BIO-RAD LABORATORIES, INC.
BIO, BIO-B · Laboratory Analytical Instruments · 27.7M shares · -1%/yr ↓ buyback · EDGAR filings ↗
Net buyback after stock comp: $367M (gross $429M, SBC $61M)
Reference price $246.54 · est. market cap ~$6.8B — last insider sale, 2026-05-11 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
C66Life-science tools maker with a thin operating margin but a strong balance sheet; net margin is investment-driven.
Strengths
- Strong balance sheet — current ratio 5.6 (78th), FCF $375M (75th)
Risks
- Thin operating margin — 2% — weak core profitability
- Net margin 29% is investment-gain-driven (Sartorius stake) — per 10-K
- Tools-demand softness — per 10-K
Notable findings
- No interest coverageInterest coverage 0.96 (cannot cover interest)
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Customer concentration~60% of revenue from one customer/distributor — We have direct distribution channels in over 36 countries outside the United States, and during the twelve months ended December 31, 2025 our foreign entities genera ted approximately 60% of our net s
- Exec changeRecent 8-K item 5.02 8-K ↗
- Strong balance sheetStrong balance sheet — $7.6B cash & investments
- New fund positionNotable fund(s) opened this quarter: Bridgewater Associates, LP
- Notable holderHeld by 6 notable fund(s): STATE STREET CORP, SOUTHEASTERN ASSET MANAGEMENT INC/TN/, CITADEL ADVISORS LLC +3 more (as of 2026-03-31)
- Revenue declineRevenue -14.6% YoY
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
51.9%
Operating margin
1.8%
Net margin
29.4%
Return on equity
10.2%
Return on assets
7.2%
ROIC
0.4%
Revenue growth (QoQ)
-14.6%
Debt / equity
0.2×
Net debt / EBITDA
-30.3×
Interest coverage
1.0×
Current ratio
5.6×
Free cash flow
$375M
EBITDA
$213M
Tangible book value
$6.7B
Cash & investments
$7.6B
Stock comp / revenue
2.2%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-05-11 | ENGELHARDT EVA ANETTE | Sell | 550 | $246.54 |
| 2026-04-24 | ENLOE COURTNEY C | Option exercise | 186 | — |
| 2026-04-24 | ENLOE COURTNEY C | Tax withheld | 77 | $287.84 |
| 2026-04-24 | Lakkaraju Roop Kalyan | Option exercise | 1.1K | — |
| 2026-04-24 | Lakkaraju Roop Kalyan | Tax withheld | 420 | $287.84 |
| 2026-04-21 | PEI MELINDA LITHERLAND | Option exercise | 407 | — |
| 2026-04-21 | PINKSTON ARNOLD A | Option exercise | 407 | — |
| 2026-04-21 | Hinckley Greg K | Option exercise | 407 | — |
| 2026-04-21 | EDWARDS JEFFREY L | Option exercise | 407 | — |
| 2025-11-06 | BARRY JAMES | Sell | 700 | $306.18 |
| 2025-10-24 | DiVincenzo Jonathan P. | Option exercise | 1.9K | — |
| 2025-10-24 | DiVincenzo Jonathan P. | Tax withheld | 950 | $339.75 |
| 2025-10-20 | EVRAN SEDAT | Option exercise | 1.0K | — |
| 2025-10-20 | EVRAN SEDAT | Tax withheld | 335 | $321.90 |
| 2025-09-06 | ENGELHARDT EVA ANETTE | Option exercise | 1.2K | — |
| 2025-09-06 | ENGELHARDT EVA ANETTE | Tax withheld | 413 | $295.43 |
| 2025-09-06 | BARRY JAMES | Option exercise | 1.1K | — |
| 2025-09-06 | BARRY JAMES | Tax withheld | 378 | $295.43 |
| 2025-09-06 | ENLOE COURTNEY C | Option exercise | 768 | — |
