# Bio-Techne (TECH.US)

Canonical: https://gigainvestors.com/s/TECH

Analysis as of: 2026-10-16T07:32:18.405Z. Financial observations: FY1997–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

A wonderful business at too high a price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $72.52 per share; close as of 2026-10-15.

Estimated value: low $18.98 per share, central $21.39 per share, high $24.59 per share. Buy at or below the central value $21.39 per share. Valuation as of 2026-10-16T07:32:18.405Z; scenarios are not confidence intervals.

Expected annual return: 4.9% at the stated quote. About 4.9% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.25×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.22×

- FY2018: 0.21×

- FY2019: 0.18×

- FY2020: 0.21×

- FY2021: 0.25×

- FY2022: 0.27×

- FY2023: 0.26×

- FY2024: 0.18×

- FY2025: 0.08×

- FY2026: 0.21×

### moat: pass

- ROIC, median of available years: 16.2%

- ROIC, second-lowest year: 13.7%

- Typical minus recent gross margin: 0.7 pp

- Typical gross margin (annual median): 66.5%

- Recent gross margin (lower of latest and 3-year median): 65.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.5%

- ROIC including acquisitions, ten-year median: 11.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 14.8%

- FY2018: 20.9%

- FY2019: 14.0%

- FY2020: 16.0%

- FY2021: 24.6%

- FY2022: 27.0%

- FY2023: 18.7%

- FY2024: 13.7%

- FY2025: 6.2%

- FY2026: 16.4%

### economics: pass

- Owner earnings / net income, 5-yr: 1.33×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $1.3B

- Net income, five-year total: $981M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 0.7 pp

- Working capital / revenue, change between three-year averages: 5.1 pp

- Working capital / revenue, final three-year average: 31.8%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 1.21×

- FY2023: 1.24×

- FY2024: 1.29×

- FY2025: 2.07×

- FY2026: 1.38×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 14.8% vs 13.7%

- Per-share earnings: 0.70 to 1.05 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.5%

- Ordinary dilution, 5-year annual growth: -0.6%

- Market cap gain: $6.6B

- Cumulative retained earnings: $345M

- Diluted shares, 10-year annual growth: 0.5%

- Diluted shares, 5-year annual growth: -0.6%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 5.1%

- Per-share value change: $0.35

- Per-share value, starting three-year median: $0.70

- Per-share value, ending three-year median: $1.05

- Buybacks concentrated in cheaper years (correlation): -0.10

- Average buyback yield: 0.9%

- Buyback history: 8 years

- Debt-funded buybacks: Yes

- Acquisition spending: $1.1B

- Cumulative net income, 10 years: $1.6B

- ROIC, first three-year median: 14.8%

- ROIC, last three-year median: 13.7%

Chart: Earnings per share; fiscal year observations.

- FY2017: $0.52

- FY2018: $0.82

- FY2019: $0.62

- FY2020: $1.45

- FY2021: $0.87

- FY2022: $1.66

- FY2023: $1.76

- FY2024: $1.05

- FY2025: $0.46

- FY2026: $1.16

### accounting: pass

- restructuring or one-time charges in at least three of five years

- Sloan accruals: -4.1%

- Receivables to sales index (DSRI): 1.07×

- Restructuring years, last five: 3

- Stock compensation / operating cash flow: 14.2%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.61×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.61×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -4.3%

- FY2018: -2.8%

- FY2019: -4.5%

- FY2020: 1.2%

- FY2021: -9.4%

- FY2022: -2.3%

- FY2023: 1.2%

- FY2024: -4.8%

- FY2025: -8.4%

- FY2026: -4.1%

## Holders

- [Henry Ellenbogen](https://gigainvestors.com/DCP): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Andrew Adams](https://gigainvestors.com/MPF): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Bill Ruane](https://gigainvestors.com/RC): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Wallace Weitz](https://gigainvestors.com/WIM): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Lee Ainslie](https://gigainvestors.com/mc): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 45% since Oct 2021 · "TECH Stock Falls on Q1 Earnings Meet, Revenues Miss, Margins Up" (finance.yahoo.com, Nov 2025) · sales -0.4%

Story as of 2026-10-16T09:59:40.498Z; price observation 2026-10-15.

