Bio-Rad Laboratories vs Mettler Toledo
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The short version
- Mettler Toledo is the larger business, with $4.0B of revenue in fiscal 2025 against $2.6B for Bio-Rad Laboratories, about 1.6 times as much.
- Mettler Toledo grew revenue faster (4.0%, against 0.7%).
- Mettler Toledo turned more of its sales into free cash flow (21.1% FCF margin, against 14.5%).
- Mettler Toledo earned a higher return on the capital invested in it (50.5%, against 0.5%).
- Investors pay more for each dollar of Bio-Rad Laboratories’s earnings: a P/E of 46.3x against 37.6x for Mettler Toledo.
| Latest fiscal year | BIO · FY25 | MTD · FY25 |
|---|---|---|
| Size | ||
| Market cap | $9.9B | $33.7B |
| Revenue | $2.6B | $4.0B |
| Free cash flow | $375M | $849M |
| Net income | $760M | $869M |
| Growth | ||
| Revenue growth | 0.7% | 4.0% |
| 5-year growth | 0.3% | 5.5% |
| Share count change | −3.3% | −3.0% |
| Profitability | ||
| Gross margin | 51.9% | 59.4% |
| Operating margin | 1.8% | — |
| Net margin | 29.4% | 21.6% |
| FCF margin | 14.5% | 21.1% |
| Return on capital | 0.5% | 50.5% |
| Return on equity | 10.8% | — |
| Balance sheet | ||
| Net debt | −$329M | $2.0B |
| Net debt / EBITDA | −1.6x | 1.7x |
| Dividends and buybacks | $296M | $800M |
| Valuation & quality | ||
| P/E | 46.3x | 37.6x |
| Piotroski F-score | 5 | 7 |
FY16
BIO $2.1B
MTD $2.5B
FY17
BIO $2.2B
MTD $2.7B
FY18
BIO $2.3B
MTD $2.9B
FY19
BIO $2.3B
MTD $3.0B
FY20
BIO $2.5B
MTD $3.1B
FY21
BIO $2.9B
MTD $3.7B
FY22
BIO $2.8B
MTD $3.9B
FY23
BIO $2.7B
MTD $3.8B
FY24
BIO $2.6B
MTD $3.9B
FY25
BIO $2.6B
MTD $4.0B
BIO
MTD
FY16
BIO 2.7%
MTD —
FY17
BIO 5.5%
MTD —
FY18
BIO −4.5%
MTD —
FY19
BIO 9.9%
MTD —
FY20
BIO 16.6%
MTD —
FY21
BIO 17.1%
MTD —
FY22
BIO 17.2%
MTD —
FY23
BIO 12.7%
MTD —
FY24
BIO 10.5%
MTD —
FY25
BIO 1.8%
MTD —
BIO
MTD
FY16
BIO $74.6M
MTD $337M
FY17
BIO −$7.2M
MTD $389M
FY18
BIO $156M
MTD $422M
FY19
BIO $359M
MTD $506M
FY20
BIO $476M
MTD $632M
FY21
BIO $536M
MTD $801M
FY22
BIO $81.6M
MTD $738M
FY23
BIO $218M
MTD $861M
FY24
BIO $290M
MTD $864M
FY25
BIO $375M
MTD $849M
BIO
MTD
FY16
BIO 1.6%
MTD 36.8%
FY17
BIO 5.0%
MTD 31.7%
FY18
BIO −2.4%
MTD 39.2%
FY19
BIO 4.3%
MTD 41.6%
FY20
BIO 4.8%
MTD 43.4%
FY21
BIO 3.6%
MTD 51.4%
FY22
BIO 3.5%
MTD 52.6%
FY23
BIO 3.1%
MTD 48.6%
FY24
BIO 2.9%
MTD 55.7%
FY25
BIO 0.5%
MTD 50.5%
BIO
MTD
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.