 was primarily driven by a 135.4% change in the company's Net Income Margin (%).| (LTM values as of) | 7312025 | 2142026 | Change |
|---|---|---|---|
| Stock Price ($) | 241.95 | 256.63 | 6.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,554 | 2,583 | 1.1% |
| Net Income Margin (%) | 12.5% | 29.4% | 135.4% |
| P/E Multiple | 20.6 | 9.1 | -55.9% |
| Shares Outstanding (Mil) | 27 | 27 | 0.9% |
| Cumulative Contribution | 6.1% |
Market Drivers
7/31/2025 to 2/14/2026| Return | Correlation | |
|---|---|---|
| BIO | 6.0% | |
| Market (SPY) | 8.2% | 13.4% |
| Sector (XLV) | 21.4% | 37.4% |
Fundamental Drivers
The -28.9% change in BIO stock from 1/31/2025 to 2/14/2026 was primarily driven by a -31.4% change in the company's P/S Multiple.| (LTM values as of) | 1312025 | 2142026 | Change |
|---|---|---|---|
| Stock Price ($) | 360.88 | 256.63 | -28.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,580 | 2,583 | 0.1% |
| P/S Multiple | 3.9 | 2.7 | -31.4% |
| Shares Outstanding (Mil) | 28 | 27 | 3.6% |
| Cumulative Contribution | -28.9% |
Market Drivers
1/31/2025 to 2/14/2026| Return | Correlation | |
|---|---|---|
| BIO | -28.9% | |
| Market (SPY) | 14.3% | 44.7% |
| Sector (XLV) | 8.8% | 52.1% |
Fundamental Drivers
The -45.1% change in BIO stock from 1/31/2023 to 2/14/2026 was primarily driven by a -45.9% change in the company's P/S Multiple.| (LTM values as of) | 1312023 | 2142026 | Change |
|---|---|---|---|
| Stock Price ($) | 467.46 | 256.63 | -45.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,805 | 2,583 | -7.9% |
| P/S Multiple | 5.0 | 2.7 | -45.9% |
| Shares Outstanding (Mil) | 30 | 27 | 10.2% |
| Cumulative Contribution | -45.1% |
Market Drivers
1/31/2023 to 2/14/2026| Return | Correlation | |
|---|---|---|
| BIO | -45.1% | |
| Market (SPY) | 74.0% | 36.7% |
| Sector (XLV) | 23.7% | 46.8% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| BIO Return | 30% | -44% | -23% | 2% | -8% | -3% | -50% |
| Peers Return | 27% | -20% | -11% | -0% | 3% | -5% | -12% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -0% | 82% |
Monthly Win Rates [3] | |||||||
| BIO Win Rate | 58% | 42% | 58% | 42% | 58% | 0% | |
| Peers Win Rate | 72% | 40% | 43% | 50% | 52% | 20% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| BIO Max Drawdown | -6% | -53% | -36% | -18% | -34% | -3% | |
| Peers Max Drawdown | -6% | -33% | -32% | -10% | -27% | -8% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -1% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: TMO, DHR, A, ILMN, QGEN. See BIO Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 2/13/2026 (YTD)
How Low Can It Go
| Event | BIO | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -67.4% | -25.4% |
| % Gain to Breakeven | 206.6% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -21.8% | -33.9% |
| % Gain to Breakeven | 27.8% | 51.3% |
| Time to Breakeven | 35 days | 148 days |
| 2018 Correction | ||
| % Loss | -32.5% | -19.8% |
| % Gain to Breakeven | 48.2% | 24.7% |
| Time to Breakeven | 221 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -50.9% | -56.8% |
| % Gain to Breakeven | 103.6% | 131.3% |
| Time to Breakeven | 401 days | 1,480 days |
Compare to TMO, DHR, A, ILMN, QGEN
In The Past
Bio-Rad Laboratories's stock fell -67.4% during the 2022 Inflation Shock from a high on 9/2/2021. A -67.4% loss requires a 206.6% gain to breakeven.
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About Bio-Rad Laboratories (BIO)
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Here are 1-3 brief analogies to describe Bio-Rad Laboratories:
- A more focused Thermo Fisher Scientific.
- The Intel inside every biotech and clinical diagnostics lab.
- The Cisco for scientific and medical research labs.
