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The Moat Index

Bio-Rad Laboratories, Inc.

BIO · Healthcare · $8.3B mkt cap · FY2025 filings · Shallow moat ·

Doesn't clear the bar

49/ 100
Shallow moat

The four filters

Pricing power92

Median gross margin 54.7% over 10y, very stable.

Returns on capital0

Median ROIC 2.9%, above the 9% hurdle in 0% of years.

Balance-sheet safety12

Net debt/EBITDA 3.2x, interest coverage 1x.

Capital discipline96

Owner earnings +44.8%/yr, share count shrinking (buybacks).

Margin of safety

Above valueOn sale
No price data
Owner earnings (normalized)
—
Est. intrinsic value / share
—
Recent price
$304.36
Discount to value
No price data

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

19 years of fundamentals

The business, in plain English

Bio-Rad Laboratories, Inc. booked $2.6B of revenue in FY2025 in the Healthcare sector and kept 51.9% of it as gross profit — a solid-margin business by that measure. After every other cost, 29.4% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $1.8B (FY2008) to $2.6B (FY2025) — about 2.3% a year compounded over 17 years.

It earned 0.4% on invested capital in FY2025, with a median of 3.8% across 18 filed years. The Returns on Capital filter above scores it 0/100.

The balance sheet carried $1.2B of total debt in FY2025 against $767.7M of owner earnings — roughly 1.6 years of owner earnings to retire it all. Balance-Sheet Safety scores it 12/100.

The share count has held roughly flat between FY2008 and FY2025. Capital Discipline scores it 96/100.

Put together: Capital Discipline is the strongest of the four filters (96/100) and Returns on Capital the weakest (0/100), which is how BIO lands at 49/100 — a Shallow moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

FY2007–FY2025 · 19 fiscal years, normalized from BIO’s SEC filings

RevenueSales, as filed$2.6B FY2025
$0$2B2007201320192025
Gross marginRevenue kept after cost of goods51.9% FY2025
0%25%50%2007201320192025
Return on invested capitalOperating profit on the capital employed0.4% FY2025
0%10%2007201320192025
Owner earningsCash an owner could take out$767.7M FY2025
$02007201320192025

Gaps in a line mean that item isn’t in BIO’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

3 logged readings since Jul 17, 2026 · append-only, never rewritten

Moat Score over timeLast scored reading of each day, on the 0–100 scale49.0 / 100
0406080100WideNarrowShallowNo moatJul 17, 2026

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — BIO has read Shallow moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Healthcare context

#120 of 440 scored Healthcare companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #118BRTX BIORESTORATIVE THERAPIES, INC.49.5Shallow moat
  2. #119IDXG INTERPACE BIOSCIENCES, INC.49.3Shallow moat
  3. #121VASO VASO CORPORATION49.0Shallow moat
  4. #122BMRN BioMarin Pharmaceutical Inc49.0Shallow moat

Compare BIO with its nearest peers →All Healthcare companies on the Index →

Common questions about BIO

Does Bio-Rad Laboratories, Inc. have an economic moat?
Based on its FY2025 SEC filings, the Moat Index scores Bio-Rad Laboratories, Inc. (BIO) 49.0 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 92, returns on capital 0, balance-sheet safety 12, capital discipline 96.
How has BIO's Moat Score changed over time?
The record logs 3 readings since Jul 17, 2026; the latest reads 49.0 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.
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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell BIO. See the disclaimer.

Bio-Rad Laboratories, Inc. (BIO) Moat Score — The Moat Index · Buy Like Buffett