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Verdict
Quantitative factor alignment verified for current market regime.
Quant Score
Rank
#2998
Positioning
Market Dominance
Manufacturing
Measuring And Control Equipment
$7.6B
Norman D. Schwartz
Bio-Rad Laboratories, Inc. manufactures, and distributes life science research and clinical diagnostic products. The company operates through Life Science and Clinical Diagnostics segments. The Life Science segment develops, manufactures, sells, and markets a range of reagents, apparatus, and laboratory instruments. The clinical Diagnostics segment offers test systems, informatics systems, test kits, and specialized quality controls for clinical laboratories.
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X-AXIS: EV/EBITDA (LOWER = CHEAPER) | Y-AXIS: ROE (HIGHER = ELITE) | RED CIRCLE = BIO ANALYSIS TARGET
| Stock | Rating | Score▼ | Quality | Value | Momentum | P/E | EV/EBITDA | ROE | ROA | Gross Mgn | Op Mgn | Net Mgn | Rev Growth | Div Yield | D/E | Mkt Cap | AUDIT |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
$UL UNILEVER PLC | 78 | 96 | 98 | 59 | - | - | 28.5% | 8.0% | 100.0% | 100.0% | 10.4% | -4.6% | 3.3% | 0.0x | $141.8B | VS | |
$ASML ASML HOLDING NV | 77 | 89 | 86 | 83 | - | - | 46.1% | 16.6% | 51.3% | 31.9% | 26.8% | -4.0% | 1.0% | 25.0x | $272.1B | VS | |
$ESLT ELBIT SYSTEMS LTD | 76 | 81 | 87 | 85 | - | - | 10.3% | 3.1% | 24.1% | 7.2% | 4.7% | 14.3% | 0.8% | 25.0x | $11.4B | VS | |
$MT ArcelorMittal | 75 | 71 | 98 | 85 | - | - | 2.2% | 1.5% | 9.3% | 5.3% | 2.2% | -8.5% | 2.2% | 16.0x | $18.9B | VS | |
$AMAT APPLIED MATERIALS INC /DE | 75 | 85 | 87 | 84 | 20.9x | 13.6x | 35.5% | 19.8% | 48.7% | 29.2% | 24.7% | 4.4% | 0.8% | 32.0x | $181.9B | VS | |
$SIMO Silicon Motion Technology CORP | 75 | 84 | 86 | 85 | - | - | 11.8% | 8.8% | 45.9% | 11.3% | 11.1% | 25.7% | 3.7% | 0.0x | $1.8B | VS | |
$CODA Coda Octopus Group, Inc. | 74 | 83 | 90 | 79 | 16.3x | 11.9x | 7.6% | 7.0% | 66.5% | 17.1% | 15.6% | 39.0% | 0.0% | 0.0x | $115M | VS | |
$GSK GSK plc | 74 | 84 | 90 | 70 | - | - | 22.6% | 4.9% | 71.2% | 12.8% | 9.4% | 1.7% | 5.9% | 124.0x | $72.1B | VS | |
$EFXT Enerflex Ltd. | 74 | 80 | 91 | 83 | - | - | 3.0% | 1.1% | 20.9% | 7.3% | 1.3% | 3.0% | 0.9% | 67.0x | $1.2B | VS | |
$BUD Anheuser-Busch InBev SA/NV | 74 | 84 | 97 | 63 | - | - | 8.2% | 3.5% | 55.3% | 25.9% | 12.4% | 0.7% | 1.7% | 0.0x | $87.0B | VS | |
$BIO BIO-RAD LABORATORIES, INC. | 44 | 49 | 44 | 35 | 10.6x | 45.2x | 9.3% | 6.6% | 53.2% | 8.9% | 27.0% | 2.3% | 0.0% | 16.0x | $7.6B | ||
| SECTOR BENCH | - | - | - | - | - | 22.3x | 11.5x | -2.5% | -0.1% | 42.5% | 1.3% | -0.2% | 5.9% | 0.0% | 0.2x | - | REF |
BIO-RAD LABORATORIES, INC. (BIO) receives a "Reduce" rating with a composite score of 43.8/100. It ranks #2998 out of 7,333 stocks in our coverage universe and carries a 2-star rating. Ratings are driven by a 6-factor quantitative model measuring quality, value, momentum, investment, stability, and short interest.
