olivLaw · US equity research
Bio-Techne Corporation TECH
Biological Products, (No Diagnostic Substances) · SIC 2836 · Vertical: Biological Products, (No Diagnostic Substances) (SIC 2836)
Bio-Techne (TECH) develops, manufactures and sells life science reagents, instruments and services for research, diagnostics and bioprocessing worldwide, headquartered in Minneapolis. The company matters now because it agreed to be acquired by Merck KGaA, Darmstadt, at a total enterprise value of about 11.3 billion USD, while annual revenue held at 1.2 billion USD in fiscal 2026.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Bio-Techne Corporation (TECH) stock was 72.73 USD (+0.10% on the day), with market capitalisation 11.4 bn USD, P/E 62.7 on diluted EPS of 1.16 USD over the last 12 months, dividend yield 0.44%, beta 1.06, 52-week range 43.30–72.73 USD. Latest reported quarter (Q4 2026): revenue of 321.2 m USD (+1.3% YoY), net income of 54.6 m USD, diluted EPS 0.35 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 60.2
- strong (55–70)
- Bollinger (20, 2)
- 72.42 – 72.76
- in the upper half of the band · %B 0.90 · band width 0.5%
- SMA 50 / 200
- 72.47 / 63.21
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.08 / 0.09
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +0.2% | −1.1% | +1.3 pp | — |
| 3 months | +1.0% | −0.5% | +1.5 pp | — |
| 6 months | +53.4% | +4.4% | +49.0 pp | — |
| Year to date | +23.7% | +12.3% | +11.4 pp | — |
| 1 year | +19.0% | +13.5% | +5.5 pp | +4.8% |
| 3 years | +23.9% | +76.4% | −52.6 pp | −1.0% |
| 5 years | −41.5% | +63.7% | −105.2 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q4 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 | Q4 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 289.5 m | 297.0 m | 316.2 m | 317.0 m | 286.6 m | 295.9 m | 311.4 m | 321.2 m |
| Cost of revenue | 106.4 m | 103.1 m | 101.6 m | 118.2 m | 98.4 m | 104.6 m | 103.1 m | 109.8 m |
| Gross profit | 183.0 m | 193.9 m | 214.6 m | 198.8 m | 188.1 m | 191.3 m | 208.3 m | 211.4 m |
| SG&A | 119.2 m | 121.5 m | 151.3 m | 196.6 m | 116.2 m | 113.7 m | 109.3 m | 113.2 m |
| Operating income | 40.0 m | 47.4 m | 38.7 m | -23.9 m | 47.7 m | 54.5 m | 75.5 m | 74.3 m |
| Depreciation & amortisation | 28.1 m | 27.1 m ≈ | 27.6 m ≈ | 27.1 m | 24.3 m | 24.7 m ≈ | 24.2 m ≈ | 24.1 m |
| Interest expense | 2.2 m | 2.1 m | 2.0 m | 2.2 m | 2.9 m | 2.2 m | 2.4 m | 2.1 m |
| Pre-tax income | 40.2 m | 42.9 m | 38.3 m | -22.9 m | 48.0 m | 50.8 m | 71.2 m | 70.7 m |
| Income tax | 6.6 m | 8.0 m | 15.7 m | -5.2 m | 9.8 m | 12.8 m | 20.2 m | 16.1 m |
| Net income | 33.6 m | 34.9 m | 22.6 m | -17.7 m | 38.2 m | 38.0 m | 51.0 m | 54.6 m |
| Diluted EPS | 0.21 | 0.22 | 0.14 | -0.11 ≈ | 0.24 | 0.24 | 0.32 | 0.35 ≈ |
| Operating cash flow | 63.9 m | 84.3 m ≈ | 41.1 m ≈ | 98.2 m | 27.6 m | 82.4 m ≈ | 86.7 m ≈ | 95.4 m |
| Capex | 9.2 m | 6.8 m ≈ | 10.1 m ≈ | 4.9 m | 5.4 m | 5.9 m ≈ | 9.1 m ≈ | 8.5 m |
| Dividends paid | 12.7 m | 12.7 m ≈ | 12.6 m ≈ | 12.4 m | 12.4 m | 12.5 m ≈ | 12.5 m ≈ | 12.5 m |
| Share repurchases | — | — | 100.0 m ≈ | 100.1 m | 24.0 k | 0 ≈ | 0 ≈ | 41.7 m |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 79 percentile of its own 39-quarter history (min 9.9, median 30.4, max 115.9; quarters with earnings only).
