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HARVARD BIOSCIENCE INC

HBIO Clue Score31
United States Fiscal year ends December CIK 0001123494
$8.24 +1.35% Close, 9 Oct 2026
Alert on the numbers Alert on insider trades
Price $8.24 +26.96% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 11 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue104.5Operating income−3.0Net income−4.3EPS, diluted−0.13Fiscal year 2017Revenue77.4 −25.9%Operating income−0.6Net income−0.9EPS, diluted−0.02Fiscal year 2018Revenue120.8 +56.0%Operating income1.0Net income−2.9EPS, diluted−0.08Fiscal year 2019Revenue116.2 −3.8%Operating income0.4Net income−4.7EPS, diluted−0.12Fiscal year 2020Revenue102.1 −12.1%Operating income0.2Net income−7.8Fiscal year 2021Revenue118.9 +16.5%Operating income2.1Net income−0.3Fiscal year 2022Revenue113.3 −4.7%Operating income−6.9Net income−9.5EPS, diluted−0.23Fiscal year 2023Revenue112.3 −1.0%Operating income1.9Net income−3.4EPS, diluted−0.08Fiscal year 2024Revenue94.1 −16.1%Operating income−6.2Net income−12.4EPS, diluted−0.28Fiscal year 2025Revenue86.6 −8.1%Operating income−48.6Net income−56.7EPS, diluted−1.28
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 104.5 77.4 120.8 116.2 102.1 118.9 113.3 112.3 94.1 86.6
Growth −25.9% +56.0% −3.8% −12.1% +16.5% −4.7% −1.0% −16.1% −8.1%
Operating income −3.0 −0.6 1.0 0.4 0.2 2.1 −6.9 1.9 −6.2 −48.6
Net income −4.3 −0.9 −2.9 −4.7 −7.8 −0.3 −9.5 −3.4 −12.4 −56.7
Growth
EPS, diluted −0.13 −0.02 −0.08 −0.12 n/a n/a −0.23 −0.08 −0.28 −1.28
Growth

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2016Gross margin46.3%Operating margin−2.9%Net margin−4.1%Fiscal year 2017Gross margin50.6%Operating margin−0.8%Net margin−1.1%Free cash flow margin0.2%Fiscal year 2018Gross margin52.3%Operating margin0.8%Net margin−2.4%Free cash flow margin1.6%Fiscal year 2019Gross margin55.4%Operating margin0.3%Net margin−4.0%Free cash flow margin5.9%Fiscal year 2020Gross margin56.8%Operating margin0.2%Net margin−7.6%Free cash flow margin8.0%Fiscal year 2021Gross margin56.9%Operating margin1.7%Net margin−0.2%Free cash flow margin0.1%Fiscal year 2022Gross margin53.7%Operating margin−6.1%Net margin−8.4%Free cash flow margin−0.4%Fiscal year 2023Gross margin58.9%Operating margin1.7%Net margin−3.0%Free cash flow margin10.9%Fiscal year 2024Gross margin58.2%Operating margin−6.6%Net margin−13.2%Free cash flow margin−1.3%Fiscal year 2025Gross margin57.7%Operating margin−56.1%Net margin−65.5%Free cash flow margin6.3%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
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 margin −4.1% −1.1% −2.4% −4.0% −7.6% −0.2% −8.4% −3.0% −13.2% −65.5%
Free cash flow margin n/a 0.2% 1.6% 5.9% 8.0% 0.1% −0.4% 10.9% −1.3% 6.3%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow5.4Fiscal year 2017Operating cash flow1.1Capital expenditure−0.9Free cash flow0.2Fiscal year 2018Operating cash flow2.9Capital expenditure−1.0Free cash flow1.9 +1,036.5%Fiscal year 2019Operating cash flow8.0Capital expenditure−1.2Free cash flow6.8 +259.8%Fiscal year 2020Operating cash flow9.3Capital expenditure−1.2Free cash flow8.2 +19.8%Fiscal year 2021Operating cash flow1.3Capital expenditure−1.2Free cash flow0.1 −99.2%Fiscal year 2022Operating cash flow1.2Capital expenditure−1.6Free cash flow−0.4 −753.7%Fiscal year 2023Operating cash flow14.0Capital expenditure−1.8Free cash flow12.2Fiscal year 2024Operating cash flow1.4Capital expenditure−2.6Free cash flow−1.2 −109.8%Fiscal year 2025Operating cash flow6.7Capital expenditure−1.3Free cash flow5.5
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 5.4 1.1 2.9 8.0 9.3 1.3 1.2 14.0 1.4 6.7
Capital expenditure n/a −0.9 −1.0 −1.2 −1.2 −1.2 −1.6 −1.8 −2.6 −1.3
Free cash flow n/a 0.2 1.9 6.8 8.2 0.1 −0.4 12.2 −1.2 5.5
Growth +1,036.5% +259.8% +19.8% −99.2% −753.7% −109.8%

