Charles River Laboratories International (CRL)
Market Price (2/28/2026): $178.55 | Market Cap: $8.8 BilSector: Health Care | Industry: Life Sciences Tools & Services
Charles River Laboratories International (CRL)
Market Price (2/28/2026): $178.55Market Cap: $8.8 BilSector: Health CareIndustry: Life Sciences Tools & Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 19%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 14% | Weak multi-year price returns2Y Excs Rtn is -63%, 3Y Excs Rtn is -91% | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 98x |
| Attractive yieldFCF Yield is 6.2% | Weak revenue growthRev Chg QQuarterly Revenue Change % is -0.5% | |
| Megatrend and thematic driversMegatrends include Biotechnology & Genomics, and Precision Medicine. Themes include Gene Editing & Therapy, mRNA Technology, Show more. | Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -5.3% | |
| Key risksCRL key risks include [1] the FDA's phase-out of animal testing requirements, Show more. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 19%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 14% |
| Attractive yieldFCF Yield is 6.2% |
| Megatrend and thematic driversMegatrends include Biotechnology & Genomics, and Precision Medicine. Themes include Gene Editing & Therapy, mRNA Technology, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -63%, 3Y Excs Rtn is -91% |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 98x |
| Weak revenue growthRev Chg QQuarterly Revenue Change % is -0.5% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -5.3% |
| Key risksCRL key risks include [1] the FDA's phase-out of animal testing requirements, Show more. |
Qualitative Assessment
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Charles River Laboratories International (CRL) stock has remained largely at the same level since 10/31/2025 because of the following key factors:
1. Balancing Act of Mixed Q4 2025 Earnings and Cautious 2026 Guidance.
Charles River Laboratories reported adjusted earnings per share of $2.39 for Q4 2025, surpassing analyst expectations ranging from $2.33 to $2.37. Additionally, the reported revenue of $994.2 million generally beat consensus forecasts. However, this positive performance was counterbalanced by a 0.8% year-over-year decline in reported revenue and a 2.6% organic revenue decline, primarily due to weakness in its Discovery and Safety Assessment and Manufacturing Solutions segments. The company's 2026 guidance further projected a conservative outlook with expectations for flat to slightly negative organic revenue growth (ranging from a 1% decrease to flat), tempering investor enthusiasm despite a slightly better adjusted EPS forecast for the year. This combination of strong bottom-line results but a cautious top-line outlook created a stabilizing effect on the stock.
2. Strategic Restructuring Through Divestitures and Acquisitions.
The company's announcement of plans to divest its Contract Development and Manufacturing Organization (CDMO) and Cell Solutions businesses, which generated approximately $143 million in annual revenue in 2025, introduced a period of re-evaluation for investors. This strategic shift aims to optimize resource allocation and enhance operational efficiency. Concurrently, Charles River announced acquisitions like K.F. (Cambodia) and PathoQuest, intended to enhance supply chain and testing capabilities and support future growth, with K.F. Cambodia expected to contribute around $0.25 to 2026 EPS. These significant portfolio adjustments presented a mixed signal, with the long-term potential for improved focus weighed against near-term integration and revenue uncertainties, contributing to the stock's relatively stable movement.
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1. Balancing Act of Mixed Q4 2025 Earnings and Cautious 2026 Guidance.
Charles River Laboratories reported adjusted earnings per share of $2.39 for Q4 2025, surpassing analyst expectations ranging from $2.33 to $2.37. Additionally, the reported revenue of $994.2 million generally beat consensus forecasts. However, this positive performance was counterbalanced by a 0.8% year-over-year decline in reported revenue and a 2.6% organic revenue decline, primarily due to weakness in its Discovery and Safety Assessment and Manufacturing Solutions segments. The company's 2026 guidance further projected a conservative outlook with expectations for flat to slightly negative organic revenue growth (ranging from a 1% decrease to flat), tempering investor enthusiasm despite a slightly better adjusted EPS forecast for the year. This combination of strong bottom-line results but a cautious top-line outlook created a stabilizing effect on the stock.
