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TECH, Bio-Techne

Biotechnology consumer brand Serial acquirer

Bio-Techne, collectively doing business as Bio-Techne Corporation, develop, manufacture and sell life science reagents, instruments and services for the research, diagnostics and bioprocessing markets worldwide.

Our broad product portfolio and application expertise enables scientific investigations into biological processes and molecular diagnostics, revealing the nature, diagnosis, etiology and progression of specific diseases.

Our products aid in drug discovery efforts and provide the means for accurate clinical tests and diagnoses.

Latest annual: FY2025 10-K

TECH · Bio-Techne

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$1.2B

+5.2% YoY · 11% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $1.2B 5-yr avg $1.1B

Gross margin 65% 5-yr avg 67%

Operating margin 12.7% 5-yr avg 21.0%

ROIC 6% 5-yr avg 10%

Owner-earnings margin 22% 5-yr avg 24%

Free cash flow margin 22% 5-yr avg 24%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

What it is: Revenue is led by Consumables (80%) and Instruments (9%), with 2 more lines behind.
Situation: Serial acquirer. Goodwill and acquired intangibles are 53% of assets, with meaningful acquisition spending in 7 of the record's 10 years; much of what this business is was bought, at prices the record carries.
What moves the needle: Gross margin has run about 67% and operating margin about 21% through the cycle, a wide spread between price and the cost of what it sells — whether that advantage is durable pricing power or a margin that can erode is the question the record is for. The operating margin has swung widely — from 8.4% to 30% — on a steadier 67% gross margin, so what moves it sits below the gross line, in operating spend and one-off charges more than in the cost of the product itself. Inventory runs near 13% of sales, so how fast it turns back into cash — and the risk of writing it down when demand softens — sits alongside the margin. Read this kind of business on the pipeline against the patent cliff, and pricing. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has sat near the cost of capital (median 9%). By owner earnings: roughly 22% of revenue reaches owners as cash, consistently. This is price-taker territory, where the balance sheet and the cycle matter more than any multiple; the rest is in the 10-K.

Every line is arithmetic on the company's filings, shown in full in the sections below.

Where the money comes from

read the 10-K →

Consumables is 80% of revenue, with Instruments the other meaningful line at 9%.

Revenue by product line, FY2025

Consumables80%$972M
Instruments9%$112M
Services9%$112M
Royalty2%$24M

By geographyUnited States56%EMEA, excluding UK22%China8%APAC, excluding Greater China6%United Kingdom4%Rest of World3%

From the segment footnote of the company's own 10-K. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.

The record

Ten years of arithmetic, read across the cycle.