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash5.6Total debt11.4Net cash (debt)−5.8Shareholders’ equity72.2Debt to equity0.16Fiscal year 2017Cash5.2Total debt9.0Net cash (debt)−3.8Shareholders’ equity80.9Debt to equity0.11Fiscal year 2018Cash8.2Total debt57.2Net cash (debt)−49.0Shareholders’ equity82.7Debt to equity0.69Fiscal year 2019Cash8.3Total debt50.1Net cash (debt)−41.8Shareholders’ equity81.7Debt to equity0.61Fiscal year 2020Cash8.3Total debt48.3Net cash (debt)−40.0Shareholders’ equity76.7Debt to equity0.63Fiscal year 2021Cash7.8Total debt48.6Net cash (debt)−40.8Shareholders’ equity83.4Debt to equity0.58Fiscal year 2022Cash4.5Total debt47.1Net cash (debt)−42.6Shareholders’ equity72.2Debt to equity0.65Fiscal year 2023Cash4.3Total debt36.8Net cash (debt)−32.6Shareholders’ equity73.1Debt to equity0.50Fiscal year 2024Cash4.1Total debt37.0Net cash (debt)−32.8Shareholders’ equity63.3Debt to equity0.58Fiscal year 2025Cash8.6Total debt35.9Net cash (debt)−27.3Shareholders’ equity13.7Debt to equity2.61
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 5.6 5.2 8.2 8.3 8.3 7.8 4.5 4.3 4.1 8.6
Total debt 11.4 9.0 57.2 50.1 48.3 48.6 47.1 36.8 37.0 35.9
Net cash (debt) −5.8 −3.8 −49.0 −41.8 −40.0 −40.8 −42.6 −32.6 −32.8 −27.3
Shareholders’ equity 72.2 80.9 82.7 81.7 76.7 83.4 72.2 73.1 63.3 13.7
Debt to equity 0.16 0.11 0.69 0.61 0.63 0.58 0.65 0.50 0.58 2.61

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In millions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Revenue and profit
104.5 77.4 120.8 116.2 102.1 118.9 113.3 112.3 94.1 86.6
Growth −25.9% +56.0% −3.8% −12.1% +16.5% −4.7% −1.0% −16.1% −8.1%
56.1 38.2 57.6 51.9 44.1 51.3 52.5 46.2 39.4 36.6
48.4 39.2 63.2 64.3 58.0 67.7 60.8 66.1 54.8 49.9
Growth −19.1% +61.3% +1.8% −9.8% +16.6% −10.1% +8.6% −17.1% −8.9%
5.4 5.6 11.0 10.7 8.7 10.8 12.3 11.8 10.4 8.8
21.0 17.5 21.4 22.8 23.5 24.3 24.5 22.8 21.5 17.7
−3.0 −0.6 1.0 0.4 0.2 2.1 −6.9 1.9 −6.2 −48.6
Growth −61.7% −41.4% +834.8% −435.6% −427.9%
−3.1 −2.6 −8.0 −5.5 −7.3 −0.1 −9.2 −2.6 −11.7 −57.4
1.2 −0.6 −3.7 −0.8 0.5 0.1 0.3 0.9 0.7 −0.7
−4.3 −0.9 −2.9 −4.7 −7.8 −0.3 −9.5 −3.4 −12.4 −56.7
Growth
Per share
−0.13 −0.02 −0.08 −0.12 n/a −0.01 −0.23 −0.08 −0.28 −1.28
−0.13 −0.02 −0.08 −0.12 n/a n/a −0.23 −0.08 −0.28 −1.28
Growth
34.2 34.8 36.5 37.8 38.6 40.3 41.4 42.4 43.5 44.4
34.2 34.8 36.5 37.8 38.6 40.3 41.4 42.4 43.5 44.4
Growth +1.6% +4.9% +3.7% +2.2% +4.4% +2.7% +2.4% +2.6% +2.0%

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue shrank 3.3% a year over five years.
  • The diluted share count rose 14.9% in five years, which is dilution.
  • Operating margin is down 56.3 points on five years ago, at -56.1%.
  • A net loss in 10 of 10 years on file.