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ZYBERNO

Stock Report

Updated Sep 1, 2026

HARVARD BIOSCIENCE, INC. (HBIO)

NASDAQ

$8.11

Professional Investment Analysis

ZYBERNO SCORE →

Is it a great business? Is it getting better?

17.0/100

POOR BUSINESS

HARVARD BIOSCIENCE, INC. (HBIO) scores 17/100 — concerning metrics indicating significant structural or financial risks.

📊 How is the Zyberno Score calculated? +

The Zyberno Score answers one question: "Is this a quality business worth owning?" It's a 0-100 investment grade that evaluates business fundamentals across four critical dimensions, based on principles from Warren Buffett, Benjamin Graham, Peter Lynch, and Charlie Munger.

The 4 Core Categories (25 points each):

1. PROFITABILITY (25 pts)

Metrics: ROE, ROIC, Net Margin, Operating Margin
Thresholds: ROE >20% excellent • ROIC >20% excellent • Net Margin >20% excellent • Operating Margin >25% excellent

2. FINANCIAL STRENGTH (25 pts)

Metrics: Debt-to-Equity, Current Ratio, Interest Coverage, Altman Z-Score
Thresholds: D/E <0.3 excellent • Current Ratio >2.5 excellent • Interest Coverage >10x excellent • Altman Z >3.0 safe

3. CASH FLOW QUALITY (25 pts)

Metrics: Free Cash Flow, OCF vs Net Income, FCF Margin
Thresholds: Positive & growing FCF excellent • OCF/NI >1.2x excellent (cash earnings exceed accounting)

4. GROWTH & CONSISTENCY (25 pts)

Metrics: Revenue Growth, Net Income Growth, FCF Growth, Piotroski F-Score
Thresholds: Growth via log-linear regression • Piotroski 8-9 excellent, 6-7 good

Score Interpretation:

75-100

GREAT BUSINESS

65-74

GOOD BUSINESS

50-64

AVERAGE BUSINESS

30-49

WEAK BUSINESS

0-29

POOR BUSINESS

→ View full HBIO quality analysis & detailed breakdown

VALUATION SIGNAL

MARGIN OF SAFETY

Is this stock cheap or expensive relative to what the business has historically generated for owners?

+20.6%

Undervalued

Growth gap unavailable — insufficient data for reverse DCF calculation.

🎯 Expected Annual Return →

24.8%

Margin of Safety convergence — your return if the market re-prices to intrinsic value (5-yr annualised)

1.1%

Yield + growth — what the business alone earns you, even if the market never re-rates

💰 How is Margin of Safety calculated? +

Margin of Safety measures how much discount or premium you're paying relative to a stock's intrinsic value. It's Benjamin Graham's core principle: the larger the margin, the lower your downside risk.

Formula: (Intrinsic Value − Current Price) ÷ Intrinsic Value × 100%

How We Calculate Intrinsic Value (DCF Method):

Step 1: Calculate current Owner Earnings (OCF − Maintenance CapEx)

Step 2: Calculate company-specific growth rate using log-linear regression on 16 quarters of Owner Earnings

Step 3: Project 10 years forward using the calculated growth rate

Step 4: Discount each year's cash flow to present value using 10% discount rate

Step 5: Calculate terminal value using 3% perpetual growth rate

Step 6: Sum all discounted cash flows = Intrinsic Value

What The Percentages Mean:

+50% or more

EXCELLENT — Very undervalued

+25% to +50%

GOOD — Attractive discount

0% to +25%

FAIR — Reasonable value

0% to -25%

CAUTION — Slight premium

-25% or worse

POOR — Overvalued

"Price is what you pay, value is what you get." — Warren Buffett

→ View full HBIO valuation analysis · → View full HBIO Brina Gap analysis

📈 How is Brina Gap calculated? +

Brina Gap measures the difference between the growth a business can fundamentally sustain and the growth the market is already pricing in.

Formula: Fundamental Growth Rate − Market-Implied Growth Rate

The Two Components:

Fundamental Growth Rate = ROIC × Reinvestment Rate

What the business can sustainably grow at based on how much it reinvests and what return it earns on that capital. Grounded in historical financials.

Market-Implied Growth Rate = Reverse DCF

The growth rate the current Enterprise Value implicitly assumes. Calculated by back-solving a 10-year DCF model (10% WACC, 3% terminal growth) until the present value of projected cash flows equals EV.

What The Gap Means:

Gap > +5% Market Underestimates — potential upside

+2% to +5% Slight Underestimate

-2% to +2% Fairly Priced — market consensus matches fundamentals

-5% to -2% Slight Overestimate

Gap < -5% Market Overestimates — price embeds optimism fundamentals don't support

A positive gap (market underestimates) combined with a positive Margin of Safety is the strongest combined signal — the business is both cheap historically and forward economics are stronger than the price suggests.

