Bio-Rad Laboratories, Inc. logo BIO - Bio-Rad Laboratories, Inc.

Price: -- -- | CONSENSUS: Buy DETAILS
STRONG
BUY
1
BUY 7
HOLD 6
SELL 0
STRONG
SELL
0
| PRICE TARGET: $321.67 DETAILS
HIGH: $335.00
LOW: $310.00
MEDIAN: $320.00
CONSENSUS: $321.67
UPSIDE: 11.79%
Metric 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993
Revenue
Revenue 2,583.2 2,566.5 2,671.3 2,802.2 2,922.5 2,545.6 2,311.7 2,290.1 2,160.2 2,068.2 2,019.4 2,175.0 2,132.7 2,069.2 2,073.5 1,927.1 1,784.2 1,764.4 1,461.1 1,273.9 1,181.0 1,090.0 1,003.4 892.7 817.5 725.9 549.5 441.9 426.9 418.8 396.6 355.3 328.6
Cost of Revenue 1,239.6 1,187.6 1,244.3 1,234.9 1,284.4 1,107.7 1,054.7 1,065.7 972.8 930.1 897.8 996.5 954.2 908.2 895.6 835.6 784.4 801.8 669.7 561.4 534.5 479.9 438.0 383.2 356.3 300.1 227.7 181.5 169.9 164.1 155.2 139 134.4
Gross Profit 1,343.6 1,378.9 1,426.9 1,567.3 1,638.1 1,437.9 1,257.0 1,224.4 1,187.4 1,138.1 1,121.7 1,178.5 1,178.5 1,161.0 1,177.9 1,091.5 999.8 962.5 791.4 712.5 646.5 610.1 565.4 509.5 461.2 425.8 321.8 260.4 257 254.7 241.4 216.3 194.2
Operating Expenses
R&D Expenses 256.9 295.9 247.4 256.9 260.6 217.8 202.7 199.2 250.3 205.9 193.0 220.3 211.0 214.0 186.4 172.3 163.6 159.5 140.5 123.4 115.1 108.3 94.3 82.9 76.5 68.1 51.2 41.4 46.1 39.6 34.7 30.2 0
SG&A Expenses 819.9 814 841.7 827.8 877.1 798.8 824.6 833.3 808.9 816.7 762.0 808.2 798.1 682.9 696.3 635.2 601.5 591.3 508.0 438.9 416.1 378.3 325.4 289.2 272.6 247.6 194.5 167 164.8 155.5 150.3 132.6 167.2
Other Expenses 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 43.3 27.5 21 19.5 17.9 16.7 16.8 16.6
Operating Expenses 1,077.5 1,109.9 1,089.1 1,084.7 1,137.8 1,016.6 1,027.3 1,032.5 1,059.2 1,022.6 955.0 1,028.5 1,009.0 896.9 882.7 807.5 765.1 808.3 648.5 562.3 531.2 486.6 419.6 372.1 349.2 359.1 273.2 229.4 230.4 213 201.7 179.6 183.8
Operating Income
Operating Income 270.5 269 337.8 482.6 500.3 421.3 229.7 (108.6) 116.7 53.2 166.7 150.0 169.5 264.1 295.2 284.0 231.0 182.9 135.2 146.1 115.3 108.8 145.8 137.4 112.0 66.8 48.6 31 26.6 41.7 39.7 36.7 10.4
Interest Expense 49 48.9 49.4 38.1 1.6 21.9 23.4 24.0 23.0 23.4 21.7 22.1 61.3 51.1 53.1 63.7 47.0 32.1 31.6 32.0 0 0 0 0 0 0 0 0 0 0 0 0 0
Interest Income 95.5 82 100.9 58 18.9 18.2 30.5 26.6 19.1 14.7 10.1 13.5 13.4 11.4 8.2 5.2 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Profitability