The record, 2016–2025

realized figures from each filing · older years to the left

2016’16	2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMMar 2026
											Income statement
$499M	$563M	$643M	$714M	$739M	$931M	$1.1B	$1.1B	$1.2B	$1.2B	$1.2B	RevenueRevenue
67%	67%	67%	66%	65%	68%	68%	68%	66%	65%	65%	Gross marginGross mgn
28%	36%	37%	37%	35%	35%	34%	33%	40%	48%	44%	SG&A / revenueSG&A/rev
9%	10%	9%	9%	9%	8%	8%	8%	8%	8%	8%	R&D / revenueR&D/rev
$151M	$121M	$136M	$147M	$157M	$237M	$297M	$299M	$207M	$102M	$154M	Operating incomeOp. inc.
30.2%	21.4%	21.2%	20.5%	21.3%	25.5%	26.8%	26.3%	17.8%	8.4%	12.7%	Operating marginOp. mgn
$104M	$76M	$126M	$96M	$229M	$140M	$272M	$285M	$168M	$73M	$110M	Net incomeNet inc.
29%	32%	-0%	14%	17%	6%	12%	16%	9%	25%	26%	Effective tax rateTax rate
											Cash flow & returns
$144M	$144M	$170M	$182M	$205M	$352M	$325M	$254M	$299M	$288M	$295M	Operating cash flowOp. cash
$43M	$60M	$64M	$78M	$83M	$88M	$101M	$107M	$112M	$110M	$100M	DepreciationDeprec.
($13M)	($7M)	($48M)	($25M)	($139M)	$75M	($90M)	($177M)	($19M)	$63M	$44M	Working capital & otherWC & other
$17M	$15M	$21M	$25M	$52M	$44M	$45M	$38M	$63M	$31M	$25M	CapexCapex
3.4%	2.7%	3.3%	3.6%	7.0%	4.8%	4.1%	3.4%	5.4%	2.5%	2.1%	Capex / revenueCapex/rev
$127M	$129M	$149M	$156M	$153M	$308M	$280M	$216M	$236M	$257M	$270M	Owner earningsOwner earn.
25.5%	22.8%	23.2%	21.9%	20.8%	33.1%	25.4%	19.0%	20.4%	21.0%	22.3%	Owner earnings marginOE mgn
$127M	$129M	$149M	$156M	$153M	$308M	$280M	$216M	$236M	$257M	$270M	Free cash flowFCF
25.5%	22.8%	23.2%	21.9%	20.8%	33.1%	25.4%	19.0%	20.4%	21.0%	22.3%	Free cash flow marginFCF mgn
$91M	$254M	$68M	$289M	$0	$225M	—	$101M	$170M	—	$0	AcquisitionsAcquis.
$48M	$47M	$48M	$48M	$49M	$50M	$50M	$50M	$50M	$50M	$50M	Dividends paidDiv. paid
—	—	$0	$15M	$50M	$43M	$161M	$20M	$80M	$276M	—	BuybacksBuybacks
12%	7%	11%	8%	8%	13%	15%	12%	8%	4%	6%	ROICROIC
12%	8%	12%	8%	17%	9%	16%	15%	8%	4%	5%	Return on equityROE
6%	3%	7%	4%	13%	6%	13%	12%	6%	1%	3%	Retained to equityRetained/eq
											Balance sheet
$96M	$158M	$182M	$166M	$271M	$232M	$247M	$204M	$153M	$162M	$210M	Cash & investmentsCash+inv
$93M	$117M	$120M	$137M	$123M	$145M	$195M	$218M	$241M	$207M	$215M	ReceivablesReceiv.
$57M	$60M	$86M	$91M	$103M	$117M	$141M	$172M	$180M	$189M	$201M	InventoryInvent.
$21M	$17M	$18M	$16M	$23M	$29M	$34M	$26M	$38M	$25M	$23M	Accounts payablePayables
$130M	$160M	$187M	$212M	$203M	$233M	$302M	$364M	$383M	$371M	$392M	Operating working capitalOper. WC
$254M	$348M	$398M	$413M	$521M	$511M	$606M	$621M	$617M	$608M	$688M	Current assetsCur. assets
$54M	$136M	$80M	$102M	$107M	$152M	$176M	$129M	$159M	$176M	$153M	Current liabilitiesCur. liab.
4.7×	2.6×	5.0×	4.0×	4.9×	3.4×	3.4×	4.8×	3.9×	3.5×	4.5×	Current ratioCurr. ratio
$431M	$579M	$598M	$733M	$728M	$843M	$822M	$873M	$973M	$981M	$978M	GoodwillGoodwill
$1.1B	$1.6B	$1.6B	$1.9B	$2.0B	$2.3B	$2.3B	$2.6B	$2.7B	$2.6B	$2.6B	Total assetsAssets
$92M	$344M	$339M	$493M	$344M	$329M	$243M	$350M	$319M	$346M	$200M	Total debtDebt
($4M)	$186M	$157M	$327M	$73M	$97M	($4M)	$146M	$166M	$184M	($10M)	Net debt / (cash)Net debt
86.2×	16.4×	13.4×	6.8×	8.2×	17.0×	26.2×	26.7×	13.1×	12.0×	15.9×	Interest coverageInt. cov.
$879M	$950M	$1.1B	$1.2B	$1.4B	$1.6B	$1.7B	$2.0B	$2.1B	$1.9B	$2.1B	Shareholders’ equityEquity
1.9%	2.6%	4.4%	4.5%	4.4%	5.3%	3.8%	3.5%	3.3%	3.3%	3.4%	Stock comp / revenueSBC/rev
											Per share
149M	150M	152M	156M	158M	162M	164M	162M	161M	160M	157M	Shares out (diluted)Shares
$3.34	$3.75	$4.22	$4.59	$4.69	$5.75	$6.74	$7.02	$7.21	$7.64	$7.71	Revenue / shareRev/sh
$0.70	$0.51	$0.83	$0.62	$1.45	$0.87	$1.66	$1.76	$1.05	$0.46	$0.70	EPS (diluted)EPS
$0.85	$0.86	$0.98	$1.00	$0.97	$1.90	$1.71	$1.34	$1.47	$1.61	$1.72	Owner earnings / shareOE/sh
$0.85	$0.86	$0.98	$1.00	$0.97	$1.90	$1.71	$1.34	$1.47	$1.61	$1.72	Free cash flow / shareFCF/sh
$0.32	$0.32	$0.32	$0.31	$0.31	$0.31	$0.31	$0.31	$0.31	$0.32	$0.32	Dividends / shareDiv/sh
$0.11	$0.10	$0.14	$0.16	$0.33	$0.27	$0.27	$0.24	$0.39	$0.19	$0.16	Cap. spending / shareCapex/sh
$5.89	$6.33	$7.09	$7.49	$8.76	$9.65	$10.37	$12.15	$12.87	$12.01	$13.29	Book value / shareBVPS