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YOY expansion rate
Core pricing power
Operating efficiency
Bottom-line conversion
Equity capital efficiency
Asset base utilization
Financial leverage load
Direct cash return
Norman D. Schwartz
Chief Executive Officer
Labor Force
8,200
49
31
63
Audit Verdict: Lower quality and stability scores may indicate governance concerns.
No recent insider transactions available for BIO
Lagging peers — losers tend to keep underperforming
Fair valuation relative to peers
Average quality profile
Low volatility — smoother ride and historically better risk-adjusted returns
Aggressive spending — empire-building risk, dilutive growth
Mid-range overall rating
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Relative valuation derived from Manufacturing sector benchmarks. Model weights: EV/EBITDA (40%), P/B (35%), P/S (25%). Re-calculated daily.
Projection based on user-defined inputs. Re-calculated daily against current market data.
Reverse DCF Framework — Mauboussin Methodology
Institutional-grade Reverse DCF analysis. This model identifies the growth hurdles embedded in current market prices. When implied growth is significantly lower than historical or projected rates, a margin of safety may exist. Re-audited daily.
No analyst ratings for BIO.
View All RatingsMaterial decline in asset turnover efficiency detected
High margin volatility — erratic forensic earnings quality
ROIC 4.6% vs WACC 8.8% (spread -4.2%)
GM 53% vs sector 43%, OM 9% vs sector 1%
Capital turnover 3.20x, R&D intensity 10.7%
Rev growth 2%, 10yr history
Interest coverage 1.0x, Net debt/EBITDA 17.1x
Composite assessment of profitability, capital efficiency, and financial strength. Top-tier entities demonstrate sustainable cash flow generation and elite competitive moats.
Profit generated per dollar of shareholder equity
Efficiency of asset utilization
Pricing power and cost efficiency
Core business profitability
Bottom-line profitability
The Quality factor evaluates the persistence and magnitude of realized cash flows. Companies with scores >70 exhibit superior pricing power and structural financial resilience through diverse economic regimes.
Our uncertainty rating tracks the predictability of future cash flows and potential for permanent capital loss. Moderate visibility with standard industry cyclicality.
BIO-RAD LABORATORIES, INC. receives a Reduce rating from our analysis, with a composite score of 43.8/100 and 2 out of 5 stars, ranking #2998 out of 7,333 stocks. BIO's factor profile shows weakness across multiple dimensions, suggesting the stock may underperform going forward. Existing holders may want to consider trimming positions or tightening stop-losses.
With a quality score of 49/100, BIO shows adequate but unremarkable business quality. The company reports a return on equity of 9.3% (sector avg: -2.5%), gross margins of 53.2% (sector avg: 42.5%), net margins of 27.0% (sector avg: -0.2%). This suggests the company generates acceptable returns but may lack the competitive positioning or operational efficiency to stand out from peers.
With a value score of 44/100, BIO appears somewhat expensive relative to its fundamentals. Key valuation metrics include a P/E ratio of 10.57x, an EV/EBITDA of 45.16x, a P/B ratio of 0.98x. Investors paying a premium here are likely betting on above-average growth or margin expansion to justify current prices.
BIO-RAD LABORATORIES, INC.'s investment score of 31/100 suggests limited reinvestment activity. Key growth metrics include revenue growth of 2.3% vs. a sector average of 5.9% and a return on assets of 6.6% (sector: -0.1%). While this can be positive for mature, cash-generative businesses returning capital to shareholders, it may also signal a lack of growth opportunities or management conservatism.
BIO is currently showing below-average momentum at 35/100, which may indicate weakening institutional interest or negative sentiment shifts. Revenue growth stands at 2.3% year-over-year, while a beta of 1.05 reflects its sensitivity to broader market moves. Investors should note that declining momentum can precede further price weakness, though contrarian opportunities sometimes emerge at these levels.
With a stability score of 63/100, BIO exhibits average financial resilience. Key stability metrics include a beta of 1.05 and a debt-to-equity ratio of 16.00x (sector avg: 0.2x). While the balance sheet is not a major concern, the stock is subject to typical market volatility and may experience sharper drawdowns during risk-off episodes.
The short interest score of 47/100 for BIO suggests somewhat elevated bearish positioning by institutional traders. Specific risk factors include elevated leverage (D/E: 16.00x). With a $7.6B market cap (mid-cap), BIO-RAD LABORATORIES, INC. may experience above-average volatility. Investors should consider whether the short thesis has merit or if it creates a potential short-squeeze opportunity.