Critical Financial Health Indicators

Return on Equity (Profitability):CRITICAL (-92.0%)

Debt-to-Equity (Solvency Risk):CRITICAL (5.96x)

Operating Margin (Operational Efficiency):CRITICAL (-57.8%)

Return on Capital (Capital Efficiency):CRITICAL (-72.4%)

📊 Valuation Trilogy

Three interconnected metrics for complete valuation analysis

Click any metric for full methodology and detailed analysis

Zyberno's Verdict

HARVARD BIOSCIENCE, INC. (HBIO) stock report — Zyberno Score 17/100 (POOR BUSINESS), Margin of Safety +20.6%, 25% expected annual return. Full financial analysis on Zyberno.

According to Zyberno's DCF model, HARVARD BIOSCIENCE, INC. (HBIO) trades at $8.11 against an estimated intrinsic value per share of $10.22 — a +20.6% Margin of Safety based on Owner Earnings of $1.91M TTM, projected at 14.5% growth for 10 years with a 2.5% terminal growth rate. Zyberno's model translates this into a 5-year expected return of 24.8% annually.

Over the trailing twelve months, HBIO generated $1.91M in Owner Earnings. Capital was deployed as follows: $1.17M invested in capital expenditures. Reinvestment rate: 7.3%. Owner Earnings have grown at 14.5% annually over the trailing five years using log-linear regression.

DIVISION I: EXECUTIVE SUMMARY

A. Market Valuation

Market Price & Capitalization (2)

Current Price:8.11

Market Cap:$36.71M

Valuation Multiples (3)

P/B Ratio:4.95x

P/S Ratio:0.42x

Peg Ratio:-999.00x

Enterprise Metrics (2)

Enterprise Value:$81.85M

Pfcf Ratio:15.77x

Price Action & Momentum (3)

12-1 Momentum:

+49.6% (77th pctile)

📈 Click to view full HBIO Momentum analysis →

Momentum Percentile:77 / 100

% of 52-Week High:86.3%

B. Profitability Assessment

Return Metrics (5)

ROE:

-92.0%

📊 Click to view full HBIO ROE analysis →

ROA:-13.3%

Roic:

-72.4%

📊 Click to view full HBIO ROIC analysis →

Reinvestment Rate:7.3%

Fundamental Growth Rate (g):-5.3%

Margin Analysis (3)

Operating Margin Ttm:-57.8%

Net Margin Ttm:-11.9%

Ebitda Margin:-48.4%

TTM Performance (3)

Gross Margin Ttm:58.2%

Operating Margin Ttm:-57.8%

Net Margin Ttm:-11.9%

Yield Metrics (3)

Earnings Yield:-$22.54

Owner Earnings Yield:$6.34

Dividend Yield:0.0%

C. Log-Linear Regression Growth Trends

Earnings Surprise (SUE) (3)

Earnings Surprise (SUE):

-1.95

📊 Click to view full HBIO Earnings Surprise analysis →

EPS Surprise vs Expected:-578.1%

Latest Earnings Filed:2026-08-11

Revenue Growth (Linear) (1)

Revenue Growth Rate (Linear):-8.5%

Cash Flow Growth (Linear) (2)

Free Cash Flow Growth Rate (Linear):14.5%

Operating Cash Flow Growth Rate (Linear):2.1%

Operating Growth (Linear) (1)

Operating Income Growth Rate (Linear):-50.0%

D. Financial Stability

Liquidity Ratios (3)

Current Ratio:1.87x

Quick Ratio:0.98x

Cash Ratio:0.26x

Leverage Analysis (3)

Debt To Equity Ttm:5.96x

Debt-to-Equity Ratio:5.96x

Debt To Ebitda:-999.00x

Coverage Ratios (2)

Interest Coverage Ratio:-37.37x

Times Interest Earned:-37.37

Capital Structure (4)

Working Capital:21,670,000.00

Cash And Cash Equivalents:6,503,000.00

Long Term Debt:$36.68M

Net Debt:$45.15M

DIVISION II: FINANCIAL STATEMENTS ANALYSIS

A. Income Statement Analysis

Revenue Components (2)

Revenue TTM: $87.81M

Linear Growth: -8.5%

📊 Click to view full HBIO Revenue analysis & methodology →

Cost Of Revenue Ttm:$36.74M

Profitability Breakdown (2)

Gross profit TTM: $51.07M

Linear Growth: -6.8%

📊 Click to view full HBIO Gross Profit analysis & methodology →

Operating income TTM: -$50.73M

Linear Growth: -50.0%

📊 Click to view full HBIO Operating Income analysis & methodology →

Bottom Line Performance (3)

-$10.41M

Income Before Tax:-$10.54M

Ebitda Ttm:-42,475,000.00

Operating Expenses (5)

Operating Expenses:51,312,000.00

R And D Expense:9,094,000.00

Sga Expense:17,614,000.00

Income Tax Expense:-$129.00K

Interest Expense:1,300,000.00

Expense Ratios (3)

R And D To Revenue Percentage:40.0%

Sga To Revenue Percentage:77.5%

Ebitda Margin:-48.4%

B. Balance Sheet Analysis

Asset Composition (5)