EBITDA 475.9 (2,142) (654.8) (4,489.0) 5,588.2 5,078.5 2,459.0 674.7 269.5 206.4 299.3 303.6 305.3 404.4 409.9 392.9 334.6 272.1 219.7 229.4 176.3 173.7 189.4 180.1 153.3 110.1 76.1 52.1 46.1 56.9 56.4 53.5 27
EBIT 270.5 (2,293.6) (800.7) (4,666.2) 5,450.6 4,939.9 2,284.5 536.6 120.8 64.9 167.5 153.7 173.7 281.0 299.0 284 232.9 175.0 152.4 174.0 115.3 117.5 147.4 138.2 112.0 66.8 48.6 31.1 26.6 39 39.7 36.7 10.4
Income Before Tax 995.5 (2,342.5) (850.1) (4,704.3) 5,449.1 4,918.0 2,261.1 507.4 97.8 41.6 145.8 131.6 112.4 231.6 235.8 220.3 185.8 142.8 120.8 142.0 93.4 97.3 113.7 104.4 65.0 45.4 16.4 34.2 22.8 36.5 33.6 24 4.7
Income Tax Expense 235.6 (498.3) (212.8) (1,076.7) 1,194.8 1,103.8 502.4 146.4 (16.9) 13.4 32.8 42.7 34.6 62.3 57.7 33.3 36.7 44.6 26.5 38.8 15.8 31.0 37.5 36.5 20.8 13.6 4.7 9.9 6.4 9.1 8.4 8.4 1.9
Net Income 759.9 (1,844.2) (637.3) (3,627.5) 4,254.3 3,814.2 1,758.7 361.0 114.7 28.1 113.1 88.8 77.8 169.2 178.2 185.5 144.6 89.5 93.0 103.3 81.6 68.2 76.2 67.9 44.2 31.1 11.7 24.3 16.4 26.2 25.2 15.6 2.8
Per Share Data
EPS (Basic) 27.87 -65.36 -21.82 -121.79 142.61 127.86 58.93 12.10 4.12 0.88 3.74 3.08 2.72 5.85 6.39 6.70 5.28 3.30 3.48 3.92 3.13 2.65 3.00 2.70 1.79 1.27 0.49 0.99 0.67 1.07 1.03 0.64 0.12
EPS (Diluted) 27.87 -65.36 -21.82 -121.79 140.83 126.20 58.27 11.94 4.07 0.88 3.71 3.05 2.69 5.78 6.29 6.59 5.20 3.24 3.41 3.83 3.06 2.58 2.90 2.61 1.74 1.27 0.48 0.99 0.66 1.05 1.03 0.64 0.12
Shares Outstanding 27.3 28.2 29.2 29.8 29.8 29.8 29.8 29.8 29.7 29.4 29.2 28.9 28.6 28.3 28.0 27.7 27.4 27.1 26.7 26.4 26.1 25.7 25.4 25.1 24.6 24.4 24.2 24.5 24.7 24.6 24.4 24.2 24.3
Metric 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2009 2008 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993
Current Assets
Cash & Cash Equivalents 531.8 488.1 403.8 434.2 470.8 662.2 660.7 431.5 383.8 456.3 649.9 204.5 195.7 65.4 27.7 47.1 14.0 17.1 10.1 10.8 9.4 14.8 3.8 3.1
Short-Term Investments 1,010.9 1,176.4 1,203.3 1,356.5 399.1 328.9 454.0 413.3 371.2 383.2 94.9 39.0 165.9 83.2 0 0 0 0 0 0 0 0 0 0
Net Receivables 472.5 452.5 489 494.6 423.5 419.4 392.7 392.4 464.8 372.3 345.7 339.7 261.2 234.1 212.3 194.4 182.2 193.9 106 97 97.8 92.1 81.7 75.8
Inventory 740.7 760 780.5 719.3 572.2 622.3 554.0 583.8 594.8 525.0 351.2 375.6 205.5 190.3 166.4 139.2 132.5 126.3 92.4 91.4 69.7 75.4 73.3 72.1
Other Current Assets 13.8 30.7 31.7 29.2 15.6 16.4 16.5 15.2 15.9 16.8 43.1 41.4 25.7 31.1 37.1 27.5 0 41.4 26.9 28.2 21.6 19.3 19.5 18.6