2. Strategic Restructuring Through Divestitures and Acquisitions.
The company's announcement of plans to divest its Contract Development and Manufacturing Organization (CDMO) and Cell Solutions businesses, which generated approximately $143 million in annual revenue in 2025, introduced a period of re-evaluation for investors. This strategic shift aims to optimize resource allocation and enhance operational efficiency. Concurrently, Charles River announced acquisitions like K.F. (Cambodia) and PathoQuest, intended to enhance supply chain and testing capabilities and support future growth, with K.F. Cambodia expected to contribute around $0.25 to 2026 EPS. These significant portfolio adjustments presented a mixed signal, with the long-term potential for improved focus weighed against near-term integration and revenue uncertainties, contributing to the stock's relatively stable movement.
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Stock Movement Drivers
Fundamental Drivers
The -0.9% change in CRL stock from 10/31/2025 to 2/27/2026 was primarily driven by a -0.6% change in the company's P/S Multiple.| (LTM values as of) | 10312025 | 2272026 | Change |
|---|---|---|---|
| Stock Price ($) | 180.07 | 178.49 | -0.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,029 | 4,024 | -0.1% |
| P/S Multiple | 2.2 | 2.2 | -0.6% |
| Shares Outstanding (Mil) | 49 | 49 | -0.1% |
| Cumulative Contribution | -0.9% |
Market Drivers
10/31/2025 to 2/27/2026| Return | Correlation | |
|---|---|---|
| CRL | -0.9% | |
| Market (SPY) | 0.6% | 42.6% |
| Sector (XLV) | 11.1% | 39.5% |
Fundamental Drivers
The 5.2% change in CRL stock from 7/31/2025 to 2/27/2026 was primarily driven by a 3.0% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 7312025 | 2272026 | Change |
|---|---|---|---|
| Stock Price ($) | 169.64 | 178.49 | 5.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,023 | 4,024 | 0.0% |
| P/S Multiple | 2.1 | 2.2 | 2.1% |
| Shares Outstanding (Mil) | 51 | 49 | 3.0% |
| Cumulative Contribution | 5.2% |
Market Drivers
7/31/2025 to 2/27/2026| Return | Correlation | |
|---|---|---|
| CRL | 5.2% | |
| Market (SPY) | 8.8% | 36.7% |
| Sector (XLV) | 23.4% | 52.1% |
Fundamental Drivers
The 8.3% change in CRL stock from 1/31/2025 to 2/27/2026 was primarily driven by a 4.7% change in the company's P/S Multiple.| (LTM values as of) | 1312025 | 2272026 | Change |
|---|---|---|---|
| Stock Price ($) | 164.76 | 178.49 | 8.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,061 | 4,024 | -0.9% |
| P/S Multiple | 2.1 | 2.2 | 4.7% |
| Shares Outstanding (Mil) | 51 | 49 | 4.4% |
| Cumulative Contribution | 8.3% |
Market Drivers
1/31/2025 to 2/27/2026| Return | Correlation | |
|---|---|---|
| CRL | 8.3% | |
| Market (SPY) | 15.0% | 50.0% |
| Sector (XLV) | 10.5% | 53.4% |
Fundamental Drivers
The -26.6% change in CRL stock from 1/31/2023 to 2/27/2026 was primarily driven by a -33.3% change in the company's P/S Multiple.| (LTM values as of) | 1312023 | 2272026 | Change |
|---|---|---|---|
| Stock Price ($) | 243.25 | 178.49 | -26.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,781 | 4,024 | 6.4% |
| P/S Multiple | 3.3 | 2.2 | -33.3% |
| Shares Outstanding (Mil) | 51 | 49 | 3.4% |
| Cumulative Contribution | -26.6% |
Market Drivers
1/31/2023 to 2/27/2026| Return | Correlation | |
|---|---|---|
| CRL | -26.6% | |
| Market (SPY) | 75.0% | 48.8% |
| Sector (XLV) | 25.7% | 48.6% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| CRL Return | 51% | -42% | 8% | -22% | 8% | -12% | -30% |
| Peers Return | 53% | -18% | 9% | -11% | 20% | -16% | 24% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 1% | 84% |
Monthly Win Rates [3] | |||||||
| CRL Win Rate | 83% | 25% | 42% | 33% | 50% | 50% | |
| Peers Win Rate | 75% | 44% | 52% | 40% | 57% | 40% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| CRL Max Drawdown | -0% | -52% | -24% | -24% | -46% | -21% | |
