Bio-Rad Laboratories vs Medpace
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KIRA’s take AI analyst
I put Bio-Rad Laboratories and Medpace side by side, using each one’s latest annual report. Here is what stands out:
- Bio-Rad Laboratories is the larger business, with $2.6B of revenue in fiscal 2025 against $2.5B for Medpace.
- Medpace grew revenue faster (20.0%, against 0.7%).
- Medpace kept more of each dollar of sales as operating profit (21.1% operating margin, against 1.8%).
- Medpace turned more of its sales into free cash flow (27.0% FCF margin, against 14.5%).
- Investors pay more for each dollar of Bio-Rad Laboratories’s earnings: a P/E of 46.6x against 37.6x for Medpace.
Who comes out ahead
Of the 9 measures where higher (or lower) is clearly better, how many each company leads.
Bio-Rad Laboratories
BIO
3/9
Net marginPiotroski F-scoreNet debt / EBITDA
Medpace
MEDP
6/9
Revenue growth5-year growthOperating marginFCF marginReturn on equityShare count change
Side by side
Best in the row
| Latest fiscal year | BIO FY25 | MEDP FY25 |
|---|---|---|
| Size | ||
| Market cap | $10.0B | $19.2B |
| Revenue | $2.6B | $2.5B |
| Free cash flow | $375M | $682M |
| Net income | $760M | $451M |
| Growth | ||
| Revenue growth | 0.7% | 20.0% |
| 5-year growth | 0.3% | 22.3% |
| Share count change | −3.3% | −7.8% |
| Profitability | ||
| Gross margin | 51.9% | — |
| Operating margin | 1.8% | 21.1% |
| Net margin | 29.4% | 17.8% |
| FCF margin | 14.5% | 27.0% |
| Return on capital | 0.5% | — |
| Return on equity | 10.8% | 70.2% |
| Balance sheet | ||
| Net debt | −$329M | −$497M |
| Net debt / EBITDA | −1.6x | −0.9x |
| Dividends and buybacks | $296M | $917M |
| Valuation & quality | ||
| P/E | 46.6x | 37.6x |
| Piotroski F-score | 5 | 4 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.