Total Current Assets 2,906.2 3,030.3 3,048.3 3,158.0 1,990.5 2,139.8 2,180.2 2,023.5 1,976.6 1,844.5 1,562.7 1,093.9 908.5 655.4 465.8 430.8 369.7 378.7 235.4 227.4 198.5 201.6 178.3 169.6
Non-Current Assets
Property, Plant & Equipment 709.9 688.6 723.7 679.6 716.4 693.5 701.2 508.7 493.5 488.6 302.4 300.7 202.3 179.1 142.2 133.0 119.0 125.9 82.1 78.7 71.9 73 75.6 80.9
Goodwill 579.8 410.5 413.6 406.5 347.3 291.9 264.1 219.8 506.1 477.1 327.6 321.8 0 0 0 0 0 0 0 0 0 0 0 0
Intangible Assets 174.3 293.6 320.5 332.1 253.9 199.5 145.5 133.1 174.1 161.6 204.8 228.6 171.9 81.8 69.5 75.9 91.0 105.4 18.6 27.7 0 0 0 0
Long-Term Investments 6,104 4,839.2 7,698.1 8,830.9 14,387.0 9,561.1 4,638.2 2,655.7 1,027.7 830.8 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Non-Current Assets 102.3 101.9 94.9 94.6 104.2 86.7 79.6 70.3 94.9 47.9 125.1 79.8 82.8 55.1 43.2 44.4 66.6 58.9 31.2 18.1 14.5 10.5 9.8 9.4
Total Non-Current Assets 7,670.3 6,333.8 9,250.8 10,343.6 15,808.8 10,832.8 5,828.6 3,587.6 2,296.4 2,006.0 973.2 943.3 463.2 337.2 254.9 253.2 276.6 290.2 131.9 124.5 86.4 83.5 85.4 90.3
Total Assets 10,576.5 9,364.1 12,299.1 13,501.7 17,799.4 12,972.6 8,008.9 5,611.1 4,273.0 3,850.5 2,535.9 2,037.3 1,371.6 992.6 720.7 684.0 646.3 668.9 367.3 351.9 284.9 285.1 263.7 259.9
Current Liabilities
Account Payables 129 122.3 144.6 135.0 141.9 139.5 107.0 122.5 135.2 133.1 93.0 118.0 71.2 54.0 75.2 64.9 63.0 64.7 26.7 32.4 21.3 19.9 21.1 14.7
Short-Term Debt 37.9 1.2 0.5 0.5 0.5 1.3 425.7 0.5 0.4 0.3 5.1 9.6 9.5 10.4 7.5 9.9 18.1 22 9.4 10.8 5.6 14.3 21.6 30.8
Deferred Revenue 0 0 0 52.2 50.9 42.5 33.7 26.9 28.2 31.0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Current Liabilities 141.2 147.2 161.6 117.4 127.9 131.1 86.8 101.2 127.3 115.4 232.8 225.9 116.3 69.0 67.1 65.8 108.2 115.8 61.1 57.6 52.2 55.6 47.2 41.9
Total Current Liabilities 517 467.8 522.8 568.7 680.9 631.5 905.5 450.8 502.7 471.3 420.0 418.0 315.4 239.3 222.0 199.1 189.3 202.5 97.2 100.8 79.1 89.8 89.9 87.4
Non-Current Liabilities
Long-Term Debt 1,338.7 1,200.4 1,199.1 1,197.7 10.5 1.3 2.4 438.9 434.6 434.2 737.9 446.0 426.0 225.8 105.8 188.4 203.4 239.2 42.3 39 6.7 20.9 26.3 47.8
Deferred Tax Liabilities 1,059.4 818 1,475.5 1,770.5 3,064.6 2,076.8 997.8 553.2 222.2 225.3 42.9 42.6 24.8 14.8 9.8 12.6 9.0 7 13.4 15.5 15.6 17.3 17.7 14.4