| Peers Max Drawdown | -4% | -35% | -20% | -19% | -31% | -22% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -1% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: LH, TMO, IQV, FTRE, MEDP. See CRL 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 2/27/2026 (YTD)
How Low Can It Go
| Event | CRL | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -64.1% | -25.4% |
| % Gain to Breakeven | 178.6% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -44.5% | -33.9% |
| % Gain to Breakeven | 80.3% | 51.3% |
| Time to Breakeven | 72 days | 148 days |
| 2018 Correction | ||
| % Loss | -23.6% | -19.8% |
| % Gain to Breakeven | 30.9% | 24.7% |
| Time to Breakeven | 41 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -69.8% | -56.8% |
| % Gain to Breakeven | 231.2% | 131.3% |
| Time to Breakeven | 2,245 days | 1,480 days |
Compare to LH, TMO, IQV, FTRE, MEDP
In The Past
Charles River Laboratories International's stock fell -64.1% during the 2022 Inflation Shock from a high on 9/24/2021. A -64.1% loss requires a 178.6% gain to breakeven.
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About Charles River Laboratories International (CRL)
Charles River Laboratories International, Inc., a non-clinical contract research organization, provides drug discovery, non-clinical development, and safety testing services in the United States, Europe, Canada, the Asia Pacific, and internationally. It operates through three segments: Research Models and Services (RMS), Discovery and Safety Assessment (DSA), and Manufacturing Solutions (Manufacturing). The RMS segment produces and sells rodent research model strains and purpose-bred rats and mice for use by researchers. This segment also provides a range of services to assist its clients in supporting the use of research models in research and screening non-clinical drug candidates, including research models, genetically engineered models and services, insourcing solutions, and research animal diagnostic services. The DSA segment offers early and in vivo discovery services for the identification and validation of novel targets, chemical compounds, and antibodies through delivery of non-clinical drug and therapeutic candidates ready for safety assessment; and safety assessment services, such as toxicology, pathology, safety pharmacology, bioanalysis, drug metabolism, and pharmacokinetics services. The Manufacturing segment provides in vitro methods for conventional and rapid quality control testing of sterile and non-sterile pharmaceuticals and consumer products. This segment also offers specialized testing of biologics that are outsourced by pharmaceutical and biotechnology companies; and avian vaccine services that provide specific-pathogen-free (SPF) fertile chicken eggs, SPF chickens, and diagnostic products used to manufacture vaccines. The company also provides contract vivarium operation services to biopharmaceutical clients. Charles River Laboratories International, Inc. was founded in 1947 and is headquartered in Wilmington, Massachusetts.
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1. Accenture for drug development: Like Accenture provides a wide range of consulting and professional services to businesses across industries, Charles River provides specialized contract research, testing, and development services to pharmaceutical and biotech companies, acting as an outsourced R&D partner.
2. AWS for drug discovery and testing services: Just as Amazon Web Services provides essential cloud computing infrastructure and services that companies can outsource, Charles River offers critical lab services, research models, and development support that pharmaceutical and biotech companies outsource for their drug discovery and testing processes.
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- Research Models: Provides genetically defined laboratory animals (e.g., mice, rats) crucial for preclinical research and drug development.
- Discovery Services: Offers early-stage research support, including target validation, *in vitro* and *in vivo* pharmacology, and lead optimization.