Share counts before 2021 are restated ×4 for a stock split, so per-share figures sit on one basis.

Per-share growththe realized rate an owner's share compounded

	9-yr	5-yr
Revenue / share	+9.6%/yr	+10.3%/yr
Owner earnings / share	+7.3%/yr	+10.5%/yr
EPS	−4.6%/yr	−20.6%/yr
Dividends / share	−0.1%/yr	+0.3%/yr
Capital spending / share	+6.2%/yr	−10.0%/yr
Book value / share	+8.2%/yr	+6.5%/yr

The record, charted

FY2016–2025

Each measure over its full record; the current point and the worst year marked. Share counts on the current split basis.

Share count

160Mpeak FY2022

ROIC

4%low FY2025

Gross margin

65%low FY2025

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

$257Mowner earningsvs.$73Mnet incomelow FY2016

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetainedBeyond op. cash

Each year's outlays against its operating cash: the mix, and how it drifts. The hatched cap is spending beyond that year's operating cash — financed from the balance sheet or borrowing, not operations.

FY2016FY2025

Owner-earnings bridge

FY2021–FY2025cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2025 the business turned $73M of profit into $257M of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.

Reported net income$73M

Owner earnings$257M · 21% of revenue

	FY2025	FY2024	FY2023	FY2022	FY2021
Reported net income	$73M	$168M	$285M	$272M	$140M
Depreciation & amortizationnon-cash charge added back	+$110M	+$112M	+$107M	+$101M	+$88M
Stock-based compensationreal costnon-cash, but a real cost	+$41M	+$38M	+$39M	+$42M	+$49M
Working capital & othertiming of cash in and out, other non-cash items	+$63M	−$19M	−$177M	−$90M	+$75M
Cash from operations	$288M	$299M	$254M	$325M	$352M
Capital expenditurecash put back in to keep running and to grow	−$31M	−$63M	−$38M	−$45M	−$44M
Owner earnings	$257M	$236M	$216M	$280M	$308M
Owner-earnings marginowner earnings ÷ revenue	21%	20%	19%	25%	33%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position . The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $41M), owner earnings is nearer $216M.

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

Will it survive?

Can it pay its interest? 12.0×

Comfortable

Operating income $102M ÷ interest expense $9M

What this means
Operating profit covers interest with the kind of margin Graham wanted for a defensive holding. Necessary, not sufficient, it says solvent, not cheap.
How heavy is the debt, net of cash? $183M · 1.8× operating profit

Modest net debt

Cash $162M + ST investments $1M − debt $346M

What this means
Netting $163M of cash and short-term investments against $346M of debt leaves $183M owed, about 1.8× a year's operating profit (3.4× on the gross debt, before the cash). Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? 201d

Long (60+ days)

DSO 62 + DIO 161 − DPO 22 days

What this means
Days cash is tied up between paying suppliers and collecting from customers. Lower is better; a long cycle means growth itself eats cash.

Is it a good business?

Return on invested capital 8%

Solid through the cycle

10-yr median, range 4%–15%; 4% latest = NOPAT $76M ÷ invested capital $2.1B

Industry peers: median 4%

What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 10 years (it ran 4% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
Owner-earnings margin 22%

High through the cycle

10-yr median margin, range 19%–33%; latest $257M = operating cash $288M − maintenance capex $31M

Industry peers: median 12%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 21% of revenue this year, a 22% median across 10 years. Treating stock comp as the real expense it is (less $41M of SBC) leaves $216M.
Are earnings backed by cash? 3.92×

Cash-backed

Cash from ops $288M ÷ net income $73M

What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.

How is the cash used?