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 714.0 m | 738.7 m | 931.0 m | 1.1 bn | 1.1 bn | 1.2 bn | 1.2 bn | 1.2 bn |
| Revenue YoY | +11.0% | +3.5% | +26.0% | +18.7% | +2.8% | +2.0% | +5.2% | −0.4% |
| Net income | 96.1 m | 229.3 m | 140.4 m | 272.1 m | 285.3 m | 168.1 m | 73.4 m | 181.9 m |
| Net income YoY | −23.8% | +138.7% | −38.8% | +93.8% | +4.9% | −41.1% | −56.3% | +147.8% |
| Diluted EPS | 2.47 | 5.82 | 0.87 | 1.66 | 1.76 | 1.05 | 0.46 | 1.16 |
| Diluted EPS YoY | −25.4% | +135.6% | −85.1% | +90.8% | +6.0% | −40.3% | −56.2% | +152.2% |
| net % | 13.5% | 31.0% | 15.1% | 24.6% | 25.1% | 14.5% | 6.0% | 15.0% |
| Free cash flow | 156.2 m | 153.5 m | 307.9 m | 280.4 m | 216.1 m | 236.1 m | 256.6 m | 263.2 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2026 · 30 Jun 2026
- Cash
- 264.7 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 2.1 bn USD
- Total assets
- 2.6 bn USD
- Debt / equity
- unavailable
- Current ratio
- 4.55x
- ROE
- 9.0%
- ROA
- 7.1%
- FCF margin
- 21.7%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 931.0 m | 1.1 bn | 1.1 bn | 1.2 bn | 1.2 bn | 1.2 bn | SEC (XBRL)· 24 Aug 2026verified |
| Cost of revenue | 298.2 m | 349.1 m | 366.9 m | 389.3 m | 429.4 m | 416.0 m | SEC (XBRL)· 24 Aug 2026verified |
| Gross profit | 632.9 m | 756.5 m | 769.8 m | 769.7 m | 790.3 m | 799.1 m | SEC (XBRL)· 24 Aug 2026verified |
| SG&A | 325.0 m | 372.8 m | 378.4 m | 466.4 m | 588.5 m | 452.4 m | SEC (XBRL)· 24 Aug 2026verified |
| Operating income | 237.3 m | 296.6 m | 298.9 m | 206.7 m | 102.3 m | 251.9 m | SEC (XBRL)· 24 Aug 2026verified |
| Depreciation & amortisation | 87.7 m | 101.1 m | 107.2 m | 111.7 m | 109.9 m | 97.4 m | SEC (XBRL)· 24 Aug 2026verified |
| EBITDA | 325.0 m ≈ | 397.7 m ≈ | 406.2 m ≈ | 318.4 m ≈ | 212.2 m ≈ | 349.2 m ≈ | SEC (XBRL)· 24 Aug 2026derived |
| Interest expense | 14.0 m | 11.3 m | 11.2 m | 15.7 m | 8.5 m | 9.6 m | SEC (XBRL)· 24 Aug 2026verified |
| Pre-tax income | 148.2 m | 301.4 m | 338.7 m | 185.7 m | 98.5 m | 240.7 m | SEC (XBRL)· 24 Aug 2026verified |
| Income tax | 8.6 m | 38.3 m | 53.2 m | 17.6 m | 25.1 m | 58.8 m | SEC (XBRL)· 24 Aug 2026verified |
| Net income | 140.4 m | 272.1 m | 285.3 m | 168.1 m | 73.4 m | 181.9 m | SEC (XBRL)· 24 Aug 2026verified |
| Diluted EPS | 0.87 | 1.66 | 1.76 | 1.05 | 0.46 | 1.16 | SEC (XBRL)· 24 Aug 2026verified |
| Weighted average diluted shares | 161.9 m | 164.1 m | 161.9 m | 160.8 m | 159.7 m | 157.0 m | SEC (XBRL)· 24 Aug 2026verified |
| Dividend per share | 0.32 | 0.32 | 0.32 | 0.32 | 0.32 | 0.32 | SEC (XBRL)· 24 Aug 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 199.1 m | 172.6 m | 180.6 m | 151.8 m | 162.2 m | 264.7 m | SEC (XBRL)· 24 Aug 2026verified |
| Receivables | 145.4 m | 194.5 m | 218.5 m | 241.4 m | 206.9 m | 216.6 m | SEC (XBRL)· 24 Aug 2026verified |
| Inventories | 116.7 m | 141.1 m | 171.6 m | 179.7 m | 189.4 m | 195.7 m | SEC (XBRL)· 24 Aug 2026verified |
| Current assets | 510.6 m | 605.6 m | 621.5 m | 617.4 m | 608.3 m | 744.4 m | SEC (XBRL)· 24 Aug 2026verified |
| Property, plant & equipment, net | 207.9 m | 223.2 m | 226.2 m | 251.2 m | 245.7 m | 231.8 m | SEC (XBRL)· 24 Aug 2026verified |
