XStocksXray

Research report · 16 October 2026

BIO-TECHNE Corp (TECH)

Health Care · Life Sciences Tools & Services · US stock · price as of 16 Oct 2026

Key indicators

Price	$72.57
52-week range	$43.02 – $72.69
Market cap	$11.4B
P/E (trailing)	62.6×
EV / EBITDA	32.4×
Free-cash-flow yield	2.3%
Dividend yield	0.6%
Revenue (last 12 months)	$1.2B
Revenue growth (3y a year)	2.2%
Operating margin	20.7%
Return on invested capital	8.9%
Net debt / EBITDA	0.1×

Fair value

Blended fair value$32.71 range $32 – $34

Versus priceOvervalued−55% to fair value

Peer multiples	$36.64
Fundamentals-adjusted multiple	$32.82
10-year DCF (market-scaled)	$28.68
Earnings power value (floor, not blended)	$13.34
Model uncertainty	Medium

X-Ray Score

40/ 100 · High confidence · ahead of 20% of sector peers

Valuation11

Growth26

Profitability46

Financial health83

Dividends40

Five-year price chart navy: price · brown: 200-day average · blue band: fair value range

Executive summary

Bio-Techne develops and manufactures reagents, instruments and diagnostic products used in life science research and clinical testing. Its proteins, antibodies and assay kits are used by academic, biotech and pharmaceutical researchers, while its protein analysis instruments and its diagnostics and genomics products serve laboratories and clinical customers. The business is organised into a protein sciences group and a diagnostics and spatial biology group.

Revenue comes from repeat orders of consumable reagents and kits, alongside instruments and diagnostic products. It totals $1.2 billion over the last twelve months, growing at 2.2% a year across three years. The operating margin is 20.7%, and the business earns a profit of 9% on the capital invested in it. Bio-Techne carries net debt of 0.1 times EBITDA, and the dividend yield is 0.6%.

StocksXray gives BIO-TECHNE Corp an X-Ray Score of 40 out of 100 (high confidence), ahead of 20% of the S&P 500 stocks in its sector. Its strongest lens is financial health (83) and its weakest is valuation (11).

Our fair value blend is $32.71 (range $31.64 to $33.68). At $72.57 the stock trades 122% above that blend, so the label is "Overvalued" with medium model uncertainty. Fair value is a range, not a price target.

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BIO-TECHNE Corp (TECH)

Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months

	FY2022	FY2023	FY2024	FY2025	FY2026	Now
Price	$84.48	$80.20	$70.71	$51.03	$70.49	$72.57
Market cap	$13.9B	$13.0B	$11.4B	$8.2B	$11.1B	$11.4B
P/E	50.9×	45.6×	67.3×	110.9×	60.8×	62.6×
EV / revenue	12.5×	11.5×	10.0×	6.8×	9.1×	9.3×
EV / EBITDA	34.9×	32.3×	36.2×	39.3×	31.5×	32.4×
Price / free cash flow	49.5×	60.1×	48.1×	31.8×	42.0×	43.3×
Free-cash-flow yield	2.0%	1.7%	2.1%	3.1%	2.4%	2.3%
Price / book	8.1×	6.6×	5.5×	4.2×	5.2×	5.4×
Dividend yield	0.38%	0.40%	0.45%	0.63%	0.45%	0.55%

Fundamentals checklist ● 6 Good · ● 4 Average · ● 6 Bad · each check graded against the sector

Cash quality

Earnings backed by cash−4.3%Average

Free-cash-flow yield2.3%Bad

Risk models

Altman Z score8.2×Good

Piotroski F-Score8 of 9Good

Growth

EPS growth (3y)−13.0%Bad

Free-cash-flow growth (3y)6.8%Average

Revenue growth (3y)2.2%Bad

Growth consistency70%Bad

Balance sheet

Current ratio4.5×Good

Net debt / EBITDA0.1×Good

Interest cover26.2×Good

Valuation

Fair value vs price0.5×Bad

EBIT / EV yield2.2%Bad

Profitability

Return on invested capital8.9%Average

Operating margin20.7%Good

Gross profitability30.9%Average

XStocksXray

BIO-TECHNE Corp (TECH)