Where do the earnings go? 127%

Returned more than it generated

Dividends + buybacks $326M ÷ Owner Earnings $257M

What this means
The company returned more than it generated: against $257M of Owner Earnings, $326M (127%) went back to shareholders, $50M dividends, $276M buybacks — the excess came from the balance sheet or borrowing, not the year's operations. Net of $41M stock comp, the real buyback was about $235M. Sustained, that pattern draws down cash or adds debt; the net-debt line above shows where it stands.
Investing or harvesting? 0.28×

Harvesting

Capex $31M ÷ depreciation $110M

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 5 of 6 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Near

Revenue ≥ $2B · $1.2B

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Pass

Current ratio ≥ 2× · 3.46×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Pass

Debt ≤ working capital · $346M vs $432M WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Earnings stability Pass

A profit every year (10-yr record) · no losses

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Pass

Uninterrupted dividends · paid every year (10)

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth Pass

Earnings +33% over the record · +72%

What this means
At least a third more earnings than a decade ago, averaging three years at each end. Net income (not per-share), so stock splits don't distort it, buybacks and dilution show up in the share-count line instead.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $1.12/share (latest year $0.47), the averaged base the calculator's gate runs on, and book value is $12.26/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2016–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 10 of 10

What this means
Never lost money over the record, the earnings stability Graham insisted on.
Return on capital ≥ 15% 0 of 10 yrs

What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
Operating margin 24% → 18% (3-yr avg ends)

What this means
Through the cycle the operating margin slipped — about 24% early to 18% lately, median 21% — competition or costs are biting in.
Reinvestment, incremental ROIC 6%

What this means
Reinvested capital came back at only a modest incremental return — near the cost of capital, where extra growth adds little per dollar. The record shows whether it is a soft stretch or a thinning moat.
Owner earnings growth +8%/yr

What this means
Owner earnings grew about 8% a year over the record.
Worst year 2025 · 8.4% op. margin

What this means
Stayed profitable even in its hardest year, the resilience that survives recessions.
Dividend record rising

What this means
Paid and raised the dividend across the record, the continuity Graham prized.

Does AI threaten the moat?

Low contestability

The moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.

AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of the latest quarter, Mar 31, 2026

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$688M

Cash & short-term investments$210M
Receivables$215M
Inventory$201M
Other current assets$62M

Current liabilities$153M

Debt due within a year$13M
Accounts payable$23M
Other current liabilities$117M

Current ratio4.49×all current assets ÷ what's due · Graham looked for 2×

Quick ratio3.18×stricter: inventory excluded

Cash ratio1.37×strictest: cash alone against what's due

Working capital$535Mthe cushion left after near-term bills

Debt due this year vs. cash$13M due · $210M cash covered by cash on hand, no refinancing forced · both figures from the Mar 31, 2026 balance sheet

Revenue, latest quarter vs. a year ago−1.5%the freshest read on whether the business is still growing

Current ratio, recent quarters3.9× → 4.5×

Deeper floors

Tangible book value$788Mequity stripped of goodwill & intangibles

Debt incl. operating leases$103M$90M of it operating leases

Deferred revenue$38Mcustomer cash collected before delivery; operating float

From the company's latest filing.

How the cash was used, 2016–2025

Over the record, the business generated $2.4B of operating cash; how management split it reads as a balanced allocator, splitting cash between the business, owners, and the balance sheet.

Reinvested$352M · 15%
Dividends$491M · 21%
Buybacks$645M · 27%
Retained (debt / cash)$876M · 37%

Returned to owners$1.1B
56% of the owner earnings the business produced over the span, $491M as dividends and $645M as buybacks.
Average price paid for buybacks$66.33
Across the years where the filing reports a share count, 10M shares were bought for $645M, about $66.33 each. Year to year the price paid ranged from $40.54 (2019) to $102.06 (2022); its heaviest year, 2025, paid $60.60 ($276M).
Net change in share count5.1%
The diluted count rose from 149M to 157M: issuance (stock pay, deals) outran any buybacks, so owners were diluted on net.
Dividend record$0.32/sh
Paid in 10 of the years on record, the per-share dividend shrinking about 0% a year. It was never cut over the span.
Return on what it retained23%
Of the earnings it kept rather than paid out ($435M over the span), annual owner earnings (first three years vs last three) grew $101M, so each retained $1 added about 0.23 of yearly owner earnings. Buffett's test, run on owner earnings instead of market value.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Acquisitions & goodwill

from the balance sheet & the 10-year cash-flow record

Goodwill grows only when a company acquires and falls only when it concedes it overpaid. The size of that bet, the cash put into buying rather than building, and how much has already been written off.