- Safety Assessment (Preclinical) Services: Conducts comprehensive toxicology, pathology, and DMPK studies to evaluate the safety of drug candidates.
- Biologics Testing Solutions: Provides a suite of testing services to ensure the safety, potency, and purity of biologics, vaccines, and cell and gene therapies.
- Endotoxin and Microbial Detection Solutions: Supplies products and services for detecting bacterial endotoxins and microbial contaminants in pharmaceutical and medical device manufacturing.
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Charles River Laboratories International (CRL) primarily sells its products and services to other companies within the life sciences sector.
Due to the confidential nature of client relationships in the contract research organization (CRO) industry, Charles River Laboratories does not publicly disclose the specific names of its individual major customer companies. As such, it is not possible to list specific customer names with their symbols.
Instead, CRL's customer base can be broadly categorized into the following types of organizations:
- Pharmaceutical Companies: This category includes a wide range of drug developers, from large, global pharmaceutical corporations to mid-sized and smaller firms. They utilize CRL's services for various stages of drug discovery, preclinical development, safety assessment, and clinical support.
- Biotechnology Companies: Ranging from nascent startups to well-established biotechnology firms, these companies rely on CRL for research models, in vitro and in vivo studies, biologics testing, and other specialized services to advance their therapeutic candidates.
- Academic Institutions and Government Agencies: Universities, research institutions, and government-funded laboratories also leverage CRL's expertise, resources, and research models for a wide array of biomedical research and development projects.
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James C. Foster, Chairman, President & Chief Executive OfficerMr. Foster is the son of Charles River Laboratories' founder, Henry Foster, and has spent his career at the company. He joined in 1976 as Vice President of Administration and General Counsel. He was named President in 1991, Chief Executive Officer in 1992, and Chairman in 2000. Under his leadership, Charles River Laboratories transformed from a niche research models and services business into a comprehensive early-stage drug research partner. He was recognized as the 2003 Forbes magazine Entrepreneur of the Year. Mr. Foster also serves as a Senior Advisor at Cell Signaling Technology and is the Chairman of the Board of Trustees of the Institute of Contemporary Art in Boston. Michael G. Knell, Interim Chief Financial Officer, Corporate Senior Vice President & Chief Accounting Officer
Mr. Knell assumed the role of Interim Chief Financial Officer in September 2025, in addition to his responsibilities as Corporate Senior Vice President and Chief Accounting Officer, a position he has held since April 2017. Before joining Charles River, he served as Chief Accounting Officer and Vice President of Finance at Bruker Corp. Earlier in his career, Mr. Knell was a Partner of Assurance Services at Ernst & Young LLP. Birgit Girshick, Corporate Executive Vice President & Chief Operating Officer
Ms. Girshick was promoted to Chief Operating Officer in October 2021. She began her career at Charles River in 1989, holding various positions of increasing responsibility within the Research Models & Services and Avian Vaccine Services businesses. Her roles included General Manager of Avian Vaccine Services, Corporate Vice President of Global Biopharmaceutical Services (now Biologics Testing Solutions), and Corporate Senior Vice President of Research Models and Biologics Testing Solutions. In her current role, Ms. Girshick is responsible for leading the Company's global business units, guiding strategic direction, driving operational excellence and growth, managing client relationships, overseeing digital transformation, and integrating acquisitions. Victoria L. Creamer, Corporate Executive Vice President & Chief People Officer
Ms. Creamer serves as the Corporate Executive Vice President and Chief People Officer at Charles River Laboratories. She joined Charles River in May 2011 as Corporate Vice President, Human Resources. She was promoted to Corporate Senior Vice President in 2013 and to Corporate Executive Vice President in 2016. Prior to joining Charles River, she held various human resources leadership positions at Boston Scientific Corporation, including Vice President of Human Resources. She also worked in human resources at Pepsi-Cola Company. Mark Mintz, Corporate Executive Vice President, Chief Information Officer & Global Shared Services
Mr. Mintz is the Corporate Executive Vice President, Chief Information Officer & Global Shared Services. He was appointed Corporate Senior Vice President and Chief Information Officer in 2021, having previously served as Corporate Senior Vice President and Chief Digital Officer. Before joining Charles River, Mr. Mintz was a founding member of McKinsey & Company's digital labs. His experience also includes roles as an Application Development Manager at DoubleClick and a Technology Consultant at Accenture, bringing over 25 years of IT and digital expertise to his position.