BIO-RAD LABORATORIES, INC. is a mid-cap company in the Manufacturing sector, ranked #0 of 50 in its sector (100th percentile) and #2998 of 7,333 overall (59th percentile). Key comparisons include ROE of 9.3% exceeding the -2.5% sector median and operating margins of 8.9% above the 1.3% sector average. This top-quartile standing reflects exceptional competitive strength relative to Manufacturing peers.
While BIO currently exhibits a REDUCE profile, superior opportunities exist within the MANUFACTURING sector. Our model identifies several "Strong Buy" candidates with higher quality scores and more attractive valuations among direct industry competitors.
View Top Manufacturing Alpha →Quant Factor Profile
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Improvement in Investment (31) would have the largest impact on the composite score.
EV/EBITDA 294% ABOVE SECTOR MEDIAN
ROE 475% BELOW SECTOR MEDIAN
Gross Margin 25% ABOVE SECTOR MEDIAN (FAVORABLE)
AUDIT DATA AS OF SEP 30, 2025 (Q2 FY2025)
We rate BIO-RAD LABORATORIES, INC. (BIO) as a Reduce with a composite score of 43.8/100 at a current price of $268.60. The quantitative profile shows weakness across multiple dimensions, suggesting limited upside potential and elevated risk of underperformance relative to peers over the next 12 months.
The rating is primarily driven by strength in stability (63th percentile) and quality (49th percentile), which together account for the majority of the composite score. Offsetting weakness in investment (31th percentile) and momentum (35th percentile) tempers our overall conviction. We assign a Narrow Moat rating (46/100), Low uncertainty, and Standard capital allocation.
Key items to watch: momentum to confirm whether the current price trend has legs. Any material change in these dynamics could warrant a reassessment of our rating. The moat trend is stable, which suggests the competitive landscape is stable for now.
BIO-RAD LABORATORIES, INC. holds a top-quartile position (#0 of 50) within the Manufacturing sector, based on our composite quantitative scoring across quality, value, momentum, and stability factors. The composite score of 43.8/100 places it at rank #2998 in our full 7,333-stock universe. At $7.6B in market capitalization, BIO-RAD LABORATORIES, INC. is a mid-cap player in the Manufacturing space, which limits certain scale advantages but may allow for more agile strategic execution.
Revenue is growing at 2%, though momentum at the 35th percentile suggests the market has not yet fully recognized this trajectory. This potential disconnect between fundamental improvement and market recognition could represent an opportunity for patient investors if the growth trend persists.
The margin cascade tells an important story: gross margins of 53% (+10.7pp vs sector) narrow to operating margins of 9% (+7.7pp vs sector) and net margins of 27.0%, yielding a gross-to-net conversion rate of 51%. This efficient conversion suggests well-controlled operating costs and limited margin leakage between the gross and net levels.
At a current price of $268.60, BIO-RAD LABORATORIES, INC. is trading near fair value based on current fundamentals. Our value factor score of 44/100 reflects a composite assessment across multiple valuation metrics including price-to-earnings, price-to-book, EV/EBITDA, and price-to-sales ratios relative to both sector peers and the broader market. Valuation metrics are mixed, with no strong signal of mispricing in either direction.
The stock currently trades at a P/E of 10.6x (a 52% discount to the sector median of 22.3x), EV/EBITDA of 45.2x (at a premium), P/B of 1.0x, P/S of 2.9x. The below-sector P/E suggests possible undervaluation or the market pricing in near-term headwinds.
Gross margins of 53% signal strong pricing power and brand/IP advantages — businesses with margins above 40% have historically demonstrated more resilient earnings through economic cycles.
A conservative balance sheet (16% D/E) provides financial flexibility for acquisitions, buybacks, or weathering economic downturns without dilution.
The Reduce rating (composite 43.8/100) reflects multi-factor weakness, and historically, stocks in this scoring range have underperformed the market by a meaningful margin.
We assign a Low uncertainty rating to BIO-RAD LABORATORIES, INC.. The company exhibits strong financial stability with a beta of 1.05, conservative leverage (16% D/E), and a stability factor in the 63th percentile. The predictable nature of the business model and solid financial position reduce the range of potential outcomes, giving us confidence in our fair value estimate.
