# Bio-Techne Corporation (TECH)

> Source: Nexqual · https://nexqual.com/TECH · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Bio-Techne Corporation (TECH), nexqual.com/TECH" · informational, not investment advice.

**Price:** USD 72.62 (-0.03% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 72.64 · day 72.51–72.69 · 52w 43.2–72.69 · market cap $11.4B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $1.22B, net income $182M (15.0% margin), free cash flow $263M (SEC filings).
- Valuation: P/E 62.6x (avg 80.5x at the last 3 fiscal year-ends).
- 5 of 80 tracked superinvestors hold TECH (13F, Q2 2026): 0 new, 0 added, 5 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $320K; 1 not under a Rule 10b5-1 plan ($320K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Hold (mean 2.92 on a 1–5 scale) (13 analysts), mean target USD 70.5 (range 50–73).
- Total return with dividends: 1Y +10.6% vs S&P 500 +14.9%; 5Y -41.2% vs S&P 500 +80.3%.
- Next earnings: 2026-11-09, EPS estimate USD 0.45, revenue estimate $292M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.11B | $1.14B | $1.16B | $1.22B | $1.22B | $1.22B |
| Gross profit | $756M | $770M | $770M | $790M | $799M | — |
| Operating income | $297M | $299M | $207M | $102M | $252M | $252M |
| Net income | $272M | $285M | $168M | $73.4M | $182M | $182M |
| EPS (diluted) | $1.66 | $1.76 | $1.05 | $0.46 | $1.16 | — |
| Free cash flow | $280M | $216M | $236M | $257M | $263M | $263M |
| Gross margin | 68.4% | 67.7% | 66.4% | 64.8% | 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% |
| Revenue growth | +18.7% | +2.8% | +2.0% | +5.2% | -0.4% | — |
| Cash + short-term investments | $247M | $204M | $153M | — | — | — |
| Total debt | $256M | $350M | $319M | $346M | $200M | — |
Fiscal years end Jun. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 62.6x · P/S 9.4x · P/FCF 43.3x · P/B 5.4x · FCF yield 2.31% · Earnings yield 1.60% · Dividend yield (paid, TTM) 0.44% · Buyback yield (TTM) 0.37%
P/E at fiscal year-ends: Jun 2026 61.0x, Jun 2025 112.0x, Jun 2024 68.5x.

## Superinvestors (SEC 13F-HR, Q2 2026)
5 of 80 tracked investors hold TECH. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Ruane Cunniff | Ruane Cunniff LP | 3.68% | $237M | Reduced -1.3% |
| Wallace Weitz | Weitz Investment Management | 2.66% | $38.4M | Reduced -16.8% |
| Mairs & Power | Mairs & Power Funds | 1.75% | $191M | Reduced -1.8% |
| Lee Ainslie | Maverick Capital | 0.98% | $108M | Reduced -67.6% |
| Henry Ellenbogen | Durable Capital Partners | 0.34% | $35.5M | Reduced -88.7% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 1 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-05-08 | Herr Amy E. | Director | 6,636 | $320K | 69.7% | No | Too little history (no open-market trades in 2023 or 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Hold (mean 2.92 on a 1–5 scale), 13 analysts; mean target USD 70.5 (low 50, high 73).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-13 | Wells Fargo | Downgrade | Overweight → Equal-Weight | $62 → $73 |
| 2026-07-09 | RBC Capital | Downgrade | Outperform → Sector Perform | $62 → $73 |
| 2026-06-30 | TD Cowen | Downgrade | Buy → Hold | $65 → $73 |
| 2026-06-30 | Benchmark | Downgrade | Buy → Hold |  |
| 2026-06-29 | Citigroup | Downgrade | Buy → Neutral | $70 → $73 |
| 2026-06-26 | Stephens & Co. | Downgrade | Overweight → Equal-Weight | $68 → $73 |
| 2026-06-26 | William Blair | Downgrade | Outperform → Market Perform |  |
| 2026-06-26 | Baird | Target raised | Neutral | $49 → $73 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +10.6% | -41.2% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +10.6% | -10.1% |
| Volatility (annualized) | 43.5% | 39.2% |
| Max drawdown | -39.3% (Jan 2026→May 2026) | -66.3% (Oct 2021→May 2026) |

