Charles River Laboratories

CRL · NYSE · Health Care · Financials, fiscal 2016 to 2025

CRL · Last close · October 26, 2026

$357.27

Value Charles River Laboratories yourself

Charles River Laboratories' revenue fell 0.8% to $4.0 billion in fiscal 2025. Its operating margin was 0.6%, down from 5.6% a year earlier. Free cash flow was $518 million, up 3.4%. It paid out $361 million in dividends and buybacks, 70% of free cash flow. The diluted share count fell 4.0%.

CHARLES RIVER LABORATORIES INTERNATIONAL, INC. Latest fiscal year ended December 27, 2025 10-K filed February 18, 2026 · 0001100682-26-000022 Updated October 9, 2026

Revenue

$4.0B

0.8%

Operating margin

0.6%

5.0 pts

Net income

−$144M

$22M a year earlier

Free cash flow

$518M

3.4%

Return on capital

0.4%

1.6 pts

Market cap

$17.1B

Oct 26 close

P/E

—

Loss: no P/E

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2024, earnings per share fell 29.4% a year and net income 21.6% a year, as new shares raised the share count by 7% and diluted each share's earnings. Charles River Laboratories then lost money in fiscal 2025.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Charles River Laboratories yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Charles River Laboratories' 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Charles River Laboratories' fiscal 2025 free cash flow of $518M, net cash of −$1.9B at December 27, 2025 and 50 million diluted shares, from its filings. The scenarios are fitted to Charles River Laboratories: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 0.3% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 10%: 9% for a business of moderate risk (Life Sciences Tools & Services), plus 1 point for unsteady results (a loss in fiscal 2025); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 27, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Charles River Laboratories's own revenue growth, as above. Cautious: growth of -1.5% then 0% a year, 2% after year 10, a 11% discount rate. Base: growth of 0.5% then 1.5% a year, 2.5% after year 10, a 10% discount rate. Optimistic: growth of 2.5% then 3% a year, 3% after year 10, a 9% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $357.27
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

The P/E method needs positive earnings, and Charles River Laboratories' latest diluted earnings per share were negative or zero.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	242	234	277	195	214
Debt incl. finance leases	2,664	2,709	2,650	2,240	2,136
Net debt (negative means net cash)	2,421	2,475	2,374	2,046	1,923
Net debt to EBITDA	2.8x	2.6x	2.5x	3.5x	4.5x
Debt to equity	1.1x	0.9x	0.7x	0.7x	0.7x
Interest coverage	8.0x	11.0x	4.5x	1.8x	0.2x
Current ratio	1.2x	1.3x	1.5x	1.4x	1.3x
Quick ratio	1.0x	1.1x	1.2x	1.1x	1.0x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, 2 insiders bought $7,338 of Charles River Laboratories shares on the open market, and 6 insiders sold $52.1 million, $49.1 million of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Oct 22, 2026	James C FosterDirector	Sold plan	24,042	$350.00	$8.4 million	Form 4
Oct 21, 2026	Shannon M ParisottoCevp, Disc & Safety Assessment	Sold plan	2,156	$344.41	$742,548	Form 4
Oct 5, 2026	Shannon M ParisottoCevp, Disc & Safety Assessment	Sold plan	981	$308.44	$302,580	Form 4
Sep 30, 2026	Glenn ColemanEVP & Chief Financial Officer	Bought	10	$297.43	$2,974	Form 4
Aug 25, 2026	James C FosterDirector	Sold plan	33,561	$300.00	$10.1 million	Form 4
Aug 19, 2026	Shannon M ParisottoCevp, Disc & Safety Assessment	Sold plan	2,039	$294.12	$599,711	Form 4
Aug 18, 2026	Nancy C AndrewsDirector	Sold	573	$285.24	$163,443	Form 4
Aug 11, 2026	Birgit GirshickChief Executive Officer, Director	Sold plan	6,500	$279.90	$1.8 million	Form 4
Aug 11, 2026	Shannon M ParisottoCevp, Disc & Safety Assessment	Sold plan	3,714	$279.66	$1.0 million	Form 4
Aug 10, 2026	James C FosterDirector	Sold plan	28,733	$275.00	$7.9 million	Form 4
Aug 6, 2026	Michael Gunnar KnellSVP, Finance and CAO	Sold	6,645	$260.38	$1.7 million	Form 4
Aug 6, 2026	Victoria L CreamerEVP & Chief People Officer	Sold	4,179	$259.16	$1.1 million	Form 4