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The public company Charles River Laboratories International (CRL) faces several significant business risks, primarily stemming from macroeconomic conditions, evolving regulatory landscapes, and operational complexities.
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Declining Biopharmaceutical R&D Spending and Macroeconomic Headwinds
Charles River Laboratories is experiencing significant revenue challenges due to macroeconomic uncertainties, particularly in regions like China, and reduced spending from its global biopharmaceutical clients. This downturn in pharmaceutical R&D spending and tightening biopharma budgets are directly pressuring CRL's business, with organic revenue expected to decline. The company's CEO attributed lower revenue projections for 2025 to low client spending on drug discovery and safety services, along with other factors.
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FDA's Phase-out of Animal Testing
A major regulatory risk for Charles River Laboratories is the FDA's decision to phase out animal testing requirements. This move directly impacts the company's core business, which heavily relies on research model services (RMS). While RMS constitutes approximately 20% of CRL's revenue, its higher operating margin means the potential impact on net income could be substantial, representing a significant long-term challenge to a foundational segment of the company.
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Production, Quality Control, and Supply Chain Risks
Charles River Laboratories faces risks related to its complex manufacturing services. Failures in quality control systems within its facilities could lead to product destruction, delays in delivery, damage to the company's reputation and customer relationships, and revenue loss. Additionally, the company's financial performance can suffer if its Contract Development and Manufacturing Organization (CDMO) customers fail to secure or maintain regulatory approval for their products, or if CRL's own manufacturing facilities do not receive FDA approval. Supply chain issues, such as constraints on non-human primate (NHP) availability and associated regulatory investigations, also pose a risk to the business.
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- Accelerated adoption of New Approach Methodologies (NAMs) in drug development, driven by regulatory changes: The passage of the FDA Modernization Act 2.0 in December 2022 removed the federal mandate for animal testing in new drug approvals, enabling the use of alternative methods. This legislative shift provides a significant tailwind for the widespread adoption of technologies such as organ-on-a-chip, microphysiological systems, and advanced *in silico* modeling, which could substantially reduce or replace the demand for traditional *in vivo* (animal) preclinical testing. As a core provider of *in vivo* research models and safety assessment services, a rapid industry-wide pivot towards NAMs could threaten a significant portion of CRL's established revenue streams, even as CRL also invests in these new technologies.
- Persistent supply chain constraints and rising costs for non-human primates (NHPs): Ongoing export restrictions from key NHP supplier countries (e.g., Cambodia) and increasing global demand have created significant shortages and escalated prices for these essential research models. This directly impacts CRL's ability to procure and supply NHPs for its Research Models and Services segment and to conduct NHP-dependent studies within its Discovery and Safety Assessment segment, leading to increased operational costs and potential limitations on service delivery.
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Charles River Laboratories International (CRL) provides a comprehensive range of products and services primarily for drug discovery, development, and manufacturing support. The addressable markets for their main offerings globally are:
- Contract Research Organization (CRO) Services: The global contract research organization (CRO) services market was valued at approximately USD 79.10 billion in 2024 and is projected to advance to USD 125.95 billion by 2030.
- Preclinical CRO Services: The global preclinical CRO market was estimated at USD 6.19 billion in 2024 and is projected to reach USD 12.37 billion by 2033.
- Drug Discovery Services: The global drug discovery services market was valued at USD 14.89 billion in 2024 and is projected to reach USD 27.23 billion by 2030. Another estimate puts the global drug discovery services market at USD 21.26 billion in 2024, expected to exceed USD 79.71 billion by 2034.
