Bio-Techne Corp
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
Upside is capped by contract: more than $73.00 per share only arrives if a superior proposal appears, and a no-shop covenant with a narrow carve-out stands in the way. Downside runs to the June 23, 2026 level of $56.26 should regulators or shareholders stop the merger. That ratio — a few percent of upside against materially larger downside — is the reason for caution, not the quality of the business. Anyone who wants to own the company rather than the calendar will find the counterarguments in the adjusted numbers ($220.9 million versus $224.0 million over nine months) and in the 2 percent organic revenue decline that the turnaround check does not show. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Bio-Techne is a quality supplier to the life sciences with a 64.8 percent gross margin and a fortress balance sheet — and at the same time a turnaround candidate whose recovery consists largely of a $37.2 million arbitration award dropping out of the comparison while organic revenue shrinks. Since June 25, 2026 the stock is no longer a company case but a calendar case: Merck KGaA is paying $73.00 per share in cash, closing is expected in late 2026 or early 2027, and the last extension runs to September 25, 2027. Whoever buys today is buying the gap between the market price and the contract price, not the turnaround. Not investment advice.
Merger agreement
A signed all-cash agreement dated 06/25/2026 with Merck KGaA, Darmstadt, Germany: $73.00 per share, no financing condition, and a $576,140,000 reverse termination fee if the deal fails on antitrust grounds (8-K dated 06/26/2026, Item 1.01).
Business quality & balance sheet
A 64.8 percent gross margin in fiscal 2025 and $287.6 million of operating cash flow against $31.0 million of property and equipment additions; as of 03/31/2026 shareholders' equity of $2,085.3 million, cash of $209.8 million and the drawn credit line cut from $346.0 million to $200.0 million.
Earnings turnaround
Under U.S. accounting rules operating income for the first nine months of fiscal 2026 rose 41 percent to $177.6 million — yet adjusted net earnings on the company's own reconciliation fell from $224.0 million to $220.9 million, and in the quarter ended 03/31/2026 from $88.3 million to $82.8 million (10-Q as of 03/31/2026).
Organic growth
Organic revenue fell 2 percent in the quarter ended 03/31/2026 and 1 percent over nine months; in the larger Protein Sciences segment the organic decline was 4 percent, with the segment operating margin down from 45.6 percent to 44.2 percent.
Wilson Wolf obligation
A contractual duty to acquire the remaining Wilson Wolf equity on 12/31/2027 at roughly 4.4 times trailing twelve month revenue; if the second milestone (about $226 million of revenue or $136 million of EBITDA) is met, roughly $1 billion — close to half of shareholders' equity as of 03/31/2026 (10-Q, Note 1).
Valuation & upside
At the offer price roughly 9.4 times revenue and 38 times adjusted earnings for the twelve months to 03/31/2026; market capitalization on 07/25/2026 sat roughly 2 percent below the contract value — upside ends at $73.00 while downside runs to the 06/23/2026 level of $56.26.
Worth Noting
TECH reached the research list as rank 6 of our in-house turnaround candidates scanner (U.S. selection, 62 hits, turnaround check 7 of 8, data as of July 25, 2026); the scanner lists are recomputed daily.
Name confusion on the buyer side: Merck KGaA, Darmstadt, Germany is not the U.S. company Merck & Co. (which trades as MSD outside the United States and Canada). In the U.S. and Canada the Darmstadt group operates as MilliporeSigma, EMD Serono and EMD Electronics (DEFA14A dated 07/09/2026).
Recency: the most recent periodic report is the 10-Q as of 03/31/2026, and every filing after it was reviewed. No definitive merger proxy (DEFM14A) with a meeting date and fairness opinion had been filed as of July 25, 2026, and neither had the annual report for the fiscal year ended June 30, 2026.