| Goodwill | 843.1 m | 822.1 m | 872.7 m | 972.7 m | 980.9 m | 975.4 m | SEC (XBRL)· 24 Aug 2026verified |
| Intangibles (excl. goodwill) | 616.0 m | 531.5 m | 534.6 m | 507.1 m | 365.6 m | 303.5 m | SEC (XBRL)· 24 Aug 2026verified |
| Total assets | 2.3 bn | 2.3 bn | 2.6 bn | 2.7 bn | 2.6 bn | 2.6 bn | SEC (XBRL)· 24 Aug 2026verified |
| Accounts payable | 29.4 m | 33.9 m | 25.7 m | 38.0 m | 25.3 m | 26.7 m | SEC (XBRL)· 24 Aug 2026verified |
| Short-term debt | 12.5 m | 12.5 m | — | — | — | — | SEC (XBRL)· 24 Aug 2022verified |
| Current liabilities | 152.3 m | 176.0 m | 128.5 m | 159.4 m | 175.8 m | 163.7 m | SEC (XBRL)· 24 Aug 2026verified |
| Equity | 1.6 bn | 1.7 bn | 2.0 bn | 2.1 bn | 1.9 bn | 2.1 bn † | SEC (XBRL)· 24 Aug 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 352.2 m | 325.3 m | 254.4 m | 299.0 m | 287.6 m | 292.1 m | SEC (XBRL)· 24 Aug 2026verified |
| Capex | 44.3 m | 44.9 m | 38.2 m | 62.9 m | 31.0 m | 28.9 m | SEC (XBRL)· 24 Aug 2026verified |
| Free cash flow | 307.9 m ≈ | 280.4 m ≈ | 216.1 m ≈ | 236.1 m ≈ | 256.6 m ≈ | 263.2 m ≈ | SEC (XBRL)· 24 Aug 2026derived |
| Investing cash flow | -243.5 m | -96.9 m | -265.6 m | -203.0 m | -35.2 m | -18.2 m | SEC (XBRL)· 24 Aug 2026verified |
| Financing cash flow | -62.6 m | -242.9 m | 22.6 m | -122.4 m | -253.9 m | -169.1 m | SEC (XBRL)· 24 Aug 2026verified |
| Dividends paid | 49.6 m | 50.2 m | 50.3 m | 50.4 m | 50.4 m | 49.9 m | SEC (XBRL)· 24 Aug 2026verified |
| Share repurchases | 43.2 m | 161.0 m | 19.6 m | 80.0 m | 275.7 m | 41.7 m | SEC (XBRL)· 24 Aug 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 47 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 11.4 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation21
- Balance sheet100
- Quality91
- Growth9
- Returns47
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 4.21 – 33.45 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E16.45 – 33.45 (Mid 27.81)6 companies used · median multiple 24.0x · quartiles 14.2x – 28.8xAGEN, AMGN, ARGX, EXEL, PLX, QGEN
- Dividend discount (DDM)4.21 – 5.66 (Mid 4.82)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 47/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 15.0% | 82 (vs peers) | 9% |
| FCF conversion · Quality | 144.7% | 100 (on a fixed band) | 9% |
| Revenue CAGR 3Y · Growth | 2.2% | 19 (on a fixed band) | 12% |
| EPS CAGR 3Y · Growth | -13.0% | 0 (on a fixed band) | 12% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 26.2x | 100 (on a fixed band) | 9% |
| Current ratio · Balance sheet | 4.5x | 100 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | 62.7x | 14 (vs peers) | 15% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 2.3% | 29 (on a fixed band) | 12% |
| Shareholder yield (distributions) · Returns | 0.8% | 11 (on a fixed band) | 9% |
| Payout ratio (FCF) · Returns | 19.0% | 100 (on a fixed band) | 6% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet100/100 · 2/3 factors with a value
- Growth9/100 · 2/2 factors with a value
- Quality91/100 · 2/3 factors with a value
- Returns47/100 · 2/2 factors with a value
- Valuation21/100 · 2/3 factors with a value
Memo
BIO-TECHNE CORP (TECH). Latest full fiscal year: 2026; data up to 2026-06-30.