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- Life Science Research Instruments and Reagents: Provides a comprehensive range of systems, consumables, and reagents for cell biology, genomics, proteomics, and drug discovery research, including PCR, electrophoresis, western blotting, and chromatography solutions.
- Clinical Diagnostics Systems and Reagents: Offers instruments, software, and reagents for disease screening, monitoring, and diagnosis in areas such as diabetes, autoimmune diseases, infectious diseases, and blood typing.
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Company: Bio-Rad Laboratories (BIO)
Bio-Rad Laboratories sells primarily to other companies and institutions, rather than directly to individuals. Due to the highly diversified nature of its customer base across the life science research and clinical diagnostics markets, Bio-Rad does not publicly disclose specific "major customer companies" that account for a significant portion of its revenue. Its sales are typically fragmented across thousands of laboratories and institutions globally.
Instead, Bio-Rad's customer base consists of a broad array of organizations within the following categories:
- Pharmaceutical Companies: These companies utilize Bio-Rad's tools and reagents for drug discovery, development, and quality control.
- Biotechnology Companies: Similar to pharmaceutical companies, biotech firms use Bio-Rad products for research, development, and manufacturing processes.
- Hospitals and Clinical Diagnostic Laboratories: These entities use Bio-Rad's diagnostic products for disease detection, monitoring, and patient management.
- University and Research Institutions: Academic and government-funded laboratories are significant customers, using Bio-Rad's life science products for fundamental and applied research.
- Public Health Laboratories: These labs use diagnostic solutions for public health surveillance and disease control.
- Food Safety Companies: Organizations involved in food production and safety testing use Bio-Rad products for detecting contaminants and ensuring quality.
- Environmental Quality Control Companies: These firms utilize Bio-Rad's solutions for environmental monitoring and testing.
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Norman Schwartz, Chairman of the Board, Chief Executive OfficerNorman Schwartz has served as Bio-Rad Laboratories' President and Chief Executive Officer since 2003 and as Chairman of the Board since 2012. He is the son of David and Alice Schwartz, who co-founded Bio-Rad in 1952. He was Vice President from 1989 to 2002, Group Manager, Life Science, from 1997 to 2002, and Group Manager, Clinical Diagnostics, from 1993 to 1997.
Roop K. Lakkaraju, Executive Vice President, Chief Financial OfficerRoop K. Lakkaraju was appointed Executive Vice President and Chief Financial Officer of Bio-Rad Laboratories, effective April 15, 2024. Prior to joining Bio-Rad, he served as Executive Vice President and CFO at Benchmark Electronics since 2018. He has also held CFO and senior operational roles at other multinational companies including Support.com and Solectron. Mr. Lakkaraju began his career as an auditor with Grant Thornton and PricewaterhouseCoopers.
Jonathan DiVincenzo, President, Chief Operating OfficerJonathan DiVincenzo serves as the President and Chief Operating Officer of Bio-Rad Laboratories.
Rajat Mehta, Executive Vice President, Global Commercial OperationsRajat Mehta holds the position of Executive Vice President, Global Commercial Operations at Bio-Rad Laboratories.
Colleen Corey, Executive Vice President, Global Human ResourcesColleen Corey is the Executive Vice President, Global Human Resources at Bio-Rad Laboratories.
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The key risks to Bio-Rad Laboratories' business include its significant dependence on customer funding, the inherent challenges and exposures of its extensive international operations, and intense competition coupled with the ongoing necessity for new product innovation.
The most significant risk stems from Bio-Rad Laboratories' substantial reliance on government grants and research contracts for funding among many of its customers, particularly within its Life Science segment. Reductions in government funding or capital spending by customers directly impact the company's sales. This dependence was recently evidenced by a currency-neutral sales decrease in the Life Science segment due to a constrained academic research and biotech funding environment.
A second major risk involves the complexities and exposures associated with Bio-Rad's extensive international operations. A substantial portion of the company's sales are generated globally, making it vulnerable to various international risks such as fluctuations in foreign currency exchange rates, changes in governmental regulations, import restrictions, and broader global economic and geopolitical conditions.
Finally, the highly competitive markets in which Bio-Rad Laboratories operates, alongside the continuous need for developing and marketing new or improved products, represent a crucial ongoing risk. The company's ability to compete effectively and innovate is vital for sustained success, with reports also highlighting potential gross margin compression if sales volumes and pricing do not stabilize.
