Bio-Techne Corporation
TECHHealthcare|Biotechnology|US
$72.78
+0.12 (+0.17%)
DCF Value
$23.03
Tangible Book / Share
$5.78
Graham Number
$18.46
Cash / Share
$2.23
Financials
Financial Snapshot
Market Cap
$11.43B
Enterprise Value
$11.37B
Revenue (TTM)
$1.23B
Net Income (TTM)
$172.0M
Cash & Investments
$350.0M
Net Cash
$64.5M
Free Cash Flow (TTM)
$308.2M
Operating CF (TTM)
$337.6M
Debt/Equity
0.13
Cash Runway & Burn Rate
Company is cash-flow positive.
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $157.7M | $181.8M | $166.0M | $270.9M | $231.6M | $247.0M | $204.3M | $152.9M | $162.2M | $264.7M | $350.0M | |
| Operating Cash Flow | $143.4M | $170.4M | $181.6M | $205.2M | $352.2M | $325.3M | $254.4M | $299.0M | $287.6M | $292.1M | $337.6M | |
| Free Cash Flow | $128.3M | $149.4M | $156.2M | $153.5M | $307.9M | $280.4M | $216.1M | $236.1M | $256.6M | $263.2M | $308.2M | |
| Capital Expenditure | -$15.2M | -$20.9M | -$25.4M | -$51.7M | -$44.3M | -$44.9M | -$38.2M | -$62.9M | -$31.0M | -$28.9M | -$29.4M | |
| Financing Cash Flow | $189.4M | -$99.2M | $134.4M | -$183.8M | -$62.6M | -$242.9M | $22.6M | -$122.4M | -$253.9M | -$169.1M | -$108.5M |
R&D Spending
R&D (TTM)
$96.9M
R&D Intensity
7.9%
R&D Growth vs Prior
+2.2%
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $563.0M | $643.0M | $714.0M | $738.7M | $931.0M | $1.11B | $1.14B | $1.16B | $1.22B | $1.22B | $1.23B | |
| R&D Expense | $53.5M | $55.3M | $62.4M | $65.2M | $70.6M | $87.1M | $92.5M | $96.7M | $99.5M | $94.8M | $96.9M | |
| R&D % of Revenue | 9.5% | 8.6% | 8.7% | 8.8% | 7.6% | 7.9% | 8.1% | 8.3% | 8.2% | 7.8% | 7.9% | |
| SG&A | $199.2M | $240.6M | $264.4M | $240.9M | $289.9M | $339.0M | $352.4M | $393.3M | $415.1M | $452.4M | $469.9M |
Income Statement
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $563.0M | $643.0M | $714.0M | $738.7M | $931.0M | $1.11B | $1.14B | $1.16B | $1.22B | $1.22B | $1.23B | |
| Cost of Revenue | $188.5M | $210.8M | $240.5M | $255.5M | $298.2M | $349.1M | $366.9M | $389.3M | $429.4M | $416.0M | $420.6M | |
| Gross Profit | $374.5M | $432.1M | $473.5M | $483.2M | $632.9M | $756.5M | $769.8M | $769.7M | $790.3M | $799.1M | $807.6M | |
| R&D | $53.5M | $55.3M | $62.4M | $65.2M | $70.6M | $87.1M | $92.5M | $96.7M | $99.5M | $94.8M | $96.9M | |
| SG&A | $199.2M | $240.6M | $264.4M | $240.9M | $289.9M | $339.0M | $352.4M | $393.3M | $415.1M | $452.4M | $469.9M | |
| Operating Income | $121.8M | $136.2M | $125.6M | $157.4M | $237.3M | $296.6M | $298.9M | $206.7M | $102.3M | $251.9M | $240.8M | |
| Interest Expense | $7.4M | $10.2M | $21.7M | $19.2M | $14.0M | $11.3M | $11.2M | $15.7M | $8.5M | $5.4M | $2.5M | |
| Pretax Income | $113.2M | $126.0M | $112.0M | $276.5M | $148.2M | $301.4M | $338.7M | $185.7M | $98.5M | $240.7M | $227.4M | |
| Net Income | $77.3M | $125.3M | $96.1M | $229.3M | $140.4M | $272.1M | $285.3M | $168.1M | $73.4M | $181.9M | $172.0M | |
| EPS (Diluted) | 0.52 | 0.82 | 0.62 | 1.45 | 0.87 | 1.66 | 1.76 | 1.05 | 0.46 | 1.16 | 1.10 | |
| EBITDA | $179.4M | $200.6M | $211.9M | $378.4M | $249.9M | $413.8M | $457.1M | $313.1M | $216.9M | $343.4M | $304.8M | |
