Bio-Rad Laboratories (BIO) opened 2026 with Q1 revenue of US$592.1 million and a basic EPS loss of US$19.55, in a quarter where trailing twelve month EPS stood at US$6.24 on revenue of US$2.59 billion. The company has seen quarterly revenue move from US$585.4 million and EPS of US$2.29 in Q1 2025 to US$592.1 million and EPS of US$19.55 loss in Q1 2026. Over the same period, trailing twelve month net income shifted from a loss of US$2.16 billion in Q1 2025 to a profit of US$168.8 million in Q1 2026, setting up a complex picture of recovering profitability and pressured margins that investors will want to parse carefully.

See our full analysis for Bio-Rad Laboratories.

With the headline numbers on the table, the next step is to weigh them against the main narratives around Bio-Rad to see which stories hold up under the latest margin and earnings trends and which start to look out of date.

Profits Swing From US$720 Million Gain To US$527 Million Loss

• Net income moved from a profit of US$720.0 million in Q4 2025 to a loss of US$527.1 million in Q1 2026, with basic EPS flipping from US$26.69 to a loss of US$19.55 over the same stretch.
• Bears focus on this earnings volatility as a sign that Bio-Rad could struggle to keep profits steady, and the last six quarters give them some support:
  • Quarterly net income has jumped between profits of US$720.0 million and losses as large as US$715.8 million, so the recent return to profitability over the last 12 months sits alongside a very mixed short term record.
  • Over five years, earnings declined by 37.6% per year according to the risk summary. This aligns with the cautious view that execution risk and shifting research budgets may cap future profit stability.

Skeptics argue that these sharp swings are exactly why future results could be harder to predict. The detailed bear case walks through the main pressure points in funding, regulation, and technology that could keep earnings choppy over time 🐻 Bio-Rad Laboratories Bear Case.

Trailing US$168.8 Million Profit Backs A Gradual Repair Story

• On a trailing twelve month basis, net income moved from a loss of US$2.16b in Q1 2025 to a profit of US$168.8 million in Q1 2026, with trailing EPS at US$6.24 and revenue at US$2.59b.
• Bulls point out that this shift into profit, even after a US$93.5 million one off loss flagged in the analysis, supports a recovery story, although the figures give a mixed message:
  • Trailing revenue has been fairly steady, moving in a tight band around US$2.54b to US$2.59b. This indicates that most of the improvement in profit comes from below the top line rather than from rapid sales growth.
  • Forecast earnings growth of about 3.6% per year and revenue growth of roughly 1% per year are modest, so the bullish view relies more on margin quality and recurring consumables than on fast expansion.

Supporters of the optimistic view argue that growing demand for digital PCR, consumables and diagnostics could make that trailing US$168.8 million profit more durable over time, and the full bull narrative sets out how those trends might play against the recent numbers 🐂 Bio-Rad Laboratories Bull Case.

P/E Of 41x Faces Off Against DCF Fair Value

• With a current share price of US$256.55 and trailing EPS of US$6.24, Bio-Rad trades on a P/E of about 41x, above the Global Life Sciences average of 34.8x but below the peer group average of 51.7x, while the DCF fair value cited is US$246.06.
• Consensus narrative highlights modest forecast growth alongside this valuation, and the data shows why opinions can differ:
  • Revenue is expected to rise about 1% per year while earnings are forecast to grow around 3.6% per year, which is slower than the 11% revenue growth rate cited for the broader US market and leaves less room for errors when paying a 41x multiple.
  • The DCF fair value sitting slightly below the market price and the history of a very large loss in the last few years both give cautious investors concrete reasons to question how much future growth is already reflected in today’s valuation.

Next Steps

To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for Bio-Rad Laboratories on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.

Given the mixed picture around earnings, margins, and valuation, it makes sense to look at the underlying data yourself and reach a fresh view quickly, including the 2 key rewards and 1 important warning sign.

Explore Alternatives

Bio-Rad's mix of volatile earnings, modest forecast growth around 3.6% and a 41x P/E at a price near DCF fair value points to a relatively fragile setup for margin and valuation comfort.

If that earnings volatility and rich multiple leave you uneasy, compare this profile with companies screened for steadier fundamentals using the 67 resilient stocks with low risk scores to quickly spot candidates with more consistent risk characteristics.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.