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what it is
Bio-Techne sells the lab reagents, proteins, antibodies, and instruments researchers use to run experiments and diagnostic tests.
how it gets paid
Last year Bio-Techne made $1.2B in revenue.
why it's growing
Revenue grew 5.2% last year. Ignore headline “+97% vs. prior year” next to the ~$582M block—that does not map to full-year $1.2B without a period mismatch or bad aggregation.
what just happened
One filing window shows ~$582M revenue—likely half-year or TTM, not one quarter inside ~$1.2B FY. EPS lines differ: adjusted prints near ~$0.46 vs ~$0.45 est in one scrape; ~$0.49 may be another measure—match GAAP vs adjusted in the source.
At a glance
B++ balance sheet — above average — nothing keeping you up at night
55/100 earnings predictability — expect surprises
147.0x trailing p/e — you're paying up for this one
0.5% dividend yield — cash in your pocket every quarter
17.5% return on capital — nothing to write home about
xvary composite: 52/100 — below average
What they do
Bio-Techne sells the lab reagents, proteins, antibodies, and instruments researchers use to run experiments and diagnostic tests.
This company wins by being everywhere in the lab. Protein Sciences makes up 71% of sales, and Bio-Techne sells roughly 11,000 products, so your workflow often starts with something it makes. Gross margin was 65.1% in the latest quarter, which is jargon for pricing power, plain English for customers paying up, so what is you usually do not swap suppliers mid-experiment.
How they make money
$1.2B
annual revenue · their business grew +5.2% last year
total revenue
$1.2B
+5.2%
The products that matter
supports lab experiments
Proteins and enzymes
part of a $1.2B revenue base
These are core inputs for cell signaling and assay work, and they sit inside an 11,000+ item catalog that makes the overall business sticky even when no single product line is broken out here.
catalog depth
binds and detects targets
Antibodies
used across recurring lab workflows
Antibodies matter because repeat experiments create repeat orders, and a company carrying a 35% operating margin is telling you these products are not being sold like pure commodities.
repeat purchase
powers sample preparation
Reagents
64.6% gross margin backdrop
This is the honest version of the story: the page does not provide segment revenue splits, so you should think of reagents as part of a high-margin toolkit business rather than a standalone growth number.
high-margin toolkit
Key numbers
147x
trailing p/e
Price-to-earnings ratio → how many years of current profit you are paying for → so what, the stock is priced like growth is already back.
$1.2B
annual revenue
This is a real business with scale, but a $10 billion market cap on $1.2 billion of sales means you are paying a premium for each dollar coming in.
65.1%
gross margin
Gross margin → revenue left after product costs → so what, Bio-Techne has pricing power even when growth gets messy.
17.5%
return on capital
Return on capital → profit generated from money invested in the business → so what, the business quality is better than the stock price suggests.
Financial health
B++
strength
- balance sheet grade B++ — above average financial health
- risk rank 3 — safer than 50% of stocks
- price stability 45 / 100
- long-term debt $300M (3% of capital)
- net profit margin 27.5% — keeps 28 cents of every dollar in revenue
- return on equity 18% — $0.18 profit for every $1 investors have put in
B++ — functional but not a standout on the balance sheet.
Total return vs. market
You invested $10,000 in TECH 3 years ago → it's now worth $8,540.
The index would have given you $14,770.
source: institutional data · total return
What just happened
mixed · verify period & EPS line
Reported revenue block ~$582M sits awkwardly vs ~$1.2B FY—treat it as interim/TTM unless the filing says otherwise. EPS: ~$0.46 vs ~$0.45 est in one feed; ~$0.49 may be a different EPS definition.
FY revenue grew ~5.2% on this page. Drop the old “+97% vs. prior year revenue” line—it conflicts with that FY bridge. Gross margin ~65.1% is the cleaner through-line.