## Peers (Biotechnology)
CORT (Corcept Therapeutics Incorporat) USD 107.5 -7.55% · BMRN (BioMarin Pharmaceutical Inc.) USD 56.63 +2.57% · MDGL (Madrigal Pharmaceuticals, Inc.) USD 453.34 -1.01% · SMMT (Summit Therapeutics Inc.) USD 15.55 -1.77% · PCVX (Vaxcyte, Inc.) USD 62.85 -0.60% · BBIO (BridgeBio Pharma, Inc.) USD 68.12 +0.56%

## More
Full page: https://nexqual.com/TECH · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in TECH's own 10-K filed 2026-08-24 (https://www.sec.gov/Archives/edgar/data/842023/000110465926100322/tech-20260630x10k.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Techne | "The majority of Bio-Techne Diagnostic division's sales are through OEM agreements, but we sell some of our diagnostic reagent products directly to customers and, in Europe and Asia, also through distributors." |
| Customer | FedEx (FDX) | "Consequently, we ship a significant portion of our products to our customers by express mail or air delivery through package delivery companies, such as FedEx in the U.S. and DHL in Europe." |
| Partner | Merck (MRK) | "On June 25, 2026, the Company entered into the Agreement and Plan of Merger (the "Merger Agreement"), with Merck KGaA, Darmstadt, Germany, a German corporation with general partners ("Parent") and EMD Holdings NewCo, Inc…" |
| Partner | Wilson Wolf | "Through a collaborative marketing venture with Wilson Wolf, we have leveraged the products we have or are developing to provide a more complete offering for the cell and gene therapy market." |
| Partner | Thermo Fisher (TMO) | "We sell our products directly to customers who are primarily located in North America, Europe and China, as well as through a distribution agreement with Thermo Fisher Scientific." |
| Partner | ScaleReady | "We have also continued participating in our collaborative marketing venture, ScaleReady LLC, with Wilson Wolf and another partner, which addresses the needs of the rapidly expanding cell and gene therapy market." |

Other companies that name TECH in their own reports (relationship from TECH's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | Wave Life Sciences, Inc. (WVE) | 10-K 2026-02-26 | "In November 2019, we entered into an agreement with Asuragen (which was acquired by Bio-Techne Corporation in April 2021), a molecular diagnostics company, for the development and potential commercial…" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Protein Sciences | $231.2M | 71.9% | +2.1% | $97.1M | 42.0% |
| Diagnostics & Spatial Biology | $90.1M | 28.1% | +0.5% | $10.1M | 11.2% |
| Total revenue | $321.3M | 100% | — | $74.3M | 23.1% |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Product & Services | $315.3M | 98.1% | +1.2% |
| — Consumables (part of Product & Services) | $260.7M | 81.1% | +3.1% |
| — Instruments (part of Product & Services) | $31.5M | 9.8% | +9.1% |
| — Service (part of Product & Services) | $23.1M | 7.2% | -22.1% |
| Royalty | $5.9M | 1.8% | +6.5% |
| Total revenue | $321.3M | 100% | — |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $166.1M | 51.7% | -5.8% |
| EMEA Excluding UK | $80.3M | 25.0% | +14.1% |
| China | $26.9M | 8.4% | +0.0% |
| APAC Excluding Greater China | $22.1M | 6.9% | +17.0% |
| United Kingdom | $14.5M | 4.5% | -2.2% |
| Rest Of World | $11.3M | 3.5% | +17.4% |
| Total revenue | $321.3M | 100% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.45 | $0.44 | +1.9% | $292.2M | 7 |
| Next quarter (ends 2026-12-31) | $0.48 | $0.48 | -0.2% | $307.8M | 6 |
| Current fiscal year (ends 2027-06-30) | $2.04 | $2.05 | -0.4% | $1.27B | 13 |
| Next fiscal year (ends 2028-06-30) | $2.31 | $2.30 | +0.5% | $1.40B | 9 |