BIO-RAD LABORATORIES, Inc. (BIO) intrinsic value & 10-year financials
BIO-RAD LABORATORIES, Inc. (BIO) has a Graham intrinsic value of $925.06 per share. At $353.70 on Oct 17, 2026, the stock trades 62% below that value. Over the last 10 fiscal years revenue grew 2.5% a year to $2.6B, with an average return on invested capital of 2.4%.
- Graham intrinsic value
- $925.06
- Share price (Oct 17, 2026)
- $353.70
- Price vs Graham value
- 62% below
- Market cap
- $9.6B
- Revenue (FY2025)
- $2.6B
- Revenue growth (10-yr CAGR)
- 2.5%
- ROIC (10-yr avg)
- 2.4%
- Free cash flow (FY2025)
- $374.6M
BIO 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $2.6B | $759.9M | $27.85 | $374.6M | 1.8% | 0.5% |
| FY2024 | $2.6B | -$1.8B | -$65.36 | $289.6M | 10.5% | 2.5% |
| FY2023 | $2.7B | -$637.3M | -$21.82 | $218.3M | 12.6% | 2.5% |
| FY2022 | $2.8B | -$3.6B | -$121.79 | $81.7M | 17.2% | 3.2% |
| FY2021 | $2.9B | $4.2B | $140.56 | $535.7M | 16.7% | 3.4% |
| FY2020 | $2.5B | $3.8B | $126.20 | $476.4M | 16.1% | 4.4% |
| FY2019 | $2.3B | $1.8B | $58.27 | $359.4M | 9.9% | 3.9% |
| FY2018 | $2.3B | $365.6M | $12.10 | $155.7M | -4.5% | -2.1% |
| FY2017 | $2.2B | $122.2M | $4.07 | -$7.4M | 5.4% | 4.2% |
| FY2016 | $2.1B | $28.1M | $0.95 | $75.0M | 2.6% | 1.4% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
BIO-RAD LABORATORIES, INC. has demonstrated mature, steady growth, with revenue compounding at 2.5% annually over the past decade.
BIO-RAD LABORATORIES, INC. has historically struggled to out-earn its cost of capital, averaging just 2.4% ROIC.
Over the decade, BIO-RAD LABORATORIES, INC. shows that the company has leveraged its balance sheet to sustain operations.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, BIO-RAD LABORATORIES, INC. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $925.06 per share.