One-glance verdict
Overvalued
$31.20 our estimate vs market $72.33
Wall Street consensus: $70.73 (126.7% higher than our fair-value estimate)
132% above our estimate, beyond the bull case
Fundamentals snapshot
Bio-Techne Corporation
TECH · NMS · Healthcare · Biotechnology
Current price
$72.33
52-week range
$43.20 - $72.62
Market cap
$11.34B
Balance sheet
Healthy
28.31x Strong cushion
Net debt $23.61M. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
0 Risks
3 rewards · 0 risks
- Reward Returns 9.0% on equity, ahead of 50% of its peers.
- Reward Free cash flow was positive in 10/10 years.
- Reward Dividend yield is 0.4% with 19-year payout history.
What this company does
Bio-Techne Corporation
Bio-Techne sells the essential tools and ingredients that scientists use for medical research, like developing new drugs or diagnosing diseases. The company primarily makes money by selling products that range from proteins used in lab experiments to advanced kits that help doctors analyze tissue samples for illnesses. This matters because their tools are a fundamental part of the long process that leads to scientific breakthroughs and better healthcare for everyone.
How the company got here
Founded in 1976 as Research and Diagnostic Systems, Inc., the company initially focused on developing and selling products for medical research. A key turning point was its decision to start producing its own recombinant proteins (lab-made versions of proteins that help cells grow and communicate), which became a cornerstone of its business. Over the years, it grew by acquiring other companies with specialized technologies, such as ProteinSimple for analyzing proteins and Advanced Cell Diagnostics for viewing genes within tissues. This strategy of buying and integrating other companies has allowed it to expand its offerings and become a major provider of tools for the life sciences industry.
What it actually does
Think of Bio-Techne as a company that provides the essential 'ingredients' and 'tools' for scientists who are working to understand diseases and develop new medicines. They don't make the final drugs you'd buy at a pharmacy, but they sell the critical components that researchers in universities, biotech firms, and pharmaceutical companies use in their labs every day. This includes everything from proteins and antibodies (tiny molecules that can target specific cells) to specialized instruments that help automate and speed up experiments. Essentially, they help other scientists make their discoveries.
Protein Sciences
This is the company's largest and most established business segment. It creates and sells a vast catalog of biological materials, primarily proteins and antibodies, that are fundamental for life science research. Scientists purchase these items to conduct experiments related to cancer, immunology (the study of the immune system), and neuroscience, among other areas. This segment also sells specialized machines, like those from its ProteinSimple brand, that help researchers automatically analyze the proteins they are studying. This part of the company functions like a high-end supplier for the foundational building blocks of biological research.
Diagnostics and Spatial Biology
This segment focuses on products used to diagnose diseases and to understand the physical location of different molecules within cells and tissues. It provides materials that are used in clinical laboratories for diagnostic tests, helping doctors identify specific health conditions. A key part of this business is 'spatial biology,' which involves advanced techniques to see exactly where genes and proteins are active inside a tissue sample, providing a more complete picture of what is happening in a disease like cancer. This is a newer but rapidly growing area for the company, offering more advanced tools for both research and clinical settings.
What management is betting on now
The company is focusing its efforts on high-growth areas that it calls its key verticals: cell and gene therapy, proteomic instrumentation (tools for studying proteins), spatial biology, and precision diagnostics. Management is betting that by providing critical tools and materials for these cutting-edge fields, they can become essential partners for companies developing next-generation treatments. They are also focused on improving their profitability by increasing efficiency and concentrating on their highest-margin (the percentage of revenue kept as profit) products. Recently, the company agreed to be acquired by the German company Merck KGaA, a move intended to further expand its global reach and product portfolio.