- Pharmaceutical Safety Assessment (including In Vivo Toxicology): The global pharmaceutical safety assessment market is projected to reach approximately USD 15 billion by 2025, with a compound annual growth rate (CAGR) of 8.5% anticipated through 2033. Specifically, the global in vivo toxicology market was valued at USD 4.95 billion in 2024 and is expected to reach USD 7.66 billion by 2032.
- Biologics Testing Services: The global biologics safety testing market size was approximately USD 4.03 billion in 2024 and is projected to reach USD 14.45 billion by 2034.
- Cell and Gene Therapy CDMO Services: The global cell and gene therapy CDMO market size was valued at USD 4.31 billion in 2024 and is projected to reach USD 27.12 billion by 2033.
- Microbial Solutions: The global microbial products market size was accounted for USD 209.67 billion in 2024 and is anticipated to reach around USD 351.42 billion by 2034.
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Charles River Laboratories International (CRL) is expected to drive future revenue growth over the next 2-3 years through several key strategies and market trends:
- Recovery in Biotech Funding and Demand: Management anticipates a recovery in the biotech funding environment, which is expected to translate into increased demand and higher study volumes, particularly for the Discovery and Safety Assessment (DSA) segment. Positive signals are emerging in biotech funding, which could lead to a recovery in demand over the next year, boosting bookings from small and mid-sized biotech clients.
- Continued Growth in Research Models and Services (RMS) Segment: The Research Models and Services (RMS) segment has demonstrated consistent revenue growth, with a notable 7.9% increase in Q3 2025, driven primarily by strong performance in large research model products. This segment is expected to continue to be a reliable contributor to overall revenue expansion.
- Strategic Portfolio Refinement: Charles River Laboratories is undertaking a strategic review that includes planned divestitures of underperforming assets. This initiative aims to streamline the company's portfolio, allowing it to concentrate on core, high-growth segments and improve overall earnings accretion.
- Operational Efficiency and Cost Savings Initiatives: The company is implementing comprehensive restructuring initiatives and operational efficiency measures designed to generate significant cost savings. These measures, including workforce optimization, procurement savings, and automation, are projected to yield approximately $225 million in cumulative, annualized cost savings by 2026, with additional incremental net cost savings of about $70 million annually. While primarily impacting profitability, these efficiencies can support revenue growth by enabling more competitive pricing and allowing for reinvestment into growth opportunities.
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Capital Allocation Decisions (Last 3-5 Years) for Charles River Laboratories International (CRL)
Share Repurchases
- A new $1.0 billion stock repurchase authorization was approved in October 2025, replacing a previous authorization under which $450.7 million in common stock had been repurchased since August 2024.
- The company repurchased approximately $100 million in shares during the third quarter of 2024.
- In the first quarter of 2025, Charles River Laboratories repurchased $350 million in shares.
Share Issuance
- Charles River Laboratories International's Issuance of Stock for the trailing twelve months (TTM) ended June 2025 was €0.00 million.
Outbound Investments
- In February 2021, Charles River acquired Cognate BioServices, Inc. for $875 million.
- The company acquired Vigene Biosciences in May 2021 for $292 million.
- In November 2023, an additional 41% stake in Noveprim Limited was acquired for approximately $210 million, strengthening the supply chain for the DSA segment.
Capital Expenditures
- Capital expenditures averaged $254.3 million from fiscal years ending December 2020 to 2024, peaking at $324.7 million in December 2022.
- The latest twelve months ending June 28, 2025, saw capital expenditures of $209 million.
- A focus of capital expenditures includes strategic investments in automation and digitalization, expected to contribute to over $175 million in annualized savings for 2025.