The latest 12 of 15 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Fail
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Fail	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Pass	Pass	Fail
Current ratio rose	Pass	Fail	Fail
Share count didn't rise	Fail	Fail	Pass
Gross margin rose	—	—	—
Revenue rose relative to assets	Fail	Fail	Pass
F-score	5 of 8	4 of 8	4 of 8
Accruals ratio	−2.6%	−9.1%	−12.0%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Charles River Laboratories side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Charles River Laboratories	FY25	−0.8%	0.6%	12.9%	0.4%	4.5x	4
Mettler Toledo	FY25	4.0%	—	21.1%	50.5%	1.7x	7	Compare
Illumina	FY25	−0.7%	18.6%	21.4%	20.3%	0.3x	8	Compare
Waters	FY25	7.0%	25.4%	17.1%	21.0%	0.8x	6	Compare
Bio-Rad Laboratories	FY25	0.7%	1.8%	14.5%	0.5%	−1.6x	5	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	1,681	1,858	2,266	2,621	2,924	3,540	3,976	4,129	4,050	4,015
Revenue growth	23.3%	10.5%	22.0%	15.7%	11.6%	21.1%	12.3%	3.9%	−1.9%	−0.8%
Gross profit	1,404	1,568	—	—	—	—	—	—	—	—
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	238	288	331	351	433	590	651	617	227	25
Net income	155	123	226	252	364	391	486	475	22	−144
Diluted EPS (US$)	3.23	2.54	4.62	5.07	7.20	7.60	9.48	9.22	0.20	−2.91
Diluted shares (millions)	48	49	49	50	51	51	51	52	52	50
Cash flow
Cash from operations	317	318	441	481	547	761	620	684	735	738
Capital expenditure	55	82	140	140	167	229	325	318	233	219
Free cash flow	262	236	301	340	380	532	295	365	502	518
Dividends paid	0	0	0	0	0	0	0	0	0	0
Share buybacks	12	107	14	18	24	41	39	24	119	361
Acquisitions	648	25	825	516	419	1,293	283	195	6	0
Stock-based compensation	44	44	47	57	56	72	74	72	70	71
Balance sheet at fiscal year end
Cash and short-term investments	121	192	196	239	229	242	234	277	195	214
Debt incl. finance leases	1,180	1,086	1,610	1,885	1,977	2,664	2,709	2,650	2,240	2,136
Total assets	2,712	2,930	3,856	4,693	5,491	7,024	7,603	8,195	7,528	7,135
Total liabilities	1,858	1,866	2,518	3,026	3,347	4,432	4,579	4,536	4,020	3,924
Shareholders' equity	837	1,045	1,317	1,635	2,115	2,535	2,976	3,597	3,462	3,165
Margins and ratios
Gross margin	83.5%	84.4%	—	—	—	—	—	—	—	—
Operating margin	14.1%	15.5%	14.6%	13.4%	14.8%	16.7%	16.4%	14.9%	5.6%	0.6%
Net margin	9.2%	6.6%	10.0%	9.6%	12.5%	11.0%	12.2%	11.5%	0.6%	−3.6%
Free cash flow margin	15.6%	12.7%	13.3%	13.0%	13.0%	15.0%	7.4%	8.8%	12.4%	12.9%
Return on capital	10.1%	7.5%	11.4%	9.8%	9.9%	11.1%	9.9%	8.9%	2.0%	0.4%
Return on equity	19.7%	13.1%	19.2%	17.1%	19.4%	16.8%	17.6%	14.4%	0.6%	−4.4%
Return on assets	6.5%	4.4%	6.7%	5.9%	7.2%	6.2%	6.7%	6.0%	0.3%	−2.0%
Net debt to EBITDA	2.9x	2.1x	2.9x	3.0x	2.6x	2.8x	2.6x	2.5x	3.5x	4.5x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Charles River Laboratories' Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Charles River Laboratories.