Price and market capitalization figures (roughly $11.2 billion, closing prices of $56.26 on 06/23/2026 and $70.70 on 06/25/2026) come from the price history as of July 25, 2026 and were cross-checked against 156,568,751 shares outstanding per the cover page of the 10-Q as of 03/31/2026; these analyses are evergreen, and daily prices are not a reason to buy.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at TECH since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 43.30 $ to 72.50 $ · Last price: 72.40 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Biotechnology
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Bio-Techne Corp TECH | 11.3 | 103.3 | 32.7 | 66.2 | 25.2 | 5.2 | 41.5 |
| Vertex Pharmaceuticals Inc VRTX | 130.6 | 31.3 | 24.5 | 55.0 | 38.1 | 9.6 | 33.4 |
| Regeneron Pharmaceuticals Inc REGN | 82.0 | 19.9 | 13.1 | 44.5 | 20.7 | 1.0 | 35.5 |
| Moderna Inc MRNA | 62.7 | – | 4.6 | -66.0 | -131.1 | -39.2 | 532.3 |
| argenx NV ARGX | 61.9 | 38.1 | 34.2 | 59.1 | 32.0 | 89.6 | 30.9 |
| Revolution Medicines Inc RVMD | 40.9 | – | -9.7 | -174,708.6 | 0.0 | -100.0 | 338.3 |
| BeiGene, Ltd. ONC | 40.0 | 63.1 | 34.1 | 88.9 | 19.1 | 40.2 | 6.4 |
| Alnylam Pharmaceuticals Inc ALNY | 32.6 | 61.8 | 28.4 | 79.7 | 23.0 | 65.2 | -48.1 |
| Royalty Pharma Plc RPRX | 32.5 | 31.8 | 19.6 | 95.8 | 100.3 | 5.1 | 68.6 |
| Median of companies shown | 40.9 | 38.1 | 24.5 | 59.1 | 23.0 | 5.2 | 35.5 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2017 | 563 | 122 | 77 | 0.52 | 143 | 951 | 1,557 |
| 2018 | 643 | 136 | 125 | 0.82 | 170 | 1,079 | 1,593 |
| 2019 | 714 | 126 | 96 | 0.62 | 182 | 1,166 | 1,884 |
| 2020 | 739 | 157 | 229 | 1.45 | 205 | 1,381 | 2,028 |
| 2021 | 931 | 237 | 140 | 0.87 | 352 | 1,563 | 2,263 |
| 2022 | 1,106 | 297 | 272 | 1.66 | 325 | 1,702 | 2,295 |
| 2023 | 1,137 | 299 | 285 | 1.76 | 254 | 1,967 | 2,639 |
| 2024 | 1,159 | 207 | 168 | 1.05 | 299 | 2,069 | 2,704 |
| 2025 | 1,220 | 102 | 73 | 0.46 | 288 | 1,919 | 2,558 |
| 2026 | 1,215 | 252 | 182 | 1.16 | 292 | 2,108 | 2,679 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q2 | 0.49 | -10.90 | 306 | 1.60 | 13.30 | 76 | 58 |
| 2024: Q3 | 0.42 | 2.40 | 290 | 4.50 | 11.60 | 64 | 55 |
| 2024: Q4 | 0.42 | 5.00 | 297 | 9.00 | 11.70 | 84 | 78 |
| 2025: Q1 | 0.56 | 16.70 | 316 | 4.20 | 7.10 | 41 | 31 |
| 2025: Q2 | -0.11 | -122.40 | 317 | 3.50 | -5.60 | 98 | 93 |
| 2025: Q3 | 0.36 | -14.30 | 287 | -1.00 | 13.30 | 28 | 22 |
| 2025: Q4 | 0.46 | 9.50 | 296 | -0.40 | 12.80 | 82 | 77 |
| 2026: Q1 | 0.53 | -5.40 | 311 | -1.50 | 16.40 | 87 | 78 |
| 2026: Q2 | 0.35 | 418.20 | 321 | 1.30 | 17.00 | 95 | 87 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 9 of our scanner strategies — each hit links to the scanner.
Quality & Balance Sheet
Breakout & Setup
Momentum & Trend
Research
Value & GARP
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 06/30/2027 | 2.02 | 1.82 – 2.11 | 1,268 | 4.6% | 12 |
| 06/30/2028 | 2.31 | 2.03 – 2.60 | 1,392 | 14.3% | 10 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
Today’s market value implies roughly 18.1% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).
| Free cash flow (last twelve months) | $263.2M |
|---|---|
| Market cap | $11.28B |
| Free cash flow in year ten | $1.39B |
| Terminal value as a share of market value | 64.8% |
For comparison: over the past five years free cash flow shrank by 3.1% per year.
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Dokumentierter Negativ-Befund: In den sechs ausgewerteten SEC-Berichten (zwei Geschäftsberichte 10-K, vier Quartalsberichte 10-Q) von Bio-Techne kommt kein einziger belastbarer KI-Bezug vor — weder „artificial intelligence“ noch „machine learning“, „generative“ oder „large language“ tauchen auf; das Geschäft mit Reagenzien, Proteinanalytik und räumlicher Biologie wird ohne KI-Erzählung beschrieben.