Price needs cash profits to grow 17.1% a year for ten years

- 2025-11-06: Bio-Techne (TECH) Margin Drops to 6% on $164M Loss, Challenging Profit Recovery Narratives ([finance.yahoo.com](https://finance.yahoo.com/news/bio-techne-tech-margin-drops-111906211.html))

- 2026-06-26: Bio-Techne (TECH) Soars 20% on Merck $11.3B Merger ([finance.yahoo.com](https://finance.yahoo.com/healthcare/articles/bio-techne-tech-soars-20-031806429.html))

### Sales · FY2025–2026

sales -0.4%; source https://www.sec.gov/Archives/edgar/data/842023/000110465926100322/tech-20260630x10k.htm; observed 2026-08-24.

- FY2017: $563M 

- FY2018: $643M 

- FY2019: $714M 

- FY2020: $739M 

- FY2021: $931M 

- FY2022: $1.1B 

- FY2023: $1.1B 

- FY2024: $1.2B 

- FY2025: $1.2B 

- FY2026: $1.2B 

### Gross margin · FY2026

gross margin 65.8%; source https://www.sec.gov/Archives/edgar/data/842023/000110465926100322/tech-20260630x10k.htm; observed 2026-08-24.

- FY2017: 66.5% 

- FY2018: 67.2% 

- FY2019: 66.3% 

- FY2020: 65.4% 

- FY2021: 68.0% 

- FY2022: 68.4% 

- FY2023: 67.7% 

- FY2024: 66.4% 

- FY2025: 64.8% 

- FY2026: 65.8% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in biotechnology; annual sales are USD 1.2 billion.

- Source: https://www.sec.gov/Archives/edgar/data/842023/000110465926100322/tech-20260630x10k.htm (filed 2026-08-24); FY2026: revenue 1215039000; grossProfit 799071000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); TECH.US: Bio-Techne Corporation, together with its subsidiaries, develops, manufactures, and sells life science reagents, instruments, and services for the research, diagnostics, and bioprocessing markets worldwide. It operates through two segments, Protein Sciences, and Diagnostics and Spatial Biology. The Protein Sciences segment develops and manufactures biological reagents used in various aspects of life science research, diagnostics, and cell and gene therapy, such as cytokines and growth factors, antibodies, small molecules, tissue culture sera, and cell selection technologies. This segment also offers proteomic analytical tools for automated western blot and multiplexed ELISA workflow consists of manual and automated protein analysis instruments and immunoassays for use in quantifying proteins in various biological fluids. Its Diagnostics and Genomics segment develops and manufactures diagnostic products, including controls, calibrators, and diagnostic assays for regulated diagnostics market, advanced tissue-based in-situ hybridization assays for spatial genomic and tissue biopsy analysis, and genetic and oncology kits for research and clinical applications; and sells products for genetic carrier screening, oncology diagnostics, molecular controls, and research, as well as instruments and process control products for hematology, blood chemistry and gases, and coagulation controls and reagents used in various diagnostic applications. The company was formerly known as Techne Corporation and changed its name to Bio-Techne Corporation in November 2014. Bio-Techne Corporation was incorporated in 1976 and is headquartered in Minneapolis, Minnesota.

### Why customers stay

Margins ranged from 64.8% to 66.4% during 2024–26; it earns 16.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-24); FY2024: grossProfit / revenue = 66.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-24); FY2025: grossProfit / revenue = 64.8%.

- Source: https://www.sec.gov/Archives/edgar/data/842023/000110465926100322/tech-20260630x10k.htm (filed 2026-08-24); FY2026: grossProfit / revenue = 65.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-24); 10-year return on capital observations [[2017,0.14779097570310232],[2018,0.2093745878230933],[2019,0.13951041716390278],[2020,0.16008943281672955],[2021,0.24594399193930655],[2022,0.27009106581766523],[2023,0.18741554418322423],[2024,0.13729465544926356],[2025,0.062494025833309895],[2026,0.16447090212680876]]; median 0.16228016747176915. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 68% gross margin through 2022 cost inflation.