Figures computed from the financial statements: revenue 1.2 bn USD in 2026; YoY growth -0.4%; net margin 15.0%; ROE 9.0%.
The estimated value range is 10.33–19.56 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 16.32 USD, the price of 72.73 USD leaves a potential of -77.6% (value / price − 1) and a margin of safety of -345.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 47/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 15.0%
- FCF conversion: 144.7%
- Interest coverage: 26.2x
- Current ratio: 4.5x
- Payout ratio (FCF): 19.0%
What contradicts it
- Revenue CAGR 3Y: 2.2%
- EPS CAGR 3Y: -13.0%
- P/E (TTM): 62.7x
- FCF yield: 2.3%
- Shareholder yield (distributions): 0.8%
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Net debt / EBITDA, EV/EBITDA.
Versus the vertical median
Biological Products, (No Diagnostic Substances) (SIC 2836) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AMGNAmgen Inc. | 258.7 bn | 29.7 | 91.5% | 23.0% | +10.0% | +39% / +77% |
| GILDGilead Sciences, Inc. | 216.4 bn | — | -22.3% | -12.5% | +2.4% | +39% / +128% |
| MRNAModerna, Inc. | 103.2 bn | — | -39.0% | -141.4% | −39.9% | +895% / +233% |
| ARGXArgenx Se | 57.6 bn | 47.6 | 20.2% | — | +254.4% | +2% / +107% |
| RVMDRevolution Medicines, Inc. | 42.8 bn | — | -79.1% | — | unavailable | +157% / +756% |
| BIIBBiogen Inc. | 37.6 bn | 108.8 | 1.9% | 3.4% | +2.2% | +40% / +9% |
| EXELExelixis, Inc. | 17.8 bn | 21.7 | 44.3% | 35.5% | +7.0% | +65% / +234% |
| TECHBio-Techne Corp | 11.4 bn | 62.7 | 9.0% | 15.0% | −0.4% | +19% / +24% |
| QGENQiagen N.V. | 11.0 bn | 26.2 | 11.6% | 20.3% | +5.7% | +6% / +20% |
| IBRXImmunitybio, Inc. | 9.5 bn | — | — | -598.6% | +668.3% | +278% / +143% |
| BEAMBeam Therapeutics Inc. | 2.9 bn | — | -11.3% | -73.9% | +120.0% | +10% / −1% |
| RXRXRecursion Pharmaceuticals, Inc. | 2.4 bn | — | -48.7% | -697.1% | +26.9% | −16% / −43% |
| NVAXNovavax Inc | 1.8 bn | — | — | -59.9% | +64.7% | +51% / +94% |
| TSHATaysha Gene Therapies, Inc. | 1.4 bn | — | -47.1% | -2,728.0% | +17.3% | −8% / +148% |
| INBXInhibrx Biosciences, Inc. | 1.3 bn | — | -1,773.6% | — | +550.0% | +3% / unavailable |
| EVAXEvaxion A | 1.2 bn | — | -100.2% | -102.4% | +125.1% | −50% / −93% |
| GLUEMonte Rosa Therapeutics, Inc. | 923.1 m | — | -42.7% | -560.9% | +63.5% | −33% / +249% |
| PRMEPrime Medicine, Inc. | 901.4 m | — | -373.3% | -4,056.4% | +55.3% | +30% / −32% |
| SLDBSolid Biosciences Inc. | 699.1 m | — | -65.5% | — | −40.6% | +20% / +131% |
| CCCCC4 Therapeutics, Inc. | 383.8 m | — | -48.1% | -289.4% | +1.0% | +15% / +91% |
| AUTLAutolus Therapeutics plc | 367.3 m | — | -133.0% | -238.7% | +644.9% | −2% / −68% |
| AGENAgenus Inc | 313.8 m | 2.6 | — | 69.3% | +10.4% | +53% / −55% |
| SABSSab Biotherapeutics, Inc. | 289.3 m | — | -11.3% | — | −100.0% | −19% / −67% |
| FATEFate Therapeutics Inc | 250.4 m | — | -60.7% | -1,941.1% | −51.2% | +83% / −16% |
| DTILPrecision Biosciences Inc | 226.8 m | — | -112.7% | -85.6% | −50.1% | +49% / −24% |
1- and 3-year price returns: for TECH from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 41.94 Total return -42% · Per year -42% | 74.23 Total return 3% · Per year 3% | 111.93 Total return 54% · Per year 54% |
| 3 years | 38.88 Total return -46% · Per year -18% | 77.60 Total return 8% · Per year 3% | 128.74 Total return 79% · Per year 21% |