Other Non-Current Liabilities 53.4 177.2 195 195.9 182.2 196.9 160.9 147.8 183.3 140.5 55.9 60.0 8.6 16.9 0 0 0 0.1 0.1 (0.1) 0 0 0 0
Total Non-Current Liabilities 2,605.9 2,327 3,035.1 3,317.7 3,433.2 2,461.1 1,348.3 1,139.9 840.1 800.0 836.7 548.6 459.4 257.5 115.6 201.0 212.4 246.3 55.8 54.4 22.3 38.2 44 62.2
Total Liabilities 3,122.9 2,794.8 3,557.9 3,886.4 4,114.2 3,092.7 2,253.8 1,590.7 1,342.8 1,271.3 1,256.6 966.6 774.7 496.8 337.6 400.2 401.7 448.8 153 155.2 101.4 128 133.9 149.6
Stockholders' Equity
Common Stock 0 0 0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12.5 12.5 0 0 0 0 0 0
Retained Earnings 8,176.3 7,416.4 9,260.6 9,898.2 13,525.3 9,268.0 5,470.8 3,722.1 1,830.4 1,828.6 996.2 851.6 489.3 421.0 344.8 276.6 231.8 201 189.8 167.2 151 124.9 99.7 84.1
Accumulated Other Comprehensive Income (189.1) (538.2) (336) (466.8) (175.6) 282.5 (87.3) (47.0) 738.8 417.8 133.1 65.2 58.0 32.6 2.1 (23.0) (13.4) (4.7) 0 0 0 0 0 0
Total Stockholders' Equity 7,453.6 6,569.3 8,741.2 9,615.3 13,685.2 9,879.9 5,755.1 4,020.3 2,930.2 2,579.2 1,259.7 1,041.1 596.9 495.8 383.1 283.9 244.6 220.1 214.3 196.7 183.5 157.1 129.8 110.3
Total Liabilities & Equity 10,576.5 9,364.1 12,299.1 13,501.7 17,799.4 12,972.6 8,008.9 5,611.1 4,273.0 3,850.5 2,535.9 2,037.3 1,371.6 992.6 720.7 684.0 646.3 668.9 367.3 351.9 284.9 285.1 263.7 259.9
Debt Metrics
Total Debt 1,531 1,374.7 1,405.5 1,388.1 223.4 225.7 651.2 439.4 435.0 434.5 743.1 455.6 435.4 236.3 113.3 198.4 221.5 261.2 51.7 49.8 12.3 35.2 47.9 78.6
Net Debt 999.2 886.6 1,001.7 953.9 (247.4) (436.5) (9.5) 7.9 51.2 (21.7) 93.1 251.0 239.7 170.9 85.5 151.2 207.6 244.1 41.6 39 2.9 20.4 44.1 75.5
Metric 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993
Operating Activities
Net Income 759.9 (1,844.2) (637.3) (3,627.5) 4,254.3 3,814.2 1,758.7 365.6 122.2 26 81.6 68.2 76.2 68.5 44.2 31.8 11.7 24.3 16.4 27.4 25.2 15.6 2.8
Depreciation & Amortization 205.4 151.6 145.9 137.3 137.6 138.6 134.2 138.1 148.7 142.9 61 55.5 42 38 41.3 43.3 27.5 21.0 19.5 17.9 16.7 16.8 16.6
Stock-Based Compensation 0 62.3 61.3 60.9 51.2 41.6 35.6 27.8 23.4 19.7 0 0 0 0 0 0 0 0 0 0 0 0 0
Change in Working Capital 275.6 (620.8) (432.8) (1,610) 1,143.1 1,088.9 555.9 77 (203.7) (39.1) (16.4) (8.1) (19.6) 37.2 (10.1) (45.4) 24.6 (5.1) (7.5) (2.5) (2) 8.6 4.1
Other Non-Cash Items (879.2) 2,706.3 1,237.8 5,233.7 (4,916.7) (4,498.3) (2,026.5) (323.0) 13.5 66.6 (2.9) 5.0 37.0 (50.7) 25.8 (8.9) (1.9) (7.6) (6) (4.7) (0.4) 3.4 (4.4)