| Shares Out. (M) | 150.00 | 152.22 | 155.57 | 157.60 | 161.93 | 164.12 | 161.85 | 160.77 | 159.72 | 157.01 | 157.93 |
Balance Sheet
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $91.6M | $122.0M | $100.9M | $146.6M | $199.1M | $172.6M | $180.6M | $151.8M | $162.2M | $264.7M | $350.0M | |
| Short-Term Investments | $66.1M | $59.8M | $65.1M | $124.3M | $32.5M | $74.5M | $23.7M | $1.1M | $0.00 | $0.00 | $0.00 | |
| Total Current Assets | $345.3M | $398.4M | $412.6M | $520.9M | $510.6M | $605.6M | $621.5M | $617.4M | $608.3M | $744.4M | $824.8M | |
| Total Assets | $1.56B | $1.59B | $1.88B | $2.03B | $2.26B | $2.29B | $2.64B | $2.70B | $2.56B | $2.68B | $2.64B | |
| Total Current Liabilities | $135.4M | $78.7M | $102.0M | $106.7M | $152.3M | $176.0M | $128.5M | $159.4M | $175.8M | $163.7M | $361.3M | |
| Long-Term Debt | $343.8M | $339.0M | $492.7M | $344.2M | $328.8M | $243.4M | $350.0M | $319.0M | $346.0M | $200.0M | $70.6M | |
| Total Liabilities | $605.8M | $514.1M | $718.8M | $646.4M | $691.7M | $593.8M | $672.2M | $635.0M | $639.1M | $570.8M | $471.1M | |
| Stockholders' Equity | $950.8M | $1.08B | $1.17B | $1.38B | $1.56B | $1.70B | $1.97B | $2.07B | $1.92B | $2.11B | $2.17B | |
| Retained Earnings | $799.0M | $876.9M | $931.9M | $1.06B | $1.09B | $1.12B | $1.31B | $1.33B | $1.07B | $1.14B | $1.15B |
Cash Flow Statement
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $143.4M | $170.4M | $181.6M | $205.2M | $352.2M | $325.3M | $254.4M | $299.0M | $287.6M | $292.1M | $337.6M | |
| Capital Expenditure | -$15.2M | -$20.9M | -$25.4M | -$51.7M | -$44.3M | -$44.9M | -$38.2M | -$62.9M | -$31.0M | -$28.9M | -$29.4M | |
| Free Cash Flow | $128.3M | $149.4M | $156.2M | $153.5M | $307.9M | $280.4M | $216.1M | $236.1M | $256.6M | $263.2M | $308.2M | |
| Investing Cash Flow | -$306.0M | -$38.7M | -$336.8M | $27.1M | -$243.5M | -$96.9M | -$265.6M | -$203.0M | -$35.2M | -$18.2M | -$22.7M | |
| Financing Cash Flow | $189.4M | -$99.2M | $134.4M | -$183.8M | -$62.6M | -$242.9M | $22.6M | -$122.4M | -$253.9M | -$169.1M | -$108.5M | |
| Issuance of Stock | $5.3M | $19.2M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $80.6M | $57.1M | |
| Repurchase of Stock | $0.00 | $0.00 | -$15.4M | -$50.1M | -$43.2M | -$160.9M | -$19.6M | -$80.0M | -$275.7M | -$41.7M | -$41.7M | |
| Net Debt Issuance | $252.0M | -$4.5M | $166.5M | -$148.5M | -$15.5M | -$85.5M | $94.0M | -$31.0M | $27.0M | -$146.0M | -$100.0M | |
| Stock Based Comp. | $14.6M | $28.2M | $32.3M | $32.4M | $49.0M | $42.2M | $39.2M | $38.0M | $40.8M | $41.4M | $43.1M | |
| Net Change in Cash | $27.4M | $30.4M | -$21.1M | $45.7M | $52.5M | -$26.5M | $8.0M | -$28.8M | $10.4M | $102.5M | $205.1M |
Dilution Tracker
Shares Outstanding
157M
5-Year Share Growth
-3.0%
Stock Issuance (TTM)
$57.1M
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 150.00 | 152.22 | 155.57 | 157.60 | 161.93 | 164.12 | 161.85 | 160.77 | 159.72 | 157.01 | 157.93 | |
| Change vs Prior % | — | 1.5% | 2.2% | 1.3% | 2.7% | 1.3% | -1.4% | -0.7% | -0.7% | -1.7% | 0.6% | |