- Source: https://www.sec.gov/Archives/edgar/data/842023/000110465926100322/tech-20260630x10k.htm (filed 2026-08-24); Gross margin observations: [[2021,0.6797295903900188],[2022,0.6842408504349226],[2023,0.6772355463437207]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 41.7 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-24); FY2017: growth capex 0; upkeep 15179000; cash acquisitions 253785000; owner earnings 122143000. Growth capex plus acquisitions / owner earnings = 2.0777694996847957.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-24); FY2018: growth capex 0; upkeep 20934000; cash acquisitions 67851000; owner earnings 168879000. Growth capex plus acquisitions / owner earnings = 0.4017728669639209.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-24); FY2019: growth capex 0; upkeep 25411000; cash acquisitions 289492000; owner earnings 148832000. Growth capex plus acquisitions / owner earnings = 1.9450924532358633.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-24); FY2020: growth capex 0; upkeep 51744000; cash acquisitions 0; owner earnings 260289000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-24); FY2021: growth capex 0; upkeep 44301000; cash acquisitions 225352000; owner earnings 183856000. Growth capex plus acquisitions / owner earnings = 1.225698372639457.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-24); FY2022: growth capex 0; upkeep 44908000; owner earnings 328212000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-24); FY2023: growth capex 0; upkeep 38244000; cash acquisitions 101184000; owner earnings 354257000. Growth capex plus acquisitions / owner earnings = 0.2856231492955679.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-24); FY2024: growth capex 0; upkeep 62877000; cash acquisitions 169707000; owner earnings 216939000. Growth capex plus acquisitions / owner earnings = 0.7822798113755479.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-24); FY2025: growth capex 0; upkeep 31006000; cash acquisitions 15000000; owner earnings 152297000. Growth capex plus acquisitions / owner earnings = 0.09849176280557069.

- Source: https://www.sec.gov/Archives/edgar/data/842023/000110465926100322/tech-20260630x10k.htm (filed 2026-08-24); FY2026: growth capex 0; upkeep 28850000; cash acquisitions 0; owner earnings 250371000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-24); Dividend observations: [[2017,47325000],[2018,47973000],[2019,48364000],[2020,48902000],[2021,49622000],[2022,50185000],[2023,50285000],[2024,50419000],[2025,50391000],[2026,49916000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/842023/000110465926100322/tech-20260630x10k.htm (filed 2026-08-24); FY2026: cash repurchases 41675000 USD.

### Are managers owners

Insiders own 0.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); TECH.US SharesStats.PercentInsiders = 0.345 percentage points; cache date 2026-10-16.

### What could break it

"We are dependent on maintaining our intellectual property rights." (SEC filing, Aug 2026)

- Source: https://www.sec.gov/Archives/edgar/data/842023/000110465926100322/tech-20260630x10k.htm (filed 2026-08-24); We are dependent on maintaining our intellectual property rights.

### What the price says

The price assumes cash profits grow 17.1% yearly over ten years; actual growth was 6.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-24); Ten-year compound average after fade. Initial solved rate 0.23448504995174024. Price 72.52; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 0.8729973744842737 → FY2026 1.594628333407639. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $26.00 per share