Operating Cash Flow 532.2 455.2 374.9 194.4 669.5 585.0 457.9 285.5 104.1 216.1 108.3 123.1 127.6 105.8 99.5 24.2 45 27.3 21.1 33.2 38.2 48.3 22.5
Investing Activities
Capital Expenditure (157.6) (189) (156.7) (114.2) (133.7) (108.6) (98.5) (129.8) (115.1) (141.6) (36.1) (60.5) (69.0) (42.2) (43.2) (31.4) (230.1) (21.2) (54.8) (15.2) (12.3) (9.8) (14.5)
Acquisitions (218.4) 0 2.5 (99.4) (125.5) (84.4) (79.4) 7.0 0 0 (4.3) (59.0) (16.4) (8.6) (4.7) 0 0 0 0 0 0 0 0
Purchases of Investments (669.3) (1,276.6) (689.0) (2,060.2) (851.6) (248.5) (371.4) (371.0) (359.3) (292.2) (873.8) (2,257.7) (600) (1.9) (0.6) (0.3) (2.2) (19.1) (8.4) (2.7) (3.1) (1.4) (0.2)
Sales/Maturities of Investments 62 1,305.3 863.2 1,066.0 766.9 368.1 331.5 302.6 299.8 219.9 942.8 2,174.5 510.1 0.5 0.5 0.8 6.6 16.4 3.4 3 3 1.3 5.1
Other Investing Activities 793.6 (23.3) 0.2 (1.2) (453.4) 3.5 8.9 4.3 (0.9) 0.0 (34.7) 16.3 (15.0) (2.3) 0.4 40.2 2.4 (1.4) 3.9 0.1 (1.5) (3.2) 0.8
Investing Cash Flow (189.7) (160.2) 20.2 (1,207.6) (797.4) (69.9) (208.9) (187.0) (175.6) (213.9) (6.2) (186.3) (190.2) (54.5) (47.5) 9.3 (223.3) (25.3) (55.9) (14.8) (13.9) (13.1) (8.8)
Financing Activities
Net Debt Issuance (0.5) (0.4) (0.5) 1,185.7 (3.0) (426.9) (0.6) (3.0) (0.4) (0.3) (7.3) 188.6 102.9 (84.5) (24.8) (39.1) 187.8 1.7 36.6 (24.7) (14.2) (33.7) (16)
Stock Repurchased (295.5) (203.6) (428.7) (215.7) (50.0) (100.0) (28) (48.9) (2.9) 0 0 0 0 0 (0.3) (0.4) (2.2) (4.7) (5.3) (1.9) 0 0 0
Dividends Paid 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Financing Activities (3) (14.8) 3.5 3.5 (2.4) 3.9 5.9 3.2 3.6 9.3 (0.3) (2.9) 0 0 0 (4.5) (4.9) 0 0 (0.1) 0 0 0
Financing Cash Flow (283.2) (218.8) (425.6) 973.6 (55.4) (523.0) (22.8) (48.7) 0.3 9.0 1.3 193.2 108.2 (79.1) (20.2) (41.6) 182.3 (0.9) 33.5 (25.2) (13.1) (32.9) (15.2)
Cash Position
Net Change in Cash 40.3 85.4 (30.2) (36.6) (196.0) 4.5 228.5 49.2 (72.2) (1.7) 101.0 130.3 37.7 (19.4) 33.2 (3.1) 7 (0.7) 1.4 (14.8) (3.8) (3.1) (2.7)
Cash at Beginning 489.8 404.4 434.5 471.1 667.1 662.7 434.2 385.0 457.2 458.8 195.7 65.4 27.7 47.1 14.0 17.1 10.1 10.8 9.4 14.8 3.8 3.1 2.7
Cash at End 532.2 489.8 404.4 434.5 471.1 667.1 662.7 434.2 385.0 457.2 296.7 195.7 65.4 27.7 47.1 14.0 17.1 10.1 10.8 0 0 0 0
Free Cash Flow 374.6 266.2 218.3 80.3 535.7 476.4 359.4 155.7 (11.0) 74.5 72.2 62.6 58.6 63.5 56.3 (7.2) (185.1) 6.1 (33.7) 18 25.9 38.5 8