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- Spatial Biology and Advanced Single-Cell Analysis Platforms: Companies like 10x Genomics, NanoString Technologies, and Resolve Biosciences are rapidly advancing and commercializing platforms that allow researchers to analyze gene expression and protein levels with spatial resolution within tissues or at unprecedented single-cell depth. These integrated systems provide richer and more comprehensive biological insights compared to traditional bulk analysis methods (such as qPCR and Western blotting) and basic cell analysis tools that constitute a significant portion of Bio-Rad's life science research segment. As these sophisticated platforms gain wider adoption and become more integrated into standard research workflows, they could shift research funding and experimental design preferences away from Bio-Rad's core offerings, potentially diminishing demand for their instruments and reagents in these areas.
- CRISPR-based Molecular Diagnostics: Emerging companies, including Sherlock Biosciences and Mammoth Biosciences, are developing diagnostic tests that leverage CRISPR technology for highly sensitive, specific, and rapid detection of pathogens, genetic mutations, and various biomarkers. These innovative platforms offer the potential for simplified workflows, lower costs, and faster turnaround times compared to traditional molecular diagnostic methods (e.g., PCR-based tests) and some immunoassay formats that are central to Bio-Rad's clinical diagnostics portfolio. If these CRISPR-based solutions achieve widespread adoption in clinical settings, they could disrupt Bio-Rad's market share in molecular diagnostics and infectious disease testing by offering more efficient and potentially decentralized alternatives.
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Bio-Rad Laboratories operates in two primary segments: Life Science and Clinical Diagnostics.
Life Science Segment
Bio-Rad's Life Science segment provides instruments, software, consumables, and reagents for areas such as cell biology, gene expression, protein purification, protein quantitation, drug discovery, food safety, and science education. These products are based on technologies for separating, purifying, identifying, analyzing, and amplifying biological materials. Bio-Rad estimates the worldwide sales for products in the markets they serve within the Life Science segment to be approximately $19 billion.
- Electrophoresis Products: The global market for electrophoresis products (equipment and supplies) was valued at approximately $2.0 billion in 2024 and is projected to reach $3.0 billion by 2033. Other estimates place the global electrophoresis market at $3.29 billion in 2024, projected to reach $4.49 billion by 2030.
- Polymerase Chain Reaction (PCR) Technologies: The global PCR technologies market size was valued at approximately $15.69 billion in 2023 and is expected to rise to $31.37 billion by 2032. Another source estimated the global polymerase chain reaction market size at $18.04 billion in 2025, forecasted to reach approximately $31.65 billion by 2034.
- Chromatography Products: The global chromatography market, including instruments and consumables, was valued at $11.53 billion in 2024 and is projected to reach $22.35 billion by 2035. Specifically, the global chromatography instruments market size was estimated at $9.82 billion in 2023 and is projected to reach $13.80 billion by 2030. The global chromatography accessories & consumables market was valued at $6.10 billion in 2025 and is projected to reach $8.74 billion by 2030. The global chromatography columns market size was valued at $13.16 billion in 2024 and is projected to reach $21.46 billion by 2032.
- Immunoassays (Life Science applications): While Bio-Rad offers immunoassays across both segments, the global immunoassay market was valued at $35.0 billion in 2023 and is projected to reach $61.6 billion by 2033.
Clinical Diagnostics Segment
Bio-Rad's Clinical Diagnostics segment designs, manufactures, markets, and supports test systems, informatics systems, test kits, and specialized quality controls for clinical laboratories in the global diagnostics market. This includes products for blood transfusion, diabetes monitoring, autoimmune, and infectious disease testing. Bio-Rad estimates the worldwide sales for products in the markets they serve within the Clinical Diagnostics segment to be approximately $16 billion.
- Quality Controls: The global In Vitro Diagnostics (IVD) quality control market was valued at $1.58 billion in 2024 and is projected to reach $2.15 billion by 2030. Another report indicates the global IVD quality control market size was $1.3 billion in 2023 and is set to register growth to $1.9 billion by 2032.
- Immunohematology / Blood Typing Products: Specific global market size for immunohematology or blood typing products was not explicitly found. However, it falls under the broader Clinical Diagnostics market.
- Infectious Disease Testing: This is a significant application area for immunoassays and PCR technologies. The infectious disease application in the immunoassay industry alone held a 66.10% share of the immunoassay market in 2024.