Financials US$ millions, from SEC filings; last column is the last twelve months

Income statement	FY22	FY23	FY24	FY25	FY26	LTM
Revenue	1,106	1,137	1,159	1,220	1,215	1,215
Gross profit	756	770	770	790	799	799
Operating income	297	299	207	102	252	252
Net income	272	285	168	73	182	182
Diluted EPS ($)	1.66	1.76	1.05	0.46	1.16	1.16
Free cash flow	280	216	236	257	263	263
Gross margin	68.4%	67.7%	66.4%	64.8%	65.8%	65.8%
Operating margin	26.8%	26.3%	17.8%	8.4%	20.7%	20.7%
Net margin	24.6%	25.1%	14.5%	6.0%	15.0%	15.0%
Balance sheet	FY22	FY23	FY24	FY25	FY26	LTM
Total assets	2,295	2,639	2,704	2,558	2,587	2,587
Cash	173	181	152	162	265	265
Total debt	256	350	319	346	200	200
Equity	1,702	1,967	2,069	1,919	2,108	2,108
Dividend per share ($)	0.32	0.32	0.32	0.32	0.32	–

Revenue and net income US$ billions: navy revenue, teal net income

Margins blue gross, teal operating, brown net

Latest quarters

	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue ($M)	316	317	287	296	311	321
Growth vs a year earlier	+4.2%	+3.5%	−1.0%	−0.4%	−1.5%	+1.3%
Net income ($M)	23	-18	38	38	51	55
Diluted EPS ($)	0.14	–	0.24	0.24	0.32	–

XStocksXray

BIO-TECHNE Corp (TECH)

Peers in Life Sciences Tools & Services

Company	X-Ray
TECH · BIO-TECHNE Corp	40
MTD · Mettler Toledo Internation...	50
A · Agilent Technologies, Inc.	42
IQV · Iqvia Holdings Inc.	42
ILMN · Illumina, Inc.	39

Market Compass outlook for Health Care: Neutral (51/100). It blends regime history, macro sensitivity, momentum and valuation.

Returns

1 week	+0.2%
1 month	+0.2%
3 months	+1.5%
6 months	+23.0%
1 year	+22.6%
3 years	+6.5%
5 years	−37.8%

Technical summary

DailyStrongly bullish12 bullish · 2 neutral · 2 bearish

WeeklyStrongly bullish11 bullish · 1 neutral · 0 bearish

MonthlyStrongly bullish7 bullish · 1 neutral · 0 bearish

50-day / 200-day average	$72.35 / $62.57
52-week low / high	$43.02 / $72.69
Classic pivot, support and resistance	S2 72.40 · S1 72.48 · P – · R1 72.62 · R2 72.68

Recent dividends

Ex-dividend date	Amount per share
24 Aug 2026	$0.0800
17 Aug 2026	$0.0800
18 May 2026	$0.0800
13 Feb 2026	$0.0800
17 Nov 2025	$0.0800
18 Aug 2025	$0.0800

XStocksXray

BIO-TECHNE Corp (TECH)

Strengths

Operating margin of 20.7% is ahead of 68% of its sector peers.
Interest cover of 26.2× is ahead of 69% of its sector peers.
Net debt is only 0.1× EBITDA, ahead of 85% of its sector peers.
Piotroski F-Score of 8 out of 9: most of the nine accounting health tests pass.
Has raised its dividend for 7 years in a row.

Risks and weak spots

Free-cash-flow yield is weak against Health Care peers (2.3%).
EPS growth (3y) is weak against Health Care peers (−13.0%).
Revenue growth (3y) is weak against Health Care peers (2.2%).
Growth consistency is weak against Health Care peers (70%).
Fair value vs price is weak against Health Care peers (0.5×).
EBIT / EV yield is weak against Health Care peers (2.2%).
The price is above our fair value range, so good news may already be in the price.

Latest SEC filings

Date	Form	Items
23 Sep 2026	8-K	5.07,7.01,9.01
14 Sep 2026	8-K	8.01
24 Aug 2026	10-K
12 Aug 2026	8-K	2.02,8.01,9.01
26 Jun 2026	8-K	1.01,5.02,9.01
25 Jun 2026	8-K	7.01,9.01
6 May 2026	10-Q
6 May 2026	8-K	2.02,8.01,9.01

How to read this report

Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.