- 2016-11: $26.34 per share

- 2016-12: $25.71 per share

- 2017-01: $25.44 per share

- 2017-02: $26.58 per share

- 2017-03: $25.41 per share

- 2017-04: $26.77 per share

- 2017-05: $28.02 per share

- 2017-06: $29.38 per share

- 2017-07: $28.98 per share

- 2017-08: $30.95 per share

- 2017-09: $30.22 per share

- 2017-10: $32.76 per share

- 2017-11: $33.69 per share

- 2017-12: $32.39 per share

- 2018-01: $35.07 per share

- 2018-02: $35.34 per share

- 2018-03: $37.76 per share

- 2018-04: $37.73 per share

- 2018-05: $37.58 per share

- 2018-06: $36.99 per share

- 2018-07: $40.16 per share

- 2018-08: $48.04 per share

- 2018-09: $51.03 per share

- 2018-10: $41.93 per share

- 2018-11: $40.36 per share

- 2018-12: $36.18 per share

- 2019-01: $43.62 per share

- 2019-02: $48.48 per share

- 2019-03: $49.64 per share

- 2019-04: $51.15 per share

- 2019-05: $49.51 per share

- 2019-06: $52.12 per share

- 2019-07: $52.54 per share

- 2019-08: $47.89 per share

- 2019-09: $48.92 per share

- 2019-10: $52.04 per share

- 2019-11: $54.56 per share

- 2019-12: $54.88 per share

- 2020-01: $52.49 per share

- 2020-02: $47.22 per share

- 2020-03: $47.41 per share

- 2020-04: $56.25 per share

- 2020-05: $66.20 per share

- 2020-06: $66.02 per share

- 2020-07: $68.79 per share

- 2020-08: $63.87 per share

- 2020-09: $61.93 per share

- 2020-10: $63.10 per share

- 2020-11: $75.83 per share

- 2020-12: $79.39 per share

- 2021-01: $81.23 per share

- 2021-02: $90.42 per share

- 2021-03: $95.48 per share

- 2021-04: $106.87 per share

- 2021-05: $103.46 per share

- 2021-06: $112.57 per share

- 2021-07: $120.56 per share

- 2021-08: $124.79 per share

- 2021-09: $121.14 per share

- 2021-10: $130.91 per share

- 2021-11: $118.01 per share

- 2021-12: $129.34 per share

- 2022-01: $94.10 per share

- 2022-02: $104.85 per share

- 2022-03: $108.26 per share

- 2022-04: $94.92 per share

- 2022-05: $92.43 per share

- 2022-06: $86.66 per share

- 2022-07: $96.32 per share

- 2022-08: $82.95 per share

- 2022-09: $71.00 per share

- 2022-10: $74.07 per share

- 2022-11: $84.99 per share

- 2022-12: $82.88 per share

- 2023-01: $79.66 per share

- 2023-02: $72.64 per share

- 2023-03: $74.19 per share

- 2023-04: $79.88 per share

- 2023-05: $81.79 per share

- 2023-06: $81.63 per share

- 2023-07: $83.40 per share

- 2023-08: $78.40 per share

- 2023-09: $68.07 per share

- 2023-10: $54.63 per share

- 2023-11: $62.90 per share

- 2023-12: $77.16 per share

- 2024-01: $70.32 per share

- 2024-02: $73.57 per share

- 2024-03: $70.39 per share

- 2024-04: $63.21 per share

- 2024-05: $77.19 per share

- 2024-06: $71.65 per share

- 2024-07: $81.59 per share

- 2024-08: $73.99 per share

- 2024-09: $79.93 per share

- 2024-10: $73.75 per share

- 2024-11: $75.36 per share

- 2024-12: $72.03 per share

- 2025-01: $73.55 per share

- 2025-02: $61.75 per share

- 2025-03: $58.63 per share

- 2025-04: $50.35 per share

- 2025-05: $48.40 per share

- 2025-06: $51.45 per share

- 2025-07: $54.73 per share

- 2025-08: $54.63 per share

- 2025-09: $55.63 per share

- 2025-10: $62.57 per share

- 2025-11: $64.51 per share

- 2025-12: $58.81 per share

- 2026-01: $64.09 per share

- 2026-02: $59.00 per share

- 2026-03: $52.26 per share

- 2026-04: $55.32 per share

- 2026-05: $51.68 per share

- 2026-06: $70.65 per share

- 2026-07: $72.09 per share

- 2026-08: $72.31 per share

- 2026-09: $72.47 per share

- 2026-10: $72.52 per share

## Annual estimated value (USD per share)

- FY2017: low $12.36 per share, central $13.97 per share, high $16.07 per share

- FY2018: low $13.24 per share, central $14.91 per share, high $17.13 per share

- FY2019: low $14.08 per share, central $15.89 per share, high $18.29 per share

- FY2020: low $15.01 per share, central $16.85 per share, high $19.31 per share

- FY2021: low $14.95 per share, central $16.83 per share, high $19.33 per share

- FY2022: low $20.71 per share, central $23.38 per share, high $26.93 per share

- FY2023: low $23.91 per share, central $27.05 per share, high $31.23 per share

- FY2024: low $24.20 per share, central $27.42 per share, high $31.72 per share

- FY2025: low $17.35 per share, central $19.62 per share, high $22.64 per share

- FY2026: low $18.96 per share, central $21.36 per share, high $24.56 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/842023/000110465926100322/tech-20260630x10k.htm); period 2026-06-30, filed 2026-08-24.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.