Bio-Techne (TECH)
Health Care · $11.4B market cap · SEC CIK 0000842023
fundamentals score out of 100
Next reports on Nov 3, 2026, with analysts expecting $0.45 in earnings per share.
The case for TECH
- Generated $257M of free cash flow in FY2025, 21% of revenue.
- Earnings per share up 158.9%.
- Barely leveraged. Debt is 0.09× equity.
- Gross margin of 66% absorbs cost shocks.
- Current assets cover the near-term bills 4.5 times over.
- Within 1% of its 52-week high: the trend is up.
The case against
- Very expensive at 62.5× earnings. Years of growth are already in the price.
- Priced at 9.4× sales with revenue falling 0.4%.
- Revenue was flat on the year (-0.4%).
- Free-cash-flow yield of 2.3% is lower than 89% of Health Care companies.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Health Care companies (momentum is judged against fixed thresholds only), and the five are blended by weight. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 23 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 56 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 64 |
| Momentumhow the price has behaved lately | 90 |
| Stabilityhow violently it moves, what it owes and what it pays you | 51 |
- Each factor except momentum is half fixed thresholds, half rank among the 59 Health Care companies.
Key numbers
| Price / earnings | 62.5× |
|---|---|
| Price / book | 5.22× |
| Price / sales | 9.4× |
| Revenue growth (YoY) | -0.4% |
| EPS growth (YoY) | +158.9% |
| Gross margin | 66% |
| Operating margin | 21% |
| Net margin | 15% |
| Return on equity | 9% |
| Debt / equity | 0.09× |
| Current ratio | 4.55 |
| Dividend yield | 0.50% |
| Beta | 1.30 |
| 52-week range | $43.20 – $72.62 |
| Position in that range | 100% of the way up |
| 3-month return | +25.1% |
| 1-year return | +36.4% |
Five years of financials, as filed
Pulled from Bio-Techne's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $1.2B | $1.2B | $1.1B | $1.1B | $931M |
| Gross profit | $790M | $770M | $770M | $756M | $633M |
| Operating income | $102M | $207M | $299M | $297M | $237M |
| Net income | $73.4M | $168M | $285M | $272M | $140M |
| Operating cash flow | $288M | $299M | $254M | $325M | $352M |
| Capital expenditure | $31.0M | $62.9M | $38.2M | $44.9M | $44.3M |
| Total assets | $2.5B | $2.7B | $2.7B | $2.4B | $2.3B |
| Shareholder equity | $2.0B | $2.1B | $2.0B | $1.8B | $1.7B |
| Cash | $173M | $178M | $130M | $165M | $212M |
| Free cash flow | $257M | $236M | $216M | $280M | $308M |
| Gross margin | 64.8% | 66.4% | 67.7% | 68.4% | 68.0% |
| Operating margin | 8.4% | 17.8% | 26.3% | 26.8% | 25.5% |
| Net margin | 6.0% | 14.5% | 25.1% | 24.6% | 15.1% |
| Diluted shares | 160M | 161M | 162M | 164M | 162M |
Share count is essentially flat over 4 years.
What Bio-Techne says it does
_456855"> ITEM 1. BUSINESS OVERVIEW Bio-Techne and its subsidiaries, collectively doing business as Bio-Techne Corporation ("Bio-Techne", "we", "our", "us" or the "Company"), develop, manufacture and sell life science reagents, instruments and services for the research, diagnostics and bioprocessing markets worldwide. Our broad product portfolio and application expertise enables scientific investigations into biological processes and molecular diagnostics, revealing the nature, diagnosis, etiology and progression of specific diseases. Our products aid in drug discovery efforts and provide the means for accurate clinical tests and diagnoses. We manage the business in two operating segments – our Protein Sciences segment and our Diagnostics and Spatial Biology segment. Our Protein Sciences segment is a leading developer and manufacturer of high-quality biological reagents used in all aspects of life science research, diagnostics and cell…
Risk factors TECH lists in its 10-K
- Set forth below are risks and uncertainties we believe are material to our investors. You should refer to the explanation of the qualifications and limitations on forward-looking statements in the section titled
- at the beginning of this Annual Report on Form 10-K
- Conditions in the global economy, the particular markets we serve and the financial markets, whether brought about by material global crises or other factors, may adversely affect our business and financial results
- International political, compliance and business factors, including the military conflicts and trade tensions, can negatively impact our operations and financial results
- Our inability to complete acquisitions at our historical rate and at appropriate prices, and to make appropriate investments that support our long-term strategy, could negatively impact our growth rate and stock price
- Our acquisition of businesses, investments, joint ventures and other strategic relationships, if not properly implemented or integrated, could negatively impact our business and financial results
- We may be required to record a significant charge to earnings if our goodwill and other amortizable intangible assets or other investments become impaired, which could negatively impact our financial results or stock price
- Our success will be dependent on recruiting and retaining highly qualified and diverse personnel and creating and maintaining a culture that successfully integrates the employees joining through acquisitions
- Our growth depends in part on the timely development and commercialization of new and enhanced products and services that meet our customers
- needs. Our growth can also be negatively impacted if our customers do not grow as anticipated
- We face intense competition, and if we are unable to compete effectively, we may experience decreased demand and decreased market share or need to reduce prices to remain competitive
- If we suffer loss to our supply chains, distribution systems or information technology systems due to catastrophe or other events, our operations could be seriously harmed
- Climate change and/or related environmental risks, or legal or regulatory measures to address climate change and/or related environmental risks, may negatively affect us
- Defects, unanticipated use of, or inadequate disclosure with respect to our products, or allegations thereof, can adversely affect our business and financial results