At a glance
Bio-Techne Corp is worth $11.41B, about 63 times its fiscal 2026 earnings. Revenue fell 0.4% to $1.22B in fiscal 2026, with 15.0% kept as profit; over 5 years it has grown 5.5% a year. It pays a 0.55% dividend yield, and returned $829.2M to shareholders in dividends and buybacks over FY2022–FY2026. The stock returned +16.9% over the past year with dividends reinvested and −9.9% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 23.5% in the 2020 crash (S&P 500: 33.7%) and 42.0% in the 2022 bear market (S&P 500: 24.5%).
The business in plain English
Bio-Techne, based in Minneapolis, makes and sells the tools scientists use to study disease, discover drugs and run clinical tests. Its catalog runs to hundreds of thousands of products, most made in its own plants in North America, the UK, Switzerland and China. Most revenue comes from supplies that labs use up and reorder: in fiscal 2026 (the year ended June 30, 2026), consumables made up 81.1% of $1.22 billion in sales. Instruments added 9.1%, service 7.8% and royalties 2.1%.
Protein Sciences, the larger segment at 72% of sales, sells research proteins such as cytokines and growth factors (signaling molecules that steer cell behavior), antibodies and small molecules under brands including R&D Systems, Tocris and Novus Biologicals. It also sells ProteinSimple instruments that automate protein testing. Buyers include university labs, drug and biotech companies, contract research organizations and developers of cell and gene therapies.
Diagnostics and Spatial Biology, about 28% of sales, makes controls and calibrators that help clinical lab machines give accurate results. Most are sold to instrument makers that put their own names on them. It also sells Asuragen genetic and cancer test kits, plus ACD and Lunaphore tools that show where genes and proteins are active inside tissue. The US supplied 52.3% of sales, Europe outside the UK 24.2% and China 8.6%. No single customer reached 10% of either segment's sales.
Price history
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TECH +16.9% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Consumables | $985.1M | 81.1% |
| Instruments | $110.6M | 9.1% |
| Service | $94.3M | 7.8% |
| Royalty | $25.0M | 2.1% |
By business segment
| Protein Sciences | $874.6M | 72% |
| Diagnostics And Spatial Biology | $336.4M | 27.7% |
By geography
| US | $635.4M | 52.3% |
| EMEAExcluding UK | $294.2M | 24.2% |
| CN | $104.1M | 8.6% |
| APACExcluding Greater China | $85.8M | 7.1% |
| GB | $56.3M | 4.6% |
| Rest Of World | $39.3M | 3.2% |
Latest results
- In Q4 FY2026 (ended Jun 30, 2026), revenue was $321.2M, up 1.3% from a year earlier, and net income was $54.6M.
- For fiscal 2026, revenue was $1.22B (-0.4% year over year; +5.5% a year from FY2021 to FY2026) with a 15% net margin.
Financial health check
| Revenue growth a year (FY2021–FY2026) | +5.5% good |
|---|---|
| Operating margin | 20.7% good |
| Free cash flow margin | 21.7% good |
| Return on equity (FY2026) | 8.6% watch |
| Return on assets (FY2026) | 7% watch |
| Net cash (cash minus debt) | $64.7M good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $931.0M | $140.4M | $307.9M |
| FY2022 | $1.11B | $272.1M | $280.4M |
| FY2023 | $1.14B | $285.3M | $216.1M |
| FY2024 | $1.16B | $168.1M | $236.1M |
| FY2025 | $1.22B | $73.4M | $256.6M |
| FY2026 | $1.22B | $181.8M | $263.2M |
Valuation snapshot
| Market value | $11.41B |
|---|---|
| P/E ratio | 62.6 |
| Dividend yield | 0.55% |
Rank among 1514 US companies
Market value at each year end
Bio-Techne’s market value went from $3.84B at the end of 2016 to $11.41B on Nov 2, 2026, about 3.0 times as much; since the end of 2025 it is up 25%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $11.41B | +24.6% |
| 2025 | $9.16B | -19.9% |
| 2024 | $11.44B | -6.2% |
| 2023 | $12.20B | -6.2% |
| 2022 | $13.01B | -36.0% |
| 2021 | $20.33B | +65.8% |
| 2020 | $12.26B | +46.6% |
| 2019 | $8.37B | +53.1% |
| 2018 | $5.47B | +12.6% |
| 2017 | $4.85B | +26.5% |
| 2016 | $3.84B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| TECH price data to Nov 2, 2026 | +24.2% | +16.9% | +10.1% | -9.9% | +11.9% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +24.2% |
| 2025 | -17.9% |
| 2024 | -6.1% |
| 2023 | -6.5% |
| 2022 | -35.6% |
| 2021 | +63.4% |
| 2020 | +45.4% |
| 2019 | +52.7% |
| 2018 | +12.6% |
| 2017 | +27.4% |
| 2016 | +15.8% |
| 2015 | -1.3% |
| 2014 | -1.1% |
| 2013 | +40.8% |
| 2012 | +1.8% |
| 2011 | +5.5% |
| 2010 | -2.6% |
| 2009 | +8.1% |
| 2008 | -2.0% |
| 2007 | +19.1% |
| 2006 | -1.1% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 31.3% over that stretch · deepest drop along the way 43.8%, back to its old high 25.8 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 19.1% over that stretch · deepest drop along the way 23.5%, back to its old high 1 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 41.9% over that stretch · deepest drop along the way 42%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (25 read): 0 open-market purchases and 0 sales ($0.00).
