Bio-Techne Corp.

Biological Products, (No Diagnostic Substances)

TECHStrong8 of 11 basics passed

$72.44

-0.01%

Market cap $11.4B

$72.44

-0.01%

Market cap $11.4B

Based in Minnesota, Bio-Techne is a life sciences manufacturer supplying consumables and instruments for the pharma, biotech, academic, and diagnostic markets. It reports in two segments: protein sciences (about 75% of revenue) and diagnostics and genomics (25%).

It is a $11.4B healthcare company. Revenue shrank 0.4% over the last year, it keeps 15¢ of every dollar of sales as profit, and its net debt equals ~0.1 years of free cash flow. It trades at 62.5× earnings.

Website: bio-techne.com
Location: Minneapolis, MN
Employees: 3 000
Sector: Healthcare
Founded: 1976

Share price · 3 years

$69.41 → $72.44+4.4%

price only — dividends excluded

Key facts · TTM

Revenue: total sales; $1.22B
Profit: keeps 15¢ of every $1 sold; $182M
Free cash flow: cash left after running the business; $263M
Net debt: debt minus cash on hand; $23.6M
P/E: years of profit in the price; 62.5
EPS: earnings per share, TTM; $1.16
Dividend: pays out 27% of profit · 19% of FCF; 0.44%
Shares: up 5% since 2016 — dilution; 157.0M
Volatility: beta vs the market — under 1 swings less; 1.28

Revenue, last 10 years

52-week range

Low $43.30$72.44High $72.61

Today's price is 99% of the way from the year's low to its high.

Valuation vs own history

P/E

103.7×

14%

P/S

9.4×

63%

EV/EBITDA

41.4×

84%

P/B

5.4×

63%

FCF yield

2.4%

69%

Share of the last ~5 years that was pricier than today (in line with its own history). Based on the daily valuation record.

Standing in Healthcare

Size$11.4Btop 78%
Revenue growth+2%top 75%
Net margin15%top 33%
Return on equity9%top 61%
P/E62.5×top 87%
Dividend yield0.44%top 84%

Ranked against 98 Healthcare companies with a full CV — for P/E, lower ranks higher.

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Strong health and quality; Valuation and Growth lag behind.

Valuation22

P/E vs own history85th pct · 0/25
FCF yield2.3% · 5/25
P/S9.4x · 12/25
EV/EBITDA32.4x · 5/25

Growth43

Revenue CAGR2.4% · 6/25
Net income CAGR-9.6% · 0/25
EPS CAGR ~5Y6.0% · 12/25
Fwd implied growth80.8% · 25/25

Profitability64

ROIC8.5% · 12/25
ROE8.9% · 12/25
Net margin15.0% · 20/25
Operating margin20.7% · 20/25

Health95

Altman Z15.94 · 25/25
Current ratio4.55 · 25/25
Interest coverage24.0x · 25/25
Net cash / debtD/A 1% · 20/25

Quality95

Piotroski F8/9 · 25/25
Beneish M-2.46 · 20/25
FCF conversion246% · 25/25
Margin stabilityσ 4.2% · 25/25

Moat68

ROIC >12% years2/11 yrs · 0/25
Median gross margin66.5% · 25/25
FCF-positive years11/11 yrs · 25/25
Worst-year net marginworst 6.0% · 18/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

FY2023Financial
Best year on record
$285M net income
FY2022Financial
Revenue crossed $1B
$1.11B for the year
FY2022Financial
Became debt-free
cash now exceeds total debt
2021Acquisition
The company acquired Asuragen for $215 million plus up to an additional $105 million in milestone…
2019Acquisition
The company acquired B-Mogen
2018Acquisition
The company acquired Exosome Diagnostics for $250 million plus up to an additional $325 million in…
2017Acquisition
The company acquired Trevigen
2016Acquisition
Company acquired Advanced Cell Diagnostics for $250 million plus an additional $75 million in…
FY2016Financial
Profitable every year on record
11 consecutive profitable years in our data
FY2016Financial
Positive free cash flow every year since
11-year streak
2015Acquisition
The company agreed to acquire Cliniqa Corporation
2014Milestone
The company changed its name to Bio-Techne
2014Acquisition
The company agreed to acquire Shanghai PrimeGene Bio-Tech Company (PrimeGene)
1985Milestone
It merged into Techne Corporation and became a public company
1976Founded
The company was founded in 1976 by Roger C

Achievements

Verifiable track record, straight from the reported numbers.