$582M
revenue
$0.49
eps
65.1%
gross margin
the number that mattered
The ~5.2% FY revenue growth matters more than stray triple-digit vs. prior year tags. September-period sales slipped ~1.0% to ~$286.5M in coverage below—compare adjusted EPS footnotes there before trusting a single “beat.”
-
during the september period, sales fell 1.0% vs. prior year, to $286.5 million.at first glance, adjusted share earnings of $0.42 appear to have soared well beyond last year’s $0.21 a share showing.
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however, as footnoted, we are now presenting earnings on an adjusted basis.for context, last year’s september adjusted earnings result was flat, vs. prior year, at $0.42 a share.
-
the subpar beginning to the year likely sets the stage for ongoing challenges in the coming months.
-
however, investors have not reacted too severely.in fact, the equity has increased slightly in value since our november report, and remains well above its 52-week nadir.
-
the company’s operating landscape will likely remain tough for the foreseeable future.
source: company earnings report, 2026
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What could go wrong
The #1 risk here is research budget softness at biotech and academic customers. Bio-Techne sells the lab inputs. When those customers slow purchasing, even a high-margin catalog business feels it.
med
customer funding stays tight
Universities, pharma labs, and smaller biotechs do not buy reagents out of habit. They buy when projects are funded. A company with $1.2B in revenue is still exposed to that spending cycle.
If customer budgets stay weak, recent softness like the 1.0% decline to $286.5M can persist longer than the stock is priced to tolerate.
med
the earnings rebound arrives later than promised
The market is leaning on a $1.95 fiscal-year EPS expectation while the latest reported quarter was $0.24 and recent sales looked flat to down. That is a timing risk more than a balance-sheet risk.
When the stock trades at 147.0x trailing earnings, even a small delay in recovery can compress the multiple before fundamentals visibly break.
med
headline quality gets muddied by adjusted comparisons
The September-period EPS comparison looked dramatic until the footnote showed the presentation changed and the adjusted comparison was actually flat at $0.42. Investors usually hate accounting fog when valuation is already rich.
If future quarters rely on cleaner optics more than cleaner demand, confidence can fade faster than the income statement suggests.
The combined risk picture is simple: a high-quality business with a B++ balance sheet can still be a weak stock if sales stay soft and the 147x multiple has to do the math.
source: institutional data · regulatory filings · risk analysis
Pay attention to
earnings
next earnings report
The next report needs to show reported sales growth, not just resilient margins. At 147x trailing earnings, flat revenue is not a neutral outcome.
metric
gross margin vs. revenue
Gross margin at 64.6% tells you the product economics still work. The key question is whether that strength starts pulling revenue higher again or just masks weak ordering.
trend
cleaner demand trend
One quarter of flat-to-down sales can be a pause. Several quarters turns it into the story. You want to see the September-period 1.0% decline stop repeating.
risk
valuation tolerance
Forward p/e near 34.7x is more reasonable than the trailing 147.0x, but it still assumes the $1.95 EPS path stays intact. If that slips, the stock can re-rate quickly.
Analyst rankings
short-term outlook
below average
outlook rank 4 — in human-speak, analysts do not expect this stock to lead in the near term.
risk profile
average
risk rank 3 — this is not a balance-sheet accident waiting to happen. The risk sits more in the valuation than the capital structure.
chart momentum
bottom 5%
momentum rank 5 is the worst rating available. In plain English: the tape has not believed the rebound story yet.
earnings predictability
55 / 100
A 55/100 predictability score means the earnings path is only moderately readable. That matters more when the stock is already priced for improvement.
source: institutional data
Institutional activity
institutions have been net buying for 3 consecutive quarters — 300 buyers vs. 253 sellers in 3q2025. total institutional holdings: 0.2B shares. net buying for 3 quarters.
source: institutional data
Price targets
3-5 year target range
$33
$88
$68
current price
$61
target midpoint · 10% from current · 3-5yr high: $120 (+75% · 15% ann'l return)
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