- Diabetes Monitoring/Testing: The global diabetes care devices market size was valued at $34.28 billion in 2024 and is expected to reach $66.82 billion by 2032. The global blood glucose monitoring system market size was valued at $17.20 billion in 2024 and is projected to grow to $27.73 billion by 2032.
- Immunoassays (Clinical Diagnostics applications): The global immunoassay market size was valued at $35.0 billion in 2023 and is projected to reach $61.6 billion by 2033.
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Bio-Rad Laboratories (BIO) is expected to drive future revenue growth over the next 2-3 years through a combination of strategic acquisitions, the expansion and innovation of its Droplet Digital PCR (ddPCR) platforms, continued growth in its process chromatography and food safety businesses, and geographical market expansion.
1. Expansion and Innovation in Droplet Digital PCR (ddPCR)
Bio-Rad's Droplet Digital PCR (ddPCR) technology is a significant growth driver. The company has recently expanded its ddPCR offering through the acquisition of Stilla Technologies and the launch of new platforms like the QX Continuum™ ddPCR system and the QX700™ series. These new instruments, along with an expanded portfolio of assays, reagents, and software, are designed to extend Bio-Rad's presence in genomics research and applied science markets, including oncology, infectious disease, genetic research, environmental testing, cell and gene therapy, and biopharma quality control workflows. Continued investment in refining operations, including lean initiatives and proactive cost management, also supports the growth potential of these advanced ddPCR products.
2. Growth in Process Chromatography Business
The process chromatography business has shown strong growth, with increased sales contributing to Bio-Rad's performance in recent quarters. This segment is expected to normalize to high single-digit growth in 2026, indicating continued positive contributions to revenue. The company is actively launching new products within this area, such as Nuvia wPrime 2A Media and Foresight Pro Prepacked Chromatography Columns, aimed at biomolecule purification and biotherapeutic production.
3. Strategic Acquisitions and Partnerships
Mergers and acquisitions play a vital role in Bio-Rad's expansion strategy, allowing the company to acquire complementary businesses or technologies to accelerate growth, gain specialized expertise, and consolidate market share. The recent acquisition of Stilla Technologies, which expanded Bio-Rad's ddPCR offering, exemplifies this strategy. Additionally, strategic partnerships, such as the extended agreement with Gencurix for ddPCR IVD oncology kits in Europe, are expected to expand market availability and contribute to revenue.
4. Geographical Market Expansion
Bio-Rad is actively pursuing geographical expansion, particularly in rapidly developing economies such as Asia-Pacific and Latin America, to capitalize on the increasing demand for life science research tools and clinical diagnostic products. This strategy includes establishing stronger distribution networks and direct sales operations to reach a broader customer base.
5. New Product Launches and Diversification in Clinical Diagnostics and Food Safety
Beyond ddPCR, Bio-Rad continues to diversify its revenue streams through new product launches across its Life Science and Clinical Diagnostics segments. In 2024, the company introduced numerous products, including oncology assay updates, new gene therapy kits, expanded tools for flow cytometry and cell research, and advancements in single-cell and digital PCR technology. The company is also strengthening its position in food safety with products like the dd-Check STEC Solution and EZ-Check Salmonella spp. Kit. While the Clinical Diagnostics segment has experienced some flatness due to factors like lower reimbursement rates in China, it is projected to return to growth in the fourth quarter of 2025, driven by the annualization of the China reimbursement headwind and expected revenues from its quality controls portfolio.
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Share Repurchases
- Bio-Rad's board of directors approved a new share repurchase program in July 2023, authorizing the company to repurchase up to $500 million of its outstanding common stock. This followed the completion of a prior share repurchase program.
- In July 2024, the available amount under the 2023 Share Repurchase Program was increased by an additional $500 million, making approximately $578 million available for repurchases as of July 31, 2024.
- By the third quarter of 2025, Bio-Rad completed a significant share repurchase totaling over $715 million under its ongoing buyback program.
Share Issuance
- Bio-Rad Laboratories' shares outstanding have shown a decline over the last few years, with 2024 shares outstanding at 0.028 billion, a 3.41% decrease from 2023. This trend continued into Q3 2025, with shares outstanding at 0.027 billion, representing a 3.79% year-over-year decline.