Key Metrics 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993
Income Statement
Revenue 2,583.2 2,566.5 2,671.3 2,802.2 2,922.5 2,545.6 2,311.7 2,290.1 2,160.2 2,068.2 2,019.4 2,175.0 2,132.7 2,069.2 2,073.5 1,927.1 1,784.2 1,764.4 1,461.1 1,273.9 1,181.0 1,090.0 1,003.4 892.7 817.5 725.9 549.5 441.9 426.9 418.8 396.6 355.3 328.6
Gross Profit 1,343.6 1,378.9 1,426.9 1,567.3 1,638.1 1,437.9 1,257.0 1,224.4 1,187.4 1,138.1 1,121.7 1,178.5 1,178.5 1,161.0 1,177.9 1,091.5 999.8 962.5 791.4 712.5 646.5 610.1 565.4 509.5 461.2 425.8 321.8 260.4 257 254.7 241.4 216.3 194.2
Operating Income 270.5 269 337.8 482.6 500.3 421.3 229.7 (108.6) 116.7 53.2 166.7 150.0 169.5 264.1 295.2 284.0 231.0 182.9 135.2 146.1 115.3 108.8 145.8 137.4 112.0 66.8 48.6 31 26.6 41.7 39.7 36.7 10.4
Net Income 759.9 (1,844.2) (637.3) (3,627.5) 4,254.3 3,814.2 1,758.7 361.0 114.7 28.1 113.1 88.8 77.8 169.2 178.2 185.5 144.6 89.5 93.0 103.3 81.6 68.2 76.2 67.9 44.2 31.1 11.7 24.3 16.4 26.2 25.2 15.6 2.8
EPS (Diluted) 27.87 -65.36 -21.82 -121.79 140.83 126.20 58.27 11.94 4.07 0.88 3.71 3.05 2.69 5.78 6.29 6.59 5.20 3.24 3.41 3.83 3.06 2.58 2.90 2.61 1.74 1.27 0.48 0.99 0.66 1.05 1.03 0.64 0.12
Balance Sheet
Cash & Equivalents 531.8 488.1 403.8 434.2 470.8 662.2 660.7 431.5 383.8 456.3 649.9 204.5 195.7 65.4 27.7 47.1 14.0 17.1 10.1 10.8 9.4 14.8 3.8 3.1
Total Assets 10,576.5 9,364.1 12,299.1 13,501.7 17,799.4 12,972.6 8,008.9 5,611.1 4,273.0 3,850.5 2,535.9 2,037.3 1,371.6 992.6 720.7 684.0 646.3 668.9 367.3 351.9 284.9 285.1 263.7 259.9
Total Debt 1,531 1,374.7 1,405.5 1,388.1 223.4 225.7 651.2 439.4 435.0 434.5 743.1 455.6 435.4 236.3 113.3 198.4 221.5 261.2 51.7 49.8 12.3 35.2 47.9 78.6
Stockholders' Equity 7,453.6 6,569.3 8,741.2 9,615.3 13,685.2 9,879.9 5,755.1 4,020.3 2,930.2 2,579.2 1,259.7 1,041.1 596.9 495.8 383.1 283.9 244.6 220.1 214.3 196.7 183.5 157.1 129.8 110.3
Cash Flow
Operating Cash Flow 532.2 455.2 374.9 194.4 669.5 585.0 457.9 285.5 104.1 216.1 108.3 123.1 127.6 105.8 99.5 24.2 45 27.3 21.1 33.2 38.2 48.3 22.5
Capital Expenditure (157.6) (189) (156.7) (114.2) (133.7) (108.6) (98.5) (129.8) (115.1) (141.6) (36.1) (60.5) (69.0) (42.2) (43.2) (31.4) (230.1) (21.2) (54.8) (15.2) (12.3) (9.8) (14.5)
Free Cash Flow 374.6 266.2 218.3 80.3 535.7 476.4 359.4 155.7 (11.0) 74.5 72.2 62.6 58.6 63.5 56.3 (7.2) (185.1) 6.1 (33.7) 18 25.9 38.5 8