| Stock Issuance | $5.3M | $19.2M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $80.6M | $57.1M | |
| Stock Repurchase | $0.00 | $0.00 | -$15.4M | -$50.1M | -$43.2M | -$160.9M | -$19.6M | -$80.0M | -$275.7M | -$41.7M | -$41.7M | |
| Stock Based Comp. | $14.6M | $28.2M | $32.3M | $32.4M | $49.0M | $42.2M | $39.2M | $38.0M | $40.8M | $41.4M | $43.1M |
Margins & Profitability
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 66.5% | 67.2% | 66.3% | 65.4% | 68.0% | 68.4% | 67.7% | 66.4% | 64.8% | 65.8% | 65.8% | |
| Operating Margin % | 21.6% | 21.2% | 17.6% | 21.3% | 25.5% | 26.8% | 26.3% | 17.8% | 8.4% | 20.7% | 19.6% | |
| Net Margin % | 13.7% | 19.5% | 13.5% | 31.0% | 15.1% | 24.6% | 25.1% | 14.5% | 6.0% | 15.0% | 14.0% | |
| EBITDA Margin % | 31.9% | 31.2% | 29.7% | 51.2% | 26.8% | 37.4% | 40.2% | 27.0% | 17.8% | 28.3% | 24.8% | |
| FCF Margin % | 22.8% | 23.2% | 21.9% | 20.8% | 33.1% | 25.4% | 19.0% | 20.4% | 21.0% | 21.7% | 25.1% | |
| ROE % | 8.1% | 11.6% | 8.2% | 16.6% | 9.0% | 16.0% | 14.5% | 8.1% | 3.8% | 8.6% | 8.2% | |
| ROA % | 5.0% | 7.9% | 5.1% | 11.3% | 6.2% | 11.9% | 10.8% | 6.2% | 2.9% | 6.8% | 6.5% | |
| ROIC % | 5.9% | 9.0% | 6.0% | 6.7% | 10.5% | 12.1% | 10.0% | 7.3% | 3.2% | 7.5% | 7.3% | |
| R&D / Revenue % | 9.5% | 8.6% | 8.7% | 8.8% | 7.6% | 7.9% | 8.1% | 8.3% | 8.2% | 7.8% | 7.9% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 12.8% | 14.2% | 11.0% | 3.5% | 26.0% | 18.7% | 2.8% | 2.0% | 5.2% | -0.4% | |
| Gross Profit | 11.3% | 15.4% | 9.6% | 2.0% | 31.0% | 19.5% | 1.8% | -0.0% | 2.7% | 1.1% | |
| Operating Income | -19.1% | 11.8% | -7.8% | 25.4% | 50.7% | 25.0% | 0.8% | -30.9% | -50.5% | 146.3% | |
| Net Income | -26.0% | 62.2% | -23.4% | 138.7% | -38.8% | 93.8% | 4.9% | -41.1% | -56.3% | 147.8% | |
| EPS (Diluted) | -25.7% | 57.7% | -24.4% | 133.9% | -40.0% | 90.8% | 6.0% | -40.3% | -56.2% | 152.2% | |
| Operating Cash Flow | -0.3% | 18.8% | 6.6% | 13.0% | 71.6% | -7.6% | -21.8% | 17.5% | -3.8% | 1.6% | |
| Free Cash Flow | 1.0% | 16.5% | 4.5% | -1.8% | 100.6% | -8.9% | -22.9% | 9.2% | 8.7% | 2.6% | |
| R&D Expense | 18.4% | 3.4% | 12.8% | 4.5% | 8.3% | 23.4% | 6.1% | 4.5% | 2.9% | -4.8% | |
| SG&A Expense | 41.4% | 20.8% | 9.9% | -8.9% | 20.4% | 16.9% | 4.0% | 11.6% | 5.5% | 9.0% | |
| Total Assets | 37.8% | 2.3% | 18.3% | 7.6% | 11.6% | 1.4% | 15.0% | 2.5% | -5.4% | 4.7% | |
| Book Value / Share | 7.8% | 13.0% | 7.1% | 17.2% | 12.2% | 7.0% | 15.4% | 4.9% | -7.1% | 11.0% | |
| Debt | 161.6% | -3.1% | 49.0% | -14.2% | -3.0% | -22.5% | 39.6% | -7.8% | 5.8% | -34.9% | |
| Diluted Shares | 0.5% | 1.5% | 2.2% | 1.3% | 2.7% | 1.3% | -1.4% | -0.7% | -0.7% | -1.7% |
Valuation
P/E (TTM)66.16
10Y Low / Med / High44.01 / 60.38 / 123.70
P/S9.31
10Y Low / Med / High6.64 / 11.07 / 18.74
P/B5.27
10Y Low / Med / High4.22 / 6.52 / 11.16
EV/EBITDA37.29
10Y Low / Med / High25.89 / 33.23 / 70.71
EV/Revenue9.25
10Y Low / Med / High6.88 / 11.53 / 18.98
P/FCF37.09
10Y Low / Med / High31.59 / 48.49 / 65.73
Intrinsic Value Models (per share)
DCF Value
$23.03
Tangible Book / Share
$5.78
Net Current Assets / Share
$2.25
Graham Number
$18.46
Graham Net-Net