Latest Trefis Analyses
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Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 233.97 |
| Mkt Cap | 18.4 |
| Rev LTM | 8,895 |
| Op Inc LTM | 950 |
| FCF LTM | 1,031 |
| FCF 3Y Avg | 815 |
| CFO LTM | 1,276 |
| CFO 3Y Avg | 1,139 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 4.5% |
| Rev Chg 3Y Avg | 4.2% |
| Rev Chg Q | 6.8% |
| QoQ Delta Rev Chg LTM | 1.7% |
| Op Mgn LTM | 12.0% |
| Op Mgn 3Y Avg | 13.3% |
| QoQ Delta Op Mgn LTM | 0.2% |
| CFO/Rev LTM | 16.9% |
| CFO/Rev 3Y Avg | 17.2% |
| FCF/Rev LTM | 13.0% |
| FCF/Rev 3Y Avg | 12.1% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 18.4 |
| P/S | 2.0 |
| P/EBIT | 20.6 |
| P/E | 25.2 |
| P/CFO | 15.6 |
| Total Yield | 3.4% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 4.9% |
| D/E | 0.3 |
| Net D/E | 0.3 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -21.1% |
| 3M Rtn | -13.7% |
| 6M Rtn | 5.2% |
| 12M Rtn | 4.1% |
| 3Y Rtn | -8.6% |
| 1M Excs Rtn | -19.7% |
| 3M Excs Rtn | -16.1% |
| 6M Excs Rtn | -0.5% |
| 12M Excs Rtn | -13.3% |
| 3Y Excs Rtn | -82.0% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Discovery and Safety Assessment (DSA) | 2,616 | 2,447 | 2,107 | 1,837 | 1,619 |
| Research Models and Services (RMS) | 792 | 739 | 690 | 571 | 537 |
| Manufacturing | 721 | 790 | 742 | 515 | 465 |
| Total | 4,129 | 3,976 | 3,540 | 2,924 | 2,621 |
| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Discovery and Safety Assessment (DSA) | 606 | 533 | 407 | 326 | 259 |
| Research Models and Services (RMS) | 155 | 160 | 167 | 103 | 134 |
| Manufacturing | 88 | 167 | 246 | 181 | 145 |
| Unallocated Corporate | -232 | -209 | -230 | -177 | -187 |
| Total | 617 | 651 | 590 | 433 | 351 |
Price Behavior
Price Behavior
| Market Price | $178.49 | |
| Market Cap ($ Bil) | 8.8 | |
| First Trading Date | 06/23/2000 | |
| Distance from 52W High | -21.3% | |
| 50 Days | 200 Days | |
| DMA Price | $197.79 | $170.97 |
| DMA Trend | up | up |
| Distance from DMA | -9.8% | 4.4% |
| 3M | 1YR | |
| Volatility | 43.5% | 55.5% |
| Downside Capture | 216.99 | 172.07 |
| Upside Capture | 214.18 | 151.59 |
| Correlation (SPY) | 49.1% | 51.2% |
CRL Betas & Captures as of 1/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.64 | 1.52 | 1.11 | 1.11 | 1.40 | 1.37 |
| Up Beta | 4.50 | 4.06 | 2.53 | 2.04 | 1.11 | 1.22 |
| Down Beta | -0.17 | 0.08 | 0.02 | 0.45 | 1.64 | 1.32 |
| Up Capture | 271% | 294% | 178% | 133% | 211% | 235% |
| Bmk +ve Days | 11 | 22 | 34 | 71 | 142 | 430 |
| Stock +ve Days | 9 | 19 | 27 | 60 | 126 | 361 |
| Down Capture | 213% | 103% | 85% | 93% | 127% | 110% |
| Bmk -ve Days | 9 | 19 | 27 | 54 | 109 | 321 |
| Stock -ve Days | 11 | 22 | 34 | 65 | 124 | 390 |
[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 CRL | |
|---|---|---|---|---|
| CRL | 8.8% | 55.4% | 0.37 | - |
| Sector ETF (XLV) | 9.9% | 17.4% | 0.38 | 53.7% |