Price history
How the share price has moved
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Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2025 Q1
$54.72M
FY2025 Q2
$77.53M
FY2025 Q3
$31.00M
FY2025 Q4
$93.31M
FY2026 Q1
$22.22M
FY2026 Q2
$76.49M
FY2026 Q3
$77.58M
FY2026 Q4
$86.94M
Revenue
$321.19M
Net income
—
Diluted EPS
0.36
Operating cash flow
$95.42M
Free cash flow
$86.94M
Fetching…
Sources
Revenue
$311.42M
Net income
$51.05M
Diluted EPS
0.32
Operating cash flow
$86.66M
Free cash flow
$77.58M
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Sources
Revenue
$295.88M
Net income
$38.01M
Diluted EPS
0.24
Operating cash flow
$82.41M
Free cash flow
$76.49M
Fetching…
Sources
Revenue
$286.56M
Net income
$38.19M
Diluted EPS
0.24
Operating cash flow
$27.59M
Free cash flow
$22.22M
Fetching…
Sources
Revenue
$316.96M
Net income
$-17.68M
Diluted EPS
-0.11
Operating cash flow
$98.20M
Free cash flow
$93.31M
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Sources
Revenue
$316.18M
Net income
$22.59M
Diluted EPS
0.14
Operating cash flow
$41.12M
Free cash flow
$31.00M
Fetching…
Sources
Revenue
$297.03M
Net income
$34.89M
Diluted EPS
0.22
Operating cash flow
$84.35M
Free cash flow
$77.53M
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Sources
Revenue
$289.46M
Net income
$33.60M
Diluted EPS
0.21
Operating cash flow
$63.89M
Free cash flow
$54.72M
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Sources
Is it cheap or expensive?
Fair value $31.20 vs current price $72.33
Wall Street consensus is the average analyst price target: $70.73 (126.7% higher than our fair-value estimate).
Our most-likely fair value is $31.20 a share — about 56.9% below today's price of $72.33, so the stock currently looks expensive (overvalued).
Is it drowning in debt?
Healthy
Net debt $23.6M. Interest coverage 28.3x.
Net debt
$23.61M
Interest coverage
28.31x
Bio-Techne Corporation's profit covers its interest bill about 28.3 times over. which is stronger than every peer shown here.
Healthy
Worse cushion
Baseline
Better cushion
TECH
BASELINE
Bio-Techne Corporation
Total debt $289.09M Interest coverage 28.31x This is the baseline the peer rows are being compared against.
Total debt $4.15B Interest coverage 13.21x -53% vs TECH Carries about 2.1x less debt cushion than TECH.
Total debt $5.48B Interest coverage 11.54x -59% vs TECH Carries about 2.5x less debt cushion than TECH.
Total debt $3.34B Interest coverage 3.87x -86% vs TECH Carries about 7.3x less debt cushion than TECH.
Total debt $1.65B Interest coverage 15.65x -45% vs TECH Carries about 1.8x less debt cushion than TECH.
What you should know
The case for and against TECH
3 Rewards
0 Risks
Rewards
-
Returns 9.0% on equity, ahead of 50% of its peers.
-
Free cash flow was positive in 10/10 years.
-
Dividend yield is 0.4% with 19-year payout history.
Risks
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
62.35x
Forward P/E
31.36x
P/B
5.36x
P/S
9.34x
EV/EBITDA
34.02x
PEG ratio
2.10x
Profitability
How much profit each dollar creates
Gross margin
66.2%
Operating margin
27.9%
Net margin
15.0%
ROE
9.0%
ROA
6.7%
Health
Liquidity and balance-sheet strength
Debt / equity
0.14x
Current ratio
4.55x
Quick ratio
2.94x
Total debt
$289.09M
Total cash
$265.48M
Growth
How the business has been compounding
Revenue TTM
$1.22B
Revenue 5Y CAGR
2.4%
EPS TTM
1.16
EPS 5Y CAGR
-13.0%
Cash flow
How much cash the business throws off
Operating CF TTM
$292.07M
Free CF TTM
$263.22M
FCF margin
21.7%
Dividend
Shareholder payout
Yield
0.4%
Payout ratio
27.6%
Last ex-div date
2026-08-24