We identify no major risk factors at this time. The company's stability factor sits at the 63th percentile with quality at the 49th percentile, both of which support our low-risk assessment. The absence of material leverage, profitability, or volatility concerns reduces the likelihood of a permanent capital loss scenario.
Key risk mitigants include: healthy gross margins of 53% provide a buffer against cost pressures; conservative leverage (16% D/E) limits balance sheet risk; above-average stability (63th percentile) suggests predictable business dynamics. These factors partially offset the identified risks and provide downside protection in adverse scenarios. On balance, the risk-reward profile is favorable for long-term investors.
We rate BIO-RAD LABORATORIES, INC.'s capital allocation as Standard. Management has shown adequate — though not exceptional — stewardship of shareholder capital. Returns on equity stand at 9.3%, and the balance sheet is managed within acceptable parameters (D/E: 16%). Exemplary allocators typically sustain ROE above 20% and D/E below 50%; BIO-RAD LABORATORIES, INC. falls short on at least one dimension.
There is room for improvement in optimizing the capital structure or enhancing shareholder returns. Absent a dividend, the overall capital allocation framework would benefit from either higher reinvestment returns, improved balance sheet efficiency, or increased shareholder distributions. We will monitor for signs of strategic improvement that could warrant an upgrade.
In summary, BIO-RAD LABORATORIES, INC. receives a Reduce rating with a composite score of 43.8/100 (rank #2998 of 7,333). Our quantitative framework assigns a Narrow Moat (46/100, trend: stable), Low uncertainty, and Standard capital allocation. The average factor score across quality, value, momentum, stability, and investment is 44/100.
Our analysis does not support a constructive view on BIO-RAD LABORATORIES, INC. at this time. The combination of the current quantitative profile, low uncertainty, and standard capital allocation suggests unfavorable risk-reward at current levels. We recommend investors avoid new positions and existing holders consider reducing exposure.
Analysis derived from Blank Capital Research quantitative terminal. For informational purposes only. No trade solicitation. Past performance not indicative of future results. Consult a qualified advisor.
We assign BIO-RAD LABORATORIES, INC. a Narrow Moat rating with a composite moat score of 46/100. The ROIC-WACC spread of -4.2% is the primary signal of economic value creation. The company possesses identifiable competitive advantages, though they are less entrenched than those of wide-moat peers. Our analysis indicates that BIO-RAD LABORATORIES, INC. can sustain above-average returns on invested capital for at least 10 years, with the strongest contributor being margin superiority at 15.7/20.
The strongest moat sources are margin superiority (15.7/20) and growth durability (13.4/20). GM 53% vs sector 43%, OM 9% vs sector 1%. Rev growth 2%, 10yr history. These pillars form the core of BIO-RAD LABORATORIES, INC.'s competitive identity and are the primary drivers of excess returns in our framework.
Areas of relative weakness include economic value creation (3.5/20) and financial resilience (3.6/20). ROIC 4.6% vs WACC 8.8% (spread -4.2%). Improvement in these areas could meaningfully widen the moat over time, while deterioration would be an early warning of competitive erosion.
Our moat trend assessment is Stable. Multi-year ROIC and operating margin trajectories show neither meaningful improvement nor deterioration, suggesting the competitive position is steady. We expect BIO-RAD LABORATORIES, INC.'s moat profile to remain largely unchanged absent a material shift in return on capital or industry dynamics.
Key profit drivers include gross margins of 53% providing a solid profitability foundation. The margin cascade from 53% gross to 9% operating to 27.0% net reveals the company's cost structure and reinvestment intensity. Our analysis indicates that profit quality is adequate though not exceptional, with the quality factor at the 49th percentile.
The margin profile shows gross margins of 53%, operating margins of 9%, net margins of 27.0%. Return metrics include ROE of 9.3% and ROA of 6.6%. Relative to the Manufacturing sector, gross margins are 10.7 percentage points above the sector median of 43%, and ROE of 9.3% compares to a sector median of -2.5%.
The balance sheet reflects a conservatively managed balance sheet with D/E of 16%, revenue growth of 2%. The sector median D/E is 0%, putting BIO-RAD LABORATORIES, INC. at higher leverage than the typical peer. The combination of low leverage and healthy profitability provides significant financial resilience and strategic optionality.
Above 50MA
37.18%
Net New Highs
+51081
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