Total Assets:$76.29M

Current Assets:$46.46M

Ppe Net:5,347,000.00

Goodwill:9,330,000.00

Intangible Assets:$6.22M

Liability Structure (4)

Total Liabilities:68,868,000.00

Current Liabilities:24,793,000.00

Long Term Debt:$36.68M

Short Term Debt:$14.97M

Equity & Capital (3)

Equity:$7.42M

Retained Earnings:-$221.04M

Common Stock:80,000,000.00

Working Capital Items (3)

Accounts Receivable:14,500,000.00

Inventory:22,230,000.00

Accounts Payable:6,224,000.00

Special Items (2)

Contract Liabilities:3,736,000.00

Stock Based Compensation:380,000.00

C. Cash Flow Analysis

Operating Activities (2)

Operating cash flow TTM: $3.08M

Linear Growth: 2.1%

Free cash flow TTM: $1.91M

Linear Growth: 14.5%

📊 Click to view full HBIO Free Cash Flow analysis & methodology →

Investment Activities (2)

Investing Cash Flow:-$620.00K

Capital Expenditures Ttm:1,171,000.00

Financing Activities (3)

Financing Cash Flow:-$9.00K

Dividends Paid Ttm:0.00

Stock Repurchase:0.00

Capital Transactions (3)

Common Stock Issuance:0.00

Long Term Debt Issuance:$40.00M

Long Term Debt Repayments:$0.00

Non-Cash Items (1)

Depreciation Amortization Ttm:8,257,000.00

DIVISION III: OPERATIONAL METRICS

A. Per Share Analysis

Earnings Per Share (3)

EPS (Basic TTM):-1.50

-$1.50

Earnings Per Share Ttm:-$2.30

Revenue & Cash Per Share (3)

Sales Per Share Ttm:19.40

Operating Cash Flow Per Share:$1.49

Fcf Per Share Ttm:0.42

Book Value & Capital (2)

Book Value Per Share:$1.64

Cash Per Share:1.44

Dividend Policy (1)

Dividend Payout Ratio:-999.00x

B. Operational Efficiency

Asset Utilization (2)

Asset Turnover Ttm:1.12x

Working Capital Turnover Ttm:4.05x

Receivables Management (2)

Receivables Turnover Ttm:6.06x

Days Sales Outstanding Ttm:60.27

Inventory Management (2)

Inventory Turnover Ttm:1.65x

Days Inventory Outstanding Ttm:220.84

Payables & Cash Cycle (2)

Days Payable Outstanding:61.83

Cash Conversion Cycle:219.28

C. Quality & Risk Metrics

Financial Quality Scores (2)

Financial Strength Score:40.00

Quality Score:35.00

Market Metrics (2)

Beta:0.00x

Volatility Category:unknown

DIVISION IV: INVESTMENT ANALYSIS

A. Value Investment Framework

Owner Earnings Analysis (3)

Owner earnings TTM: $1.91M

Linear Growth: 14.5%

📊 Click to view full HBIO Owner Earnings analysis & methodology →

Owner Earnings Per Share:$0.42

Owner Earnings Yield:$6.34

Growth Assessment (1)

Owner Earnings Growth Rate:$14.54

Damodaran Growth Analysis (2)

Reinvestment Rate:7.3%

Fundamental Growth Rate (g):-5.3%

Intrinsic Value Models (1)

Intrinsic Value:

$46.25M

📊 Click to view full HBIO DCF valuation →

Margin of Safety (1)

Margin Of Safety:

20.6%

📊 Click to view full HBIO valuation analysis →

Return Scenarios (2)

Theoretical 5-Year Return:

24.8%

📊 Click to view full HBIO expected return analysis →

Forward Expected Return (Yield + Growth):

1.1%

📊 Click to view full HBIO expected return analysis →

Investment Assessment (1)

Buffett Assessment:Excellent margin of safety

B. Log-Linear Regression Growth Analysis

Growth Rates (Log-Linear Regression) (2)

Revenue Growth Rate (Linear):-8.5%

Operating Income Growth Rate (Linear):-50.0%

Cash Flow Growth Rates (2)

Free Cash Flow Growth Rate (Linear):14.5%

Operating Cash Flow Growth Rate (Linear):2.1%

Other Growth Rates (3)

Gross Profit Growth Rate (Linear):-6.8%

Book Value Growth Rate (Linear):-43.2%

Owner Earnings Growth Rate:$14.54

C. Company Profile & Context

Corporate Information (6)

Symbol:HBIO

Company Name:HARVARD BIOSCIENCE, INC.

Sector:Unknown

Industry:Laboratory Analytical Instruments

Exchange:NASDAQ

Country:United States

Market Classification (3)

Market Cap Category:N/A

Price Category:low

Volume Category:N/A

Share Structure (3)

Shares Outstanding:4.53M

Shares Outstanding Basic:4.53M

Shares Outstanding Diluted:4.53M

Data Processing Info (3)

Processing Version:v3.0

Last Updated:2026-09-01 09:16:18 UTC

Data Timestamp:2026-08-20T23:08:18.057571