Goodwill & intangibles$1.3B53% of all assets; the premium carried on the balance sheet for businesses acquired

Against book equity51%goodwill is this share of book equity; the rest is the company’s own retained and paid-in capital

Cash spent acquiring$1.2Bover 10 years buying other businesses, against $352M of capital spent building

$8M written down across 1 year (2022): goodwill the company has already conceded it overpaid for, charged against earnings. A write-down costs no cash (the cash went out when the deal was signed), but it is management marking its own past judgment to market.

Goodwill, acquired intangibles and equity from the latest balance sheet; acquisition spend and write-downs summed across the 10-year record, from the company's own filings.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.

Fiscal year	Pay, as filed	“Actually paid”	Owner earnings
2021	$15.9M	$105.7M	$308M
2022	$15.4M	−$6.3M	$280M
2023	$30.6M	$4.7M	$216M
2024	$2.6M	$2.8M	$236M
2024	$6.8M	$4.8M	$236M
2025	$8.2M	$2.5M	$257M

Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.

Insider ownership1.3%
The stake all directors and executive officers hold together, per the 2025 proxy: skin in the game, the first thing Munger reads.
Stock-based compensation$41M
The slice of the business handed to employees in shares this year, 3% of revenue, equal to 40% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

Inverting the record

Invert: instead of why Bio-Techne is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2016–2025.

2 of the 6 tests turned up something to look into; the other 4 came back clean.

Look hereIs it less profitable than it was?20.1% vs 23.9%
The owner-earnings margin averaged 23.9% early in the record and 20.1% across the last three years, and the latest year has not recovered. Ask the filing whether that is a structural drift or a cyclical trough — price, mix, cost, or a competitor — and whether it is permanent.
Look hereDid the share count rise anyway?5.1%
Diluted shares grew 5.1% over 2016–2025, even as the company spent $645M on buybacks. The repurchases were a treadmill: stock issued to staff outran them, so owners' slice still shrank. Read the buyback line beside this one, not on its own.

And these came back clean

Did debt outgrow the business?
Did reported profit become cash?
Did receivables and inventory outpace sales?
Are "one-time" charges a yearly habit?

Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.

What an owner would ask, FY2025

read the 10-K →

Which reported numbers are a judgment call?
Management names Acquisitions, Stock compensation, Contingencies as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →

The questions the record and the charts do not answer on their own; each carries the figure and the place to look.

Peers, Biotechnology

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
EXELExelixis Inc.	$2.3B	96%	23.9%	18%	34%
MRNAModerna Inc.	$1.9B	55%	-126.4%	-35%	-77%
HALOHalozyme	$1.4B	83%	37.1%	17%	39%
TECHBio-Techne	$1.2B	67%	21.4%	9%	22%
TRLVTrulieve Cannabis Corp.	$1.2B	60%	12.1%	6%	13%
NVAXNovavax Inc.	$1.1B	65%	-117.4%	-128%	-50%
BCRXBioCryst Pharmaceuticals Inc.	$875M	95%	-148.8%	-142%	-128%
RGENRepligen Corporation	$738M	55%	13.4%	4%	12%
Group median	—	66%	12.8%	5%	12%

The price

What a price has to assume.

What the price implies

reverse-DCF

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Bio-Techne has delivered.

Today’s price $

Through the cycle, Bio-Techne earns about $273M on its 22.4% median owner-earnings margin. This year’s 21.0% margin runs in line with that. Normalize, below, values the price on that through-cycle figure rather than the latest year.

Base Normalize · through-cycle ($273M) Net of stock comp (−$41M)

—

The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth · ’21→’25−4%/yr

Owner-earnings growth · ’16→’25+8%/yr

Owner-earnings yield—

P/E (3-yr earnings ’23–’25)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Owner earnings $270M on 157M shares outstanding, per the 10-Q cover, as of 2026-04-29; net cash $10M. The base is the latest year by default; Normalize values it on the through-cycle median owner-earnings margin (to avoid paying on a peak year). Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh TECH against another business →

Cite: Owner Scorecard, "Bio-Techne (TECH), the owner's record," https://ownerscorecard.com/c/TECH, data as of 2026-07-09.

Manual order: ← TEAM its page in the Manual TEL →

Industry order: ← TARS the Biotechnology chapter TSHA →