$0.83
Cash / Share
$2.23
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | 56.50 | 44.04 | 81.75 | 44.01 | 123.70 | 50.09 | 45.10 | 66.93 | 109.47 | 60.38 | 66.16 | |
| P/S Ratio | 7.79 | 8.62 | 11.07 | 13.66 | 18.74 | 12.30 | 11.29 | 9.74 | 6.64 | 9.07 | 9.31 | |
| P/B Ratio | 4.61 | 5.14 | 6.78 | 7.30 | 11.16 | 7.99 | 6.52 | 5.46 | 4.22 | 5.23 | 5.27 | |
| EV/EBITDA | 25.89 | 28.72 | 39.22 | 27.42 | 70.71 | 33.23 | 28.67 | 36.92 | 38.67 | 32.15 | 37.29 | |
| EV/Revenue | 8.25 | 8.96 | 11.64 | 14.05 | 18.98 | 12.44 | 11.53 | 9.97 | 6.88 | 9.09 | 9.25 |
Analyst Estimates & Quality
Altman Z-Score
16.14
Safe
Piotroski F-Score
6
Moderate
Forward Estimates (consensus)
| Metric | FY2027 | FY2028 | FY2029 |
|---|---|---|---|
| Revenue | $1.27B | $1.40B | $1.57B |
| Net Income | $307.2M | $350.6M | $377.4M |
| EPS | $2.05 | $2.36 | $2.43 |
| # Analysts (EPS) | 7 | 5 | 1 |
Dividends
Dividend/Share (TTM)
$0.32
Dividend Yield
0.44%
Frequency
Quarterly
Next Payment
Nov 23, 2026
Recent Payments
| Ex-Date | Pay Date | Amount | Frequency |
|---|---|---|---|
| Nov 13, 2026 | Nov 23, 2026 | $0.08 | Quarterly |
| Aug 24, 2026 | Sep 4, 2026 | $0.08 | Quarterly |
| Aug 24, 2026 | Sep 4, 2026 | $0.08 | Quarterly |
| May 18, 2026 | May 29, 2026 | $0.08 | Quarterly |
| Feb 13, 2026 | Feb 27, 2026 | $0.08 | Quarterly |
| Nov 17, 2025 | Nov 28, 2025 | $0.08 | Quarterly |
| Aug 18, 2025 | Aug 29, 2025 | $0.08 | Quarterly |
| May 19, 2025 | May 30, 2025 | $0.08 | Quarterly |
| Feb 14, 2025 | Feb 28, 2025 | $0.08 | Quarterly |
| Nov 8, 2024 | Nov 22, 2024 | $0.08 | Quarterly |
| Aug 19, 2024 | Aug 30, 2024 | $0.08 | Quarterly |
| May 10, 2024 | May 24, 2024 | $0.08 | Quarterly |
| Feb 9, 2024 | Feb 26, 2024 | $0.08 | Quarterly |
| Nov 9, 2023 | Nov 24, 2023 | $0.08 | Quarterly |
| Aug 17, 2023 | Sep 1, 2023 | $0.08 | Quarterly |
| May 12, 2023 | May 26, 2023 | $0.08 | Quarterly |
| Feb 10, 2023 | Feb 27, 2023 | $0.08 | Quarterly |
| Nov 10, 2022 | Nov 28, 2022 | $0.32 | Quarterly |
| Aug 12, 2022 | Aug 29, 2022 | $0.32 | Quarterly |
| May 13, 2022 | May 27, 2022 | $0.32 | Quarterly |
Revenue Segments
By Product
| Segment | 2013 | 2014 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Biotechnology | $288.2M | $300.6M | — | — | — | — |
| Clinical Controls | $22.4M | $57.2M | — | — | — | — |
| Consumables | — | — | $917.7M | $928.2M | $972.3M | $985.1M |
| Instruments | — | — | $112.1M | $108.3M | $112.1M | $110.6M |
| Royalty | — | — | $21.1M | $23.3M | $23.7M | $25.0M |
By Geography
| Segment | 2013 | 2014 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| C N | $14.1M | $18.9M | $113.9M | $99.5M | $100.5M | $104.1M |
| Europe | $88.3M | $97.2M | $220.2M | $241.4M | $266.3M | $294.2M |
| Other Asia | $28.6M | $32.7M | — | — | — | — |
| Rest Of World | $15.3M | $18.7M | $37.5M | $36.5M | $37.5M | $39.3M |
| U S | $164.3M | $190.4M | $642.5M | $657.7M | $683.2M | $635.4M |
| APAC, excluding Greater China | — | — | $73.2M | $73.9M | $77.3M | $85.8M |
| United Kingdom | — | — | $49.5M | $50.0M | — | — |
| UNITED KINGDOM | — | — | — | — | $54.8M | $56.3M |