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Bio-Techne
(NASDAQ:TECH)
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Rating:70Outperform
Price Target:
$78.00
▲(31.69% Upside)
Action:Reiterated
Date:06/27/26
The score is driven primarily by solid underlying financial strength (strong cash flow and conservative leverage) and supportive earnings-call commentary pointing to moderating timing headwinds and improving margins. These positives are balanced by weak recent growth/profitability trends, a technically overbought setup, and a very expensive valuation (high P/E with a low dividend yield), which together cap the overall rating.
Positive Factors
Strong cash generation & low leverage
Operating cash flow that exceeds operating profit and a high free cash flow conversion (FCF/net income ~0.91) provide durable financial flexibility. Conservative leverage (debt/equity ~0.13) lets the company fund R&D, support instrument-install base economics, pursue M&A or withstand multiquarter biotech funding cycles without liquidity stress.
Negative Factors
Material trailing revenue decline
A ~39% TTM revenue decline represents a material growth reset rather than a transient blip. Loss of scale pressures operating leverage, compresses returns, and makes multi‑quarter recovery contingent on sustained demand rebounds from large pharma, China growth or restored biotech early‑stage spending rather than solely on internal execution.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation & low leverage
Operating cash flow that exceeds operating profit and a high free cash flow conversion (FCF/net income ~0.91) provide durable financial flexibility. Conservative leverage (debt/equity ~0.13) lets the company fund R&D, support instrument-install base economics, pursue M&A or withstand multiquarter biotech funding cycles without liquidity stress.
Read all positive factors
Bio-Techne Key Performance Indicators (KPIs)
Any
Revenue by Geography
Breaks down sales across regions so you can see where the company’s demand is strongest and where it faces exposure to local economic cycles, regulatory changes, or currency swings. Helps gauge geographic diversification and where future growth or risk is concentrated.
Breaks down sales across regions so you can see where the company’s demand is strongest and where it faces exposure to local economic cycles, regulatory changes, or currency swings. Helps gauge geographic diversification and where future growth or risk is concentrated.
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The Fly
The FlyBio-Techne (TECH) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$11.11B
Dividend Yield0.54%
Average Volume (3M)6.21M
Price to Earnings (P/E)100.2
Beta (1Y)0.85
Revenue Growth0.17%
EPS Growth-15.73%
CountryUS
Employees3,100
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)0.71
Shares Outstanding156,568,760
10 Day Avg. Volume13,062,630
30 Day Avg. Volume6,206,010
Financial Highlights & Ratios
PEG Ratio-1.95
Price to Book (P/B)4.22
Price to Sales (P/S)6.64
P/FCF Ratio31.59
Enterprise Value/Market Cap0.78
Enterprise Value/Revenue7.18
Enterprise Value/Gross Profit11.05
Enterprise Value/Ebitda33.69
Forecast
1Y Price Target
$67.09Price Target Upside13.27% Upside
Rating ConsensusHold
Number of Analyst Covering14
EPS Forecast (FY)2.06
Revenue Forecast (FY)$1.26B
Bio-Techne Business Overview & Revenue Model
Company Description
Bio-Techne Corporation, together with its subsidiaries, develops, manufactures, and sells life science reagents, instruments, and services for the research, diagnostics, and bioprocessing markets worldwide. The company operates through two segment...
How the Company Makes Money
Bio-Techne makes money primarily by selling life science research and diagnostic products through direct sales and distribution channels. A major revenue stream is consumable research reagents—such as antibodies, recombinant proteins, cytokines, i...
Bio-Techne Earnings Call Summary
Earnings Call Date:May 06, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Aug 11, 2026
Earnings Call Sentiment Positive
The call highlighted strong execution in high-value growth vectors (Spatial Biology/COMET, GMP proteins excl. timing impacts, Proteomic Analysis instruments, large pharma strength and four consecutive quarters of China growth), solid sequential margin improvement and robust cash generation. Offsetting these positives were a 2% organic revenue decline, continued weakness in emerging/early-stage biotech spending, timing headwinds from two fast-track cell therapy customers and an OEM order, and YoY mix-related margin pressure. Management expects near-term organic revenue to be roughly flat but positions the business for an inflection in fiscal 2027 as funding improvements translate to customer spending.Positive Updates
Strong Spatial Biology Momentum and COMET Backlog
Spatial Biology delivered mid-teens growth overall with the COMET Multiomic Spatial Platform growing more than 65% in the quarter; company exited the quarter with a record COMET backlog and installed the first COMET system in China, positioning the platform for continued scaling.
Negative Updates
Overall Revenue Decline
Total revenue for Q3 was $311.4 million, decreasing 2% on both an organic and reported basis; foreign exchange was a 2% tailwind while prior divestiture and timing effects together created notable headwinds.
Read all updates
Q3-2026 Updates
Positive
Negative
Strong Spatial Biology Momentum and COMET Backlog
Spatial Biology delivered mid-teens growth overall with the COMET Multiomic Spatial Platform growing more than 65% in the quarter; company exited the quarter with a record COMET backlog and installed the first COMET system in China, positioning the platform for continued scaling.