| 2025-09-06 | ENLOE COURTNEY C | Tax withheld | 275 | $295.43 |
| 2025-09-06 | EVRAN SEDAT | Option exercise | 864 | — |
| 2025-09-06 | EVRAN SEDAT | Tax withheld | 277 | $295.43 |
| 2025-09-06 | COREY COLLEEN | Option exercise | 576 | — |
| 2025-09-06 | COREY COLLEEN | Tax withheld | 209 | $295.43 |
| 2025-09-06 | Allison Schwartz | Option exercise | 92 | — |
| 2025-09-06 | Allison Schwartz | Tax withheld | 33 | $295.43 |
| 2025-09-06 | Lakkaraju Roop Kalyan | Option exercise | 1.5K | — |
| 2025-09-06 | Lakkaraju Roop Kalyan | Tax withheld | 550 | $295.43 |
| 2025-09-06 | SCHWARTZ NORMAN D | Option exercise | 3.5K | — |
| 2025-09-06 | SCHWARTZ NORMAN D | Tax withheld | 1.5K | $295.43 |
| 2025-09-01 | BARRY JAMES | Option exercise | 602 | — |
| 2025-09-01 | BARRY JAMES | Tax withheld | 217 | $297.88 |
| 2025-09-01 | COREY COLLEEN | Option exercise | 1.1K | — |
| 2025-09-01 | COREY COLLEEN | Tax withheld | 398 | $297.88 |
| 2025-09-01 | Allison Schwartz | Option exercise | 147 | — |
| 2025-09-01 | Allison Schwartz | Tax withheld | 55 | $297.88 |
| 2025-09-01 | SCHWARTZ NORMAN D | Option exercise | 6.4K | — |
| 2025-09-01 | SCHWARTZ NORMAN D | Tax withheld | 3.1K | $297.88 |
| 2025-07-25 | ENGELHARDT EVA ANETTE | Option exercise | 245 | — |
| 2025-07-25 | ENGELHARDT EVA ANETTE | Tax withheld | 88 | $264.19 |
| 2025-04-24 | Lakkaraju Roop Kalyan | Option exercise | 1.1K | — |
| 2025-04-24 | Lakkaraju Roop Kalyan | Tax withheld | 386 | $249.74 |
| 2025-04-24 | ENLOE COURTNEY C | Option exercise | 186 | — |
| 2025-04-24 | ENLOE COURTNEY C | Tax withheld | 67 | $249.74 |
| 2025-04-22 | PINKSTON ARNOLD A | Option exercise | 308 | — |
| 2025-04-22 | PEI MELINDA LITHERLAND | Option exercise | 308 | — |
| 2025-04-22 | HINCKLEY GREGORY K | Option exercise | 308 | — |
| 2025-04-22 | EDWARDS JEFFREY L | Option exercise | 308 | — |
| 2025-03-14 | Crowley Michael | Option exercise | 3.0K | $159.32 |
| 2025-03-14 | Crowley Michael | Sell | 3.0K | $247.06 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-04-30 | ResultsReg FDExhibits | filing ↗ |
| 2026-04-24 | Exec/director changeShareholder voteExhibits | filing ↗ |
| 2026-02-19 | Reg FD | filing ↗ |
| 2026-02-12 | ResultsReg FDExhibits | filing ↗ |
| 2025-10-29 | ResultsReg FDExhibits | filing ↗ |
| 2025-09-30 | Reg FDExhibits | filing ↗ |
| 2025-08-26 | Reg FDExhibits | filing ↗ |
| 2025-07-31 | ResultsReg FDExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 10-Q | 2026-04-30 | 2026-03-31 | 0000012208-26-000035 ↗ |
| 8-K | 2026-04-30 | 2026-04-30 | 0000012208-26-000034 ↗ |
| 8-K | 2026-04-24 | 2026-04-21 | 0000012208-26-000024 ↗ |
| 8-K | 2026-02-19 | 2026-02-19 | 0000012208-26-000012 ↗ |
| 10-K | 2026-02-13 | 2025-12-31 | 0000012208-26-000010 ↗ |
| 8-K | 2026-02-12 | 2026-02-12 | 0000012208-26-000007 ↗ |
| 8-K | 2025-10-29 | 2025-10-29 | 0000012208-25-000076 ↗ |
| 10-Q | 2025-10-29 | 2025-09-30 | 0000012208-25-000077 ↗ |
| 8-K | 2025-09-30 | 2025-09-29 | 0000012208-25-000057 ↗ |
| 8-K | 2025-08-26 | 2025-08-26 | 0000012208-25-000054 ↗ |
| 10-Q | 2025-07-31 | 2025-06-30 | 0000012208-25-000052 ↗ |
| 8-K | 2025-07-31 | 2025-07-31 | 0000012208-25-000051 ↗ |