BIOBIO-RAD LABORATORIES, INC.

Laboratory Analytical Instruments

Revenue: $2.6B; 0.7% YoY
Operating margin: 1.8%; 83% YoY
EBITDA: $213M; 49% YoY
Market cap: $10.3B
Employees: 790; $3M revenue each
Net debt / EBITDA: -0.4×; −$77M net debt
AI in 10-K: 3.0; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 1 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashYes
70% of net income
Cash flow under 80% of net income
Dilutive SBCNo
2% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
56% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
6% of assets
Over 40% of assets
Shareholder dissentNo
96% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$3M · 94th pct
Bottom quartile of its SIC industry
Quiet on AINo
3.0 per 10K words · 70th pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 0.4× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedNo
$10.3B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DYes
2 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$350K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$2.9B	$2.8B	$2.7B	$2.6B	$2.6B	0.7%
Operating income	$500M	$483M	$338M	$269M	$47M	82%
Net income	$4.3B	−$3.6B	−$637M	−$1.8B	$760M	141%
Operating cash flow	$669M	$194M	$375M	$455M	$532M	17%
Capex	$134M	$113M	$157M	$166M	$158M	4.8%
Stock-based comp	$51M	$61M	$61M	$62M	$58M	6.9%
Buybacks	$50M	$216M	$429M	$204M	$296M	45%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Oct 30, 2025	SCHWARTZ NORMAN D	SCHEDULE 13D/A	97.2%	Active
Oct 30, 2025	SCHWARTZ NORMAN D	SCHEDULE 13D/A	14.6%	Passive
Oct 28, 2025	SCHWARTZ NORMAN D	SCHEDULE 13D/A	97.2%	Active
Oct 28, 2025	SCHWARTZ NORMAN D	SCHEDULE 13D/A	14.6%	Passive
Jul 18, 2025	SCHWARTZ ALICE N	SCHEDULE 13D/A	12.3%	Passive
Apr 11, 2022	SCHWARTZ ALICE N	SC 13D/A	89.7%	Active
Jul 12, 2019	SCHWARTZ ALICE N	SC 13D/A	89.3%	Active

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $350K · 2
Net: −$350K

Pay vs performance

No pay-versus-performance disclosure yet.