Read all positive updates
Company Guidance
Bio‑Techne said it expects Q4 organic revenue to be approximately flat, with underlying growth across the rest of the portfolio running at low single digits once the company‑specific GMP/cell‑therapy timing headwind (which will moderate to ~150 basis points in Q4 and be fully lapped in FY‑2027) is excluded; management also reiterated that the prior quarter suffered a ~400‑bp timing headwind, that biotech funding has rebounded (+90% and +50% in recent fiscal Q2 and Q3) with a typical 2–3 quarter lag to spending, and that they intend to expand Q4 margins by roughly 100 basis points year‑over‑year (building on Q3 adjusted operating margin of 34.2%, a 310‑bp sequential improvement, and adjusted gross margin of 70.4%); longer term they said they would be disappointed if FY‑2027 did not deliver at least mid‑single‑digit growth as company‑specific headwinds roll off and funding translates to customer spend.Bio-Techne Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
80
Positive
Cash Flow
86
Very Positive
| Breakdown | TTM | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.21B | 1.22B | 1.16B | 1.14B | 1.11B | 931.03M |
| Gross Profit | 786.49M | 790.27M | 769.73M | 769.82M | 756.50M | 632.85M |
| EBITDA | 257.98M | 216.88M | 313.14M | 457.11M | 413.76M | 249.87M |
| Net Income | 109.57M | 73.40M | 168.10M | 285.26M | 272.05M | 140.41M |
Balance Sheet | ||||||
| Total Assets | 2.55B | 2.56B | 2.70B | 2.64B | 2.29B | 2.26B |
| Cash, Cash Equivalents and Short-Term Investments | 209.82M | 162.19M | 152.86M | 204.31M | 247.03M | 231.55M |
| Total Debt | 290.32M | 444.06M | 419.54M | 454.96M | 325.97M | 420.55M |
| Total Liabilities | 465.30M | 639.06M | 635.02M | 672.18M | 593.79M | 691.72M |
| Stockholders Equity | 2.09B | 1.92B | 2.07B | 1.97B | 1.70B | 1.56B |
Cash Flow | ||||||
| Free Cash Flow | 269.60M | 256.55M | 236.10M | 216.15M | 280.36M | 307.86M |
| Operating Cash Flow | 294.86M | 287.56M | 298.98M | 254.39M | 325.27M | 352.16M |
| Investing Cash Flow | -10.73M | -35.18M | -203.03M | -265.65M | -96.85M | -243.52M |
| Financing Cash Flow | -226.36M | -253.91M | -122.40M | 22.62M | -242.85M | -62.55M |
Bio-Techne Technical Analysis
Positive
59.23
Price Trends
55.20
Positive
55.12
Positive
58.31
Positive
Market Momentum
5.12
Negative
76.25
Negative
87.13
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TECH, the sentiment is Positive. The current price of 59.23 is below the 20-day moving average (MA) of 63.26, above the 50-day MA of 55.20, and above the 200-day MA of 58.31, indicating a bullish trend. The MACD of 5.12 indicates Negative momentum. The RSI at 76.25 is Negative, neither overbought nor oversold. The STOCH value of 87.13 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TECH.
Bio-Techne Risk Analysis
Bio-Techne disclosed 27 risk factors in its most recent earnings report. Bio-Techne reported the most risks in the "Production" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Bio-Techne Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | $9.53B | 26.92 | 126.27% | ― | 39.12% | -24.20% | |
73 Outperform | $9.98B | 207.22 | 7.50% | ― | 12.20% | -64.76% | |
72 Outperform | $15.59B | 602.22 | 0.71% | ― | 9.20% | -94.01% | |
70 Outperform | $11.11B | 100.21 | 5.49% | 0.54% | 0.17% | -15.73% | |
68 Neutral | $25.96B | -81.80 | -6.85% | ― | -89.16% | -84.69% | |
54 Neutral | $7.85B | -36.89 | -203.25% | ― | 58.67% | -11.45% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
TECH
Bio-Techne
71.15
17.34
32.21%
CORT
Corcept Therapeutics
93.25
21.37
29.73%
HALO
Halozyme
78.62
21.47
37.57%
JAZZ
Jazz Pharmaceuticals
246.91
136.64
123.91%
RYTM
Rhythm Pharmaceuticals
115.48
28.78
33.19%
ROIV
Roivant Sciences
36.81
25.45
224.03%
Bio-Techne Corporate Events
Business Operations and StrategyM&A TransactionsRegulatory Filings and ComplianceShareholder Meetings
Bio-Techne to Be Acquired by Merck KGaA
Positive
Jun 26, 2026
On June 25, 2026, Bio-Techne agreed to be acquired by Merck KGaA, Darmstadt, Germany, in an all-cash merger valuing each Bio-Techne share at $73, with Bio-Techne to survive as a wholly owned subsidiary through a merger with a Merck-controlled vehi...
Business Operations and StrategyM&A Transactions
Merck to Acquire Bio-Techne in Cash Deal
Positive
Jun 25, 2026
On June 25, 2026, Merck KGaA, Darmstadt, Germany and Bio-Techne Corporation announced a definitive agreement under which Merck will acquire Bio-Techne for $73 per share in cash, implying an enterprise value of about $11.3 billion and a 36% premium...
Business Operations and StrategyFinancial Disclosures
Bio-Techne Q3 2026 Results Show Mixed Performance
Neutral
May 6, 2026
On May 6, 2026, Bio-Techne reported third-quarter fiscal 2026 results showing a 2% decline in reported and organic revenue to $311.4 million, weighed by prior-year GMP fast‑track orders and timing of large commercial supply shipments. Despit...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.