HARVARD BIOSCIENCE INC
HBIO· Nasdaq· Laboratory Analytical Instruments
- Market cap
- –
- P/FCF
- –
- EV/Sales
- –
- FCF margin
- 6.3%
- ROIC, 5 yr avg
- –
- Revenue, 5 yr CAGR
- -3.3%
We record prices for the companies we cover; HBIO is not one of them yet.
Company statistics
Profile · FY2025
- Market cap
- –
- Enterprise value
- –
- Diluted shares
- 44.4M
- Revenue
- $86.5M
- Free cash flow
- $5.5M
- Owner earnings
- $3.6M
Valuation · FY2025
- P/E
- –
- P/FCF
- –
- P/Owner earnings
- –
- EV/Sales
- –
- EV/FCF
- –
- P/B
- –
Margins · FY2025
- Gross
- 57.7%
- Operating
- -56.1%
- Net
- -65.5%
- Free cash flow
- 6.3%
- Owner earnings
- 4.2%
- Stock pay
- 2.1%
Returns
- ROIC, FY2025
- –
- ROIC, 5 yr avg
- –
- ROE, FY2025
- -412.8%
- ROE, 5 yr avg
- -90.1%
Growth (CAGR)
- Revenue, 3 yr
- -8.6%
- Revenue, 5 yr
- -3.3%
- Revenue, 9 yr
- -2.1%
- Diluted EPS, 3 yr
- –
- Diluted EPS, 5 yr
- –
- Diluted EPS, 9 yr
- –
- Free cash flow, 3 yr
- –
- Free cash flow, 5 yr
- -7.7%
- Free cash flow, 9 yr
- –
Financial health · FY2025
- Cash and investments
- $8.6M
- Total debt
- $35.9M
- Net debt
- $27.3M
- Debt/Equity
- 2.6x
- Debt/FCF
- 6.6x
Shareholder returns · FY2025
- Dividend yield
- –
- Payout ratio
- –
- Buyback yield
- –
- Shareholder yield
- –
- Share count, 5 yr
- 2.8%
Financials: ten years from the 10-Ks
Revenue
$86.5M
-2.1% a year over 9 years
FY2016FY2025
Margins
Gross57.7%Operating-56.1%Net-65.5%
FY2025
FY2016FY2025
Free cash flow and owner earnings
Free cash flow$5.5MOwner earnings$3.6M
Free cash flow +54.7% a year
FY2016FY2025
Diluted shares
44.4M
+29.8% over 9 years, net dilution
FY2016FY2025
Net debt (below zero)
-$27.3M
$27.3M more debt than cash
FY2016FY2025
Every figure, year by year
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| The business | ||||||||||
| Revenue | $104.5M | $77.4M | $120.8M | $116.2M | $102.1M | $118.9M | $113.3M | $112.3M | $94.1M | $86.5M |
| Revenue growth | -3.8% | -25.9% | 56.0% | -3.8% | -12.1% | 16.5% | -4.7% | -1.0% | -16.1% | -8.1% |
| Gross margin | 46.3% | 50.6% | 52.3% | 55.4% | 56.8% | 56.9% | 53.7% | 58.9% | 58.2% | 57.7% |
| Operating margin | -2.9% | -0.8% | 0.8% | 0.3% | 0.2% | 1.7% | -6.1% | 1.7% | -6.6% | -56.1% |
| Net income | -$4.3M | -$865.0K | -$2.9M | -$4.7M | -$7.8M | -$288.0K | -$9.5M | -$3.4M | -$12.4M | -$56.7M |
| Net margin | -4.1% | -1.1% | -2.4% | -4.0% | -7.6% | -0.2% | -8.4% | -3.0% | -13.2% | -65.5% |
| Diluted EPS | $-0.13 | $-0.02 | $-0.08 | $-0.12 | – | – | $-0.23 | $-0.08 | $-0.28 | $-1.28 |
| Return on invested capital? | – | – | – | – | – | – | – | – | – | – |
| Cash | ||||||||||
| Operating cash flow | $5.4M | $1.1M | $2.9M | $8.0M | $9.3M | $1.3M | $1.2M | $14.0M | $1.4M | $6.7M |
| Capital expenditure | – | $890.0K | $986.0K | $1.2M | $1.2M | $1.2M | $1.6M | $1.8M | $2.6M | $1.3M |
| Free cash flow | – | $167.0K | $1.9M | $6.8M | $8.2M | $67.0K | -$438.0K | $12.2M | -$1.2M | $5.5M |
| Stock-based compensation | $3.5M | $3.5M | $3.0M | $3.0M | $3.6M | $4.2M | $4.4M | $5.0M | $4.3M | $1.9M |
| Owner earnings? | – | -$3.3M | -$1.1M | $3.8M | $4.5M | -$4.1M | -$4.8M | $7.2M | -$5.5M | $3.6M |
| Free cash flow per share | – | $0.00 | $0.05 | $0.18 | $0.21 | $0.00 | $-0.01 | $0.29 | $-0.03 | $0.12 |
| Capital allocation | ||||||||||
| Dividends paid | – | – | – | – | – | – | – | – | – | – |
| Share repurchases | – | – | – | – | – | – | – | – | – | – |
| Diluted shares | 34.2M | 34.8M | 36.5M | 37.8M | 38.6M | 40.3M | 41.4M | 42.4M | 43.5M | 44.4M |
| Share count change? | 1.8% | 1.6% | 4.9% | 3.7% | 2.2% | 4.4% | 2.7% | 2.4% | 2.6% | 2.0% |
| Balance sheet | ||||||||||
| Cash and equivalents | $5.6M | $5.2M | $8.2M | $8.3M | $8.3M | $7.8M | $4.5M | $4.3M | $4.1M | $8.6M |
| Short-term investments | – | – | – | – | – | – | – | – | – | – |
| Total debt | $11.4M | $9.0M | $57.2M | $50.1M | $48.3M | $48.6M | $47.1M | $36.8M | $37.0M | $35.9M |
| Net debt | $5.8M | $3.8M | $49.0M | $41.8M | $40.0M | $40.8M | $42.6M | $32.6M | $32.8M | $27.3M |
| Shareholders' equity | $72.2M | $80.9M | $82.7M | $81.7M | $76.7M | $83.4M | $72.2M | $73.1M | $63.3M | $13.7M |
Latest filings
| 2026-08-11 | 10-Q | Quarterly report |
| 2026-08-11 | 8-K | Earnings release |
| 2026-05-12 | 10-Q | Quarterly report |
| 2026-05-12 | 8-K | Earnings release |
| 2026-04-21 | DEF 14A | Proxy statement |
| 2026-03-13 | 10-K | Annual report |
| 2026-03-12 | 8-K | Earnings release |
| 2026-02-10 | 8-K | Earnings release |
| 2026-01-30 | DEF 14A | Proxy statement |
| 2025-11-06 | 10-Q | Quarterly report |
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