Harvard Bioscience, Inc. (HBIO) Stock

Harvard Bioscience, Inc. (HBIO) is a Technology stock trading at $7.56 (as of 2026-08-20), with a market capitalization of $159.48M. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Harvard Bioscience develops, manufactures, and sells laboratory technologies and instrumentation used in fundamental research, discovery, and pre-clinical testing for drug development. Its products include cellular and molecular instruments, tissue and organ-based research equipment, spectrophotometers and related analytical devices, as well as precision measuring systems and preclinical products sold to research organizations and institutions.

Understand Harvard Bioscience, Inc.: how it makes money

Harvard Bioscience develops, manufactures, and sells lab instruments and related technologies used for fundamental research, discovery, and pre-clinical drug testing, and it makes money from selling those instruments and related products and services to customers.

The company reports meaningful recurring revenue (Recurring Revenue Percentage of 40%), but it still had a negative operating margin (-5.7%), indicating that recurring stream strength has not, so far, been enough to fully offset operating costs during periods of regional revenue declines.

Revenue by segment (latest quarter)
Americas	$0.0B
EMEA	$0.0B
APAC	$0.0B

Business quality (Weak): Meaningful gross margin (59%) and recurring revenue (40%) are positives, but the company is operating at a loss (operating margin -5.7%) while reporting revenue declines across major regions, especially China and Asia Pacific.

Bull case

Recurring revenue provides some durability: Recurring Revenue Percentage is reported at 40%, which suggests a portion of sales comes from recurring activities rather than only one-time purchases.
Demand indicators exist in specific systems: MASH MEA Systems Purchased is reported at 10 (count), which can indicate ongoing customer acquisition or replacement activity for that product area.

Bear case

Operating losses persist despite solid gross margin: Gross margin is reported at 59.0%, but operating margin is -5.7%, showing that operating expenses are not being fully covered by gross profit.
Revenue is weakening in multiple regions: Americas Revenue Decline is 6.6%, Europe, Middle East and Africa Revenue Decline is 16.0%, and China and Asia Pacific Revenue Decline is 35.0%, which points to broad-based softness.

Valuation — source: SEC EDGAR (first-party)
Price	$7.56
Market Cap	$159.48M
EV / EBITDA	122.7
Price / Book	21.50
Price / Sales	1.82
FCF Yield	-0.7%
DCF Value (model)	$1.24
DCF Upside vs Price	-83.6%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$86.55M
Net Margin	-65.5%
Revenue Growth (YoY)	11.1%
EPS Growth (YoY)	1180.0%
FCF Growth (YoY)	-113.6%

Financial Health — source: SEC EDGAR
Altman Z-Score	-1.22 (distress)
Piotroski F-Score	4/9 (moderate)

Valuation vs Sector & Industry
Sector P/E (Technology)	33.9
Industry P/E (Measuring & Control Equipment)	51.8

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	WEBER CAPITAL MANAGEMENT LLC /ADV ($2.14M)
Institutional Holders Tracked	10

Company
Sector	Technology
Industry	Measuring & Control Equipment
CEO	John Duke
Employees	330
Country	US
IPO Date	2001-03-19

Related Companies (Business model: Medical Devices / Life Science Tools; 8 closest by market cap; US-domiciled)

Data as of 2026-08-20.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.