| 5 years | 36.05 Total return -49% · Per year -13% | 81.13 Total return 14% · Per year 3% | 148.07 Total return 107% · Per year 16% |
- Exit P/E± 19.40
- Net margin± 13.58
- Annual revenue growth± 11.39
- Annual dilution± 1.14
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 24 Aug 2026; since then the company filed 10-K/A (28 Oct 2026).
In brief
Bio-Techne (TECH) develops, manufactures and sells life science reagents, instruments and services for research, diagnostics and bioprocessing worldwide, headquartered in Minneapolis. The company matters now because it agreed to be acquired by Merck KGaA, Darmstadt, at a total enterprise value of about 1 11.3 billion USD 2, while annual revenue held at 1 1.2 billion USD 1 in fiscal 2026.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Failure to complete the Merck KGaA transactionhigh
The merger requires regulatory approvals and shareholder approval; if it does not close, costs and uncertainty could arise and the company could owe a termination fee 1.
- Dependence on research budgetsmedium
Customer research spending can decline with economic or budget changes, which could reduce sales 1.
- International operations riskmedium
Global operations expose the company to currency fluctuations, taxes and geopolitical risks, especially in emerging markets 1.
- Acquisition risksmedium
Acquisitions may underperform expectations, and integration may lead to goodwill impairment and other charges 1.
- Regulatory pressure in diagnosticslow
Changes to test reimbursement and lab-developed test regulation could affect diagnostic revenue 1.
Investment thesis
What would need to be true (bull case)
- Solid position in the research reagents market with a very broad portfolio that could support growth if biopharma demand improves 1.
- Improved adjusted profitability in fiscal 2026 suggests that efficiency initiatives and the Exosome Diagnostics divestiture can support margins 2.
- Acquisition by a large pharmaceutical group could provide access to additional resources and customers if completed 1.
What would break the thesis
- Organic growth was essentially flat in fiscal 2026, and product mix and pricing pressure weighed on results 1.
- If the Merck KGaA transaction does not complete, the company could face strategic uncertainty and unplanned costs 1.
- The diagnostics segment declined in fiscal 2026 and orders are unpredictable, which could limit revenue stability 1.
What to watch
- Completion of the Merck KGaA merger and regulatory approvalslate 2026 / early 2027
- Shareholder vote on the merger agreement2026
- Organic growth and product mix in the Protein Sciences segmentnext 10-K
- Full acquisition of Wilson Wolf, planned by the end of calendar 20272027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 24 Aug 2026; since then the company filed 10-K/A (28 Oct 2026).
The business
Bio-Techne develops, manufactures and sells life science reagents, instruments and services for research, diagnostics and bioprocessing worldwide 1. The company runs two operating segments, Protein Sciences and Diagnostics and Spatial Biology 1. Its stock is listed on NASDAQ under TECH, and most products are manufactured in-house across several locations in North America, the U.K., Canada, Switzerland and China 1.