Who owns it
Large shareholders (13G filings)
| FMR LLC | 8.1% | Jun 30, 2026 |
| Vanguard Capital Management | 7.38% | Mar 31, 2026 |
| BlackRock, Inc. | 7% | Jun 30, 2025 |
| T. Rowe Price Associates, Inc. | 2.2% | Sep 30, 2025 |
ETFs with the most weight in TECH
| GNOM Global X Genomics & Biotechnology ETF | 4.34% |
| PBE Invesco Biotechnology & Genome ETF | 2.46% |
| BBH VanEck Biotech ETF | 1.81% |
| TSME Thrivent Small-Mid Cap Equity ETF | 1.71% |
| SMCO Hilton Small-MidCap Opportunity ETF | 1.68% |
| RSPH Invesco S&P 500 Equal Weight Health Care ETF | 1.48% |
| TOLL Tema Monopolies and Oligopolies ETF | 1.2% |
| SMOT VanEck Morningstar SMID Moat ETF | 1.15% |
What could go wrong
- Pending Merck KGaA takeover could stall or fail. Bio-Techne signed a merger agreement to be acquired by Merck KGaA, Darmstadt, Germany. The deal could be delayed or fail, which could hurt the share price, and it brings substantial fees and possible business disruption.
- Growth strategy leans heavily on acquisitions. Deals such as Lunaphore and the planned Wilson Wolf buyout play an important role. Overpaying, poor integration or fewer suitable targets could slow growth and force write-downs of goodwill, the premium paid for acquisitions.
- Customers' research and drug budgets drive demand. Buyers include government-funded university labs and drug and biotech companies. Research budget cuts, pressure to lower healthcare costs or US drug-price negotiation could shrink their spending on Bio-Techne's products.
- Nearly half of sales come from abroad. About 48% of fiscal 2026 sales came from outside the US, including 8.6% from China. Tariffs, trade tensions, currency swings and its push into China and India add risk.
- Complex manufacturing with some single-source suppliers. Bio-Techne makes most products itself, some under strict drug-grade quality rules called cGMP. A problem at one of its plants, or losing a sole supplier for certain parts, could interrupt production and shipments.
- Tough rivals and constant need to innovate. Competitors could take market share or force price cuts. Growth also depends on launching new products customers want on time, and on customers such as biotech firms growing as expected.
Recent events
- Shareholder vote results; Investor presentation or announcement
- Other company announcement
- Quarterly results released; Other company announcement
- Major agreement signed; Executive or board change
- Investor presentation or announcement
- Quarterly results released; Other company announcement
- Executive or board change; Other company announcement
- Quarterly results released; Other company announcement
- Quarterly results released; Shareholder vote results; Other company announcement
For income and retirement investors
Bio-Techne's small dividend has not grown. It paid $0.32 per share in every fiscal year from 2021 through 2026, so there is no streak of increases. The dividend used 27.5% of fiscal 2026 earnings and 19% of free cash flow (cash left after running and investing in the business). With a yield of 0.55% as of October 28, 2026, income investors would get little, and most of any return would depend on the share price. The company warns that dividends could be cut or ended. Over fiscal 2022–2026 it spent $578 million on buybacks, more than twice its dividends, yet the share count barely changed.
Downturns hit the shares hard. They fell 43.8% around the 2008 financial crisis and took about 26 months to recover. In the 2020 COVID crash they fell 23.5% but recovered within about a month. In the 2022 bear market they fell 42%, and they had still not regained the January 2022 peak as of October 28, 2026. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Bio-Techne make money?
Bio-Techne makes most of its money selling lab supplies that scientists use up and reorder. In fiscal 2026 (the year ended June 30, 2026), consumables made up 81.1% of its $1.22 billion in revenue, instruments 9.1%, service 7.8% and royalties 2.1%. Its Protein Sciences segment sells research proteins, antibodies and protein-testing instruments, and it brought in 72% of sales. Diagnostics and Spatial Biology makes diagnostic controls, test kits and tissue-mapping tools, and it brought in about 28%.
Does Bio-Techne raise its dividend every year?
No. Bio-Techne paid $0.32 per share in each fiscal year from 2021 through 2026, with no increases. The dividend used 27.5% of fiscal 2026 earnings and 19% of free cash flow, so earnings covered it comfortably. Even so, the yield was just 0.55% as of October 28, 2026. Over fiscal 2022–2026 the company spent more than twice as much on share buybacks as on dividends. Its annual report warns that dividends could be reduced or eliminated.
Is Merck KGaA buying Bio-Techne?
Bio-Techne has agreed to be acquired by Merck KGaA, Darmstadt, Germany, but the deal had not closed as of its annual report filed August 24, 2026. The company warned that the merger may not be completed on time or at all and that it is paying substantial deal-related costs. It also warned that the merger agreement's terms could discourage rival bidders. While a takeover is pending, the target's share price often moves more on deal news than on business results.
How has Bio-Techne stock performed over time?
It has done well over 10 years but poorly over five. As of October 28, 2026, the share price had gained 206% over 10 years, about 11.8% a year. Over five years it had lost 42%, or about 10.3% a year. The stock rose 63.4% in 2021, then fell in every calendar year from 2022 through 2025, including a 35.6% drop in 2022. It was up 24.3% for 2026 through October 28. Over about 21 years of price history, its deepest fall from a peak was 67.2%.
Does Bio-Techne have a lot of debt?
Not much. As of June 30, 2026, Bio-Techne had $200 million of debt and $264.7 million in cash and investments. That left about $64.7 million in net cash, meaning cash minus debt. Shareholders' equity was $2.11 billion. The company has drawn on a revolving credit facility, a bank credit line it can borrow from and repay as needed. It says it may take on more debt, which could leave it more exposed in a downturn.