Outbound Investments
- In August 2022, Bio-Rad acquired Curiosity Diagnostics, a developer of technology solutions for rapid, automated detection of infections using PCR assays.
- In February 2025, Bio-Rad announced its intent to acquire Stilla Technologies, a developer of digital PCR solutions, to enhance its digital PCR product portfolio. This acquisition was expected to close by the end of the third quarter of 2025.
- During 2024, Bio-Rad made strategic investments to expand its Droplet Digital PCR platform, including investments in Geneoscopy for colorectal cancer screening and Oncocyte for transplant monitoring assays. The company also acquired Saber Bio as part of its cell biology product development strategy.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 169.03 |
| Mkt Cap | 26.5 |
| Rev LTM | 5,646 |
| Op Inc LTM | 1,148 |
| FCF LTM | 1,042 |
| FCF 3Y Avg | 987 |
| CFO LTM | 1,319 |
| CFO 3Y Avg | 1,246 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 2.7% |
| Rev Chg 3Y Avg | -1.9% |
| Rev Chg Q | 5.0% |
| QoQ Delta Rev Chg LTM | 1.2% |
| Op Mgn LTM | 18.9% |
| Op Mgn 3Y Avg | 18.4% |
| QoQ Delta Op Mgn LTM | 0.2% |
| CFO/Rev LTM | 23.6% |
| CFO/Rev 3Y Avg | 22.2% |
| FCF/Rev LTM | 18.6% |
| FCF/Rev 3Y Avg | 17.8% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 26.5 |
| P/S | 4.7 |
| P/EBIT | 21.4 |
| P/E | 27.0 |
| P/CFO | 19.6 |
| Total Yield | 4.1% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 3.3% |
| D/E | 0.2 |
| Net D/E | 0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -16.1% |
| 3M Rtn | -8.2% |
| 6M Rtn | 2.8% |
| 12M Rtn | -0.5% |
| 3Y Rtn | -12.6% |
| 1M Excs Rtn | -14.9% |
| 3M Excs Rtn | -9.1% |
| 6M Excs Rtn | -2.1% |
| 12M Excs Rtn | -13.0% |
| 3Y Excs Rtn | -80.4% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Clinical Diagnostics | 1,489 | 1,451 | 1,516 | 1,305 | 1,412 |
| Life Science | 1,178 | 1,347 | 1,401 | 1,232 | 886 |
| Other Operations | 4 | 4 | 6 | 9 | 14 |
| Total | 2,671 | 2,802 | 2,922 | 2,546 | 2,312 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Clinical Diagnostics | 764 | 218 | 182 | 148 | |
| Life Science | 664 | 267 | 320 | 72 | |
| Other Operations | -1 | -2 | -1 | -2 | |
| Research and development expense | -247 | ||||
| Selling, general and administrative expense | -842 | ||||
| Foreign currency exchange gains (losses), net | -2 | ||||
| Net corporate operating, interest and other expense, net not allocated to segments | -13 | ||||
| Other income (expense), net | 26 | ||||
| Total | 338 | 483 | 500 | 230 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Other long-term assets | 8,114 | 406 | 14,745 | 9,847 | 4,863 |
| Cash, short-term investments and other current assets | 2,268 | 719 | 1,418 | 1,098 | 1,234 |
| Property, plant and equipment, net, and operating lease right-of-use assets | 724 | 2,439 | 716 | 53 | 67 |
| Clinical Diagnostics | 493 | 449 | 364 | 1,066 | 1,076 |
| Goodwill, net | 414 | 680 | 347 | 292 | 264 |
| Life Science | 287 | 270 | 208 | 607 | 496 |
| Other Operations | 0 | 1 | 1 | 10 | 9 |
| Total | 12,299 | 4,963 | 17,799 | 12,973 | 8,009 |
Price Behavior
| Market Price | $256.56 | |
| Market Cap ($ Bil) | 6.9 | |
| First Trading Date | 02/27/1980 | |
| Distance from 52W High | -24.5% | |
| 50 Days | 200 Days | |