Growth strategy combines organic expansion with acquisitions, such as Lunaphore at the start of fiscal 2024 and a 19.9% stake in Wilson Wolf that the company plans to fully acquire by the end of calendar 2027 1. Acquired brands have been unified under the Bio-Techne name 1.
In fiscal 2026 the company introduced over 1 1,900 new products 1 and employed about 1 3,000 people as of June 30 2026 1. GAAP consolidated gross margin was 1 65.8% 1 in fiscal 2026, reflecting high product margins.
Segments
Protein Sciences
Protein Sciences accounts for approximately 72% of net sales in fiscal 2026 1 and generated net sales of 874.6 million USD 2. It includes the Reagent Solutions and Analytical Solutions divisions, which sell proteins, antibodies and protein analysis tools to researchers and manufacturers 1.
Diagnostics and Spatial Biology
Diagnostics and Spatial Biology accounts for approximately 28% of net revenues in fiscal 2026 1 and generated net sales of 336.4 million USD 2. It covers spatial biology technologies (the ACD brand and the Lunaphore platform), molecular diagnostic kits and in vitro diagnostic controls 1.
Market context
The company serves research, diagnostics and cell and gene therapy markets, where demand depends on academic and government research funding and pharmaceutical budgets 1. Approximately 48% of sales come from outside the U.S., so international market developments are an important factor 1.
The market is competitive, with large global players and niche specialists, and price and innovation are key factors 1. The company has seen more competition from low-cost manufacturers and market consolidation 1.
Trends
- Acquisition by Merck KGaAmixed
The deal provides for 73 USD in cash per share, with closing expected by late 2026 or early 2027, subject to regulatory approvals and shareholder approval 1. If the transaction does not complete, the outlook for shareholders could change 1.
- Research budgets and public fundingheadwind
Funding for academic and government research can fluctuate with budget priorities and economic conditions, which could affect customer orders 1.
- Pricing pressure in diagnosticsheadwind
Changes to reimbursement rules and expanded regulation of laboratory tests could reduce the profitability of diagnostic products 1.
- Growth in cell and gene therapytailwind
The cell and gene therapy market, where the company offers cGMP proteins and cell culture devices, is expanding quickly, which could support demand for its products 1.
Competitive position
Competition is intense, and the company acknowledges that no competitor offers the same full range of products and services 1. Competitors include large global companies, their divisions and smaller specialized suppliers 1.
The company believes its competitive position is strong because of the unique aspects of many products and their quality 1. Competitive factors include price, quality, performance, application expertise and distribution network 1.
- Thermo Fisher ScientificTMO
Distribution partner for the Protein Sciences segment and a large player in laboratory instruments 1.
- Large global competitors and their divisions
Well-resourced global companies active in the same reagent and research instrument markets 1.
- Specialized niche suppliers
Smaller companies with specialized offerings competing in precise research and diagnostic segments 1.
- Low-cost manufacturers
New entrants from low-cost manufacturing locations that have intensified price pressure 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Activist Investor Ananym Urges Bio-Techne to Consider SellingBloomberg Markets · 15 Jun 2026 · EN
The latest news item in our archive is from 15 Jun 2026; the newest SEC filing is from 04 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report04 Nov 2026Other events · Financial statements and exhibits
- Annual report (amendment)28 Oct 2026
- Current report23 Sept 2026Shareholder vote · Regulation FD disclosure · Financial statements and exhibits
- Current report14 Sept 2026Other events
- Annual report24 Aug 2026
- Current report12 Aug 2026Results of operations · Other events · Financial statements and exhibits
- Current report26 Jun 2026Material agreement · Departure or appointment of officers · Financial statements and exhibits
- Current report25 Jun 2026Regulation FD disclosure · Financial statements and exhibits
- Quarterly report06 May 2026
- Current report06 May 2026Results of operations · Other events · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2026-06-30 · SEC / Bio-Techne Corporation · 24 Aug 2026
- [2] Form 8-K, results release (exhibit 99.1) · SEC / Bio-Techne Corporation · 12 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.