View the full file — quotes, sources, reviewed filings
Filings Reviewed: 10-Q 2026-05-06 · 10-Q 2026-02-04 · 10-Q 2025-11-05 · 10-Q 2025-05-08 · 10-K 2025-08-22 · 10-K 2024-08-22
Rated on July 25, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 2.3%
- More than 10% revenue growth is expected for the coming year -76.1%
- Share count grows by less than 3% a year -1.0%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 21.3%
- Gross margin at 40% or higher and without meaningful erosion 65.8%
- Goodwill from acquisitions does not grow faster than revenue 36.4%
- Net debt below twice EBITDA 0.1 x EBITDA
- Operating cash flow covers the profits of the last three years 455 m
- Return on capital at 15% or higher, or up versus two years ago 10.0%
- Insiders hold at least 10% or are net buyers 0.3%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
8/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 8.9%
- Exp. sales growth 3Y > 5% 7.0%
- EBIT growth 10Y > 5% 8.4%
- Exp. EBIT growth 3Y > 5% 41.1%
- Net debt < 4x EBIT 0.1x
- EBIT positive, 10Y straight 10
- Max. EBIT decline < 50% 65.8%
- Return on equity > 15% 21.9%
- ROCE > 15% 10.0%
- Expected return > 10% 44.4%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Aug 15, 2026 | Kelderman Kim | Chief Executive Officer | Other | 10,821 | 72.40 | 783,440 |
| Aug 15, 2026 | Kelderman Kim | Chief Executive Officer | Other | 21,470 | 0.00 | – |
| Aug 15, 2026 | Hippel James | CFO | Other | 4,310 | 72.40 | 312,044 |
| Aug 15, 2026 | Hippel James | CFO | Other | 9,779 | 0.00 | – |
| Aug 15, 2026 | Geist William | PRESIDENT, PROTEIN SCIENCES | Other | 1,976 | 72.40 | 143,062 |
| Aug 15, 2026 | Geist William | PRESIDENT, PROTEIN SCIENCES | Other | 6,416 | 0.00 | – |
| Aug 15, 2026 | Bohnen Shane | SVP - General Counsel | Other | 1,343 | 72.40 | 97,233 |
| Aug 15, 2026 | Bohnen Shane | SVP - General Counsel | Other | 4,350 | 0.00 | – |
| Aug 15, 2026 | Crouse Steven C. | President - Diag & Spatial Bi | Other | 1,947 | 72.40 | 140,963 |
| Aug 15, 2026 | Crouse Steven C. | President - Diag & Spatial Bi | Other | 5,423 | 0.00 | – |
The company
About the Company
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. The company 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. The Diagnostics and Genomics segment develops and manufactures diagnostic products, including controls, calibrators, and diagnostic assays for regulated diagnostics market, exosome-based molecular diagnostic assays, 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.
- Employees
- 3,000
- Headquarters
- Minneapolis, MN
- Address
- 614 McKinley Place N.E., 55413 Minneapolis, United States
- Phone
- 612 379 8854
- Website
- bio-techne.com
- IPO Date
- 02/09/1989
- ISIN
- US09073M1045
- Stock Split
- 4:1 on 11/30/2022
- Stock Split
- 2:1 on 12/04/2000
- Stock Split
- 2:1 on 11/18/1997
Management
| Name | Title | Birth Year |
|---|---|---|
| Kim Kelderman | CEO, President & Director | 1968 |
| James T. Hippel CPA | Executive VP of Finance & CFO | 1971 |
| Shane V. Bohnen | Senior VP, General Counsel, Corporate Secretary & Chief Sustainability Officer | 1975 |
| William A. Geist | President of Protein Sciences Segment | 1969 |
| Gary J. Latham Ph.D. | VP & CTO | – |
| David Clair C.F.A. | Vice President of Investor Relations | – |
| Martin Wirtz | Senior Vice President of Strategy & Corporate Development | – |
| Cheryl Bethune | Senior VP & Chief Human Resources Officer | – |
| Luca Cicchetti | Managing Director | – |
| Steven C. Crouse | President of Diagnostics & Spatial Biology Segment | 1973 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.