| DMA Price | $306.37 | $281.99 |
| DMA Trend | up | down |
| Distance from DMA | -16.3% | -9.0% |
| 3M | 1YR | |
| Volatility | 35.8% | 43.6% |
| Downside Capture | 110.75 | 95.43 |
| Upside Capture | -11.81 | 75.49 |
| Correlation (SPY) | 34.6% | 47.7% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.82 | 0.90 | 0.99 | 1.07 | 1.05 | 0.92 |
| Up Beta | 2.12 | 2.17 | 1.48 | 1.61 | 1.36 | 1.05 |
| Down Beta | -0.36 | 0.01 | 0.25 | 0.65 | 0.74 | 0.69 |
| Up Capture | 90% | 56% | 87% | 95% | 68% | 44% |
| Bmk +ve Days | 11 | 22 | 34 | 71 | 142 | 430 |
| Stock +ve Days | 7 | 14 | 21 | 51 | 110 | 364 |
| Down Capture | 207% | 178% | 144% | 119% | 109% | 104% |
| Bmk -ve Days | 9 | 19 | 27 | 54 | 109 | 321 |
| Stock -ve Days | 13 | 27 | 40 | 74 | 140 | 387 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BIO | |
|---|---|---|---|---|
| BIO | -16.7% | 44.6% | -0.29 | - |
| Sector ETF (XLV) | 9.6% | 17.4% | 0.37 | 52.2% |
| Equity (SPY) | 14.0% | 19.4% | 0.55 | 45.4% |
| Gold (GLD) | 74.3% | 25.3% | 2.17 | 4.7% |
| Commodities (DBC) | 7.0% | 16.7% | 0.24 | 7.8% |
| Real Estate (VNQ) | 7.9% | 16.6% | 0.28 | 41.1% |
| Bitcoin (BTCUSD) | -29.8% | 44.9% | -0.65 | 18.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BIO | |
|---|---|---|---|---|
| BIO | -16.2% | 36.3% | -0.40 | - |
| Sector ETF (XLV) | 8.0% | 14.5% | 0.37 | 52.8% |
| Equity (SPY) | 13.3% | 17.0% | 0.62 | 44.9% |
| Gold (GLD) | 22.1% | 17.0% | 1.06 | 8.5% |
| Commodities (DBC) | 10.5% | 18.9% | 0.44 | 0.5% |
| Real Estate (VNQ) | 5.2% | 18.8% | 0.18 | 41.6% |
| Bitcoin (BTCUSD) | 8.3% | 57.2% | 0.37 | 18.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BIO | |
|---|---|---|---|---|
| BIO | 7.6% | 33.4% | 0.30 | - |
| Sector ETF (XLV) | 11.2% | 16.5% | 0.56 | 53.3% |
| Equity (SPY) | 15.6% | 17.9% | 0.75 | 47.9% |
| Gold (GLD) | 15.3% | 15.6% | 0.82 | 6.2% |
| Commodities (DBC) | 8.1% | 17.6% | 0.38 | 8.7% |
| Real Estate (VNQ) | 6.4% | 20.7% | 0.27 | 35.7% |
| Bitcoin (BTCUSD) | 67.9% | 66.7% | 1.07 | 12.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 2/12/2026 | |||
| 10/29/2025 | -4.7% | -3.0% | 0.6% |
| 7/31/2025 | 17.6% | 9.6% | 23.1% |
| 5/1/2025 | -1.7% | 0.2% | -9.9% |
| 2/13/2025 | -9.5% | -8.6% | -16.1% |
| 10/30/2024 | 8.4% | 12.8% | 3.0% |
| 8/1/2024 | -1.6% | -3.8% | -1.2% |
| 5/7/2024 | -4.2% | 5.0% | 3.2% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 12 | 10 | 10 |
| # Negative | 11 | 13 | 13 |
| Median Positive | 3.4% | 5.4% | 3.1% |
| Median Negative | -4.2% | -3.8% | -9.9% |
| Max Positive | 17.6% | 12.8% | 23.1% |
| Max Negative | -16.7% | -21.2% | -20.3% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 02/13/2026 | 10-K |
| 09/30/2025 | 10/29/2025 | 10-Q |
| 06/30/2025 | 07/31/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/14/2025 | 10-K |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 08/02/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/16/2024 | 10-K |
| 09/30/2023 | 10/27/2023 | 10-Q |
| 06/30/2023 | 08/04/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 02/17/2023 | 10-K |
| 09/30/2022 | 10/28/2022 | 10-Q |
| 06/30/2022 | 07/29/2022 | 10-Q |
| 03/31/2022 | 04/29/2022 | 10-Q |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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