Bio-Techne Corp (TECH)
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symbol.quality_heading
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.
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.
symbol.quality_note
Bio-Techne sells the reagents and instruments laboratories around the world run on — and ranks 6th in our turnaround scanner (U.S. selection, turnaround check 7 of 8, data as of July 25, 2026). We read the annual report on Form 10-K for the fiscal year ended June 30, 2025, the quarterly report on Form 10-Q as of March 31, 2026 and the merger agreement with Merck KGaA, Darmstadt, Germany: operating income for the first nine months rose 41 percent — yet on the company's own adjusted basis earnings fell, and organic revenue is shrinking. Add a $1 billion purchase obligation buried in a footnote and $37.2 million spent on a dispute with the former chief executive. Not investment advice — just the question of what a turnaround is still worth once its price has been signed.
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Stock Watch
This analysis is as of July 25, 2026. Stock Watch will tell you what's changed at TECH since then.
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Appears in These Scanners
This stock currently matches 2 of our scanner strategies — each hit links to the scanner.
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
Trading Day
Key levels of the most recently completed trading day — not a live quote.
52-Week Range
Current price 72.10 $ — 100% of the range above the low.
Lowest and highest closing price over the last 52 weeks. The marker shows where the current price sits within that range: close to the high speaks for strength, close to the low for weakness.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 08/03/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
Quality & Screener
AI Rating
NeutralDokumentierter 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
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.
Analysts & Price Target
The price target sits 3.3% below the current price.
- Consensus
- Sell
- Analyst Ratings
- 15
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.
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 06/30/2027 | 2.04 | 1.94 – 2.15 | 1,264 | 6.5% | 13 |
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.
Next Reporting Date
- Expected Earnings per Share
- 0.46 $
Expected date of the next quarterly or annual figures. Dates do shift occasionally — only the invitation issued by the company is binding.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
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· Total · per year
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The figures could not be loaded right now.
Source: fundamental data
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q2 | 0.49 | -10.90 | 306 | 1.60 | 13.30 | 76 | 58 |
| 2024: Q3 | 0.42 | 2.40 | 290 | 4.50 | 11.60 | 64 | 55 |
| 2024: Q4 | 0.42 | 5.00 | 297 | 9.00 | 11.70 | 84 | 78 |
| 2025: Q1 | 0.56 | 16.70 | 316 | 4.20 | 7.10 | 41 | 31 |
| 2025: Q2 | 0.53 | 8.20 | 317 | 3.50 | -5.60 | 98 | 93 |
| 2025: Q3 | 0.36 | -14.30 | 287 | -1.00 | 13.30 | 28 | 22 |
| 2025: Q4 | 0.46 | 9.50 | 296 | -0.40 | 12.80 | 82 | 77 |
| 2026: Q1 | 0.53 | -5.40 | 311 | -1.50 | 16.40 | 87 | 78 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Annual Figures
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 499 | 151 | 104 | 0.70 | 144 | 879 | 1,130 |
| 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 |
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.
Assessment: Opportunities & Risks
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).
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.
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 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.
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).
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.
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.
- 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.
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 | 3,100 |
|---|---|
| Headquarters | Minneapolis, MN |
| Address | 614 McKinley Place N.E., 55413 Minneapolis, United States |
| Phone | 612 379 8854 |
| Website | bio-techne.com |
| IPO Date | 9. Feb 1989 |
| ISIN | US09073M1045 |
| Stock Split | 4:1 on 11/30/2022 |
Management
| Name | Title | Birth Year |
|---|---|---|
| Kim Kelderman | CEO, President & Director | 1968 |
| James T. Hippel CPA | Executive VP of Finance & CFO | 1971 |
| Shane Bohnen | Senior VP, General Counsel, Corporate Secretary & Chief Sustainability Officer | 1976 |
| 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 | – |
| Gerry Andros | Vice President of Sales and Marketing | – |
| Martin Wirtz | Senior Vice President of Strategy & Corporate Development | – |
| Cheryl Bethune | Senior VP & Chief Human Resources Officer | – |
| Luca Cicchetti | Managing Director | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Insider Transactions
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| 29. Jul 2026 | Hippel James | CFO | Other | 51,024 | 72.03 | 3,675,259 |
| 29. Jul 2026 | Hippel James | CFO | Other | 62,068 | 47.60 | 2,954,437 |
| 28. Jul 2026 | Kelderman Kim | Chief Executive Officer | Other | 28,686 | 72.07 | 2,067,400 |
| 28. Jul 2026 | Kelderman Kim | Chief Executive Officer | Other | 35,000 | 47.60 | 1,666,000 |
| 23. Jul 2026 | Bohnen Shane | SVP - General Counsel | Other | 344 | 71.77 | 24,689 |
| 23. Jul 2026 | Bohnen Shane | SVP - General Counsel | Other | 448 | 47.60 | 21,325 |
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.
View all insider transactions →Chart
Interactive price chart (TradingView).
Data as of: July 31, 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.