$10 000 invested in 2021 would be worth ~$5 683 today — price return only

$1.2B revenue in FY2026

Profitable 11 years in a row

Positive free cash flow 11 years in a row

3 000 employees

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

High gross margin (66.2%)
Strong cash conversion — FCF is 21.7% of revenue
Could repay net debt from ~0.1 years of free cash flow
Interest covered 24.0× by operating earnings
Piotroski F-Score 8/9 — fundamentally strong checklist

Watch-outs

Revenue shrinking 0.4% year over year

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

8 of 11 checks passed

Revenue growing — the company sells more than a year ago-0.4% YoY
Profitable — makes more than it spends$182M TTM
Profit growing — earnings are higher than last year-13.1% YoY
Generates cash — cash left after running and investing$263M TTM
Debt under control — could handle its obligations~0.1y of cash flow to repay
Established company — not a micro-cap — lower blow-up risk$11.4B market cap
Not printing shares — share count not ballooning — you keep your slice-3.0% shares over ~5y
Proven track record — years of profitability behind it11/11 profitable years
Financially stable — balance sheet not near distressAltman Z 15.9 — safe
Pays a dividend — returns cash to shareholdersyield 0.44%
Valuation not extreme — price not wildly above earningsP/E 62.5

Peer comparisonBio-Techne Corp. vs 6 largest healthcare peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
TECH this company	$11.4B	62.5	-0.4%	15.0%	Strong
LLY Eli Lilly & Co.	$1.0T	41.6	+49.6%	33.5%	Solid
JNJ Johnson & Johnson	$630.9B	29.9	+8.1%	21.5%	Mixed
ABBV Abbvie Inc.	$488.5B	77.4	+10.4%	9.8%	Mixed
MRK Merck & Co., Inc.	$361.0B	113.2	+4.6%	4.8%	Mixed
UNH UNITEDHEALTH GROUP INCORPORATED (Delaware)	$340.7B	24.1	+6.5%	3.1%	Mixed
NVS Novartis AG	$273.2B	20.3	+9.6%	24.7%	Solid

Head-to-head: TECH vs LLY · TECH vs JNJ · TECH vs ABBV

References

What covering analysts publish about the company — information only, not a recommendation.

Strong buy 3Buy 4Hold 15

Appendix · Financial records

The full statements behind this CV, FY2016–FY2026. For readers who want to check the numbers.

Profit & lossRevenue $1.22B · net income $182M (TTM)Open ▾

Profit & loss

Revenue and profit over the company's career — the income statement, visualised.

How FY2026 revenue flows to profit

RevenueNet income

Revenue (TTM)

$1.22B

YoY -0.4%

Net income (TTM)

$182M

Margin 15.0%

Gross margin

66.2%

Operating margin

20.7%

P/E ratio

62.5

Dividend yield

0.44%

Income statement — full detail

Figures in USD billions · EPS in USD

	2021	2022	2023	2024	2025	2026
Revenue	0.9	1.1	1.1	1.2	1.2	1.2
Gross profit	0.6	0.8	0.8	0.8	0.8	0.8
Operating income (EBIT)	0.2	0.3	0.3	0.2	0.2	0.3
Net income	0.1	0.3	0.3	0.2	0.1	0.2
EPS (diluted)	0.87	1.66	1.76	1.05	0.46	1.16

Cash flowFree cash flow $263M · operating cash flow $292M (TTM)Open ▾

Cash flow statement

Cash generated by the business and what is left after investment — year by year.

Operating cash flowFree cash flow

Free cash flow (TTM)

$263M

Margin 21.7%

Operating cash flow (TTM)

$292M

FCF margin

22.3%

Cash flow statement — full detail

Figures in USD billions

	2021	2022	2023	2024	2025	2026
Operating cash flow	0.4	0.3	0.3	0.3	0.3	0.3
Capital expenditure	-0.0	-0.0	-0.0	-0.1	-0.0	-0.0
Free cash flow	0.3	0.3	0.2	0.2	0.3	0.3
FCF margin	33.1%	25.4%	19.0%	20.4%	21.0%	21.7%

Balance sheetAssets $2.59B · net debt $23.6M (FY2026)Open ▾

Balance sheet

How the balance sheet is built — what it owns versus how it is financed.

How $2.59B of assets is financed

18%

82%

Liabilities $479M — borrowed moneyEquity $2.11B — owners' stake

Cash vs debt

Total debt $289M − cash $265M = net debt $23.6M

Cash on hand covers 92% of debt.

Altman Z-Score

15.94

Safe zone

Debt repayment

0.1 yrs

Years of free cash flow to clear net debt

Interest coverage

24.0x

EBIT ÷ interest expense

ROE

8.9%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2021	2022	2023	2024	2025	2026
Cash & equivalents	0.2	0.2	0.2	0.2	0.2	0.3
Total assets	2.3	2.3	2.6	2.7	2.6	2.6
Total liabilities	0.7	0.6	0.7	0.6	0.6	0.5
Total debt	0.3	0.2	0.3	0.3	0.3	0.3
Equity	1.6	1.7	2.0	2.1	1.9	2.1
Net debt	0.1	-0.0	0.1	0.2	0.2	0.0

Want the live picture — intraday moves, valuation history and full analysis?

Deeper analysis of TECH on PreMarketPrice

Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $72.44 · market cap $11.4B.