| Equity (SPY) | 16.5% | 19.4% | 0.66 | 51.0% |
| Gold (GLD) | 81.3% | 25.7% | 2.29 | -5.1% |
| Commodities (DBC) | 13.4% | 16.9% | 0.58 | 12.1% |
| Real Estate (VNQ) | 7.3% | 16.6% | 0.25 | 45.7% |
| Bitcoin (BTCUSD) | -20.2% | 44.9% | -0.37 | 28.6% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CRL | |
|---|---|---|---|---|
| CRL | -8.4% | 41.4% | -0.09 | - |
| Sector ETF (XLV) | 8.7% | 14.5% | 0.41 | 51.6% |
| Equity (SPY) | 13.6% | 17.0% | 0.63 | 52.4% |
| Gold (GLD) | 23.5% | 17.1% | 1.12 | 2.4% |
| Commodities (DBC) | 10.6% | 19.0% | 0.44 | 8.4% |
| Real Estate (VNQ) | 5.1% | 18.8% | 0.18 | 46.1% |
| Bitcoin (BTCUSD) | 4.5% | 57.0% | 0.30 | 22.3% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CRL | |
|---|---|---|---|---|
| CRL | 9.6% | 36.9% | 0.36 | - |
| Sector ETF (XLV) | 11.1% | 16.5% | 0.56 | 58.4% |
| Equity (SPY) | 15.4% | 17.9% | 0.74 | 58.9% |
| Gold (GLD) | 15.3% | 15.6% | 0.82 | 2.2% |
| Commodities (DBC) | 8.7% | 17.6% | 0.41 | 16.5% |
| Real Estate (VNQ) | 6.6% | 20.7% | 0.28 | 48.4% |
| Bitcoin (BTCUSD) | 66.2% | 66.8% | 1.06 | 17.4% |
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Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 2/18/2026 | -0.3% | 4.7% | |
| 11/5/2025 | -5.7% | -2.4% | 3.6% |
| 8/6/2025 | -10.2% | -8.8% | -3.1% |
| 5/7/2025 | 18.7% | 24.8% | 22.3% |
| 2/19/2025 | 6.9% | 8.2% | 12.6% |
| 11/6/2024 | 13.5% | 14.4% | 1.5% |
| 8/7/2024 | -12.6% | -11.1% | -16.4% |
| 5/9/2024 | -2.2% | -1.2% | -8.7% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 15 | 13 | 13 |
| # Negative | 10 | 12 | 11 |
| Median Positive | 5.1% | 8.2% | 7.9% |
| Median Negative | -7.4% | -8.8% | -9.9% |
| Max Positive | 18.7% | 24.8% | 24.2% |
| Max Negative | -12.6% | -12.0% | -19.4% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 02/19/2025 | 10-K |
| 09/30/2024 | 11/06/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 02/14/2024 | 10-K |
| 09/30/2023 | 11/08/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/11/2023 | 10-Q |
| 12/31/2022 | 02/22/2023 | 10-K |
| 09/30/2022 | 11/02/2022 | 10-Q |
| 06/30/2022 | 08/03/2022 | 10-Q |
| 03/31/2022 | 05/04/2022 | 10-Q |
| 12/31/2021 | 02/16/2022 | 10-K |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Laplume, Joseph W | EVP, Corp Strategy & Develop | Direct | Sell | 8202025 | 157.60 | 800 | 126,080 | 3,800,682 | Form |
| 2 | Laplume, Joseph W | EVP, Corp Strategy & Develop | Direct | Sell | 8082025 | 150.04 | 400 | 60,016 | 3,738,397 | Form |
| 3 | Massaro, George | Direct | Sell | 5162025 | 137.57 | 140 | 19,260 | 766,980 | Form | |
| 4 | Massaro, George | Direct | Sell | 5152025 | 140.73 | 140 | 19,703 | 804,301 | Form | |
| 5 | Laplume, Joseph W | EVP, Corp Strategy & Develop | Direct | Sell | 5152025 | 145.41 | 500 | 72,705 | 2,837,385 | Form |
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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